Post on 24-Sep-2020
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Annual Report2015 - 2016
discoveryinnovationtrustincubationcollaborationgrowth
successaccelerate
entrepreneurs for entrepreneurs
MESSAGE FROM THE
CEO
Chris Lumb CEO TEC Edmonton
This past year, the Edmonton region has made tremendous strides in further establishing itself as a leader in entrepreneurship, technology, research and most recently as an ecosystem of healthcare innovation.
TEC Edmonton enables this growth by supporting emerging startups across a diverse array of sectors. Thanks to the collective expertise of business development, technology management and entrepreneur development specialists who make up our team, TEC provides well-rounded and advanced services to our clients that enable them to perform better than Canadian benchmarks, as evidenced by our annual client survey results.
Our strategic partnerships with the University of Alberta, all three levels of government, investors, and corporate sponsors enable us to provide an even greater quality of resources, training and support to our region's entrepreneurs. This past year we developed several significant new corporate partnerships for TEC in the telecommunications and health sectors, which will provide our entrepreneurial clients with better access to global markets.
I invite you to share in our clients' success through the pages of this annual report. These are only a fraction of the many exciting businesses our clients have built. We know it will provide you a glimpse of how strong the entrepreneurial spirit is in the Edmonton region, and why we can confidently say that "TEC Edmonton clients do better."
IndexIt Starts With YouClient Survey ResultsOur ServicesHealth MomentumClient StoriesLicensing StoriesWhere Are They NowSignature EventsVenturePrizeMessage from Board ExecutivesFinancialsLeadership
020304081015161718202122
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VolunteersSponsorship
2324
#4 in North America#1 Incubator of the Year #16 in the World
It starts with you and your technology-based products, services or processes. You may have a startup company that needs to go to the next level. Or your early-stage company is ready to ramp up but you need assistance and guidance.
Whatever your next step,we help you get there.
It starts with you
• Our Executives-in-Residence (EIRs) are all experienced executive-level entrepreneurs who have grown and run technology-based companies. You won’t find better business advisors than our EIRs and TEC Business Development Associates.
• Our technology management professionals are among the best in Canada. When it comes to commercializing and protecting your intellectual property, you are in the best hands possible.
• We measure our outcomes. We continually monitor, measure, review and improve our services and programs to make sure they are the best for you.
• Our innovation network is all-encompassing. As our client, it’s your network too.
we are distinctInventors, entrepreneurs,& companies who work with us are moresuccessful. It’s a fact.
who we are &what we doWe are a community partnership: a joint venture between the Edmonton Economic Development Corporation (EEDC) and theUniversity of Alberta. Our purpose is toaccelerate the growth of emerging technology-based companies in Greater Edmonton and Northern Alberta.
We are a bridge between the university and our community and we work with both community entrepreneurs and university-based researchers. Through our people, networks, and facilities, we develop our region’s innovation reputation worldwide by helping build successful companies and promoting innovation.
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our do clients betterTEC Edmonton Client Economic Outcomes Summary
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5 yeartotal
680 million5 year
client revenue
22 Spin-offsUniversity of Alberta
companies created in thepast 5 years
597organizations
surveyed
354 millionfinancing/fundingraised by clients
(vs 1-5% Canadian Benchmark) 1,530 FTEs
25% compoundannual growth rate
employment createdby clients
year over year survival rateof clients (versus 83%Canada benchmark)
204 millionR & D investment
by clients
161organizations surveyed
$207.7 millionannual revenue of clients
21% growth(404 new FTEs in 95 orgs)employment created by clients
$121.2 millionfinancing/funding raised by clients
$62.1 millionR & D investment by clients
2015-2016
128organizations surveyed
$160.7 millionannual revenue of clients
26% growth(364 new FTEs in 83 orgs)employment created by clients
$72.2 millionfinancing/funding raised by clients
$56.3 millionR & D investment by clients
98%1 year survival rate of clients
125organizations surveyed
$131.8 millionannual revenue of clients
25% growth(360 new FTEs in 82 orgs)employment created by clients
$75.7 millionfinancing/funding raised by clients
$38.1 millionR & D investment by clients
99%1 year survival rate of clients 2014-
2015
2013-2014
2012-2013
2011-2012
106organizations surveyed
$106.2 millionannual revenue of clients
26% growth(245 new FTEs in 72 orgs)employment created by clients
$54.9 millionfinancing/funding raised by clients
$30.6 millionR & D investment by clients
99% (vs 85% IndustryCanada benchmark)1 year survival rate of clients
77organizations surveyed
$73.4 millionannual revenue of clients
25% growth(148 new FTEs in 49 orgs)employment created by clients
$29.6 millionfinancing/funding raised by clients
$17 millionR & D investment by clients
Business Development helpsyour early-stage companygrow by assisting inareas o f bus inessranging from marketresearch tobusiness planning to product development.
