Recognized as Canada’s new economic engine, the tech sector is being fueled by Wavefront, a national organization dedicated to accelerating the growth of mobile and wireless companies. Wavefront programs have helped to generate $418m in GDP over the past five years. This is one of the findings of a new report that surveyed the net incremental attribution of Wavefront’s programs and services for startups and small and medium enterprises (SMEs) across Canada.
The study of Wavefront’s work from 2011-2016 by Bytown Consulting also finds the following impacts can be attributed to Wavefront:
- 6,735 jobs created: 1,825 direct jobs and 4,910 indirect jobs
- 27% growth in sales revenues
- 47% increase in foreign sales
- Time to market accelerated by 4-5 months
- $34,000/year saved per company, on average
Wavefront’s services help Canadian tech companies access opportunities in international markets: 120 companies closed 97 deals in 30 markets over the five-year period, according to the Bytown report.
Companies accessing Wavefront services generated $417.8 million in GDP contributions. Every $1 of public funding generated $14.70 in economic benefits (as measured by GDP) and $6 in income, sales and property taxes.
“Wavefront has a proven track record of helping companies commercialize their technology and grow,” says James Maynard, President and CEO of Wavefront. “We help create healthy, sustainable companies that are seizing global market opportunities and generating significant economic benefits for Canada.”
Wavefront has provided support to nearly 1000 Canadian companies over the past 10 years. Services include:
- Accelerator, mentoring and advisory services
- Technical and business consulting
- Access to partnerships through its Trusted Partner Network
- Market linkages (Global Market Entry Program)
- Testing and technical services
- Work spaces, facilities and resources
As Canada’s Centre of Excellence for Wireless Commercialization and Research, Wavefront set aggressive targets for job creation and contribution to GDP for the period 2011-2016. These targets were surpassed: jobs target was 5,700 (6,735 actual) and gross GDP target was $400 million ($444.2 million actual).
Wavefront’s work has expanded in recent years to include Enterprise Solutions, helping Canadian companies of all sizes to seize opportunities with digital technologies. Services include app testing, wireless systems engineering and design, consulting and strategy development.
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