More Vancouver Island post-secondary students and researchers will be able to move their research into the marketplace with an investment of over $185,000 from Western Economic Diversification Canada. The funding will assist the University of Victoria's Innovation and Development Corporation (IDC) to continue offering its expanded technology transfer service to four other post-secondary institutions on Vancouver Island.

The funding was announced today at the University of Victoria's Vancouver Island Technology Park (VITP), whose tenants include companies created through IDC. During the announcement, VITP also released the results of its Economic Impact Study. The study showed that VITP generated more than 2,000 direct and indirect jobs and over $279 million in direct and indirect revenue in British Columbia in 2005.

"Canada's New Government is proud to support this initiative, the first of its kind in British Columbia," said the Honourable Gary Lunn, Minister of Natural Resources, on behalf of the Honourable Carol Skelton, Minister of National Revenue and Minister of Western Economic Diversification. "By offering this funding to the University of Victoria, we are supporting innovative research and commercialization of new technologies for local, national and international markets."

The Innovation and Development Corporation is offering technology transfer and commercialization services to assist four other post-secondary institutions: Camosun College, Royal Roads University, Malaspina University-College, and North Island College. The IDC's mandate is to move research and innovation into both the public and private sector, through partnerships, technology licensing and the formation of new spin-off companies. It also provides one of the most comprehensive packages of tech transfer services to students in Canada at the graduate and undergraduate levels.

"The continued support by both the federal and provincial governments means students and faculty from across Vancouver Island will receive the assistance they need to bring their research discoveries to the marketplace," said University of Victoria President David Turpin. "Each new company established through IDC creates new jobs, generates substantial revenue and provides Vancouver Island the benefits of our research breakthroughs."

Western Economic Diversification Canada is the federal department mandated to support economic diversification in communities across Western Canada.

For additional information, contact:

Karl Yeh
Communications Advisor
Western Economic Diversification Canada
Vancouver, British Columbia
Tel: (604) 666-4714

Mike Winterburn
Director of Communications
Office of the Minister of National Revenue and Minister of Western Economic Diversification
Tel: (613) 995-2960

Patty Pitts
Manager, Media Relations
UVic Communications
Tel: (250) 721-7656
cell: (250) 888-0784
ppitts@uvic.ca