MISSION We help entrepreneurs BUILD high-growth, innovative, scalable businesses. Vision Where entrepreneurs create real businesses. 2 Who We Are venturelab is where talented entrepreneurs can access proven tools, expert mentors and business support to grow their innovative, scalable and growth-oriented businesses. We are a member of ONE (the Ontario Network of Entrepreneurs), a collaborative network of organizations across Ontario, designed to help entrepreneurs to commercialize, scale and grow their businesses. how we measure success We will do this by working with the community and stakeholders to create a vibrant environment where innovation can thrive and entrepreneurs can launch and build sustainable businesses.
contents 4 LETTER FROM CHAIR AND PRESIDENT 6 HIGHLIGHTS FROM 2015 8 OUR ECOSYSTEM 9 ENTREPRENEUR IMPACT 14 COMMUNITY IMPACT 15 EVENT IMPACT 18 BY THE NUMBERS 20 PHOTOS 25 PARTNERS 26 STAFF AND BOARD 3
Four years, over 1,200 unique client registrants, 379 in 2015 alone, and more than 600 direct, ongoing engagements with venturelab clients; we support their efforts in raising capital, hiring talent, attracting new customers, developing new channel partners all in a coordinated effort to scale up more innovative businesses here at home. venturelab has been instrumental in so many of the achievements that have helped our clients grow and succeed. And through that effort we have grown our own presence, brand awareness and value proposition within the Ontario Network of Entrepreneurs (ONE) and our catchment area of York Region, Simcoe County, Barrie and Muskoka District. Throughout this annual review you will read stories about venturelab clients who are charting their IMPACT by leveraging the delivery promises of venturelab; Mentoring Partnering Connecting. Four years ago we set a path for our success that would be measured by the programs we create in support of the clients we serve. Programs like the Healthcare Ecosphere, the venturelab BUILD Program, Genesis and more recently communitybuild. These programs have been carefully tailored to meet the unique needs of our clients and the results are truly staggering. Over $29 million dollars raised to date through Genesis, with over half of that capital coming from outside our catchment area; venturelab clients are 40% more likely to close their investment round than the national average, and; At the end of 2015 the venturelab BUILD Program had over 600 direct and ongoing client engagements. 4
The Healthcare Ecosphere works collaboratively with our ONE partners and has now engaged six healthcare providers including hospitals from within our region, and has twenty-one ongoing projects underway with venturelab clients. As we look back on our first four years, we are immensely proud of the outcomes that are widely celebrated here but also for the many entrepreneurs that we have helped along the way. venturelab is an organization made up of exceptional people providing exceptional service to a simply amazing array of entrepreneurs, startups and innovators. On behalf of the entire venturelab team, our Board of Directors and our member stakeholders, we thank you for your continued support and engagement in the work we do. Karna Gupta Chairman, venturelab Jeremy Laurin President, venturelab 5
$ $ $ $ A FEW HIGHLIGHTS FROM 2015 24 team members $ $ Genesis Investment Sought $28,625,000 Genesis Investment Raised $14,875,589 68 $ $ $ $ events hosted 4 years old! 198 entrepreneurs attending BUILD boot camps 6 attendees 2345
MENTORSHIP HOURS COMPETITIVE INTELLIGENT HOURS 2,868 445 TWITTER FOLLOWERS CLIENTS SERVED 3,907 377 7
the ecosystem 8 Barrie York Region Simcoe County Muskoka District
ENTREPRENEUR IMPACT programs in partnership with academic incubators HELIX is Seneca s Health Entrepreneurship and Lifestyle Innovation Xchange program. HELIX solves real world challenges with venture and design thinking. In 2015 venturelab shared in the success of NextGen Labs and Pearl s Choice through the HELIX Innovation Strand. 8 sessions 161 participants venturelab partnered with the Georgian College Henry Bernick Entrepreneurship Centre and Centennial College s ACCEL program in 2015 to implement new on-campus entrepreneurship programs across the venturelab catchment area. LaunchYU is York University's entrepreneurship program where entrepreneurs across campus and in the surrounding community can connect, collaborate, learn and succeed. venturelab Executives in Residence worked collaboratively with clients in 2015, delivering multiple sessions about entrepreneurship. 10 clients selected 11 sessions 9
