Subject: ECO. NEWS, TRENDS, ANALYSIS
Canadian wireless and IoT companies fuel Canada's new economic engine
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 7, 2017) - A Vancouver-based organization dedicated to accelerating the growth of mobile and wireless companies has helped to create significant economic impact in British Columbia, according to a new report released today.
A study of net incremental attribution of Wavefront's programs from 2011-2016 by Bytown Consulting finds Wavefront's support of small and medium enterprises (SMEs) and startups in the wireless industry generated the following results in British Columbia:
- 34% growth in net new revenues
- $10m growth in domestic revenues and $19m in foreign revenues
- 59% increase in foreign sales
- Time to market accelerated by 4-5 months
- 137 new deals (62 domestic; 75 foreign)
- Increase of 5.4 jobs per firm on average
- $37,000/year saved per company, on average
"Wavefront has a proven track record of helping companies commercialize their technology and grow," says James Maynard, President and CEO of Wavefront. "We help create healthy, sustainable companies that are seizing global market opportunities and generating significant economic benefits for British Columbia and for Canada."
Accelerating time to market
Awesense helps utility companies make most efficient use of their electrical distribution grid. Founder Mischa Steiner took part in several Wavefront programs that helped him launch his business. "The coaching and connections I got from Wavefront helped us bring our product to market much faster than if we went it alone," explains Steiner. Today Awesense counts BC Hydro among its clients. In 2016, BC Hydro installed 4,000 Awesense sensors on overhead power lines to assist in detection of power theft.
Growing in global markets
Three years ago, Jin Fan had interesting technology that needed a market. She joined Wavefront's Venture Acceleration Program and got coaching and connections that help her launch Clear LED, selling transparent LED posts to retail outlets. "Wavefront really helped expand our network of contacts - partners, talent and technology consultants - and putting proper financial management in place," she says. "Whatever help I needed, the mentor really pointed me in the right direction." Clear LED recently signed a deal to install their LED posters in several McDonald's restaurants in Mississippi. The posters have already generated impressive sales returns, opening the door to further expansion with this global market leader.
Creating jobs
Mobify creates progressive web apps for e-commerce. Clients include major brands such as Carnival Cruise Line, Lancome Paris, Eddie Bauer and London Drugs. Founder Igor Faletsky launched Mobify with help from Wavefront - accessing funding, co-working space, usability testing, seminars and market introductions. Mobify's market research continues to grow, and their Vancouver-based team has grown to 100 people.
The Economic Impact Report 2016 also measured Wavefront's economic impact on a national basis. Key findings include:
- $418m contributed to GDP
- 6,735 jobs created: 1,825 direct jobs and 4,910 indirect jobs
- 51% growth in employee base
- 27% growth in sales revenues
- 47% increase in foreign sales
- $14.70 in economic benefits generated for every $1 of public funding
Wavefront has provided support to nearly 1,000 Canadian companies over the past 10 years. Services include:
- Accelerator, mentoring and advisory services
- Business and technical consulting
- Access to partnerships through its Trusted Partner Network
- Market linkages (Global Market Entry Program)
- Testing and technical services
- Work spaces, facilities and resources
As Canada's Centre of Excellence for Wireless Commercialization and Research, Wavefront set aggressive targets for job creation and contribution to GDP for the period 2011-2016. These targets were surpassed: jobs target was 5,700 (6,735 actual) and gross GDP target was $400 million ($444.2 million actual).
Wavefront's work has expanded in recent years to include Enterprise Solutions, helping Canadian companies of all sizes to seize opportunities with digital technologies. Services include app testing, wireless systems engineering and design, consulting and strategy development.
About Wavefront
Wavefront is Canada's leader in transforming business through mobile and IoT innovation. We are a centre for commercialization for companies in the wireless and IoT technologies space. Our vision is to build a globally relevant, nationally connected ecosystem that delivers digital capacity, competitiveness and prosperity for Canadians.
Visit www.wavefront.ca to learn more.
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