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Virtual Marine Technologies

Conversation with Anthony Patterson, President and CEO - Virtual Marine Technology Incorporated

A high definition version of this video is available on YouTube.

Transcript: Virtual Marine Technologies

We’re in a footrace with all of the other people that are seeking the same market opportunities and we have to innovate to stay ahead. As soon as we stop innovating then our technology will quickly become obsolete.

My name it Anthony Patterson and I am the President and CEO of Virtual Marine Technology Incorporated.

VMT is a company that spun out of the University and the National Research Council here in St John’s. Our main goal is to bring immersive training environments that are safe and cost-effective to our customers.

ACOA has been instrumental in our development. At the very beginning, ACOA helped by giving us financing to bring in highly qualified people that helped us build the simulators in the first place. Later on, ACOA had provided AIF programs to the university that we were working with and we were the private sector partner with the university. More recently, ACOA has provided us with money that has financed a lot of our business developments activities to bring our story and our products out to the world-wide market.

In the beginning stage of our company, everybody in our company was either a work-term student or a grad student and through that process we found some real hotshots, people that you just don’t want to see walk out the door. With ACOA financing, we were able to bridge the gap until revenues were picking up so we could retain them ourselves and investments were coming in where we could keep them ourselves. Ultimately they are now the key scientists and engineers in our company.

I think that we’ve got the expertise, certainly in our company and generally in the region, to build anything that we want. That’s not the issue. The issue is getting these new technologies, new techniques into the marketplace.

Collaboration is the key for a small company like us. The government has got a key role in building an innovative economy. Things like the tax incentives that are in Canada are, I think, key in that sort of thing. Then there are the agencies that would then help directly fund innovation like ACOA. Without their money coming into the mix it’s very difficult to lever other people’s money into the mix.

Right now we’re the largest marine simulation company in Canada. We hope to become the largest marine simulation company in the world.

To learn more about Virtual Marine Technology, read: Seafaring made safer

Additional videos of innovative Atlantic companies are available on the Innovation at Work page

Added: May 4, 2011