The Invest Nova Scotia Fund is helping businesses across the province use data to innovate and solve problems.
The fund’s independent board of directors announced today, Oct. 19, it has approved an investment of nearly $500,000 for the Institute for Data Analytics at Acadia University to expand its data runway for start-up companies and small and medium-sized enterprises.
Data scientists at the university will use predictive modelling, machine learning and artificial intelligence to help more businesses develop new and better ways of doing things.
Annapolis Valley winery Lightfoot and Wolfville is already benefitting from Acadia’s data runway. Experts at the university are using data analytics to help the winery predict how many grapes they need to grow to meet quality and sales targets.
“We are thrilled to be working with the Acadia runway team and using cutting-edge technology to grow our business,” said Mike Lightfoot, Co-owner of Lightfoot and Wolfville. “Finding experts who can help you innovate and find efficiencies makes all the difference when growing a business.”
In addition to working directly with start-ups and small and medium-sized enterprises, the team will contribute to other research projects at Acadia University that have the potential to grow our agriculture, food, fisheries, aquaculture and tourism sectors.
“Invest Nova Scotia is funding smart, innovative projects that grow our economy,” said Invest Nova Scotia chair Kenneth Deveau. “Now, the data runway team will be able to collaborate with more businesses and researchers, increasing our capacity for innovation, particularly in rural Nova Scotia and potentially strengthening whole sectors of our economy.”
“Invest Nova Scotia’s support will help us solve more problems, where collecting and extracting knowledge from data is a big part of the solution,” said Danny Silver, professor of computer science at Acadia University and lead of the data runway. “We are excited to work with more businesses and have greater impact across the province.”
Invest Nova Scotia was established in 2014 as an independent fund for granting economic incentives. Projects must spark innovation, be measurable and sustainable and advance the strategic goals of the ONE Nova Scotia Coalition.
For more information on Invest Nova Scotia, visit http://www.novascotia.ca/business/invest .
For more information on the Acadia Institute for Data Analytics, visit https://aida.acadiau.ca/home.html .