Ottawa, ON (June 20, 2014) — The U15-Group of Canadian Research Universities congratulates the recipients of the Canada Accelerator and Incubator Program (CAIP). Prime Minister Stephen Harper announced the names of the Canadian firms that an independent venture capital panel selected while he visited Communitech in Kitchener, ON, today. Ed Holder, Minister of State for Science and Technology, Peter Braid, Parliamentary Secretary for the Minister of Infrastructure and Stephen Woodworth, MP for Kitchener Centre accompanied the Prime Minister.
“The government’s investment in individuals and companies that demonstrate the potential to be globally competitive complements Canada’s overall research and innovation excellence goals,” says Dr. Amit Chakma, Chair of U15 and President and Vice-Chancellor of Western University. “Many Canadians in the public and private sectors are working on business plans and technologies that could make significant contributions to our economic and global competitiveness. CAIP is great way for the government to identify and help promising ventures.”
In 2013, the Government of Canada established CAIP to help accelerators and incubators deliver their services to promising Canadian firms. The National Research Council’s Industrial Research Assistance Program (NRC-IRAP) delivers CAIP and evaluated all proposals based on strict eligibility and selection criteria. The Canadian Venture Capital Expert Panel, an independent body, then reviewed the eligible proposals and recommended recipients.
“Research-intensive universities have become very experienced in creating environments that incubate and support entrepreneurs and start-up companies developed by our students and faculty,” says Dr. Chakma. “Our institutions have established innovation parks and impact centres to help innovators learn from a multi-disciplinary selection of faculty, business leaders, and venture capitalists.”
The U15 looks forward to continuing to work alongside government to make sure Canada increases its scientific and economic footprint, through the Canada First Research Excellence Fund announced in Budget 2014, and through future partnerships like the ones CAIP helps to promote.