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BUSINESSDEVELOPMENT
ExecutiveContracting
2 T Accelerator
Health Accelerator
programs
UA Solve
Matching companies needing industrial solutions to relevant University ofAlberta researchers and facilities.
Promoting, facilitating andaccelerating Alberta’s health-relatedbusiness innovation.
TEC & TELUS partnership to promote innovativetechnology solutions.
Branding&
MarketingBusinessPlanning
&Modeling
CorporateStructure
&Governance
MarketResearch
Mentoring&
Coaching
ProductDevelopment
RegulatoryCompliance
Providing interim short-term management, when needed, for your company.
Helping you determine the commercial viability of your idea or product.
Through TEC partners, your product can be enhancedand tested for quality assurance and safety.
Assisting and guiding you every step of the way.
Guiding and helping youmeet the requirements ofgovernment regulatoryagencies.
Helping you set up your company’s internal organization and governancemodel.
Developing with you a realistic, multi-year business plan.
services
Effectively positioning yourcompany in the market andcommunicating your valuewith focused content andcreative designs.
services 05
ENTREPRENEUR
AcceleratorSpace
programs
TEC Source
If your company qualifies, a panel of volunteer business service experts put together by TEC will sit down with you for a two-hour session to advise you on your early-stage business challenges.
This service is free of charge.
Lunch & LearnsA series of lunch-time seminars at TEC presented by our in-house experts
and our partners, on various business topics of interest to early-stage companies.
TEC VenturePrizeAn annual business plan competition produced by us to showcase Alberta’s top new companies
with over $200,000 in prizes.
DEVELOPMENT
TEC Centre Incubator
global connectorprogram
Using the spirit of an“entrepreneurs for entrepreneurs”approach, we provide you witha diversity of services, programs
& partnerships to help you grow asan entrepreneur.
In June 2016, TEC Edmonton announced the launch of new accelerator space at Enterprise Square, where we will host industry-sponsored startup companies in specific accelerator programs.
Additionally, the accelerator space will be community space for local technology-based entrepreneurs to access services to accelerate their progress at the different stages of their company growth.
The new accelerator space is a prime example of industry, government and economic development agencies collaborating to nurture companies that will diversify Alberta's economy.
The TEC Centre, located on the 4th floor of Enterprise Square, provides office, laboratory and small-scale manufacturing space to early-stage
clients, along with access to TEC experts and services.
The Global Connector program helps companies develop export markets. TEC Edmonton clients that export outside the US grow 50% faster than those that don't, and invest three times as much in R&D in Alberta. We connect companies with multi-lingual professionals to develop and execute on plans for exporting to new markets.
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FUNDING& FINANCING
services
FinancialAssessment
GrantFunding
InvestorPresentation
programs
We introduce you, and give you the opportunityto present your company to both TEC Edmonton’sin-house investor group, the TEC Venture Angels,and to other angel investors and venture capitalfunds.
TEC Venture AngelsThe TEC Venture Angels is an angel investor group, a joint ventureof the Edmonton Chapter of the national VA Angels Investor Groupand TEC Edmonton. If your company is considered investment-ready,we assist you in making your pitch to the TEC Venture Angels.
We assist you in becominginvestment-ready, thenhelp you find fundingand financing.
Industry DaysThroughout the year, TEC Edmonton provides a platform to bring researchersand company representatives together with multinational industry partners to createcollaboration and mentorship opportunities on promising technologies.
We help you find, then apply for government/institutionalfunding. We assist you in ensuring you meet the criteria forsuch funding.
We help you determine if you are investment-ready, either from government/institutionalfunding or the investment community. If so,we help you prepare financing applicationsand/or presentations.