ENTREPRENEUR IMPACT $5,000,000 ChipCare is commercializing a handheld blood-testing platform for HIV and other infectious and non-communicable diseases. In 2015 the company closed a $5 million Series A financing round to bring its first-generation product to market while further developing the platform's next generation products. ChipCare is the recipient of the venturelab 2015 Dan Mothersill BUILD Award. NEXT 36 DashMD is a company on a mission to engage patients outside of the care centre by providing them with the necessary tools and resources to successfully traverese their own personal road to recovery, post-hospital visit. DashMD was founded and launched in 2015 by determined university students and was awarded a place in the Next 36 Program. 10
ENTREPRENEUR IMPACT $10,000 At ages 12-15 venturelab s youngest clients, the Classy Cyborgs, created the Treasure Box Braille System, a tablet-based learning software that teaches the Braille alphabet. Working with York University and the Lassonde School of Engineering, the Classy Cyborgs won a $10,000 prize in the Mission Globalization Category in the CST Learning Project competition and was one of twenty semi-finalists selected to compete in the Global Innovation Award Competition at the First Lego League World Festival in St. Louis. $4,000,000 Dapasoft is transforming the way healthcare works today through technology integration. Their team of IT professionals makes use of the latest in technology to help clients revolutionize the way they operate. Dapasoft is in over 200 hospitals and major healthcare organizations. In the summer of 2015, Dapasoft secured a $4 million investment from York Angel Investors, the largest fund awarded on record with the investment group. 11
ENTREPRENEUR IMPACT europitch NextGen Labs makes dining out a stress-free experience for people suffering from food allergies through Canary, their all-in-one portable food allergen sensor. Canary detects the presence of allergens in food products and will begin with peanut and gluten allergens. A Seneca HELIX and venturelab client, they won EuroPITCH 2015, with the grand prize of an all-expenses paid trip to participate in the European Innovation Academy in Nice, France. Pearl's Choice wants to change the way people find retirement communities by using an online resource and platform to showcase retirement home data and act as a way to increase engagement between retirement communities and their clients. In 2015 venturelab partnered with Seneca HELIX to help bring Pearl s Choice to market. 12
ENTREPRENEUR IMPACT HTX-REACH SterileCare has patented a disinfectant solution to prevent catheter related infections by reducing the incidence of clots, bacterial burden and biofilm formation. In 2015 SterileCare received an HTX-REACH grant, a funding program for late pre-market, early post-market, pre-diffusion technologies, where procurement and local evidence are challenges. SMARTSTART Earth to Kids developed Chickapea Pasta, an organic, gluten-free product made from chickpeas. It is high in protein, fibre and iron, is low-glycemic and free of added sugar, preservatives and anything artificial. In 2015 the company won an OCE SmartStart award, a venturelab BOOST award and reached their Kickstarter crowdfunding campaign goal. 13
Community Impact In partnership with MNP and Bereskin and Parr, venturelab s pulsehub accelerator launched in 2015. The first cohort included four technology startups in the Health and Wellness sector. The cohort includes companies with solutions for: data analytics, patient centered care, prevention of bed sores in care facilities, and novel pharmaceutical fabrication processes. In 2015 venturelab partnered with The Creative Space to offer additional programming, office hours and events in the Barrie community. CreateIT Now at Southlake is a healthcare focused incubator created by Southlake Regional Health Centre in collaboration with venturelab, Seneca College, York University, The Town of Newmarket and York Region. CreateIT Now offers innovative clients and entrepreneurs access to working space, meeting rooms, and, most importantly, access to the Hospital. 14
EVENT IMPACT 520 attendees MedEdge is an event with a permanent placeholder in my yearly calendar. From the quality of the speakers and attendees, to the celebration of entrepreneurs and startups, MedEdge is a can t miss. Thanks for extending your reach beyond York Region and the GTA - see you next year! MedEdge attendee, 2015 Attendee Profile BUSINESS STATUS 7% thinking of starting a company 12% new startup (< 1 year) 28% operating a business (1-4 years) 35% established business (5+ years) 18% professional development BUSINESS LOCATION 40% York Region IN PARTNERSHIP WITH: 51% GTA 9% outside the GTA *based on 107 responses 15
EVENT IMPACT Global Impact Competition Grand Prize: Entrance to graduate studies program at Singularity University valued at: 5 pitches awarded to Awake Labs, Andrea Palmer. How can we improve the standard of living for one million Canadians within the next three to five years through the use of technology? ontario Youth Job Strategies Announcement Ontario Invests SINGULARITY UNIVERSITY in Youth Entrepreneurship 16 Pearl s Choice and Dash MD presented their companies to Minister of Research and Innovation, Reza Moridi.
