The Atlantic Canada Opportunities Agency (ACOA) has given Springboard Atlantic, a collective of Atlantic Canada post-secondary institutions, $9.8 million in non-repayable funding to help companies develop their intellectual property (IP) and commercialize in the region.
ACOA claims Springboard’s collaborations with post-secondary institutions have created 945 companies and generated $6.8 billion in research funds.
The money is coming from ACOA’s Regional Economic Growth through Innovation (REGI) program, which is earmarked for regional innovation ecosystems and scaling up businesses. Springboard’s 19 member institutions are also contributing an additional $5.2 million, giving the organization a total of $15 million in new funding.
ACOA said the funding will be delivered over three years and will help support the industry-engagement professionals working with post-secondary institutions to commercialize research and develop marketable products and services.
The investment will also support Springboard’s Innovation Mobilization Program, which helps startups develop technologies, obtain early-stage investment, navigate the patent process, and conduct market research.
“This funding extends Springboard’s ability to support our network of experts across our 19 member institutions who are working individually and together to accelerate commercialization opportunities and partnerships with industry,” Springboard president and CEO Daryl Genge said in a statement. “We are excited that our organization is helping many of the region’s most innovative entrepreneurs build upon the talent and intellectual property created within our universities and colleges.”
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The new funding comes on Springboard’s 20th anniversary, having been established by the Association of Atlantic Universities in 2004 and later incorporated as a not-for-profit in July 2005. ACOA claims Springboard’s collaborations with post-secondary institutions have created 945 companies and generated $6.8 billion in research funds.
Springboard received $9.6 million from ACOA’s Atlantic Innovation Fund in 2019, which was set to fund its operations until March 2023, and was similarly joined with a $5.1 million pledge from its member organizations. Springboard’s members are represented in all four Atlantic provinces, and include Memorial University, Dalhousie University, the University of New Brunswick, and the University of Prince Edward Island.
Last year, Springboard launched its Atlantic IP Advantage program to assist startups in Atlantic Canada to develop and implement robust IP strategies while raising awareness of IP in the region. The program allowed startups to apply for up to $50,000 in funding and have up to 90 percent of costs covered to develop an IP strategy.
Feature image courtesy Springboard via LinkedIn.