Startups and incubators looking for cash, and funders looking for more information on young companies, will benefit from a new data platform being developed at Wilfrid Laurier University.

The national data platform tracks the growth metrics of Canadian companies – things like financial performance, how much business a company is doing and company size. 

That information gives "invaluable insights into why companies fail or succeed," said Kim Morouney, executive director of the Lazaridis Institute and associate dean in the Lazaridis School of Business and Economics, in a release.

This is the first time this kind of information will be gathered and it will give "a comprehensive picture of the evolution of Canadian companies from early to late stages, giving Canada a world-leading competitive advantage in innovation," Morouney said.

'Enable innovation and growth'

The platform, which will be powered by Toronto-based private market data network Hockeystick, will be for every level of innovation company in the country – incubators, accelerators, scale-ups and startups – and will give insight into why companies succeed or fail.

It will be free and it will also help younger companies find and apply for funding opportunities.

The platform received a $2.5 million funding boost from the federal government Thursday.

Raymond Luk, founder and CEO of Hockeystick, said the platform will have "far-reaching benefits to enable innovation and growth in Canada."

"Our solution has already been adopted by top funders wanting insight into their portfolio companies," Luk said. "With this initiative, the Lazaridis Institute has enabled every innovation organization to do the same."