OTTAWA, ONTARIO--(Marketwire - Oct. 2, 2012) - The Centre for Commercialization of Research (CCR), which works with early-stage, innovative companies in Canada, released a report today demonstrating an impressive $3.26 return on investment for each dollar the organization receives in government funding.
The report produced by innovation consulting firm Nordicity in association with The Evidence Network was released at a gathering of experts from the innovation sector at Ottawa's National Arts Centre. The event also featured a showcase of some of the innovative companies supported by CCR.
CCR commissioned the study to expand the scope of analysis beyond the annual impact on the commercialization capacity of the hundreds of companies it works with in Canada to include overall impact on the Canadian economy.
Highlights of the report include:
- Every dollar of CCR funding yielded $3.26 in economic benefits in terms of gross domestic product (GDP)
- CCR-supported companies generated 16,300 cumulative jobs and $740M in GDP between 2009-10 and 2011-12
- Since 2009, CCR's involvement with early-stage companies generated 840 cumulative jobs in Canada and led to the creation of $42 million in GDP
- CCR-supported companies attracted an estimated $140 million in follow-on financing in 2011-12
- Companies that received business support services combined with funding attributed greater market performance impact to CCR
- Advice and linkages provided by CCR to improve resources and capabilities of firms predict greater impact on market performance
Dr. Mario Thomas, Managing Director, Centre for Commercialization of Research (CCR) says the study provides evidence of the importance of providing business support to innovative companies and the real benefits to Canada's economy.
"CCR works with globally-oriented entrepreneurs and early-stage companies to give them what they need to take publicly funded research outcomes from the academic lab to global markets and today's report demonstrates that this kind of support and the work that CCR does is literally paying off for Canada's economy in a really substantial way."
The report points out that about half of CCR-supported companies were already revenue positive in 2011-12 and earning an estimated $170 million, a notable finding given the early-stage development of companies that CCR works with.
In addition to commercialization funding, CCR also supports the companies it works with by providing business services such as marketing strategy, business management capacity and management of intellectual property to help early-stage companies become investment ready and customer ready.
Copies of the report's executive summary are available at www.ccr-canada.com.
About the Centre for Commercialization of Research (CCR)
Established in 2008, the Centre for Commercialization of Research (CCR) is a federally-funded Centre of Excellence for Commercialization and Research (CECR) under the Networks of Centres of Excellence program. Drawing on its unique approach to commercialization, CCR provides business services and funding to support the growth of early-stage companies whose products or technologies have been developed by publicly funded Canadian academic/research institutions. The Centre for Commercialization of Research is a division of Ontario Centres of Excellence.