Invest Ottawa and the Chinese government-backed Zhongguancun Development Group (ZDG) have opened a joint technology incubation centre, with an initial investment of $10 million.
The decision by ZDG, which has already invested in a similar project in Silicon Valley, to help create the ZDG Ottawa International Incubation Centre seems to indicate that the capital’s reputation as a tech hub is still intact. In a statement, Qiang Xu, the general manager of ZDG, called Ottawa “one of the major innovation centres in the world.”
The centre will be initially located at Invest Ottawa’s headquarters and will look for promising Canadian startups. It will be managed by ZDG and employ local staff.