Waterloo - The “Good Practices Award 2008” has been captured by The Accelerator Centre for Commercialization Excellence, (ACE) based in the University of Waterloo’s growing Research + Technology Park. Presented annually by the Technopolicy Network (Netherlands) and Centre for Strategy and Evaluation Services, (United Kingdom), the award is part of a global competition involving business incubators.

The award recognizes excellence in “achieving faster exits (for startups) by performing a gap analysis of the status of the companies at the time that they enter the Accelerator,” and helping the fledgling companies to attract critical financing, hire employees and obtain customers.

“There are 57 incubators in the competition so we’re very pleased to have been chosen for this award, especially considering we’ve only been open for less than three years,” said Tom Corr, CEO of the Accelerator Centre.
What distinguishes the companies that experience successful lift-off from the Accelerator Centre’s development and mentoring program?
“They have to be incorporated and ready to go, plus they must have a good business plan, be mentorable, and have the mental capacity to be entrepreneurs,” said Corr.

Once they’re in the Accelerator Centre they participate in programs and mentoring that assists them in analyzing the marketplace, finding a revenue stream, and setting up a solid governance system.

Examples of new companies that have graduated from the Accelerator Centre include: Primal Fusion; Miovision; and TeraPac.

Once they’re out and self-sufficient, the ACE does not cut the umbilical cord. “We keep it connected but stretched, and we also bring the graduates back to be mentors to the new entrepreneurs,” added Corr.

What does mentoring include? 1) A suite of education programs ranging from Entrepreneurship 101 to specialized sales and marketing programs; 2) education on subjects ranging from human resource development, intellectual property protection, and government funding sources; 3) lessons and advice for setting up good governance, brought by experienced volunteer and paid mentors as well as Executives in Residence.

“We’re blessed to have relationships with the University of Waterloo, Conestoga College, Wilfrid Laurier University and the University of Guelph, who are a gold mine of very bright people, graduates, potential entrepreneurs.”
The ACE is seamless operation for assisting entrepreneurs that has brought together under a joint partnership with Ontario Centres of Excellence, the Accelerator Centre, and UW.