Ottawa, province invest in software firm

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

Ryan Ross
Published on January 9, 2013
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.
Guardian photo

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.