University of Waterloo awarded US$1.6 million to establish virtual incubation program

From University of Waterloo News

The Conrad Business, Entrepreneurship and Technology Centre (Conrad) at the University of Waterloo today received a US$1.6 million grant that will boost countless student businesses.

The Graduate Management Admission Council® (GMAC®), owner of the GMAT® exam and the leading membership organization of graduate business and management schools worldwide, announced the award today. Waterloo was the only Canadian university to receive funding this round.

“Waterloo is internationally recognized for student innovation and entrepreneurship, and for educating the leaders of tomorrow,” said Feridun Hamdullahpur, president & vice-chancellor of the University of Waterloo. “This generous grant will do much to enable our students to develop their cutting-edge ideas into meaningful, profitable ventures.”

The funding will support the implementation of a Virtual Incubation Program (VIP). It will establish a global, online network of students, community groups, local entrepreneurs and international university partners, and is designed to support the development and launch of new businesses.

The GMAC Management Education for Tomorrow (MET) Fund awarded more than US$7.1 million in grants to 12 organizations across six countries in this round of its Ideas to Innovation (i2i) Challenge. GMAC’s MET Fund, a US$10 million initiative to advance business education around the world, created and managed the i2i Challenge.

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