TEC Edmonton has launched a new pilot project which brings MBA students together with students with research ideas with the aim of bringing new knowledge and technology to the marketplace. This program is run in conjunction with Alberta Ingenuity and also provides student teams with industry mentors.
Original: Engineering News
MP Jim Prentice said that with the help of the federal 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." 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.
Original: Engineering News
The first technology transfer office at the University of Alberta was the Industry Liaison Office (ILO) formed in 1994. In 2002, the ILO was amalgamated with two other units to create the Research Services Office (RSO), a single unit that supported researchers who received external funding.
When the University of Alberta's technology transfer unit moved from Campus Towers to the Research Transition Facility on May 1, 2004, it also changed its name and structure. The new organization, TEC Edmonton, was a joint venture between the University of Alberta and the Edmonton Economic Development Corporation. TEC stands for Technology, Entrepreneur, and Company. TEC Edmonton was formally ratified by the Edmonton City Council and the University's Board of Governors in 2006.
The staff at TEC Edmonton are University of Alberta employees, however, the new organization is completely distinct from the Research Services Office and the Edmonton Economic Development Corporation. TEC Edmonton is governed by a Board of Directors appointed by the University of Alberta and the City of Edmonton primarily representing the private sector. The chair of the board is the Vice-President (Research) of the University of Alberta.
In 2007, TEC Edmonton moved to new offices in the downtown University of Alberta building, Enterprise Square.
TEC Edmonton is a not-for-profit service organization that helps commercialize new ideas and technologies in order to make these beneficial innovations available to people all around the world. It collaborates with a wide variety of public and private sector organizations and draws on their resources and expertise to strengthen and expand the high-growth, technology-based business sectors of the greater Edmonton region.
TEC Edmonton also helps bring the innovations of University of Alberta scientists to the market by creating a synergistic business environment with a more streamlined idea to market route. It also helps create jobs and investment opportunities as well as bring new processes, products, and services to the marketplace.
Among the numerous programs TEC Edmonton offers in order to implement the goal of facilitating the development of technology, entrepreneurs, and companies are:
The Technology Transfer Program which optimizes return on intellectual property to the inventor and the institution and value to the receptor industries. This program includes the evaluation, protection, marketing, and licensing of inventions.
VenturePrize is a business plan competition and entrepreneur training and mentoring program that also brings together various members of the business community. The program builds the critical mass of ideas, capital, and entrepreneurial talent necessary to make the Edmonton-region among the best places to start a high-growth, technology-based enterprise.
The JumpStart Program involves the start-up and business development of new companies. The Program works with high-potential startup companies to define or redefine business strategy, strengthen links to company-development resources, and ensure accessibility to experienced entrepreneurial and management talent and seed capital.
The Alberta Deal Generator Program involves business investment preparation and investor forums. By facilitating a state of "investment readiness" for early and growth-stage technology-based companies, the program enhances financial activity.
To find out more about TEC Edmonton, please visit its website.