Federal government invests $15 million in technology centre
Written By: Ileiren Byles
2006-12-19
High-tech companies and entrepreneurs got a boost today with a $15-million federal investment to establish the TEC Centre at the University of Alberta's Enterprise Square.The centre will be the home of the TEC Edmonton offices and the incubation lab and office space for technology start-up firms. TEC Edmonton is a joint venture of the U of A and the Edmonton Economic Development Corporation.
The funding comes from Western Economic Diversification Canada (WD) and was announced today by Calgary MP Jim Prentice, regional minister for Alberta and minister of Indian Affairs and Northern Development. He made the announcement on behalf of Carol Skelton, minister of National Revenue and minister of Western Economic Diversification.
"With this funding, the TEC Centre will serve as a major regional incubation hub, providing lab and office space as well as commercialization services to early-stage, technology-based businesses," said Prentice. "This is one of the largest, if not the largest, project that the Western Diversification has ever been involved in."
In order for this investment to create economic benefits, knowledge needs to be transferred into marketable products, he said, noting that TEC Edmonton has already produced 71 U of A spin-off companies that employ 1,000 highly skilled workers.
"This is an incredible accomplishment from one of Canada's finest universities. It means real benefits and it means more high-skilled jobs and direct economic benefits to the people of Alberta and the people of Canada."
TEC, an acronym for Technology, Entrepreneur and Company development, works to transform start-up technology ventures into competitive companies. The TEC Centre will be located on the third and fourth floors of the U of A's Enterprise Square, formerly the Hundson Bay building, downtown. The transformation of this landmark is an $86.5-million project, which includes the retrofit of its existing three floors and the addition of a fourth. The $15 million WD contribution is directed towards the third-floor retrofit and construction of the fourth floor.
This $15-million investment in TEC Edmonton and Enterprise Square is just the latest example of the "spectacular" support the university has received from all levels of government, said U of A Vice-President (Research) Dr. Gary Kachanoski, who is also chair of TEC Edmonton's board of directors. That money comes with expectations, he said.
"We are rightly asked to do more and we simply must do more to ensure this investment translates into economic and social benefits for our community."
The construction and activity in Edmonton's downtown core, and the promise of further economic benefits and industry spin-offs have made the development of Enterprise Square and the TEC Centre the single most important project in Edmonton, said Edmonton Mayor Stephen Mandel.
"I still believe this is the most significant thing that will happen in Edmonton while I am mayor," he said. "It will redefine what our downtown can become. We are blessed to have a university with such creativity, such leadership and such amazing minds and we have to take advantage of that in our city."
Original: ExpressNews