Intrinsic Innovations announces TusStar-Intrinsic Global Accelerator program, designed to aid Canadian and Chinese tech companies do business in either market
CALGARY, Alberta, Sept. 14, 2021 (GLOBE NEWSWIRE) — Intrinsic Innovations, a Canadian Not-for-Profit Technology Accelerator established by Intrinsic Venture Capital, and TusStar, one of China’s largest networks of incubators, are excited to announce the launch of the TusStar-Intrinsic Global Accelerator, an exchange accelerator program for Canadian companies looking to expand into the Chinese market, and for Chinese companies looking to expand into the North American markets through Canada.
The Global Accelerator program, to be headquartered in Calgary, Alberta, offers insights into local requirements and expectations for business operations, intellectual property, human resources, legal and regulatory requirements between the two countries, as well as the sometimes subtle differences in business culture and etiquette.
“Intrinsic Innovations was launched as a way to facilitate global connections,” stated Andrew Sanden, co-founder of Intrinsic Innovations and Intrinsic Venture Capital. “The COVID-19 pandemic drove home the importance of having trusted connections off-shore for establishing a cross-border business. This relationship with TusStar is all about creating and fostering those important cross-border connections to create a pathway for businesses from Canada to enter the Chinese market in a more seamless manner, and vice-versa for Chinese companies interested in coming to North America via Canada.”
Ms. Wei Han, Vice President, TusHoldings, Executive General Manager, TusStar and Chairwoman, TusStar Canada, confirmed the value of the partnership. “We hope that by integrating all the different partners and stakeholders, we can support more talent and start-ups. Canada is one of our important regions inside our incubation network. We have great local partners like Intrinsic, and we also have our great international partners in China and around the world. I believe that with support from our local partners in Canada, we can work closely and support more great entrepreneurs both from Canada and from China, building a unique bridge to support the talents in both countries.”
As a global accelerator, the TusStar-Intrinsic Global Accelerator’s focus is to ease cross-border business growth. When companies look at entering a foreign market, one of the biggest challenges is understanding the intricacies of getting the business set up and established, with many companies underestimating how time and resource intensive this process might be. The TusStar-Intrinsic Global Accelerator program will help educate businesses in Canada and in China on the rules, regulations and customs in either country to help aid businesses get off the ground and establish themselves in either foreign market.
Intrinsic Innovations and TusStar’s decision to headquarter this accelerator program in Calgary is a welcome one for the city. Despite its population of just 1.6 million, Calgary has been quickly advancing its technology ecosystem. Previously known for its energy industry, the city is seeing a trend for investment to be moving away from resource extraction and downstream to technology development.
“Intrinsic and TusStar’s decision to locate in Calgary reflects well on our city’s growing reputation as a destination of choice for the world’s best entrepreneurs who are embracing innovation and advanced technology to solve the world’s biggest challenges,” said Patrick Mattern, Vice President of Business Development with Calgary Economic Development. “This announcement serves to help confirm that Calgary has the business environment, the entrepreneurial spirit and the innovation-focused economy to attract international companies and investment.”
The TusStar-Intrinsic Global Accelerator program also opens up an important channel to new international markets for local tech companies in both countries through TusStar’s global network of incubators across the globe. TusStar boasts an impressive roster of over 160 incubators in 12 different countries around the world.
To learn more about Intrinsic Innovations and the TusStar-Intrinsic Global Accelerator program, please visit: https://intrinsicvc.com/globalaccelerator.
About Intrinsic Innovations
Intrinsic Innovations, a Canadian Not-for-Profit established by Intrinsic Venture Capital, enables Canada to maximize global diversification in the innovation space. It provides innovative Canadian companies access to global services and experts, while enabling international innovation focused companies to expand and / or relocate to Canada. Intrinsic Innovations works with its partners to realize the transformative value of a trusted global network, as well as through providing partners with exclusive access to early-stage companies that we have recruited from across the globe.
Intrinsic Innovations mission is to have Alberta recognized on the world-stage as a leader in technology commercialization and to continue the evolution of Alberta as an emerging global technology leader. Intrinsic Innovations sees local and global partnerships as one of the most critical elements to achieve this success. The Intrinsic group of companies manage over $200M in assets across North America.
Founded in 1999 as Tsinghua Science Park a division of Tus-Holdings, TusStar was among the first group of National Incubators identified by the Ministry of Science and Technology of China. TusStar has served over 7000 enterprises and has 35 portfolio companies publicly listed. TusStar has invested close to RMB 2 billion ($100 Million CAD), with a return of investment of approximately RMB 20 billion ($1 Billion CAD). TusStar has been building a global incubation network since 2015, and now has over 160 incubators established in 12 different countries across 6 continents.
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