Universities welcome investment in entrepreneurship

OTTAWA – Business incubators and accelerators at a number of Canadian universities are poised to expand their reach after being selected for increased funding through the Canada Accelerator and Incubator Program (CAIP). Today Prime Minister Stephen Harper announced the organizations chosen to advance in the selection process for $100 million in new funding at Communitech, Waterloo Region’s hub for the commercialization of innovative technologies.

“We are pleased to see this significant investment in university business accelerators and incubators and to see this element of Canada’s Economic Action Plan advanced,” says Paul Davidson, president of the Association of Universities and Colleges of Canada. “Canada’s universities are vital partners in building prosperity through entrepreneurship. AUCC has advocated for investment in such collaborative approaches to nurturing entrepreneurship and bringing fresh new ideas to market faster.” Mr. Davidson joined the Prime Minister and Minister of State for Science and Technology Ed Holder in Waterloo for the announcement.

In 2013, the government allocated $60 million over five years, with an additional $40 million in 2014, to help outstanding incubator and accelerator organizations expand their services to deserving entrepreneurs.

Universities across Canada play a leading role in fostering entrepreneurial success. In addition to operating top incubators and accelerators, 45 universities have developed entrepreneurship degree programs and provide workshops, facilities, mentoring and other supports to students and researchers to help them commercialize product and service ideas. University students are building careers and their innovative ideas are creating jobs in the industries of tomorrow.