2 programsadd circle for innovation
Innovation Makes SenseInnovation Makes Sense is a TEC Edmonton event that celebratesthe translation of local research and innovation into valuabletechnologies and products.
The event highlights the collaboration, coordination and partnershipbetween researchers, funding agencies, business entities, the Universityof Alberta and TEC Edmonton as the University's technology transfer agent, recognizing those who have been issued patents and themost recent spin-offs created out of the University of Alberta.
events
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TECHNOLOGYMANAGEMENT
We help you determine if your invention has commercial potential and can be copy-
right or patent protected.Once protected, TEC can help you determine the bestroute to commercializationas the exclusive providerof intellectual property andcommercialization services
to researchers at theUniversity of Alberta.
services
Intellectual
Property
Strategy &
Protection
We will collaborate with you and our network ofprofessional patent law firms to determine the beststrategies for you to protect your intellectual property.
Patent,
Trademark
& Copyright
Evaluation
We will assess your technology and workclosely with you to understand yourtechnology and determine how it fits in theexisting landscape.
Licensing &
Commercialization
We will help you engage industry and pursue options forsuccessful commercialization. We can help you draft and negotiateIP and business agreements.
TEC Edmonton/Mitacs
AOIP
programs
Throughout 2015, TEC Edmonton partneredwith the Alberta-Ontario Innovation Program (AOIP)
to promote funding for collaborations between Alberta and Ontario researchers and industry.
A joint partnership with TEC Edmonton to facilitate collaborativeresearch and development internships between University of
Alberta students and local industry partners.
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Health Momentum
Working with the City of Edmonton, the University of Alberta, Alberta, Canada and many others, TEC Edmonton has created a regional health-products ecosystem in which new health product companies, born of innovation, are flourishing.
Since its formation as a city/university joint venture in 2006, TEC Edmonton has worked closely with medical researchers from the University of Alberta and in the community to commercialize laboratory discoveries.
In 2014 TEC Edmonton founded the TEC Health Accelerator with funding from the federal Canada Accelerator and Incubator Program, addit ional support from municipal
municipal and provincial governments, and extensive support from corporate partners.
The initial goal of the Health Accelerator was to establish 50 new health products companies in Edmonton within five years.
Within two years, that goal has already been reached, with a total of 90 companies helped to the spring of 2016. The Health Accelerator program will help establish Edmonton and Alberta as Canada's leading centre for health innovation and commercialization.
“The Alberta health innovation environment is strong and getting stronger," says TEC Edmonton CEO Chris Lumb. "While TEC Edmonton is one player, our unique connections between many different communities are leading to new partnerships, projects and better outcomes."
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Proving success is as much about perspiration as inspiration. After eight years Exciton's proprietary exsalt® silver-based wound care products are finding a world market, thanks to a global distribution deal with Crawford Healthcare. Revenue in 2015 more than doubled from 2014, to $3 million. Production has jumped from 4,000 wound dressings in 2014 to more than 20,000 wound dressings per month in 2015.
Metabolomic Technologies Inc. (MTI) has signed a multi-million dollar licensing and distribution agreement with Pennsylvania-based Atlantic Diagnostic Laboratories (ADL) to sell its PolypDx™ urine diagnostic test to detect pre-cancerous polyps in the colon - before they become cancerous. PolypDx is the result of world-leading metabolomics research at the University of Alberta. TEC Edmonton has closely advised MTI through every step of its evolving business affairs.
With TEC Edmonton's assistance, renowned University of Alberta prostate cancer researcher Dr. John Lewis is incorporating Entos Pharmaceuticals, a company to commercialize promising cancer-fighting drugs now in preclinical trials in Alberta. Entos will combine those drugs with a unique drug delivery platform on which such drugs can more efficiently target cancer cells.
Nanospeed Diagnost ics reached a milestone in June of 2016, selling one million of its Test4D™ kits world-wide. Test 4D™ is a unique point-of-care test for Vitamin D deficiency/sufficiency. TEC Edmonton continues to assist Nanospeed in setting up international distribution systems.
