Pan-Atlantic incubation collaboration is at an all-time high, as Genesis announces its partnership with the MaRS Discovery District and a handful of Atlantic Canadian innovation hubs to bring market intelligence to Genesis portfolio companies.
MaRS Discovery District, one of the world's largest urban innovation hubs, based in Toronto, has been providing world-class market intelligence (MI) to its incubation clients for the past several years, and recently partnered with Venn Innovation in Moncton to bring that intelligence to New Brunswick.
From there, partnerships have been forged in every Atlantic province, thanks entirely to the Canadian Digital Media Network (CDMN) that each centre is a part of. In Nova Scotia, Volta Labs and Innovacorp are providing MI, while in Prince Edward Island and New Brunswick Venn is taking command. The Genesis Centre will provide Newfoundland and Labrador companies with the same opportunities for top-notch market research that all Atlantic Provinces have, while increasing inter-provincial collaboration along the way.
The market intelligence that Genesis is bringing to NL will provide massive value to Genesis portfolio companies. Market research is one of the most important, but also one of the most expensive pieces of data that a new start-up needs. The MaRS MI team, lead by Usha Srinivasan, consists of 11 professional market analysts ready to assist startups with their inquiries. This type of research resource and an experienced team with sector expertise has been essentially unavailable to start-ups in Newfoundland and Labrador, until now. NL start-ups will now have a much larger opportunity to mitigate business risk, and ensure long-term sustainability.
"I think I speak for the whole team at Genesis in saying that we are incredibly excited about the opportunity to partner with the MaRS Discovery District on this initiative," says Michelle Simms, Genesis' newly appointed President and CEO. "Companies in Newfoundland and Labrador find it difficult to access market intelligence services that can be critical to their business decisions. This program will allow entrepreneurs to have access to the best and most recent market information before making decisions that will affect their businesses. Ultimately, this will lead to stronger Newfoundland and Labrador technology companies."
Without the assistance of the Atlantic Canada Opportunities Agency (ACOA), MaRS, Venn, and CDMN, it would not be possible to bring this resource to NL. The secondary market research, database access, and report-building will assist Genesis portfolio companies immensely. The connections forged represent the first step in a larger goal of Atlantic Canadian partnerships and cooperation. The access to market intelligence is now open to Genesis' companies, and we cannot wait to see how it will advance entrepreneurship for them, and NL as a whole.
About Genesis Centre
The Genesis Centre is Memorial University’s business incubator for technology-based ventures with high-growth potential. It is one of the top ranked incubators in Canada and was named Canadian Incubator of the Year in 2011. We connect entrepreneurs with marketing, finance, expert mentorship, office space and management resources, along all stages of development to help them succeed.
Since the Genesis Centre was founded in 1997, it has helped over 60 start-ups raise over $85 million in private equity. Genesis alumni are among some of the top companies in Canada including, Verafin, Rutter Technologies, Avalon Microelectronics (acquired by Altera), Solace Power, EMSAT, ClearRisk, Genoa Design and Virtual Marine Technology.
Established in 2010, Venn was founded by a group of tech economy entrepreneurs and stakeholders to support innovation-based economic development. Venn helps New Brunswick tech companies get to market, sustain and grow their business, and scale their operations. Venn is committed to creating a dynamic, globally successful technology industry in New Brunswick that is driven by strategic partnerships, meaningful collaborations, and enhanced cooperation between the business community, the academic and research community, and the government sector.