By Nelson Bennett, Wed Feb 13, 2013
Vancouver wireless accelerator Wavefront generated $37 million in GDP across Canada between 2009 and 2012, according to a new economic impact study.
Commissioned by Wavefront, the study by Bytown Consulting concludes that every dollar spent on Wavefront programs generated $4.80 in economic activity, in the form of new jobs and sales.
“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,” Wavefront CEO James Maynard said.
“We look forward to working with the Networks of Centres of Excellence (NCE), the 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.”
Companies interviewed said Wavefront helped accelerate their time to market by four to six months, generated new streams of revenue and created 574 jobs. It also helped companies save money – more than $2.2 million.
Wavefront belongs to the federal network of Centres for Excellence for Commercialization and Research and receives federal funding.
The economic impact concludes Wavefront is on track to hit its five-year targets by 2016. They include launching 150 new companies, creating 6,000 jobs and contributing $400 million to Canada’s GDP.
See this week’s issue of Business in Vancouver for our coverage of two Wavefront alumni – Awesense and Rewardloop.