Karen Dubeau Director of Partner Engagement @kwdubeau
PLACE
PLACE: York Region & GTA fd 45,500 businesses in York Region: Ontario s 2nd Largest Business Hub Local ops of 17 Fortune 100 corporations HQ of 20 firms with >$0.5B in revenue, each 70 employers with >500 employees each Avg. company size 15 employees 3 of Toronto area s top 5 corporate R&D investors HEALTH: 3 Regional community hospitals HQ national home care provider Two large urban developments Fast growing population, aging CONVERGENCE OF HEALTH AND IT
ENVIRONMENT
EXAMPLE: 3D Printed Braces Orthodontist/Invisalign Cost:$8,000 Total Cost of 3D Set: $60
EXAMPLE: Revolutionizing Health
The Challenge of Innovation Adoption in Ontario
The Formula CREATE + RECEPTIVE MARKETS
venturelab Health Cluster Focus Continuum of Care Better Care Closer to Home Agile & Connected Ecosystem Hospitals + Community Health Centres + Private Care + Long Term Care + Organizations + Agencies + Municipalities + Smart City Leaders + Clients/Ventures + Thought Leaders, Established Companies + Post-Secondary + Campus Accelerators + Health Hubs = Integrated care, consumer-enabled, data-driven solutions Complements and leverages other Health Ecosystems Regional Community Hospitals Fast assessment, streaming of ventures; accelerating commercialization for high potential ventures Beyond StartUps: 1+1=3 leverage existing market channels BIG IDEA: Harness Ecosystem to help companies get FURTHER, FASTER
venturelab Health Cluster Actively Identify Barriers Remove them together Strategic programs Mobilizing resources Contracting/MOU templates, Referral Checklists Pilot + procurement ROI metrics frameworks Navigating Procurement System Workshop + Market Access Collision Days and Joint Workshops Adjacent Markets (Animal Health; Food and Health) Thought Leadership Convening Ecosystem Creating Opportunities for Collisions
Integrated Programs to Grow the Health Cluster BUILD Program Support for launching a new business, from assessing if a concept is feasible to scaling a company in global markets. A funding discipline for Ontario's start-up ecosystem, facilitating an effective connection between companies and investors. A specialized venturelab program that connects hospitals with entrepreneurs, health services providers and academic institutions
Health Cluster Growth Cluster Growth Fast growing health client base : 280 (125% increase year over year) Large # high potential health clients : 70 Client Poten al 70 High 145 Moderate Low/Unknown/Blank 56
Cluster Growth & Requirements Cluster Growth Majority of Clients in Toronto Client Loca ons Toronto 20 Barrie and Simcoe County 82 York Region 77 Durham Peel Region 15 Surronding Area 5 7 3 62 Blanks Other
venturelab Health Cluster: OUTCOMES Health Clients 25% of client base Digital Health Virtual Care, Platforms, Consumer, Efficiency IoT / Wearables Back Office & Data Systems Devices Health Technology Exchange (HTX) Grants 3 of 5 provincial grants to venturelab cluster Canadian Institute of Health Research (CIHR) 2 of 8 national grant awards on youth mental health ($1M+ each) Provincial Embedded Executive Grants - Health Sector 2 of 3 provincial grants for venturelab clients Branham Group Canada s Top 25 Up and Coming ICT Firms 4 venturelab Clients listed 2016 Funding and Investment Secured for Health Innovation Clients $15 M - 2016
Impact of Health Cluster for venturelab Cluster Growth Delivering key outcomes for venturelab Cluster insights (procurement, culture, continuum) New Strategic Programs I3 Adoption of Advanced Technologies - $400k over 2 years IBM Innovation Space Markham Convergence Centrre Lead funnel for strategic client programs Health Technologies Fund (HTF) OCE Customer Demonstration Fund
Essential Ingredients: Build a Community
Key Insights for Economic Development 1. Be agile and nimble 1. Role of Government in Building Industry Clusters - McKinsey, July 2014 2. Fit strategy to local asset base 3. Actively partner with organizations supporting innovation and entrepreneurship 4. Create Co-location opportunities & animate them 5. Harness Data across Stakeholders Orgs 6. Build supports for Scaling Companies Transcend Geography 7. HELP TELL THE STORY 8. Iterate, repeatedly.
Thank You! venturelab.ca @venturelabca @kwdubeau venturelab-york-region kdubeau@venturelab.ca