UPEI, ACOA and province to fund non-profit company Synapse

A P.E.I. non-profit organizationhas received almost $1 million in funding to help them continue to play matchmaker between university researchers and businesses.

Synapse, originally established in 2005, aims toconnect businesses who are in need of some expertise, as well as researchers who may have intellectual property with market potential.

The group works closely with the University of Prince Edward Island, according to acting director Kim Johnstone.

"The whole point is to get products and services to market," she told CBC News.

3 sources of funding

Two levels of government and UPEI came together to fund Synapse: the Atlantic Canada OpportunitiesAgency will contribute $475,000,the provincial government $100,000, and UPEI$398,030.

"This funding allows us to continue what we do best: connecting businesses andUPEIfaculty to realize advantages, innovations and economic development,"Johnstonesaid.

"The expertise, technologies and research range from chemistry, information technology and physics to environmental science, human health andaquaculture. And everything in between."

'Open up possibilities'

In a statement, Economic Development Minister Heath MacDonald said Synapse is performing a valuable service.

"UPEI's innovative researchers are developing leading-edge technology solutions and Synapse is working to evaluate, transfer, and commercialize these technologies for industry," he said.

"The province through Innovation PEI is happy to support Synapse's efforts to link research with business, which will open up possibilities in new and emerging areas of our economy."

The funding announcement comes after the company rebranded from UPEI Inc., and produced a new three-year strategic plan.

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