Today, the Prince Edward Island BioAlliance was introduced as PEI’s representative in a collaborative regional partnership to grow the number of startups in Atlantic Canada that are focused on ocean industries.
The nearly $7-million-dollar partnership, called the Ocean Startup Project, intends to nurture homegrown startups, attract new companies to the region, and increase high-quality startups’ ability to get their technologies to market faster. Driven by Canada’s Ocean Supercluster, the Ocean Startup Project’s key partners include: PEI BioAlliance, Genesis, Innovacorp, New Brunswick Innovation Foundation, Creative Destruction Lab, and Springboard Atlantic.
“The entire region is collectively investing millions to support entrepreneurs and companies that are developing technologies that have commercial potential across the full range of ocean industries,” said Rory Francis, CEO, PEI BioAlliance. “We look forward to connecting PEI researchers and startups to the Ocean Startup Project’s program components, no matter what aspect of ocean industry they are targeting.”
PEI already has a host of companies in ocean-related businesses, ranging from marine biotechnology, marine transportation systems, robotics, aquaculture, fish health and nutrition, and fish waste bioconversion.
“Prince Edward Island already provides a strong support system for technology startups. The Ocean Startup Project will provide additional opportunities to move those technologies to commercial success,” said the Honourable Matthew MacKay, Minister of Economic Growth, Tourism and Culture, Government of Prince Edward Island.
The Ocean Startup Project represents a total investment of over $6.8 million, including over $4.4M from the Government of Canada ($3.9M from the Innovation Superclusters Initiative, $535,000 from the Atlantic Canada Opportunities Agency) and up to $2.4M in cash and in-kind contributions from provincial governments and other partner organizations.