GE explores venture capital investment opportunities at MaRS with Ontario-based life sciences and clean tech companies
Innovation key to driving new technologies and growth
Toronto, November 2, 2010 – GE’s international venture capital specialists in health care and cleantech (energy, power and water) are meeting at MaRS on November 2, 2010 to explore partnership opportunities with Ontario based start-up companies. MaRS is coordinating meetings between GE’s VC specialists and 16 cleantech and health care companies. MaRS CEO Ilse Treurnicht will also host a panel discussion with GE’s VC experts focused on partnership strategies and opportunities for Canadian companies. This is the first time GE’s global VC team has met with companies in Ontario.
“Commercializing new technologies will drive Ontario’s innovation agenda and position the province to successfully compete globally”, notes Elyse Allan, President and CEO, GE Canada. “GE is seeking VC opportunities and new collaborations and Ontario companies have much to offer.”
“Bringing GE’s VC experts to MaRS provides a unique opportunity for young Ontario companies to learn more about partnering with GE and to get direct feedback on their product and business strategies,” notes MaRS CEO, Ilse Treurnicht. “GE’s size and global reach provide exceptional market opportunities for emerging technologies and ventures worldwide.”
With strong academic institutions and a history of breakthrough innovation in health care, water and clean technologies, Ontario is fertile ground for building a new generation of market leaders. However, access to sector expert capital and strategic customers is critical for these emerging companies as they validate their market opportunity and refine their growth strategy. The exposure to GE’s team is of tremendous value in bridging these critical gaps.
GE and the Government of Ontario signed a Memorandum of Understanding in September 2009 to explore long-term investment opportunities and a strengthening of GE’s footprint within the Province. Since the signing of the MOU, GE has announced an investment of up to $100M over five years to develop a global centre of excellence at its Peterborough Motors facility. Other announcements are expected shortly. The VC day recognizes GE’s global commitment to exploring growth opportunities in Ontario.
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, medical imaging and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company’s Web site at www.ge.com
MaRS fosters innovation and supports entrepreneurs with business advice and mentorship, market intelligence, entrepreneurship education, seed capital as well as access to critical talent, customer and investor networks www.marsdd.com
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