SOURCE: OCRI

http://www.ocri.ca

March 31, 2011 09:00 ET

OCRI Investment and Commercialization Success Draws $2.25 Million for New Regional Innovation Centre Serving All of Eastern Ontario

New Centre Serves Knowledge-Based Companies Over a Geography That Stretches From Ottawa to Brockville, Cornwall and Kemptville, and Also Includes Eastern Ontario Communities Including Arnprior, Mississippi Mills, Pembroke, Perth and Smiths Falls

OTTAWA--(Marketwire - March 31, 2011) - Knowledge-based entrepreneurs across Eastern Ontario can now take advantage of a new Regional Innovation Centre backed by The Ministry of Research and Innovation (MRI) with a minimum of $2.25 million of funding over the next three years. The new Centre is an outgrowth of the success established by OCRI's Investment and Commercialization program. Staffed by a five-person team of experienced advisors and mentors, it offers a comprehensive suite of innovation and commercialization programs and services focused on guiding entrepreneurs, building companies, generating investment, and bringing new products and/or services to the global marketplace.

"Our sweet spot is start-up and emerging companies led by one to five entrepreneurs looking to commercialize new knowledge-based products and services," says Michelle Scarborough, Managing Director of the Eastern Ontario Regional Innovation Centre. "Our job is to dramatically accelerate their progress through hands-on mentorship, market intelligence, and direct access to both private and government sources of capital."

An experienced entrepreneur with a track record of business achievement spanning more than 18 years, Scarborough is a 2008 Top 40 Under 40 Award Recipient, guest speaker at numerous conferences on venture capital and entrepreneurship, and is currently Co-Chair of the National Angel Capital Organization. As Vice President, Investment and Commercialization at OCRI since 2007, she and her team served approximately 180 companies in 2010. More than 30 of those companies became eligible for investment and secured $13.4 million from private funding sources, and $2.6 million from public funding sources.

Two of those companies are Nuvyyo Inc. and CogniLore Information Solutions Inc. Nuvyyo makes JetStreamHD, the world's first consumer electronics product to stream digital media stored anywhere on a home computer network to the iPad. CogniLore has created an innovative new eBook solution for professional publishing companies looking to deliver content with contextual search to handheld devices such as the Apple iPad/iPhone or RIM Blackberry Playbook.

"Michelle and her team have been incredibly helpful as we stick-handled the private and government funding process," says Grant Hall, CEO of Ottawa-based Nuvyyo Inc. "With their help we received $120,000 in Federal IRAP funding, another $25,000 in seed funding from the Ontario Centres of Excellence and this timely access to funds accelerated our company's market entry for JetStreamHD by at least six months."

"Our company has grown over 40 percent as a result of working with OCRI's Investment and Commercialization group since 2008," says André Dubé, President and CEO of Gatineau-based CogniLore Information Solutions Inc. "They connected us with product development talent at Algonquin College, helped us get our books in shape for investor presentations, and recently gained us entry to a gathering of angel investors in New York City, which is the holy grail for our industry. The bottom line is we expect to grow our two-person company by 8-12 employees over the coming year. I'd urge any entrepreneurial company in Eastern Ontario to take advantage of the new Regional Innovation Centre."

About OCRI:
Leading the way for Ottawa, OCRI is the city's economic development agency. OCRI is the rallying point to bring business, education, research and talent together to create the winning economic conditions that allow Ottawa's knowledge-based companies to thrive locally and compete globally. At OCRI we promote sustainable economic development to maintain our high quality of life. For more information on OCRI visit our website at www.ocri.ca and for more information on the Ottawa Region please visit www.ottawaregion.com. In 2010, Ottawa was named one of the world's top seven intelligent communities by the Intelligent Community Forum (ICF).

Contact Information

  • For more information please contact:
    Michelle Scarborough
    Managing Director
    Eastern Ontario Regional Innovation Centre
    Phone: 613-828-6274 ext. 228
    Email: Email Contact

    Kim Cunningham
    Manager, External Communications
    OCRI
    Business: (613) 828 6274 ext. 256
    Cell: (613) 851 0768
    Email: Email Contact

    Jill McCubbin
    Conversation Architect
    market2world communications inc.
    Phone: 613-256-3939
    Email: Email Contact