In June 2016, Aquila Diagnostic Services Inc. received $1.75 million in financing from Chilean venture capital firm Benslie International Ltd. to develop Accutas™, a patented point-of-care molecular diagnostic testing system. Accutas™ is being field-tested for malaria detection in humans and for on-site diagnostics of animal diseases by ve te r inar ians . Aqu i la u t i l i zes TEC Edmonton's business and intellectual property services, and was a finalist in the 2012 TEC VenturePrize NanoVenturePrize category.
Originally invented by University of Alberta heart surgeon Darren Freed, Tevosol's EVOSS™ (Ex-Vivo Organ Support System) is a potentially revolutionary portable device to transport, treat and evaluate living human organs for transplant purposes, thus greatly improving the odds on a successful match. TEC Edmonton worked closely with Tevosol, providing a market opportunity assessment, business planning and initial technology management. Originally assigned to work with Tevosol, former TEC Executive-in-Residence Kevin Ens is now the company's CEO.
Here is a sampling of accomplishments from the accelerator's health company clients:
Life-savingdata applications
TEC Services:
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DarkhorseAnalyticsUniversity of Alberta spinoff company
CLIENT STORIES
Sectors:
The team at Darkhorse Analytics is giving new life to the field of data and analytics. A University of Alberta spinoff company since 2008 and VenturePrize Finalist for Fast Growth (2010), Darkhorse uses a novel combination of analytics and data visualization to help users make better decisions.
"Analytics is about finding the right answer, and visualization is about engaging and convincing," explains Dan Haight, President of Darkhorse Analytics.
The company has just completed a record year, with the launch of its first software as a service (SaaS) product and the addition of clients outside of Alberta, most notably Proctor & Gamble and the Toronto Fire Service, spurring the formation of Darkhorse Emergency Services.
The emergency services software uses research derived from University of Alberta labs to help emergency service providers make data-driven decisions. The team developed a number of models to identify the best possible changes to fire station locations and staff schedules. This helps identify cost-free or cost-neutral changes that have a significant impact on response performance.
TEC Edmonton's Business Development team assisted Darkhorse Analytics in market assessments and market entry strategy to help develop a go-to-market strategy for the software. The company also received support from Executives-in-Residence for marketing strategy development. An information transfer agreement was led by TEC Edmonton's Technology Management team, as well as intellectual property and licensing negotiations.
Darkhorse Analytics remains self-sustaining on sales as well as support from TECTERRA, the federal Industrial Research Assistance Program (IRAP), and Scientific Research and Experimental Development (SR&ED) assistance.
In the future, Dan says he would like to see the company continue to grow overall, specifically with the SaaS business. He also sees Darkhorse Analytics entering the U.S. market in the future. Darkhorse has also started cultivating a local analytics community through a "Lunchalytics" program, in which it hosts speakers once a month to talk about data and analytics issues.
Technology andreal estate theperfect match
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TruHomeFormerly HomeTribe
CLIENT STORIES
TEC Services:Sectors:
What if the same principles used by a matchmaking service could be applied to the real estate industry? This is a question that Elisse & Roberto Moreno explored prior to the launch of TruHome, an online tool that uses big data and analytics to match homes with potential buyers based on a customer's needs and lifestyle.
A successful entrepreneur with 14 years of experience in the real estate industry, Elisse founded the real estate focused sof tware company Redman Technologies in 2002. Following the success of the venture and with partner Roberto, TruHome was launched as a division of Redman Technologies in October 2015. The goal of TruHome as a customer-facing tool is to improve the process of buying and selling homes without compromising quality.
TruHome hit the ground running with help from TEC Edmonton's Business Development team and an Executive-in-Residence to obtain funding from the Business Innovation Access Program (BIAP) as well as assistance with market research, competitive analysis and business strategy.
Elisse initially received funding from the Industrial Research Assistance Program (IRAP) to build TruHome and do a beta launch. After this, Elisse, with her husband and business partner, realized they needed assistance with business and marketing direction as well as competitive analysis. Insights gained from TEC Edmonton's Business Development team assisted Elisse & Roberto in getting the necessary know-how to launch TruHome, and to explore new potential for Redman Technologies. This has laid the groundwork for a second round of Industrial Research Assistance (IRAP) funding from National Research Council Canada.
Thanks to the market research, TruHome is finishing up its rebranding stage. “Now we have a game plan for the next five years,” says Elisse. “Thanks to TEC, we are in the test phase for new products that will help us continue to increase revenue and grow.”
