Expands region's technology ecosystem to bring on more data-driven businesses
WATERLOO, ON, May 11, 2017 /CNW/ - Today Communitech officially launched the Communitech Data Hub with founding partners CIBC, City of Waterloo and Quantum Valley Investments. Located in Uptown Waterloo, the hub at 14 Erb Street West is the region's new home for the data-driven tech community.
Formerly a police station, the newly renovated 19,000+ square foot facility offers a collaborative space for a mix of tech and data-driven clients and enterprise partners. This work environment is available to startups and scale-ups , features several data-specific special interest zones and is home to Canada's Open Data Exchange (ODX) –a federal government initiative that helps enterprises and startups generate new commercial applications using open data sets.
"There's this notion data is the new gold, and more and more we've seen a rise in local tech companies specializing in open data, artificial intelligence, connected vehicles, cyber security and smart cities," said Iain Klugman, CEO, Communitech. "In true Communitech style, the new data hub supports and connects these companies in the region while also welcoming new partners in the space."
CIBC, the data hub's official founding bank partner, is introducing its new Data Studio at Communitech. A team of full time data scientists paired with local co-op students will tap into the thriving startup environment and work with key partners to explore new capabilities.
"Being part of a collaborative ecosystem at Communitech means we can identify new ways to harness the power of data to deliver leading insight, advice and solutions for our clients," says Jose Ribau, Chief Data Officer, CIBC. "It's exciting to be part of this innovative partnership that will enable established companies and start-ups to grow and use data to its full potential."
"We are very pleased to welcome Communitech back to Waterloo. The data hub in our community is vibrant and Communitech further strengthens it. The work and synergies generated by these smart and innovative organizations is exciting and we look forward to years of success and creativity," said Waterloo Mayor Dave Jaworsky.
"We believe that the unique historic character of the 14 Erb property and its location at the heart of vibrant Uptown Waterloo, make it the perfect site from which Communitech can create new business opportunities in the Waterloo Region," said Ophelia Lazaridis of Quantum Valley Investments. "We congratulate them on this very worthwhile endeavor and wish them great success moving forward."
Communitech is a private-public innovation centre in Waterloo Region that supports a community ecosystem of more than 1,000 tech companies—from startups to rapidly growing mid-size companies and large global players. A member of the Ontario Network of Entrepreneurs, which is funded by the Ontario Government, Communitech helps tech companies start, grow and succeed.
About CIBC Data Studio
CIBC Data Studio is the bank's new analytics innovation hub situated in the technology ecosystem of Communitech in Waterloo, Ontario. Co-located with other data-driven organizations, CIBC Data Studio opened its doors to co-enable exploration of new capabilities, and enhance discovery in emerging technologies and smart cities. Thriving in a startup environment to deliver a new horizon of innovation for clients, the initiative facilitates CIBC's collaboration with the country's top tech talent and future leaders. For more information visit cibcdatastudio.com.