The pilot program, Scale-Up Hub: Cambridge, in Massachusetts, designed to help high-tech innovative companies tap into northeastern U.S. markets has concluded its one-year period.
The first group, which consists of 4Deep Inwater Imaging and MindSea from Halifax and Aerotec Engines from Beaver Bank, is reporting positive return on sales, increased job growth and the development of strategic partnerships.
“This program pushed us to take advantage of growth opportunities within new markets faster,” said Philip Burchinshaw, director, sales and marketing at Aerotec Engines, one of Canada’s leading aircraft piston engine overhaul shops. “We’ve increased revenues, we’ve been able to invest in Aerotec, and with that comes more employees. Our company has grown significantly in size because of this program.”
Nova Scotia Business Inc. (NSBI) invested about $260,000 to build, promote, and activate the program. The participating companies had to commit time and pay a program fee. Through their participation they have generated over $2 million dollars in new, incremental sales in New England.
“NSBI recognized that high-growth export companies needed a new approach,” said Geoff MacLellan, Minister of Business. “NSBI created this innovative, collaborative pilot and a year later, the success of the participating companies is a truly encouraging sign.”
The program provided companies with access to a dedicated in-market business development consultant and collaborative working space in Cambridge for one year. Companies used the Scale-up Hub services to seek out meetings with potential customers and partners.
“There’s always a lot of work in developing a new market, and this past year was a lot of work on the ground, but by leveraging this program we were set up for success,” said Bill Wilson, founder of MindSea, a mobile app design and development agency. “The partnerships we’ve built through this program have had a big impact on our business here at home.”
Beyond sales, many in-market connections and partnerships were established over the pilot year, enhancing cross-border collaboration between Boston’s large innovative economy and Nova Scotia’s growing technology-driven companies. This includes a formal partnership between the Scale-Up Hub and the MIT Enterprise Forum Cambridge.
“We were immersed in one of the most innovative ecosystems in the region, enabling us to leverage the larger Cambridge ecosystem via the MIT Enterprise Forum Cambridge Startup Spotlight program,” said Stephen Jones, CEO, 4Deep Inwater Imaging, which makes cutting-edge microscopes that can operate in the water in real time. “This helped with our goal of developing our brand’s awareness and showcasing our technology’s capabilities.
“We now have strategic partners in a broader scope of industries that are looking at applying our tech in their processes.”
The pilot program leveraged the strong historical and cultural ties between the Atlantic region and New England and helped companies develop their business through targeted access to export markets in Massachusetts and the broader United States northeast.
“We’re really pleased with the outcomes resulting from the pilot,” said Laurel Broten, president and CEO of Nova Scotia Business Inc., “We took a risk with this program and it’s been a rewarding and valuable year with our clients reporting significant sales growth for their Nova Scotia-based operations.”
To learn move about the companies participating in the program, visit www.Instagram.com/NovaScotiaBusiness .
Companies interested in the next intake period for the program should contact email@example.com .