Wavefront’s First Economic Impact Assessment Shows Almost Five-Fold Return for Canadians
February
11, 2013, Ottawa, ONTARIO – Wavefront, Canada’s Centre of Excellence in
Commercialization and Research (CECR) for wireless technology and innovation,
today announced the findings of its first economic impact assessment, which
demonstrate almost five-fold return for Canadians. According to the study, the
organization has translated every dollar invested in Wavefront into $4.80 in
economic benefits (measured in terms of GDP) and generated almost $37 million in
GDP across the Canadian economy.
Wavefront
will use these findings as an initial benchmark, applying insights gained to
evolve its offering and increase its impact on wireless companies. These
actions will accelerate wireless technology commercialization, grow more
internationally-oriented firms, and strengthen Canada’s wireless sector, which
generates a total economic value of some $43 billion for the Canadian
economy.
In
September 2012, Wavefront engaged Bytown Consulting to conduct an independent
analysis of the economic impact of its programs and services from 2009 to 2012.
The study helps Wavefront better understand its contribution to companies,
researchers and other entities in the national wireless ecosystem, as well as
the Canadian economy.
According
to participating firms, Wavefront helped to accelerate time to market by four to
six months; generate new streams of revenue and more than $2.2 million in
savings; and create 574 jobs. After one year as a federally funded CECR, the
findings indicate that Wavefront is on track to achieve its five-year economic
impact targets by 2016. These include the creation of 6,000 new Canadian jobs;
contribution of $400 million to GDP; and the launch of 150 new
companies.
"This
first economic impact assessment provides us with new insight we can put to work
immediately for the benefit of wireless companies and their research
collaborators,” said James Maynard, President and CEO of Wavefront. “We look
forward to working with the Networks of Centres of Excellence (NCE), Government
of B.C., Foreign Affairs and International Trade Canada (DFAIT), and our many
partners to build on these results and deliver even greater economic and social
benefits for Canada.”
Sendum,
a wireless location device manufacturer based in Vancouver, B.C., is among the
firms that have benefitted from Wavefront programs and services. The company
engaged Wavefront in 2011 to help develop linkages into new
markets.
“We
participated in a Wavefront-led machine-to-machine market linkage trip to Europe
that enabled us to establish many valuable connections,” said Wayne Chester, CEO
of Sendum. “Wavefront introduced us to leading global mobile operators, which
resulted in a partnership agreement being signed in less than two weeks. This
facilitated access to this important market and the potential to generate new
sales revenues, enabling us to grow our Vancouver-based team while accelerating
our time-to-market.”
Elliptic
Technologies, an Ottawa-based embedded security company, participated in
Wavefront’s Accelerated Program with the Industrial Research Assistance Program
(IRAP) managed by the National Research Council Canada. The company required a
strategy, connections and funding to help evolve their wireless product strategy
into a new market.
According
to Mike Borza, Chief Technology Officer of Elliptic: “The guidance, mentorship
and connections provided by Wavefront, in conjunction with IRAP funding, have
accelerated our entry into a valuable new market by six months. As a result, we
plan to introduce new content protection products and create at least six
highly-skilled positions within the next year.”
About
Wavefront
Wavefront
is Canada’s Centre of Excellence for Wireless Commercialization and Research,
accelerating the growth and success of wireless companies by connecting them
with critical resources, partners and opportunities, to drive economic and
social benefits for Canada. Wavefront products and services are available to
wireless and non-wireless companies looking to leverage mobile technology. They
include a comprehensive suite of accelerated commercialization and mentorship
programs, international market linkages, state of the art wireless product
development and testing infrastructure, and wireless training programs and
events. These capabilities catalyze the growth and time to market for Canadian
companies, enabling them to create more jobs, acquire new customers, and
generate revenues faster. Achieving almost five-fold economic return on every
dollar invested (measured in terms of GDP), Wavefront is helping to grow
companies that grow a strong Canadian economy.
For
more information and to join the Wavefront Community visit wavefrontac.com.
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