CACDM gets $10.7M boost

Waterloo region’s tech association Communitech and the Stratford Institute of the University of Waterloo receive $10.7 million in federal funding to establish the Corridor for Advancing Canadian Digital Media (CACDM). With hubs in both Kitchener and Stratford, CACDM will provide a common space for the business and academic communities to focus on commercialization and research of digital media, which draws on images, video, sound, and software for interactive Communitech.jpgapplications. “[CACDM] will strengthen domestic collaboration and optimize resources to create the scale and focus that will brand Canada as a leader in digital media,” says Iain Klugman, president, Communitech. “It is an exciting new venture that will attract world-class talent and investment, will create new companies and jobs, and will help existing companies innovate and grow.” Provided through the Centres of Excellence for Commercialization and Research program, the funding will supplement the more than $50 million in cash and in-kind support CACDM has already received from partners that include Open Text, Christie Digital, Research In Motion, Agfa HealthCare, COM DEV and Tech Capital Partners. The digital media sector is expected to reach US$2.2 trillion worldwide in the next five years.

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