UPEI, ACOA And Province To Fund Non-Profit Company Synapse
May 25th, 2016
Synapse, originally established in 2005, aims to connect businesses who are in need of some expertise, as well as researchers who may have intellectual property with market potential.
The group works closely with the University of Prince Edward Island, according to acting director Kim Johnstone.
“The whole point is to get products and services to market,” she told CBC News.
3 sources of funding
Two levels of government and UPEI came together to fund Synapse: the Atlantic Canada Opportunities Agency will contribute $475,000, the provincial government $100,000, and UPEI $398,030.
“This funding allows us to continue what we do best: connecting businesses and UPEI faculty to realize advantages, innovations and economic development,” Johnstone said.
“The expertise, technologies and research range from chemistry, information technology and physics to environmental science, human health and aquaculture. And everything in between.”
‘Open up possibilities’
In a statement, Economic Development Minister Heath MacDonald said Synapse is performing a valuable service.
“UPEI’s innovative researchers are developing leading-edge technology solutions and Synapse is working to evaluate, transfer, and commercialize these technologies for industry,” he said.
“The province through Innovation PEI is happy to support Synapse’s efforts to link research with business, which will open up possibilities in new and emerging areas of our economy.”