Ontario Centres Of Excellence Inc.

Ontario Centres Of Excellence Inc.

October 22, 2010 11:01 ET

Winner of OCE's Mind to Market Award Poised to Tap Into $1.3 Billion Market

Miovision's Winning Technology Addresses Global Issue of Traffic Congestion

TORONTO, ONTARIO--(Marketwire - Oct. 22, 2010) - A Kitchener company, that started as an idea in a University of Waterloo research lab and has the potential to help with the myriad of problems caused by global traffic congestion, has won the prestigious Ontario Centres of Excellence (OCE) 2010 Mind to Market Award.

Miovision Technologies Inc. and its research partners at the University of Waterloo were presented with the award as part of the OCE's annual general meeting held in Toronto. The company builds and sells technologies that make transportation networks smarter. That translates into huge environmental benefits by reducing idling times at intersections, as well as overall reductions in traffic and improvements in road safety as well as significant cost savings for traffic data analysis.

Miovision has released what is known as an adaptive signal control product, the global market for which is estimated at more than $1.3 billion a year in developed countries. In just four years the firm has gone from the idea stage to a company with more than 160 clients in 18 countries around the world, employing 46 people and an extremely bright future in terms of future jobs and revenue.

Miovision CEO Kurtis McBride said the company is thrilled to be the recipient of this year's Mind to Market Award.

"Winning OCE's Mind to Market Award is truly an honour," said McBride, whose research at the University of Waterloo laid the foundation for the company's technology. "We've worked with OCE for four years, and they have been instrumental in helping Miovision become a viable business. OCE understands how to take academic research and turn it into a commercial success."

"The University of Waterloo continues to be proud of its record of spinning off great companies," said University of Waterloo President, Feridun Hamdullahpur. "We consider the Ontario Centres of Excellence to be one of the main partners in helping our graduates and Professors accomplish the many tasks it takes to create and commercialize innovation. Research remains a contact sport, and the Centres represent the virtual arena where that invention happens."

The Mind to Market Award is sponsored by the Ontario Municipal Employees Retirement System (OMERS) and celebrates the best OCE-supported commercially successful collaboration between research and industry partners. OCE President and CEO Dr. Tom Corr said Miovision's progress in four short years is phenomenal.

"Miovision is a living, breathing example of the translation of academic research into a promising new technology company with the ability to compete effectively in global markets, create knowledge-based jobs and of course generate revenues and attract capital," said Corr. "That is the core of what we do at OCE and we couldn't be any prouder of Miovision's success."

About Ontario Centres of Excellence (OCE) Inc. (www.oce-ontario.org)

Ontario Centres of Excellence (OCE) Inc. drives the commercialization of cutting-edge research across key market sectors to build the economy of tomorrow and secure Ontario's global competitiveness. In doing this, OCE fosters the training and development of the next generation of innovators and entrepreneurs and is a key partner with Ontario's industry, universities, colleges, research hospitals, investors and governments. OCE's Centres work in communications and information technology, earth and environmental technologies, energy, materials and manufacturing and photonics. OCE is funded by the government of Ontario and is a key partner in delivering Ontario's innovation Agenda as a member of the province's Ontario Network of Excellence (ONE). OCE through its Centre of Commercialization of Research (CCR), an initiative supported by the federal government, also acts as a catalyst which allows innovative business to grow and achieve sustainable, commercial success and global competitiveness.

Contact Information

  • Photo available, please contact:
    Denny Allen
    OCE Media Advisor
    416-861-1092 x 1023 / 416-992-6621 (mobile)