Edmonton Economic Development Corporation

Edmonton Economic Development Corporation

March 23, 2011 12:28 ET

City of Edmonton Announces Funding Commitment to TEC Edmonton

EDMONTON, ALBERTA--(Marketwire - March 23, 2011) - Edmonton Economic Development Corporation (EEDC) and the University of Alberta are delighted to acknowledge the City of Edmonton's long-term commitment to developing emerging technology companies and entrepreneurs in the Edmonton region through TEC Edmonton.

The City of Edmonton has announced a six-year renewal of its $1 million a year funding commitment to TEC Edmonton, through 2016.

Standing for Technology, Entrepreneur & Commercialization, TEC Edmonton offers entrepreneurs, researchers and inventors its considerable expertise in bridging the gap between laboratory discoveries and the ultimate wealth-creating commercialization of such discoveries.

In 2009/10, TEC Edmonton offered preliminary advice and services to over 500 Edmonton-area entrepreneurs and researchers. Fifty-seven were selected for intensive TEC Edmonton assistance. They are creating new viable business propositions ranging from revolutionary new oil/gas drilling products to ground-breaking, non-invasive medical diagnostic techniques.

TEC Edmonton is the exclusive technology transfer agent for the University of Alberta, but is open to all technology business opportunities no matter the source.

"The city's commitment to TEC Edmonton is an affirmation of the multi-partner approach to growing the regional, knowledge-driven economy so crucial to our city's future well-being," says TEC Edmonton CEO Chris Lumb.

"TEC Edmonton's unique expertise and connections are a critical ingredient in the partnership between The University of Alberta and the City of Edmonton. Through this activity we jointly create new economic opportunities, drive innovative change, and create a strong future for our region," says the University of Alberta's Vice President of Research, Dr. Lorne Babiuk.

"The City's commitment supports research and development growth in Edmonton," says Ron Gilbertson, president and CEO of Edmonton Economic Development Corporation. "Fostering innovation is one of EEDC's corporate priority areas. TEC Edmonton's partnership model is setting the pace for regional practices, which will help to make Greater Edmonton a world leader in innovation."

"City Council is committed to diversifying Edmonton's economy and attracting new investment opportunities," says Mayor Stephen Mandel of the City of Edmonton. "Edmonton is a place of tremendous opportunity, and we are confident that TEC Edmonton will continue to grow, add new ventures to its portfolio and support our many talented and innovative local entrepreneurs."

Other partners recognizing the value proposition of TEC Edmonton's entrepreneurial encouragement include the province of Alberta through Alberta Innovates Technology Futures, the Government of Canada through Western Economic Diversification and numerous private industry sponsors.

TEC Edmonton is also a proud partner with EEDC, Northern Alberta Business Incubator, the Northern Alberta Institute of Technology and the National Institute for Nanotechnology in the Edmonton Regional Alliance assistance program for emerging regional companies of all kinds.

Operating out of Enterprise Square in downtown Edmonton, TEC Edmonton is a joint venture between the University of Alberta and EEDC. It serves as a non-profit advisor/consultant offering a vast range of business services to fledgling technology-driven companies operating in Greater Edmonton.

Background

TEC Edmonton helps transform high-tech discoveries into viable business opportunities. Through our business services, TEC Edmonton helps navigate the commercialization process by providing assistance with technology evaluation, intellectual property protection, business plan development, marketing research, corporate management and funding preparation – as well as provides a home for startups in the TEC Centre incubation facility. A unique non-for-profit enterprise, TEC Edmonton is a joint venture between Edmonton Economic Development Corporation (EEDC) and the University of Alberta. For more information visit www.TECedmonton.com.

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