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‘Unprecedented success’

Memorial's business incubator named Top Challenger in North America

By Annagray Campbell

Memorial University’s Genesis was recognized as a Top Challenger in the region of North America by University Business Incubators (UBI) Global at the World Incubation Summit in Doha, Qatar, on Nov. 6.

Genesis accelerates startups through all stages of idea development – from pre-incubation and business model development to investor readiness.

UBI Global is the governing organization that ranks university incubators all over the world. A Top Challenger is a university-linked incubation program that stands out from its peers due to its impressive overall impact and performance achievements relative to its respective regional peers. Only three such organizations are recognized in each continent in the category.

‘Fantastic milestone’

Genesis’ impact and performance scores resulting from the UBI Global World Benchmark Study 2019-20 were exceptional.

This means that Genesis demonstrated outstanding achievement in value for client startups, value for the local ecosystem and overall attractiveness as a program as a whole.

“This is a very exciting announcement for Genesis and Memorial University,” said Michelle Simms, CEO and president, Genesis. “This recognition from a global community leader in incubation means our impact is truly world class. Genesis clients have achieved unprecedented success this year and this is a fantastic milestone to validate our impact.”

“To stand out in a crowded field and to be recognized as a top incubator is remarkable.” — President Gary Kachanoski

Genesis launched in 1997. Since its inception, Genesis clients and graduates have raised $610 million in private capital, generated $190 million in annual revenues and created more than 1,700 jobs.

“This is yet another incredible achievement by Genesis and their community,” said President Gary Kachanoski. “To stand out in a crowded field and to be recognized as a top incubator is remarkable. Memorial is proud to call Genesis its own and to contribute to the innovation ecosystem in our province.”

Recognizing demands

Recognizing the unique needs of the province to grow the technology industry, Genesis developed programs to meet recognized demands.

These programs include Evolution, which helps companies validate their early stage technology-based business idea; a diversity program targeting women in tech and foreign-born founders; a micro-fund; and a co-working space.

The programs often help businesses prepare for acceptance into the Enterprise program, which offers intensive growth support for three years. Some notable graduates from Enterprise include Verafin, Rutter, Genoa Design, Mysa, HeyOrca and Virtual Marine.


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