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.”
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 wavefront.ca/accelerator.