Fed’s Ocean Supercluster announces $6.8M startup project
The program aims to increase industrial use of marine technologies and grow the ocean industries workforce
ST. JOHN’S, — The Ocean Supercluster, one of the federal government’s five superclusters introduced under the Innovation Superclusters Initiative, is rolling out a new program to support ocean technology start-ups.
The Ocean Startup Project aims to increase industrial use of marine technologies and grow the ocean industries workforce by helping businesses hire employees. The program will also identify academic prospects with high potential for commercialization, showcase industry issues and develop solutions with global market potential, and award grants.
The Ocean Supercluster, which focuses on industries like marine renewable energy, fisheries, aquaculture, oil and gas, defence, shipbuilding, and transportation, has partnered with six Atlantic Canadian incubators, accelerators and support organizations for this project: Creative Destruction Lab, Genesis, Innovacorp, New Brunswick Innovation Foundation, PEI BioAlliance and Springboard Atlantic.
This project represents a total investment of up to $6.8 million, including over $4.4 million from the federal government ($3.9 million from the Innovation Superclusters Initiative and $535,000 from the Atlantic Canada Opportunities Agency) and $2.4 million in contributions from Atlantic provincial governments and the six project partners.
Innovation, Science and Economic Development Canada says this project is expected to help revive rural and small communities in the Atlantic region. The government department adds that the Ocean Supercluster is expected to create over 3,000 jobs and contribute more than $14 billion to Canada’s economy over 10 years.
Kendra MacDonald, CEO, Ocean Supercluster, said in a statement, “The Ocean Startup Project represents an unprecedented collaboration and investment to grow more ocean companies in Atlantic Canada. This is an incredibly important part of building capacity, expanding our capabilities, and setting ourselves up for success as we embark on what we know will become a $3 trillion global ocean opportunity by 2030.”