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Vancouver-Founded Wavefront Accelerator Ceases Operations and Plans to Liquidate Assets (Updated)
Wednesday, May 16, 2018Company Profile | Follow Company
Vancouver, BC, May 15, 2018--(T-Net)--Vancouver-founded accelerator Wavefront Innovation Society ("Wavefront") this week announced that it is ceasing all operations.
After assessing its options in the face of declining sources of revenue, Wavefront reported that it determined that the appropriate course of action is to cease operations to ensure that there is an orderly liquidation of its assets for the benefit of its creditors.
For a decade Vancouver-founded Wavefront was a centre of excellence for mobile and IoT technologies in Canada. Working with companies across all industry verticals, Wavefront provided a variety of programs and services to startups, small and medium sized enterprises(SMEs), large enterprises and government to help them grow, scale and connect.
The organization last had 32 employees and two primary locations (Vancouver and Toronto) listed on its company website (which has now been taken down, replaced by a short one page press release announcing the shutdown).
They appear to have also had some additional secondary locations in various hubs across Canada.
Wavefront reported in a press release that it's board of directors and management hopes that many of their services will be maintained and supported by other organizations.
The Canadian government announced in November 2014 that Wavefront would receive up to $9.5 million in fed funding (based on Wavefront providing matching funding) and was one of 15 incubators and accelerators that were chosen to advance in the selection process for the Canada Accelerator and Incubator Program (CAIP), and one of four in BC.
"Funding from CAIP will support expansion across Canada of Wavefront's successful regional programs, helping more Canadian companies gain traction, create jobs and succeed in global wireless and Internet of Things markets." stated James Maynard, President and CEO, Wavefront Wireless Commercialization Centre Society in the November 2014 press release.
About Wavefront
Wavefront is Canada's leader in transforming business through mobile and IoT innovation. We are a centre for commercialization for companies in the mobile and IoT technology space. Our vision is to build a globally relevant, nationally connected ecosystem that delivers digital capacity, competitiveness and prosperity for Canadians. Visit wavefront.ca for more information.