New investments help Eastern Ontario entrepreneurs grow emerging companies in Information Communication Technology (ICT), life sciences, clean technology and digital media sectors
OTTAWA ON – November 16, 2011 – Led by a dedicated team of entrepreneurs offering hands-on mentorship, market intelligence, and direct access to both private and government sources of capital, the Regional Innovation Centre for Ottawa and Eastern Ontario reports that 2011 has so far seen $18.3 million in funding flow into its 132-company portfolio – a growth engine representing some of the best knowledge-based companies in the region.
The demand for commercialization support is at an all-time high in Ontario. Since beginning operations in 2007 as the OCRI Investment and Commercialization Group, then expanded with an Eastern Ontario mandate in 2010 as the Regional Innovation Centre for Ottawa and Eastern Ontario, the Centre’s team has provided services to more than 750 companies, and helped to leverage more than $100 million of investments into portfolio companies.
“Our regional innovation centre is a tremendous asset to all of Eastern Ontario,” says Bruce Lazenby, President and CEO of OCRI. “I also see it as a catalyst to attract more and varied funding sources. The fact is Ottawa’s got the highest concentration of knowledge-based talent in Canada, and that’s a tremendous draw for the wider entrepreneurial community.”