Alberta has proven to be an ideal breeding ground for both Redman Technologies and TruHome, and Elisse has observed the positive impacts of innovation in her home province. “Alberta is very open to new ideas and new change,” she says.
In spite of its short existence, TruHome is already on track to double its revenue in 2016. So what's next? It's already been a busy year for Elisse and her husband, with the addition of a new business and a new baby. However, she is always looking ahead to expand technology to improve efficiency in the home buying process without compromising quality. “By improving data, we improve our communication. Transparency and openness are key,” explains Elisse.
Affordable, sustainablebiofuel technology
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CLIENT STORIES
Sectors:
TEC Services:
The team at Forge Hydrocarbons has had a record year in growth and funding. After existing as a company only since 2013, Forge Hydrocarbons is already courting oil and gas companies interested in buying its product, and looking into a commercial-scale expansion.
Dr. David Bressler, University of Alberta researcher and Lead Scientific Advisor of Forge Hydrocarbons, developed a biomass refining process that converts animal fats and cooking oils into gasoline and diesel, or "drop-in" fuels. Unlike other companies creating a similar product, the cost of Bressler's process is kept low due to his plant's ability to use dirtier, cheaper oils in the process, and a more efficient means of creating the fuel.
The end product is chemically identical to petroleum-based fuel. "We're getting the yields that we hope to get," says Tim Haig, President and CEO of Forge Hydrocarbons.
The Forge Hydrocarbons team has worked with TEC Edmonton since its early stages in 2005 on the commercialization process, licensing and negotiating with investors. “They've done a great job," says David Bressler. "There is a long, strong partnership between the University of Alberta and the company."
Currently, the company is working with the City of Edmonton and EPCOR to use biosolids as a water source for the process. This will allow it to make use of a waste stream, resulting in an even more cost-effective process.
Forge Hydrocarbons has achieved a number of wins in the past year, most notably a $4.2 million grant awarded by Sustainable Technology Canada in Spring 2016. After bringing a pilot plant online in 2014 at the Edmonton Waste Management Centre, the new funding will allow the team to move forward with a production plant. Negotiations are in the works for an additional facility - to be finalized in Fall 2016.
With increased production capabilities, the team hopes to sell the biofuel to oil and gas companies. "We've got a very handsome business model of drop-in fuel that the oil and gas [companies] want at a more sustainable price and lower carbon footprint than other sources," explains Tim. "Our return is high because capital is low."
In the future, the team is looking to move forward with a commercial-scale plant in the next 12-18 months. "We're at the end of the beginning; we're in really good shape now," says Tim. "It's not inconceivable to think that we could have five to ten plants in the next ten years."
ForgeHydrocarbons
Activity monitoringfor wheelchairusers
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TMRedliner
CLIENT STORIES
Sectors: TEC Services:
Researchers from the University of Alberta's Faculty of Rehabilitation Medicine and the Department of Computing Science, along with TEC Edmonton's Technology Management team have joined forces to improve technology for people with disabilities.
TMRedliner takes the concepts used in wearable technologies and applies them to wheelchair users: a wheelchair "wears" the device to monitor a user's propulsion parameters, with the goal of preventing persistent overuse that can lead to shoulder injuries.
TMDr. Martin Ferguson-Pell, one of the Redliner inventors and University of Alberta researcher in the Faculty of Rehabilitation Medicine, found in a UK study that 66 per cent of wheelchair users with a spinal cord injury experience shoulder pain and injury caused by wear and tear during wheelchair use. "Just as in your car you don't over-rev the engine, so too should wheelchair users try to avoid 'redlining' their shoulder joints," Dr. Ferguson-Pell explains.
In order to license the technology and make the device available to users, the research team worked closely with TEC Edmonton's Technology Management team. " [The Technology Management Team] was instrumental in making and facilitating connections, and became the glue holding the venture together," Dr. Ferguson-Pell stated. As a result of combined efforts, a licensing agreement was recently signed with the Alberta-based company Redliner Inc.
The device has the same accessible characteristics of a typical wearable: it is anticipated to cost close to $100, has a battery life of approximately four days, communicates with a smartphone and has the capability to send data to a web dashboard.
