Newfoundland & Labrador Research & Development Corporation Announces $1.9 Million In Investments
March 05th, 2014
The Research & Development Corporation (RDC) is investing $1.9 million in 12 business-led R&D projects that help increase the province’s knowledge-based economy for long-term economic benefit. The total value of the research projects is $4.6 million, the majority of which is leveraged from the private sector and federal funding agencies. The announcement was made today at Oceans Ltd.’s offices by the Honourable Terry French, Minister of Innovation, Business and Rural Development and Minister Responsible for the Research & Development Corporation.
“These investments align with our long-term strategy to enhance economic growth through research and development. Funding of $1.9 million will support initiatives which will provide the opportunity to expand into new markets, respond to changes in market demand through innovation and technology, and strengthen business opportunities.”
– The Honourable Terry French, Minister of Innovation, Business and Rural Development and Minister Responsible for the Research & Development Corporation.
Through this investment, RDC is contributing to R&D commercialization projects being carried out by the following Newfoundland and Labrador businesses: Oceans Ltd., Kean Marine Inc., Camouflage Software Inc., Indigena Enterprises Inc., Lester Farms Inc., Semintha Nutraceuticals Ltd., Frost Heave Solutions, NOCLAND Business Inc., Beaufort Solutions Inc., Acoustic Zoom Inc., Seamatica Aerospace Ltd., and Seashore Consultants Ltd.
“The common link among these businesses is that they are all responding to local and global market opportunities. RDC invests in R&D projects that are innovative and market driven. I am confident that the R&D outcomes of these projects will strengthen their competitiveness and technical capabilities.”
– Glenn Janes, Chief Executive Officer of RDC.
One of the businesses receiving funding is St. John’s-based Oceans Ltd. Through this R&D project, Oceans has hired Post-Doctoral Fellow, Dr. Ahmed Zein, to investigate potential medical benefits that could be found within the organic extracts of seaweed species in the province.
“Newfoundland and Labrador has a vast coastline with an abundant seaweed resource. Oceans Ltd. has been investigating this resource for anti-acne, anti-cancer, wound-healing and other bio-activity to create a natural health industry in Newfoundland and Labrador. The investigation has led to positive results with clinical trials and preparation of patents in progress.”
– Judith Bobbitt, President, Oceans Ltd.
For a list of projects and project descriptions, please see the backgrounder below. For more information about RDC’s research and development investment programs, visit www.rdc.org.
Through sound fiscal management and responsible decisions, the Government of Newfoundland and Labrador is strengthening the business environment, encouraging the development of innovative industries and building a vibrant economy.