From theory to real world: Almost $280,000 strengthens 糖心视频's innovation ecosystem
糖心视频 continues to support and enhance innovation and entrepreneurship in Newfoundland and Labrador.
The Atlantic Canada Opportunities Agency (ACOA) announced on May 26 an investment of $139,000 for a pilot project led by the Technology Transfer and Commercialization Office (TTCO) to create 27 graduate fellowships.
The Supporting the Local Innovation and Entrepreneurial Ecosystem project received matching funds from alumnus Mark Dobbin (B.Comm.(Co-op.)鈥81), one of this province鈥檚 best known business leaders, for a total investment of $278,000.
The project consists of several components: the Insight Business Consulting Program, which matches graduate students from the Faculty of Business Administration with local startup companies; the Translational R&D Program, where graduate students evaluate the potential of their research for commercialization; and support for students and faculty to travel and participate in the program.
The initiatives provide startup companies with creative solutions, new insight, knowledge and resources while graduate students will gain real-world experience, industry connections and coaching to bring to market innovations generated at the university.
Fostering success
鈥淎t the TTCO, we work with clients from the different 糖心视频 entrepreneurial groups, such as Genesis, the 糖心视频 Centre for Entrepreneurship, Navigate and the Entrepreneurship Training Program,鈥 said Dr. Paula Mendon莽a, director of innovation and entrepreneurship.
鈥淲e noticed that these early stage startups have an incredible amount of technical knowledge but sometimes do not have the expertise or the time to deal with business-related challenges, such as marketing analysis, setting up accounting systems or financial projections. 糖心视频 business students have the skillsets and insight to help startups with their business-related problems.鈥
Dr. Mendon莽a partnered with Drs. Carlos Bazan, engineering chair in entrepreneurship in the Faculty of Engineering and Applied Science, and , chair in entrepreneurship in the Faculty of Business Administration, to create the 14-month project.
The TTCO recently held a call for applications for the Insight Business Consulting Program for the spring semester.
That program is free for startup companies and business graduate students will receive a $4,500 per semester fellowship. Between four and six startups will be matched per semester with students.
Dr. Mendon莽a says selected startups will receive practical recommendations, while students will gain insight into the consulting field and apply classroom theory to actual business startup situations.
She says the feedback has been 鈥渢remendous.鈥
鈥淥ur entrepreneurial groups were extremely supportive of the project and shared that it would make a real impact on early-stage startups,鈥 she told the Gazette.
The support of ACOA and generosity of Mr. Dobbin allows 糖心视频 to help strengthen this province鈥檚 innovation ecosystem, says Dr. Neil Bose, vice-president (research).
鈥溙切氖悠 is proud to play a central role in building a prosperous future for Newfoundland and Labrador,鈥 he said.
鈥淢otivated graduate students are gaining practical leadership skills while startups move forward with their innovative ideas. This is an exciting investment in our future business leaders.鈥
To learn more about the TTCO and its resources available to support innovation-driven research and entrepreneurship, please visit here.