PARTEQ Innovations at Queen’s University is launching a novel opportunity to boost economic development in Kingston.
The PARTEQ Angel Network aims to build and sustain Kingston companies developed out of breakthrough university research by linking a critical mass of angel investors, including local entrepreneurs and Queen’s alumni, and a pooled investment fund, with promising early stage technologies.
The network is an extension of PARTEQ’s pioneering work in growing promising research discoveries into companies that are making an impact around the world, says John Molloy, President and CEO of PARTEQ, the Queen’s-founded technology transfer office.
“Over the past 25 years our office has helped build more than 45 companies, many of them with global markets, and we couldn’t have done it without the help of angel investors,” he says.
“The difference today is that the climate and the incentives for growing these technologies has never been better. Given these factors, what better way to boost the success potential of these promising companies than by combining our experience in managing early stage technologies with the entrepreneurial acumen and investment dollars of Kingston angels and Queen’s alumni.”
“Angels” are investors who fund early-stage companies. Often they are the first to recognize the potential in a new technology opportunity, and their investments support the crucial early growth stages of promising technology companies.
Unlike other angel networks, where the onus is on investors to screen investment opportunities themselves, the PARTEQ Angel Network gives investors a second option: the opportunity to invest in a pooled fund.
“The pooled fund approach appeals to investors who are interested in investing in early stage companies, but lack the time or skills to perform their own due diligence on these opportunities,” Mr. Molloy says.
The PARTEQ Angel Network has already signed on its first angel: the Kingston Economic Development Corporation (KEDCO) has seeded the network with a founding contribution of $50,000.
“KEDCO is proud to participate in the PARTEQ Angel Network. The commercialization of applied research at Queen’s brings great opportunity to the City of Kingston in terms of creating jobs and investment,” says Jeff Garrah, CEO of KEDCO.
“Kingston is home to numerous PARTEQ spinoff companies – BKIN Technologies, Endetec, Qubit Systems, Jolly Giant Software and Performance Plants, to name just a few. The global importance of the discoveries developed, and the new companies that are created, speak to the innovative and supportive business environment in Kingston.”
The PARTEQ Angel Network is now raising capital for its first two investment opportunities. Switchable Solutions Inc., which recently launched its first pilot manufacturing plant for recycling plastics, is developing a ‘game-changing’ green solvent with a broad range of applications, including oil sands recovery; and SPARQ Systems Inc., a developer of solar photovoltaic microinverters, is poised to launch its product line across North America early next month. Both companies are founded on research by award-winning Queen’s innovators.
Potential investors can learn more about the network, and become a member, at the PARTEQ Angel Network website at:
http://www.parteqinnovations.com/pan/
Contact:
John Molloy
President & CEO
PARTEQ Innovations
P: 613. 533. 2342
E: jmolloy@parteqinnovations.com
June 29, 2011
For immediate release
Jeff Garrah, CEO
Kingston Economic Development Corporation
P: 613. 544. 2725
E: garrah@kingstoncanada.com
About PARTEQ Innovations:
PARTEQ Innovations is the not-for-profit technology
transfer office of Queen’s University, part of the Rideau Commercialization
Network. PARTEQ works with institutional researchers and the business and
venture capital communities to bring early stage technologies to market. Since
1987 PARTEQ has been instrumental in the establishment of more than 40
companies developing a variety of products, from potential drugs for
Alzheimer’s, cancer and heart disease to automated bacteria detection for water
systems, solar-powered appliances, and advanced materials used in the plastics,
automotive, aerospace and household appliance industries.
About KEDCO:
The Kingston Economic Development Corporation (KEDCO) is committed to the key issue of long-term economic sustainability for the City of Kingston. As the economic pillar for the City of Kingston's Integrated Community Sustainability Plan, KEDCO endorses the City's vision of Kingston as Canada's most sustainable city. KEDCO's success is based on the attraction of new business, the growth and retention of existing business, tourism opportunities measured by the resulting economic impact on our community. As the marketing and business development arm for the City of Kingston, KEDCO's work is contingent upon the strength of partnerships and the ability to incubate and nurture a long term vision to maintain a competitive business advantage.