New immersive 3D video displays and cloud-based online gaming solutions are a step closer to market commercialization, following investment in four start-up companies housed at the Digital Media Zone in Toronto.
Ryerson University’s DMZ is a multidisciplinary workspace for young tech entrepreneurs and the launching pad for several digital businesses.
Ottawa-based Coral CEA has now invested $120,000 in four companies there, and it says more such investments are being reviewed.
ARB Labs is one of the four; it has designed a software application that turns any video display into a screen with immersive 3D capabilities – and viewers do not need to wear goggles or glasses.
ViaFoura has created a cloud-based plug-and-play user engagement and gaming platform for online content sites, while Greenguage has developed a software tool for smartphone and online use that can monitor Corporate Social Responsibility efforts.
HitSend has developed an online platform to enable and enhance community-based change by tapping into the community's collective voice.
The funds, meanwhile, will allow HitSend to tap into the voice of new staff members.
"Coral CEA's funding will allow us to add two more people to our current staff of five," Warren Tanner, CMO at HitSend, said.
Coral CEA is a not-for-profit Open Innovation Network composed of private companies and public organizations focused on the commercialization of Communications Enabled Applications (CEAs).
"We are attracted to teams who are 'getting it done' versus talking about innovation and we want this type of collaboration to set a new standard in Ontario," explained Brian Forbes, Executive Director at Coral CEA.
Coral CEA has also partnered with Ryerson in a first-ever study on innovation in Ontario. The research team of the Ontario Cross-Border Technology Innovation Ecosystem (OCTIE) released preliminary findings in October 2011 stating that the more entrepreneurs network, especially with social networking, the more investment money they acquire.
"Socializing your ideas enables more focused targeting so that entrepreneurs align with capitalists that better understand their value -- which results in better valuations. Social networking enables an entrepreneur to reach people they could not have by other means," said Forbes.
The DMZ launched in the spring of 2010 with over 6,000 square feet of downtown Toronto office space. It’s since almost doubled in size, while helping innovators to incubate and accelerate 38 start-ups, launch more than 61 projects and create over 350 jobs.
Coral CEA was founded by the Ontario Ministry of Economic Development and Innovation, Carleton University, IBM, GENBAND, Eclipse Foundation and ITAC. The mandate is to create sustainable companies and jobs by supporting members in the commercialization process of new products and services. This includes business development, distribution and brokering of alliance and capital relationships.
"Ontario's creative environment, world-class education system and proven business experts are second to none," stated Brad Duguid, Ontario Minister of Economic Development and Innovation, in a release. "Collaborations like this are the key to success. That's why we helped establish Coral CEA and why we've made it easier for entrepreneurs across the province to get the help they need to succeed; while creating jobs and prosperity for all Ontarians."
For more Mediacaster Magazine coverage related to this topic, please see:
Digital Media Zone Drives Development at Ryerson
http://www.mediacastermagazine.com/news/digital-media-zone-drives-development-at-ryerson/1000366623/