TEC Edmonton has joined forces with pharmaceutical company Merck Canada to launch a business incubator.
The incubator would connect Alberta-based health technology companies to the health research expertise of Merck, with the goal being to create an accessible entry point for startups tap into the province’s healthcare system.
“Merck Canada’s expertise will provide a great asset for startup companies operating in Alberta’s health innovation space,” said TEC Edmonton CEO Chris Lumb.
The incubator is part of the Alberta Merck Innovation in Health Fund, which is a collaboration between Merck Canada, the University Hospital Foundation and the Government of Alberta Ministry of Economic Development and Trade.
“Working in partnership with TEC Edmonton to provide both scientific expertise and funding to this new business incubator will help propel Alberta-based, health-focused startups to new heights, all the while fostering the innovation, entrepreneurship and competitiveness of the region,” said Chirfi Guindo, President and Managing Director of Merck Canada.
TEC Edmonton is a joint venture of the University of Alberta and Edmonton Economic Development Corporation and operates the Edmonton region’s largest accelerator for early-stage technology companies.
“By supporting our researchers and entrepreneurs to create new products and businesses based on Alberta discoveries, we’re creating healthier lives for people around the world—and new jobs and a more diversified economy here at home,” said Deron Bilous, Minister of Economic Development and Trade.
Since 2011, TEC clients have generated $680 million in revenue, invested $200 million into research and development, and employee a combined 2,400 people.