The University of Victoria’s Innovation Centre for Entrepreneurs has a new lease on life and a new name under a partnership with Coast Capital Savings Credit Union announced Tuesday.
The centre, commonly referred to as ICE, will now be known as the Coast Capital Savings Innovation Centre (CCSIC) and will expand its services with an injection of $450,000 in cash from the Vancouver-based credit union.
“This partnership creates new opportunities for our students and faculty to address social and economic challenges, and have impact in B.C. and beyond,” said David Castle, UVic’s vice-president research.
The CCSIC will now expand its role to include offering seed money for new ventures and prototype developments, an entrepreneurship scholarship, an additional annual business plan competition and co-op opportunities for students to work on ideas.
Money will also be available for other costs related to developing an idea, such as software, tools, workshop rental and third-party consultation.
Founded in 2012 by the Gustavson School of Business, ICE has helped launch more than nine companies, brought 21 clients to the “incubation-stage” and met with more than 750 students, staff, faculty and alumni.
More broadly UVic has helped with the creation of more than 60 companies, received almost 900 invention disclosures and filed more than 400 national and international patents.
The centre’s new focus will help entrepreneurs develop products or services to a more mature stage before being presented to other incubator programs and venture capitalists.
“Coast Capital Savings’ partnership with UVic recognizes that young entrepreneurs are not only at the front edge of innovation, but their business success will ultimately result in job creation, economic growth and more financial well-being for all of us,” said Coast Capital president Don Coulter.
Coast Capital has more than 530,000 members and about $17 billion under management.