News Release

2007-03-19 11:07:30

Waterloo Region's Accelerator Centre nurtures Canada's next high-tech stars

WATERLOO, Ont. (Monday, March 19, 2007) -- In less than a year, the Accelerator Centre at the Waterloo Research and Technology Park has laid the groundwork for some of Canada's high-tech stars of the future.

To mark its achievements in nurturing the early growth of high-technology firms, the AC will hold a celebration event this Thursday at its building on the University of Waterloo's north campus.

"It's been a very successful time since our launch last May. We're at 98-per-cent capacity and we have plans to expand," says Gerry Sullivan, AC's chief executive officer. "We provide start-up companies with access to industry experts who can help direct budding entrepreneurs through the process for launching a technology enterprise."

The event begins at 10 a.m. and will feature guest speakers, including MPP John Wilkinson, parliamentary assistant to Ontario's Ministry of Research and Innovation. As well, several start-up companies will display their products and services.

The AC seeks to commercialize the innovative work of researchers and entrepreneurs. It focuses on early-stage technology enterprise issues and promising technology companies.

Bobbi Holte, director of client programs, said there are 17 start-up high-tech companies currently based at the AC. "We have a total of more than 90 people who work here every day," she says.

As well, the AC works with innovation partners, including Communitech, Canadian Innovation Centre, Infusion Angels Innovation Centre (sponsored by Microsoft), Ontario Centres of Excellence and the National Research Council's Industrial Research Assistance Program.

As an example of the AC's work, Holte points to its successful mentorship program for client startup companies.

"In a recent case, a relatively young and inexperienced company approached the AC looking for admission into the program," she says. "Within 60 days, this company was admitted to the AC and hit the ground running."

A key mentor was assigned to the company to help with legal issues around transferring technology from a predecessor company. An advisory panel was assembled, including a successful entrepreneur and a senior technology executive. Two advisory panel meetings were held to address key strategy issues.

"Introductions were made to key players within the technology industry, including potential sources of future financing," Holte says. "All of this momentum was a direct result of the AC mentorship program."

The AC's entrepreneurship council is made up of business and technology leaders who will provide mentorship to client companies. The council offers experience in critical roles to growing an enterprise, such as financial management, investment, research and development, product development, marketing, sales and human resources.

Clients occupy one of 20 office suites in the AC's 22,700-square-foot building. Suites range in size from as small as 250 square feet to as large as 800 square feet and include Internet access and telephones. Suite fees pay for access to meeting rooms, reception, photocopying and administrative support. The building is covered by Canada's second-largest extensive green roof.

Typical clients will remain at the AC for one to three years and graduate when appropriate. They will either move into the Waterloo Research and Technology Park or remain within Waterloo Region. Ideally, they will maintain a connection to the AC, acting as a resource or mentor for the next generation of entrepreneurs.

The not-for-profit AC is the result of a multi-stakeholder partnership, with land and a portion of the initial operating funds provided by UW. The Government of Canada, Province of Ontario, Region of Waterloo and City of Waterloo provided the primary capital funding. Other stakeholders include the University of Guelph, Wilfrid Laurier University, Conestoga College and University of Waterloo. To learn more, visit www.acceleratorcentre.com

Resources

Contacts:

Gerry Sullivan, CEO, Accelerator Centre, Waterloo Research and
Technology Park, 519-342-2400 or gsullivan@acceleratorcentre.com

Bobbi Holte, director, client programs, Accelerator Centre, Waterloo Research
and Technology Park, 519-342-2401 or bholte@acceleratorcentre.com

John Morris, UW media relations, 519-888-4435 or jmorris@uwaterloo.ca

UW news release no. 28

2007-03-19 11:07:30