Centre for Commercialization of Research economic impact study shows $3.26 ROI on every dollar
The issue is our future prosperity.
A strong opening statement delivered by Dr. Tom Brzustowski, commercialization expert and CCR Advisory Board Chair at this morning’s Centre for Commercialization of Research (CCR) assembly of innovation leaders at the National Arts Centre in Ottawa.
Brzustowski was referring to Canada’s well-documented innovation gap. But, from a sobering start came an uplifting message: funding for innovation in Canada is paying off and CCR is helping to close that gap.
CCR invited key players in the innovation space to Ottawa to hear the findings of an independent report CCR commissioned to measure the overall impact of its services on the Canadian economy since its inception.
Produced by innovation consulting firm Nordicity
, in association with The Evidence Network
, the report revealed that CCR was able to turn every $1 of funding from the Networks of Centres of Excellence (NCE) into $3.26 in economic benefits for Canada, generating $42 million in GDP through its activities at no net cost to the Canadian taxpayer.
Other highlights of the report included:
- Since 2009, CCR’s involvement with early-stage companies generated 840 cumulative jobs in Canada
- 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
Dr. Mario Thomas, Managing Director, Centre for Commercialization of Research (CCR) said the study provides evidence of the importance of providing business support to innovative companies and the real benefits to Canada’s economy.
“We know Canada is not wrestling with a technology problem in the commercialization equation – but a business problem,” said Thomas. “This is where CCR excels – in enabling and accelerating the business of commercialization.”
“CCR is addressing the issues that many studies and reports have identified as important,” said Brzustowski. “CCR activities are entirely focused on commercialization, namely the business aspects of innovation. CCR works to help the companies that they serve to succeed in business, whatever business they’re in.”
As for the 1,000 entrepreneurs who have already benefitted from CCR services – including company 360pi
that showcased at the event this morning – they didn’t need a report to tell them what they already know.
“CCR accelerated the development of our firm and helped us to seize new market opportunities – and new revenues – far more quickly and efficiently than we otherwise would have,” said Alexander Rink, President and CEO, 360pi.