Woodward family invests $500K to expand innovation at Memorial
From Memorial Gazette (Daniel Ferguson) and the Springboard Content Lab
A new $500,000 investment is accelerating the next generation of entrepreneurs at Springboard member Memorial University of Newfoundland and Labrador. The funding is provided by the Woodward family and will expand the Mel Woodward Cup, which is the university’s flagship student startup competition.
Key takeaways
- Early-stage funding remains critical to unlocking innovation potential in Atlantic Canada
- A $500K investment is expanding student entrepreneurship at Memorial University
- The Mel Woodward Cup continues to be a cornerstone program for startup development
- Memorial’s ecosystem has generated jobs, venture capital, and high-growth companies
- Student ventures are addressing real-world challenges across health, sustainability, and technology
“This gift reinforces that Memorial is a place where students don’t just learn about the world as it is, they actively shape what comes next. The Woodward family’s continued generosity demonstrates confidence in our students and in Memorial’s ability to foster innovation that benefits Newfoundland and Labrador and beyond.”
– Janet Morrison. president of Memorial University of Newfoundland and Labrador
Woodward legacy of innovation at Memorial
From left are Peter Woodward, DCXIX Consulting and Technical Services co-founder and CEO Chelsea O’Hara and Jason Trask on March 18, 2026. Photo: Rich Blenkinsopp
The investment builds on the Woodward family’s support for student entrepreneurship at Memorial, reflecting confidence in Memorial students and the university’s entrepreneurial ecosystem. The gift is being made to the Faculty of Business Administration and builds on a 2016 initial investment that created the Mel Woodward Cup at the Memorial Centre for Entrepreneurship (MCE).
“Our dad held Memorial in high regard and considered it essential to our success as a society.”
– Peter Woodward
Memorial MCE is driving force of student entrepreneurship
Established in 2016, the MCE has grown from serving a handful of students to becoming a campus-wide hub engaging more than 300 students annually from all faculties.
The centre supports students through every stage of the entrepreneurial cycle, from ideation through venture creation and company growth.
What makes MCE distinctive:
- No cost for student participation
- No equity taken in student ventures
- Full lifecycle support—from idea to growth
Since its inception, the Mel Woodward Cup has awarded over $350,000 in direct funding, alongside mentorship and professional services that help transform ideas into scalable businesses.
Companies supported through MCE programming have created more than 200 full‑time equivalent jobs and raised over $125 million in venture capital, contributing directly to economic diversification in the province.
High‑profile success stories such as CoLab Software, BreatheSuite and PragmaClin began as student ideas nurtured within Memorial’s entrepreneurial ecosystem. Many MCE alumni have chosen to build their companies and their careers in Newfoundland and Labrador, strengthening the local innovation economy.
“We are very happy about the success of the Mel Woodward Cup and its tribute to our dad. We are actually overwhelmed with its success and are thankful to Memorial. We recognize that it’s important to keep the value of the prize given time and inflation erosion. To perpetuate the stimulus to students, we felt the need to add to the principle. Our dad held Memorial in high regard and considered it essential to our success as a society — it is the appropriate place to honour him.”
– Peter Woodward, on behalf of the Woodward family
From left are Peter Woodward, 2026 Mel Woodward Cup winners Liam French and Rohith McKim, and Jason Trask on March 18, 2026. The startup took the top prize for its smartphone‑based 3D scanning application that helps occupational therapists and families assess home accessibility and safety for older adults. Photo: Rich Blenkinsopp
“Innovation often requires capital,” said Jason Trask, director of the MCE. “As a student, typically with no business track record, only organizations such as MCE will invest in an unproven idea pitched by unproven entrepreneurs. The Woodward family’s willingness to invest in entrepreneurs at the earliest stage is as impactful as it is uncommon. The importance of supporting entrepreneurs at this stage of their development, and the resulting impact it has on the people of Newfoundland and Labrador, can’t be overstated.”
Jason Trask, director of the MCE.
FAQs
What is the Mel Woodward Cup?
A student startup competition at Memorial University that provides funding, mentorship, and business support.
How much was invested?
The Woodward family contributed $500,000 to expand the program.
What makes Memorial’s entrepreneurship model unique?
It offers free support to students and takes no equity in their ventures.
What impact has the program had?
It has helped create over 200 jobs and supported startups that have raised more than $125 million.
What kinds of startups are supported?
Projects span health tech, sustainability, ocean innovation, and social enterprise.
About Springboard Atlantic
Memorial University of Newfoundland and Labrador is a member of the Springboard Network of 19 post secondary institutions in Atlantic Canada. We connect researchers, institutions, and industry across Atlantic Canada to accelerate innovation, commercialization, and economic impact. By supporting partnerships and knowledge transfer, Springboard helps turn research into real-world solutions that benefit communities and industries across the region.