EVENT IMPACT Institutes of Health CIHRCanadian Research Two venturelab clients BrainFX and ForaHealthyMe.com created collaborations with healthcare and academic institutions, each receiving an ehipp (ehealth Innovation Partnership Program) grant in 2015. 33 Industry Professionals 21 Researchers 15 Healthcare Providers 5 Academic/ Government ATTENDEE BREAKDOWN ENTREPRENEURS 30 PUBLIC SECTOR 21 PRIVATE SECTOR 14 HEALTH CARE ORGANIZATIONS 13 FUNDING ORGANIZATIONS 4 ATTENDEES 80+ OUTCOMES ONE-on-ONE MEETINGS 6 with Southlake & Saint Elizabeth 4 POTENTIAL PROJECTS 3 SIGNED PROJECT MOUs 19 SUBMISSIONS 17
by the numbers $10,212,000 ADDITIONAL SOURCES OF INVESTMENT INCLUDING GRANT FUNDING RAISED BY venturelab CLIENTS IN 2015 venturelab s domain web presence grew by 67% 3,000 AVERAGE DAILY TWITTER IMPRESSIONS 2015 COMPANY FUNNEL 377CLIENT APPLICANTS ENTREPRENEURS ATTENDING BUILD BOOTCAMPS 2,943 TWITTER RETWEETS 48 ENTREPRENEURS ENROLLED IN GENESIS PROGRAM GENESIS INVESTMENT PIPELINE AT YEAR-END $29,410,590 18
EXPENSE REPORT CLIENTS BY SECTOR OPERATING EXPENSES 48% PROGRAMS & SERVICES 52% CLIENTS BY STAGE STAGE 4 EFFICIENCY STAGE 3 VALIDATION STAGE 5 SCALE STAGE 1 IDEA STAGE 2 DISCOVERY DIGITAL MEDIA & ICT ADVANCED HEALTH TECHNOLOGIES GREEN / ENVIRONMENTAL ENERGY TECHNOLOGIES MATERIALS & ADVANCED MANUFACTURING FINANCIAL SERVICES AGRICULTURE EDUCATION 24 FOOD AND BEVERAGE OTHER 19
In the year ahead venturelab will continue to build its brand as a leading industry voice focusing on matters such as corporate intrapreneurship, frictionless growth, talent retention and investment attraction all in an effort to tie a ribbon around our three core delivery promises Mentoring, Partnering and Connecting. Our region is a vibrant one, with many engaged technology companies both large and small, our continuing work will bring meaning to both stakeholder groups, deepening our ties to the innovators and employers both in the public sector and the private sector to make our region the most connected and engaged in the Province of Ontario. We invite you to join us in making this bold vision a reality. Jeremy Laurin, 20 President and Chief Executive Officer, venturelab
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Pa part n ers Corporate Partners Innovation Partners Members Strategic Partners Partners 25
Jeremy Laurin, President and CEO Paul Rivett, Director of Client Services Rachel Azagury, Director of Marketing Janet Elwood, Director of Operations Karen Dubeau, Director of Partner Engagement Mercedeh Andalibi, Client Services Manager Emily Weindorfer, Experience Coordinator Justine Kintanar, Engagement Manager Michelle Lochan, Acting Client Services Manager Teresa Chow, Financial Coordinator Lisa Shi, Entrepreneurship Development Coordinator Steven Speers, Data Analyst Madeline Aston, Research Assistant Anna Sopeltseva, Marketing and Creative Assistant Mike Betts, Executive in Residence Jane Gertner, Executive in Residence Ana Misra, Executive in Residence Robert (Bob) W. Ross, Executive in Residence Ronald S. Smith, Executive in Residence Heather Crosbie, Executive in Residence Chris Cory, Executive in Residence Rob Cattle, Executive in Residence Jonathon Shore, Advisor Maryna Bakuntseva, Analyst Karna Gupta, Chair of the Board Independent Director Peter Pekos President and CEO, Dalton Pharma Services Janet M. Beed Independent Director Stephen Chait Director, Culture & Economic Development, City of Markham Robert Haché Vice-President Research, York University Doug Lindeblom Director, Economic Strategy, the Regional Municipality of York Scott MacCannell Chair, York Angel Investors Inc. Andrew Wilkes Chairman and Founding Member, the National Angel Capital Organization David Agnew President, Seneca College Ross Pellizzari District Sales Leader, Palo Alto Networks Paul Bradley Vice President Strategic Affairs, Johnson & Johnson Medical Products Dave Williams President and CEO, Southlake Regional Health Centre Anthony Gallo Global Vice President, Digital Marketing, OpenText Sarah Prevette Founder, Future Design School Janet Bannister, General Partner, Real Ventures 26
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venturelab is a member of 7271 Warden Avenue 2nd Floor Markham, Ontario L3R 5X5 905-248-2727 hello@venturelab.ca www.venturelab.ca venturelabca venturelabca venturelabca venturelabca venturelabca