Federal funding supports provinces ocean technology sector

Staff ~ The Telegram
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Ottawa announced funding of more than $450,000 today to help advance Newfoundland and Labrador's ocean technology sector.
The announcement was made by National Revenue Minister Keith Ashfield, who is also Minister of the Atlantic Canada Opportunities Agency (ACOA).
According to a news release, the Newfoundland and Labrador Association of Technology Industries (NATI) will receive $360,000 to work with partners OceansAdvance and Memorial University to implement an Ocean Technology Commercialization Initiative, while OceansAdvance will receive $92,000 to help it further develop and accelerate the growth of the province's ocean technology sector.
"Newfoundland and Labrador's reputation as a centre of oceans excellence is gaining great momentum around the globe," Ashfield said. "Our government's investments in innovation in ocean technology through organizations such as NATI and OceansAdvance will help ensure the ocean's industry is positioned to build on its success and expand the sector."
NATI's Ocean Technology Commercialization Initiative will implement collaborative activities aimed to build knowledge and partnerships to commercialize research and development and expand domestic and export markets for the provincial ocean technology sector.
Activities will include market research, competitive intelligence, outreach and investment attraction, network facilitation, commercialization planning and technology demonstration projects. The steering committee includes NATI, OceansAdvance, Memorial University of Newfoundland and ACOA.
"While NATI members come from many different areas of the advanced technology community, we see real and immediate potential in oceans technology and are eager to help our members realize that potential," said Paul DubÉ, NATI Chair. "Research and development is critical but so too is bringing the results of that R&D to market and creating wealth for our companies and our province. This initiative will help with that next stage."
OceansAdvance is a multi-stakeholder, regional technology cluster initiative aimed at making St. John's an international location of choice for ocean technology. This funding will assist OceansAdvance to continue the implementation of Outward Bound 2015 - a strategic agenda for growing Newfoundland and Labrador's ocean technology sector.
"Outward Bound 2015 can be considered a road map for the growth of our ocean technology sector," said OceansAdvance Executive Director Les O'Reilly. "It will result in major long-term economic benefits to the province based on commercial opportunities around the globe."

Organizations: NATI, Atlantic Canada Opportunities Agency, Newfoundland and Labrador Association of Technology Industries OceansAdvance and Memorial University Memorial University of Newfoundland and ACOA

Geographic location: Newfoundland and Labrador, Ottawa, St. John's

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