2015-04-28: New virtual incubator will help Ontario start-ups
TORONTO, April 28, 2015 – Having direct business ties to the Chinese marketplace is more important than ever for Ontario start-ups seeking international presence. That makes a new partnership signed this morning by Ontario Centres of Excellence (OCE) and the China Canada Angels Alliance (CCAA) a significant initiative.
“OCE is thrilled to be part of this exciting partnership with CCAA that will revolutionize the way Ontario start-ups are able to access this important market,” said Dr. Tom Corr, President and CEO of OCE. “Tapping into China’s business sector in this way brings about enormous potential for Ontario companies and builds on OCE’s successful national and international partnership portfolio which includes organizations from China, Korea, Quebec and Alberta.”
Together, the two Ontario not-for-profits are building a virtual incubation program called the China Angels Mentorship Program (CAMP). The program enables approved Ontario start-up companies to be matched with investors, potential partners and mentors in and from China to educate and prepare the companies and help shape their business models to fit the Chinese market.
“CCAA has been working very hard in Ontario’s early stage innovation eco-system for almost two years. We know there are significant opportunities and we know technology companies appreciate the vital importance of embracing the Chinese market like never before,” said Mr. Zhishuo (Peter) Liu, Founder and President of CCAA. “We want to thank OCE for its firm support of CCAA and CAMP that is facilitating this initiative.”
The partnership signing ceremony, which included a plaque unveiling, took place today at OCE’s 10th annual Discovery conference and kick-started the pilot phase of the CAMP program. This venture will begin with a selection of 10 Ontario start-up companies obtaining investment and mentorship opportunities from prominent Chinese angels. These entrepreneurs will then spend the next year building a relationship in both Ontario and China with the investors and learning how to adapt their business plans towards successfully entering the Chinese market. As part of this unique mentorship experience, the companies will travel to China to work with their investors overseas, giving them the unparalleled opportunity to immerse themselves in the Chinese culture.
About Ontario Centres of Excellence (OCE) Inc. (www.oce-ontario.org)
Ontario Centres of Excellence (OCE) drives the commercialization of cutting-edge research to build the economy of tomorrow and secure Ontario’s global competitiveness. OCE fosters the training and development of the next generation of innovators and entrepreneurs and is a key partner with Ontario’s industry, universities, colleges, research hospitals, domestic and foreign investors, and government ministries. A champion of leading-edge technologies, best practices, innovation, entrepreneurship and research, OCE invests in such areas as advanced health, information and communications technology, digital media, advanced materials and manufacturing, agri-food, aerospace, transportation, energy, and the environment including water and mining. OCE is a key partner in delivering Ontario’s Innovation Agenda as a member of the province’s Ontario Network of Entrepreneurs (ONE), which helps Ontario-based entrepreneurs and industry rapidly grow their company and create jobs. Learn more at www.onebusiness.ca
About China Canada Angels Alliance (CCAA) Ltd. (www.cc-angels.com)
China Canada Angels Alliance Ltd., CCAA, registered in Toronto 2014, is a Canadian not-for-profit angel group being certificated as corporate members of Network of Angel Organizations-Ontario (NAO-O) and National Angel Capital Organization (NACO). CCAA devotes to building cross-border eco-system for early-stage innovative companies between China and Canada in ways of co-investments, value-added mentorship, and connections to overseas channels and resources. As of April 2015, CCAA represents 28 prominent and resourceful angels investors mostly from China and 11 private institutions/funds from China which connecting to 150 mentors from top 40 mobile/internet Chinese companies as well as other sectors in ICT, UAV, AI, Life Science, Cleantech, etc. CCAA investment size ranges from $50,000 to $8 million per deal. CCAA investors have a successful track record in China with nine investee companies at more than 100 times the returns over the past seven years. CCAA is dually operated in Canada (Toronto) and China (Beijing) to accelerate the communication and decision making, and will syndicate with Silicon Valley partners when needed. Learn more at www.cc-angels.com.