McMaster sponsors new commercialization funding source
Entrepreneurial researchers at McMaster University interested in commercializing technology related research and development have a potential new source of venture funding.
The Ontario Commercialization Investment Fund (OCIF), a fund managed by the Ontario Ministry of Research and Innovation (MRI), has registered its first venture fund company, Ventus Funds Inc. McMaster University and the University of Toronto are sponsors of the new fund.
The OCIF program was established to leverage seed capital to spin-off technology companies created by faculty, staff or students of research institutes, including universities. Ventus Funds Inc, as a registered OCIF corporation or partnership, will raise money from investors and receive a grant after investing in eligible seed-stage businesses emanating from the sponsoring universities. The government grant is calculated as 30 per cent of eligible investments made each year.
“Ventus Fund bridges the gap between venture capital and technology developed at Ontario's colleges, universities and hospitals,” says Andrey Szpynda, Ventus Fund general partner. “Our objective is to generate significant and continuous returns for our limited partners by creating, managing and disposing of equity investments in early-stage private companies in Canada.”
Ventus Fund is a seed and early stage venture capital fund. It invests in Canadian early-stage technology companies with global market potential. Industry sectors in which it invests include: semiconductors, systems, electronics, MEMS and nanotechnology, software, optics, and advanced materials and manufacturing.
“Our involvement in OCIF and with Ventus Funds helps to address the capital need of researchers looking to move their research projects from the idea stage into the commercial development phase,” said Rafik Loutfy, Director of the Xerox Centre for Engineering Entrepreneurship and Innovation. “This program helps institutions gain better access to private (risk) capital that will assist in accelerating commercialization and the development of spin-off companies.”
More information about Ventus Funds can be found at www.ventusfund.com. Click here for more information about the Ontario Commercialization Investment Fund program.
