OCRI's investment and commercialization program has received $2.25 million of provincial funding to serve knowledge-based companies across Eastern Ontario. The new Eastern Ontario Regional Innovation Centre supports one- to five-person companies.
“Our sweet spot is start-up and emerging companies led by one to five entrepreneurs looking to commercialize new knowledge-based products and services,” says Michelle Scarborough, Managing Director of the Eastern Ontario Regional Innovation Centre. “Our job is to dramatically accelerate their progress through hands-on mentorship, market intelligence, and direct access to both private and government sources of capital.”
Two success stories out of the Centre has been Ottawa's Nuvyyo and Gatineau's CogniLore Information Solutions. Nuvyyo makes JetStreamHD and CogniLore has created an eBook solution for publishing companies.
“Michelle and her team have been incredibly helpful as we stick-handled the private and government funding process,” says Grant Hall, CEO of Ottawa-based Nuvyyo Inc. “With their help we received $120,000 in Federal IRAP funding, another $25,000 in seed funding from the Ontario Centres of Excellence and this timely access to funds accelerated our company’s market entry for JetStreamHD by at least six months.”
“Our company has grown over 40 percent as a result of working with OCRI’s Investment and Commercialization group since 2008,” says André Dubé, President and CEO of Gatineau-based CogniLore Information Solutions Inc. “They connected us with product development talent at Algonquin College, helped us get our books in shape for investor presentations, and recently gained us entry to a gathering of angel investors in New York City, which is the holy grail for our industry. The bottom line is we expect to grow our two-person company by 8-12 employees over the coming year. I’d urge any entrepreneurial company in Eastern Ontario to take advantage of the new Regional Innovation Centre.”