November 24, 2014
Rogers Communications has announced a funding commitment of upwards of $4 million to Wavefront, Canada’s Centre of Excellence for Commercialization and Research, to accelerate the growth of machine-to-machine (M2M), the Internet of Things (IoT) and wireless businesses in Canada.
Over the next five years, Rogers will offer financial resources, technology tools, training and mentorship programs to “thousands of technology businesses and entrepreneurs that walk through Wavefront’s doors.”
The number of connected devices in Canada is expected to grow by 30% each year over the next four years, reaching 114 million connections by 2018 and generating total revenues of $21.1 billion.
“Increasing demand for M2M solutions has businesses and developers well poised to benefit from new growth opportunities in the rapidly growing industry of the Internet of Things,” Rogers said in a release.
As part of its commitment to Wavefront, the company will sponsor the development of new programs including the Wavefront National Accelerator Program and Commercialization Support Program, as well as “hands-on mentorship to M2M businesses” looking to commercialize their business and enter new markets.
The commitment from Rogers to Wavefront will be matched by up to 50% by the Canadian Accelerator and Incubator Program (CAIP), a five-year program established by the federal government to support growth and development of entrepreneurs and startups. The funding from both organizations will go towards expanding and extending Wavefront programs and initiatives to help emerging start-ups commercialize their business.