On October 5, local company, TrustPoint Innovation, was named to the Canadian Innovation Exchange 2016 Top 20 Program, a program recognizing the 20 most innovative technology companies in Canada.
TrustPoint Innovation is a Waterloo-based company that focuses on developing innovative products and solutions for the security needs of the “Internet of Things,” “Machine to Machine communications” and connected vehicles in particular.
The IoT (Internet of Things) is a growing industry and refers to devices that collect and transmit data via the internet. According to the McKinsey Global Institute, the IoT will have a total economic impact of up to 11 trillion US dollars by 2025.
TrustPoint Innovation, upon coming into contact with the CIX (Canadian Innovation Exchange), filled out a nomination form.
Forms from across the country were reviewed by a panel of CIX investors and technology experts to decide which companies would be considered for the Top 20 program. The program is also considered to be Canada’s largest showcase of innovative tech companies.
One of TrustPoint’s most innovative products is theirTrustPoint Innovation, which makes use of Near Field Communication (NFC) tags to transmit information in a way that is more secure and versatile than traditional Quick Response Codes.
“Blackseal uses a NFC tag that has information on it which has been cryptographically modified. This tag can be put on products and every day objects. What makes it interesting is that these tags can be tapped by a phone and you can tell whether the tag has been duplicated and that’s for anti-counterfeiting. Or it can take you to a URL that can provide you more information about a product or promotion,” said Sherry Shannon-Vanstone, president and CEO of TrustPoint Innovation.
Blackseal tags have the ability to be turned on and off by the issuer, allowing companies to carry out time-specific promotions.
By downloading the Blackseal phone app you can also verify if a NFC tag is legitimate and the source that it had been produced from.
“Waterloo certainly is a centre of innovation. In our strategic plan we outline the vision of Waterloo as consisting of two key things: discovery and entrepreneurship, which is what innovation is all about,” said Dave Jaworsky, mayor of the City of Waterloo.
The City of Waterloo encourages innovation through strategic investments.
These include investments such as the Accelerator Centre in the University of Waterloo that mentors new companies, and an investment in Communitech, a local hi-tech association that is starting a data-hub in Uptown Waterloo. This hub is expected to help create and attract companies, as well as urban jobs.
“We want to build a quality of life into our community that students who are here today and subsequently graduate, if they find there are jobs available, if the great community they’ve fallen in love with, just as I did when I was a graduate of University of Waterloo 25 years ago, becomes a great place to live, then they’ll be here with their friends and family,” said Jaworsky.
“That’s our ultimate goal.”