The web dashboard will be able to contribute data TMfrom Redliner users to an anonymized repository that
will help researchers understand the root causes of shoulder pain and injury. In the future, the team hopes to use this data to create open-access information in Google Maps, allowing wheelchair users to plan routes around their physical capabilities. "Our number one goal is to make advances in technology available for the benefit of people with disabilities," says Dr. Ferguson-Pell.
On working with TEC Edmonton and the University of Alberta research team, David Evans, Redliner Inc. President states, "It's a nice partnership, when you can combine what the market needs and the academics who can make it happen - it's a marriage made in heaven."
Best of all, the entire process from start to finish was accomplished locally in Alberta. "[Technology Management] has been a cohesive force for the whole process. It could not have happened without [it]," says David Evans.
The possibilitiesof metabolomics
Sectors: TEC Services:
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The Metabolomics Innovation Centre
CLIENT STORIES
The Metabolomics Innovation Centre (TMIC) is putting the University of Alberta on the map by leading the world in metabolomics research and technology development. Metabolomics has the potential to change how diseases are diagnosed through technology that previously only existed in the realm of science fiction.
Led by Dr. David Wishart, a recognized global leader in his field, the centre is a nationally-funded core facility at the University of Alberta that develops tools, technologies and methods of studying the metabolome. One of the priorities of TMIC is improved diagnostic capabilities for metabolic diseases such as Alzheimer's Disease, arthritis, heart disease and certain cancers. "It's something that we're very proud of, and that all Canadians can be proud of," says Dr. Wishart.
TMIC is one of only ten world-class initiatives, or "nodes" supported by Genome Canada's Genomics Innovation Network (GIN) and is the only GIN node in Alberta. TEC Edmonton contributed to TMIC's GIN proposal to suppor t i t s development and commercialization activities.
The centre also provides services to the research and industrial sectors through metabolomic profiling and identification, as well as the sale of analysis kits. The applications of TMIC's tools are utilized in a vast number of markets, from health to agriculture to energy.
TEC Edmonton's Business Development team worked with TMIC to operationalize the business, and help with commercialization strategy of the newly-established Metabolomics Technology Demonstration Cent re (MTDC), an in i t ia t i ve of TMIC to commercialize its discoveries and tools. Dr. Wishart explains that "with new funding and new technology we've received, we're trying to make metabolomics more accessible to the scientific community."
TMIC also received support from TEC Edmonton's Technology Management team during the patenting process and l icensing negot iat ions for i ts metabolomics devices. In the future, TMIC hopes to democratize the application of metabolomics by developing diagnostic tools anyone can use. As David explains, "We're trying to push the envelope to create portable metabolomics devices."
C Quest Partners
CANTERRA SEEDS
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LICENSING STORIES
The new line caught the attention of CANTERRA SEEDS, a Western Canadian seed company focused on sourcing genetically superior cereals, pulses and oilseeds. TEC Edmonton's Technology Management team negotiated the license between CANTERRA SEEDS and the University of Alberta, making it the first wheat license for the University of Alberta in more than 15 years.
This worldwide license is the culmination of over a decade of work, allowing CANTERRA SEEDS to help Canadian wheat growers grow healthier, higher yielding crops.
David Mitlin was a professor and leading researcher in the Department of Chemical & Materials Engineering at the University of Alberta for 10 years. In 2014 he left Alberta to be the GE Chair in Energy Systems at Clarkson University, Potsdam, NY. Here in Edmonton, his team developed carbon nanosheets (graphene-like material) made from waste material like hemp, peanut and egg white membranes.
Graphene is a super-material: a two-dimensional, atomic-scale, honey-comb lattice that excites both the scientific and business worlds due to its extraordinary properties and potential applications in various industries including energy storage and photovoltaics.However, current methods for producing graphene are very expensive. Made from waste materials, Dr. Mitlin's graphene is a promising, inexpensive way to manufacture large quantities of carbon nanosheets with the added bonus of being environmentally sound.
David Mitlin worked closely with TEC's Technology Management team to pursue patent protection of the process. Dr. Mitlin and TEC Edmonton decided to seek potential licensees, rather than form a spin-off company.
In collaboration with Dr. Mitlin, US-based CQuest Partners secured the license to Mitlin's graphene portfolio from the University of Alberta in 2015, potentially becoming one of the most financially valuable licensing deals TEC Edmonton has ever done. Shortly afterward, Dr. Mitlin joined CQuest as its CTO.
