EDMONTON, Alberta, Sept. 05, 2017 (GLOBE NEWSWIRE) -- TEC Edmonton broke ground on a new business accelerator for technology companies on Tuesday.
The accelerator, a partnership with pharmaceutical company Merck Canada Inc., will connect emerging Alberta-based health-focused companies with the health research expertise of Merck to bring innovative health technologies to the market.
“Working in partnership with TEC Edmonton to provide both scientific expertise and funding to this new business incubator will help propel Alberta-based, health-focused startups to new heights, all the while fostering the innovation, entrepreneurship and competitiveness of the region,” said Mr. Chirfi Guindo, President and Managing Director of Merck Canada Inc. “This type of collaboration with promising, key players is essential to the future of the health sector, as we work together to provide meaningful benefits to patients.”
“It’s a great time to be a startup company operating in Alberta’s health innovation space,” said TEC Edmonton CEO Chris Lumb. “Merck Canada will provide important connections and expertise that young companies otherwise would not have access to.”
Companies accepted into the program will access new growth opportunities through linkages with defined market needs and experienced mentors.
The accelerator is made possible by funding from Western Economic Diversification Canada and the Alberta Merck Innovation (AMI) Health Fund, a larger collaboration between Merck Canada, the University Hospital Foundation and the Government of Alberta Ministry of Economic Development and Trade. The space will be shared with the University of Alberta Faculty of Medicine & Dentistry.
"Partnerships like this one—partnerships that connect industry, government and researchers—bring tremendous capacity to the university’s work. The new health-technology incubator will help to magnify the impact of health research at the U of A—it’s a key part of how we can serve the public good. We’re fortunate to draw on the expertise and support that Merck, the provincial government, and the University Hospital Foundation have to offer,” says David Turpin, President and Vice-Chancellor of the University of Alberta.
To learn more about the program or to apply, please contact Randy Yatscoff, Executive Vice President of Business Development at randy.yatscoff@tecedmonton.com.
About TEC Edmonton
TEC Edmonton is a business accelerator that helps emerging technology companies grow successfully. As a joint venture of the University of Alberta and Edmonton Economic Development Corporation, TEC Edmonton operates the Edmonton region’s largest accelerator for early-stage technology companies, and also manages commercialization of University of Alberta technologies. TEC Edmonton delivers services in four areas: Business Development, Funding and Finance, Technology Management, and Entrepreneur Development. Since 2011, TEC clients have generated $915M in revenue, raised $442M in financing and funding, invested $245M in R&D, grown both revenue and employment by 25 per cent per year and now employ over 2,200 people in the region. In addition, TEC has assisted in the creation of 26 spinoff companies from the University of Alberta in the last five years. For more information, visit www.tecedmonton.com.