Ottawa, province invest in software firm

Ryan Ross
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ACOA provides $500,000, P.E.I. $326,000 to Adeptio Canada

Innovation Minister Allen Roach, left, and Adeptio Canada CEO Chad Griffin, centre, show off the company’s website along with Sen. Mike Duffy after a funding announcement Tuesday.

A Charlottetown-based software company is getting a little help to market its product thanks to $826,000 in funding from the provincial and federal governments.

Adeptio Canada’s CEO Chad Griffin said it was no secret that getting funding for a startup can be a challenge.

The investment from the Atlantic Canada Opportunities Agency (ACOA) and Innovation P.E.I. are important investments to the company and the Island economy, he said.

“As an Islander, I believe that Adeptio does represent a very important piece of our future growth.”

Griffin joined Sen. Mike Duffy and Innovation Minister Allen Roach at the company’s office in Charlottetown Tuesday for the funding announcement.

ACOA has invested $500,000 to help Adeptio market its software and hire a technology director while Innovation P.E.I. invested $326,000 through labour rebate, marketing and trade assistance programs.

The software’s target market is businesses that would use it to motivate employees and set out goals or objectives in a way that is interactive with a social aspect  included.

Those goals could be personal, such as with an employee’s health and wellness or related to the business.

The service has been available since July 2012.

Griffin said Adeptio has 10 employees, including eight in Charlottetown and the company has an aggressive growth target to increase that number by another 12 between July and October.

“The market’s going to dictate how we grow,” he said.

Duffy said Adeptio was an outgrowth of young people interested in computers and technology.

“This is the wave of the future for P.E.I.,” he said.

Roach said Adeptio’s product is meant for the global market.

“The sale of goods outside Prince Edward Island is critical to creating a bright economic future for our province,” he said.

Organizations: Atlantic Canada Opportunities Agency

Geographic location: Prince Edward Island, Ottawa, Charlottetown Canada

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Recent comments

  • guy currie
    June 25, 2015 - 20:02

    Adeptio just went bankrupted this past week. Where does the funding dollars go?

  • John Getson
    January 10, 2013 - 22:00

    $826,000 in Government funding... provides "a little help" to company to convince businesses use a software service specifically designed to enable business to... get by with FEWER employees... This company's product is an automated software service tool targeted to businesses that would use it to; 1. motivate employees - in addition to or instead of a decent wage? 2. set out goals or objectives in a way that is interactive - automation HR duties? 3. with a social aspect - in what manner and to what degree? While it is good that those 'goals' could be personal, such as with an employee’s health and wellness... it has always been in any business's direct self-interest to help their employees healthy and happy... Happy and healthy employees, it is well known, are more productive so ensuring it allows for maintaining production levels with less people... as well as automating the Human Resources department to some degree - How many HR position will be eliminated or NOT CREATED? If the "product" is so good in doing what it was ultimately designed to do... adding to bottom line of businesses that use the service... why is it such a difficult product to close the sale on? Is this just a subsidy to increase "market share" of a off-the-shelf, "commodity" product or a truly innovative product... justify the involvement of Innovation P.E.I. Or is this just feel-good reporting of another announcement... BTW company expects 12 "new" positions between July and October... ...$68,800.00 per "new job"... certainly not the highest price we have paid for job creation! Bottom Line: Is there any "net benefit" to taxpayers? Where?

  • IslandG
    January 10, 2013 - 13:54

    Nice to see Islanders making waves! Would be even nicer to see our local community being supportive. As a qualified individual who struggled to find a position on this Island for many months, I can say that 12 professional jobs is nothing to shake a stick at! Best of luck Adeptio, I am sure you will do great things in business as well as for our local community.

  • Congrats
    January 10, 2013 - 13:46

    Some really uneducated negative comments here. (right out of left field some of them). Congrats to Adeptio and congrats to their employees who now no longer need to move to Ontario to find quality employment. Have some pride people, this is a good thing for PEI and for the people who want to remain here professionally. Haters just love to hate.

  • Island Girl
    January 10, 2013 - 13:34

    Nice to see Islanders doing big thing! Would be even nicer to see positive supportive comments coming from the local community. Why does it always seem that we give the local talent NO credit???? To make waves in an industry as huge as the social technology industry right now is HUGE for little ol' PEI. How about a little credit here people!! Best of Luck Adeptio.