According to CQuest Partners' Founder, Gary Charboneau, the commercial applications for CQuest's organic carbon nanosheets (CNS) are enormous. Energy storage is increasingly crucial to industries such as electronics, utilities, transit, military, automotive, aerospace, oil & gas, medicine, real estate and more. With applications for batteries, supercapacitors, fuel cells and hybrid devices of all sizes, CNS are perfectly suited to satisfy the demands of an industry that is aggressively pursuing designs and materials that improve performance, safety, and cost-effectiveness to meet the needs of a rapidly expanding market.
Dean Spaner is a researcher in the Department of Agricultural, Food and Nutritional Science at the University of Alberta. He has been actively involved with the University of Alberta wheat breeding program, designed to develop and select germplasm that will result in higher yielding varieties that mature earlier and have increased straw strength with no loss in quality.
Spaner's team developed a new wheat variety, a breakthrough for the University of Alberta wheat breeding - the first to be developed in Alberta and approved for release since 1997. The new variety has higher resistance to disease and matures faster, making it well suited for the prairie provinces, especially for northern Alberta where the growing season is shorter.
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Ceapro
WHERE ARE THEY NOW?
proprietary technology to extract natural ingredients from oats and other plants for use in cosmetics, nutraceuticals and other therapeutics. Their process incorporates Pressurized Gas Expanded (PGX) Technology developed at the University of Alberta. 2016 was a successful year for Ceapro - signing an agreement for up to $900,000 in commercial financing, securing a renewed distribution agreement and posting its highest quarterly revenues in the company's history.
Sectors:
Incorporated in 1997, Ceapro is a biotechnology company using its
Sectors:
Yardstick
2006 TEC VenturePrize and has since grown to become a $22 million dollar company with 80 employees. Still headquartered in Edmonton, Yardstick now has additional offices in Calgary and Toronto and is the largest Canadian institution to deliver world-class expertise in computerized exam administration, psychometrics and eLearning. Yardstick provides online testing and training to millions of users across dozens of industries.
Having started as a hobby with only two employees, Yardstick won the
Sectors:
Sensassure
VenturePrize Fast Growth winner. After spending 12 months living in three nursing homes across North America to immerse themselves in the market needs, Sensassure was selected by Highway1 (a leading hardware accelerator out of San Francisco) for a four-month incubation program. Since VenturePrize, Sensassure signed their first major customer agreement with Revera, a leading owner, operator and investor in the senior living sector. Their technology addresses the ever-present needs of senior care and provides an innovative new technology to improve quality of care for incontinence.
Sectors:Sectors:
Sensassure began as a two-person company and was the 2015 TEC
Micralyne
owned by the University of Alberta. After spinning out from the University of Alberta, TEC Edmonton helped the new company grow to become one of the world's best known manufacturers of microfabricated and micro-electromechanical systems (MEMS) products for communications, energy, life sciences and transportation markets. Micralyne's work significantly contributed to the University of Alberta's reputation as a nanotech leader, and helped create the region's nanotech community, including the establishment of such organizations as the National Institute for Nanotechnology (NINT) and the Alberta Centre for Advanced MNT Products (ACAMP).
Sectors:Sectors:
Micralyne began as a not-for-profit semi-conductor research facility
Signature Events17
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a celebrationof evolving ideas
2016
2016 Winners
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WinnerTELUS ICT Category
Based in Edmonton, C o v e t ’ s s m a r t T V s o l u t i o n s a l l ow t h e c o n s u m e r t o instantaneously buy a fashion product displayed on television, directly off the TV screen. Covet also offers interactive means for shoppers to purchase fashion accessories and c l o t h i n g w o r n b y celebrities in TV shows and films.
WinnerStudent Category
Ceres Solutions recycles the spent grain used by Alberta brewers. The grain is pasteurized, then i n o c u l a t e d w i t h mushroom mycelium to break down leftover fibre, thus producing enough nutritional biomass to produce prote in-r ich mushroom crops. This biological enhancement is producing value from what was previously a waste by-product from beer brewing.
