$2M federal funding to commercialize university research

Montreal, QC – March 8, 2004 – A $2-million repayable contribution to university research enhancement corporation, Gestion Valeo, has been made by Canada Economic Development.

This financial support will significantly boost the means available to Valeo for commercializing the results of research conducted by its four university partners: Universit du Qubec Montral, the Ecole de technologie suprieure, Concordia University and the Universit du Qubec Rimouski. Commercialization of research translates into the awarding of operating permits to existing enterprises and the creation of spinoff firms, based on technologies developed by university researchers.

Valeo aims to create eight new enterprises and 100 jobs and to sign 12 licensing agreements, spread over the three years of the contribution.

“The university wishes to support researchers who want to commercialize their inventions,” said Daniel Coderre, vice-rector of the Universit du Qubec Montral. “So it has to be sure to protect their rights, and the university’s, and to allow equitable distribution of fees among researchers, the university community and potential outside partners. Gestion Valeo provides us with much more effective guidance and an easier interface with investors. The financial spinoffs from this benefit not only the inventors, but also all activities at the host universities, thus contributing to those fundamental university missions of training and research.”