Canada is fast becoming a popular destination for technology startups thanks to talented entrepreneurs and good government policies. China has recognized these strong points and on December 11 announced that Ottawa would be the city of its second North American technology incubation center. The initiative is being spear headed by the $11 billion Zhongguancun Development Group (ZDG) who has setup the ZDG Ottawa International Incubation Centre with Invest Ottawa and an initial $10 million.
The state-owned ZDG was on the lookout for a second location in North America after it launched center in California’s Silicon Valley. Qiang Xu, General Manager of ZDG , stated that, “Ottawa is one of the major innovation centres in the world, and Invest Ottawa has established many years of good cooperation relationship with Zpark. These are the main reasons that convinced us to choose Ottawa as the best location in Canada for the ZDG Ottawa International Incubation Centre. We look forward to working together with our partners at Invest Ottawa to introduce the city’s best technology companies to our vibrant market.”
The purpose of the newly announced center is to help technology businesses in Ottawa to enter the Chinese market. The tech incubator’s Chinese director and local staff will work in a 1,600 sq. ft. space at Invest Ottawa’s headquarters in Aberdeen. Startups will get a chance to get financing from the incubator for activities like research and development in China, marketing an expansion of offices in the country.
Ottawa Mayor Jim Watson was supportive of the center and stated that, “This is another important step forward for Ottawa’s economic development – further strengthening our relationship with a key market and sector. I’m pleased to see this significant foreign investment in Ottawa’s innovative technology sector.”
Invest Ottawa’s CEO, Bruce Lazenby, also commented on the deal by saying, “We’re treating this as a very ambitious start-up enterprise in its own right. ZDG has a plan to invest up to $1.5 billion worldwide over the next five years, and we see today’s $10 million announcement as a starting point for Ottawa. This market expansion capital is very welcome, and our expectation is that our China-focused companies will prove themselves quickly and attract even greater investment and opportunity in the years to come.”
Source: Invest Ottawa
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