  • Economics One'o'One
    January 09, 2013 - 21:51

    I remember learning in economics class that PEI's economic multiplier was about 2.5 times, meaning that every incremental job created produced 1.5 more in supporting businesses (selling cars, gas, groceries, construction, homes, etc.). So, I see an announcement of 10 direct jobs being the employment of 25 Islanders. Some of you say that an announcement like this is insignificant. Were saying the same when APM started? or Diagnostic Chemicals? Businesses are like babies - they cannot grow without first getting their feet firmly under them. Sincerely wish this company well and pleased that PEI has made them home!

      January 10, 2013 - 17:02

      Perhaps you should ask the school you paid for that economics lesson if they would give you your money back. Sure the economic multiplier is a Keynesian religious fantasy. But have you wondered how many jobs were killed by taking 836,000 from the hands of people and paying bureaucrats to give it to businesses? Those people would have spent their money on goods which would have helped the economy. It`s thinking like this that leads to Holman and polar foods fiasco. Not to mention a soaring deficit, unemployment, and high taxes.

  • SG
    January 09, 2013 - 15:31

    To Entrepreneur: (This is exactly how we are supposed to support our local entrepreneurs I know I would much rather this business stay on the Island then move away which is what these negative comments seem to be indicating.) I have no problem supporting "entrepreneurs" or "business" if our Government can afford to support the same. However I don't feel an initial 10 employess and a "Possible" 12 more 6 to 9 months in the future, ie: 22 Jobs, will have much of an impact on our present number of unemployed Islanders. Where is the "Support" for the number of tax paying citizens that are Currently Unemployed or the Support for our Island Citizens that have to move West to find work and travel back and forth at their expense to spend time with their families? 22 Jobs will not make much of a dent in our current number of unemployed Islanders! How much money has our present Government invested to date in Businesses that are no longer here?

  • keeping track Roach
    January 09, 2013 - 14:29

    I am keeping track of all the money you have and will hand out to these boondoggles. I shall release my results before you go to the polls next election. Just so you you know Roach, you hqve a 77% failure rate so far. And all of this while those in your own district eat cake. All except for tbe good ole boys that put you there.

  • Wow
    January 09, 2013 - 14:24

    Almost $1 million dollars for a few jobs in a business that will probably go tits up in a few years. Where does this corporate welfare stop? This on the heels of a $1.5 million giveaway for 10 jobs to another fly by night outfit at Poole's Corner. Allen Roach, you need to resign before you waste more millions in taxpayers money.

  • Entrepreneurs
    January 09, 2013 - 12:12

    This is exactly how we are supposed to support our local entrepreneurs, to the negative comments below, I suggest to try and figure out how the technology market works as it takes money to make money. I know I would much rather this business stay on the Island then move away which is what these negative comments seem to be indicating. How about you take a lesson from this guy and try and start something of your own rather than complaining and doing nothing. Congrats to Chris on the startup.

  • SG
    January 09, 2013 - 11:46

    $826,000 for 10 current employees and a HOPE of hiring 12 more between July and October! This is Good News how? I'm trying to understand why one Report states our Governent can't fund necessary Island Programs and then we see these Reports re: Funding of $826,000?

  • Justine Thyme
    January 09, 2013 - 11:32

    Wow, almost million dollars invested into a company that isn't promising 100 jobs. Ten jobs and only eight of them on PEI, good thing there were a couple of well known Island names among those 10.

  • great
    January 09, 2013 - 10:46

    Looks good. I don't think there will be any issues as a simple Google search put some prominent Island Business Peoples names on the Board of Directors etc. A few BIG Liberals that may be able to help out down the road. Not quite sure why a new company with a new name was established and simply didn't use the parent companies name but I'm not an accountant either. Good Luck

  • Wayne Phelan
    January 09, 2013 - 10:42

    Congratulations! Wish you all the luck down the road and hope you create jobs here on the island.

    January 09, 2013 - 10:42

    Eight job divided by 8 hundred tousand equals 100 thousand per job. Things are getting worse here and it is almost sping and the local businesses will have thier hands out again. Anothert SMALL untested business owner laughing all the way to the bank.

  • mr.nobody
    January 09, 2013 - 10:31

    In business 6 months and they get a million dollars of our money. A silly business idea at best. Wonder who gets the technical directors job? I smell patronage.