Empowered Startups has achieved another notable milestone by directing investment of over $1,000,000 to research and development at Canadian Universities through various components of its Canada Start-up Visa Program. Using a combination of its strong affiliations with universities, expert mentorship, and robust network of industry partners, Empowered facilitates direct investment into university R&D for the benefit of multiple stakeholders.
“We firmly believe that research and innovation are essential ingredients for Canada and its citizens to prosper, which is why we created a model to support both our founders and Canadian universities in their collective pursuits of state-of-the-art advancements in various disciplines” explained Paul Girodo, Co-Founder of Empowered Startups. “While I’m tremendously proud to crest the million-dollar mark in terms of direct funding of R&D at Canadian universities, I’m even more invigorated by the fact that the benefits of these investments extend far beyond the specific endeavors they finance.”
Empowered’s accomplishment is of particular significance given the well-publicized issues surrounding the funding of university R&D in Canada. While one might assume government spending is the issue, data from the Organisation for Economic Co-operation and Development (OECD) clearly indicates that Canada’s R&D shortfall is most pronounced in its relative lack of Business Expenditure into Research and Development (BERD). Empowered’s incubation model is a catalyst for increasing BERD, the effects of which have been shown to increase national prosperity in other nations.
A trailblazer among government-designated entities for Canada’s Start-up Visa Program, Empowered attracts innovative entrepreneurs to its program thanks in large part to its proven track record and the exceptional resources it offers in its industry-leading incubation model. From its award-winning online platform to the accomplished mentors who provide guidance for founders building their businesses, Empowered has created an environment that supports immigrating entrepreneurs and fuels their innovations. But their early-stage ventures need scientific validation, making collaboration with university researchers a critical variable in a formula that delivers value for all parties.
“Finding talented, accomplished entrepreneurs to bring to Canada is only a part of what we do,” stated Chris Lennon, President of Empowered Startups. “By pairing innovative founders with university labs, these startups are injecting capital to fund research projects and support students in their academic pursuits. Simultaneously, while we assist our founders launch new businesses in Canada, they are also providing immediate and meaningful benefit to the University research ecosystem in the form of funding for applied research largely carried out by Graduate Students under the direction of Faculty Supervisors. Coordinating and directing this investment into university R&D creates wide-spread benefits that compound over time and significantly contribute to a more prosperous Canada.”
Having already coordinated over $1,000,000 in direct investment to university R&D, Empowered is committed to increasing such contributions across even more Canadian institutions. Its successful template should serve as an influential guide as to how the Canada Start-up Visa Program can be utilized to enhance the economic prospects and future wellbeing of the country through the various opportunities it creates.