WinnerFast Growth Category
Dakota Supplies Inc. l o o k s t o b e c o m e a l ead ing p rov ide r o f disposable and sanitizing cleaning products for the commercial transporta-tion industry. Its patented c l e a n i n g p r o d u c t MOPPITT™ is an all-in-o n e c l e a n i n g u n i t specifically designed to meet the cleaning and sanitizing challenges of commercial transporta-tion, including airlines and buses.
WinnerDynaLIFE D Health Categoryx
MagnetTx is commercializing ground-breaking technology in cancer radiotherapy (RT). Its new Linac-MR device, the Aurora-RT, tracks the movement of tumours and organs while radiotherapy is taking place. The combined knowledge enables radiation oncologists to zero in more precisely on the tumour itself, even as it shifts around, reducing unneeded radiation and thus improving cancer treatment outcomes.
TEC VenturePrize2016 marked the 14th year of TEC VenturePrize: a program that provides business training, mentorship, resources and funding opportunities to Alberta-based early
stage technology startups. VenturePrize culminates in an annual business plan competition open to new and future
For more information aboutTEC VenturePrize, visit :www.ventureprize.com
entrepreneurs from across Alberta.
BOARDCHAIR
MESSAGE FROM THE
BOARDVICE CHAIR
Lorne Babiuk TEC Edmonton Board Chair
Vice President Research, University of Alberta
Brad Ferguson TEC Edmonton Board Vice Chair
President and CEO, Edmonton Economic
Development Corporation
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Edmonton's entrepreneurial community is evolving rapidly and it's been incredible to see the new technologies and innovative solutions being produced at such a high calibre. TEC Edmonton has been a vital part of this entrepreneurial ecosystem, and thanks to the dedicated and skilled team of industry experts, and with the support of community and business partners, TEC Edmonton has been able to catalyze entrepreneurs to push to new heights and has positioned itself as a leading business incubator and accelerator in Canada.
As part of the EEDC family, we continue to support TEC Edmonton. The growth of Alberta-based companies is critical to strengthening and diversifying our regional economy. With new incubator space underway and the TEC Health Accelerator generating results, I'm confident TEC will have the ability to increase its capacity for commercializing innovations from the University of Alberta.
I congratulate TEC Edmonton on its success this year and I look forward to seeing what comes next.
University of Alberta research and knowledge has helped enhance Alberta society and its economy since the University's inception, including helping blaze the trail of Alberta's biotech industry in the 1960s with the launch of some of the province's first biotech companies.
In 2006, TEC Edmonton was created as a not-for-profit joint venture between University of Alberta and the City of Edmonton through its Edmonton Economic Development Corporation. At that time, no other North American business accelerator was merging university intellectual property with civic and university-based services for entrepreneurs.
Since its creation, TEC Edmonton has helped commercialize many University of Alberta-based technologies. But TEC Edmonton doesn't just facilitate commercialization, it's also instrumental in helping those new companies succeed and grow. Evidence of this is the University's 88 spin-offs that are still operational.
This past year, TEC Edmonton helped create 4 new University of Alberta spin-offs, licensed and optioned 36 technologies, and added 107 inventions and 43 patent applications to the University's technology portfolio.
The University recognizes the resulting contributions and impacts on society and Alberta's economy, and I look forward to continued partnership and success.
MESSAGE FROM THE
Assets
Current Assets
Other Assets
Liabilities and Net Assets
Current Liabilities
Net Assets
Statement of Operationsfor the year ended March 31, 2016
Revenues
Expenses
FINANCIAL SUMMARY
% of
total
revenue
Revenue from
Joint Venture
Partners
Grants Sponsorship
& Program Fees
License Fees
& Past Patent
Recoveries
Other
Revenue By Source 2016 2015 Cumulative
90%
100%
80%
70%
60%
50%
40%
30%
20%
10%
0%
3,3
18
,49
2
30
9,0
66
31
0,3
41
3,1
26
,57
9
2,1
78
,31
5
2,1
49
,15
8
2,3
76
,08
3
21
2015$
2,931,342
179,077
3,110,419
2015$
1,603,075
1,507,344
3,110,419
2015$
7,793,565
7,718,624
74,941
2016$
3,761,570
173,224
3,934,794
2016$
2,387,539
1,547,255
3,934,794
2016$
8,769,487
8,729,576
39,9112
4,7
12
30
,44
7
Statement of Financial Position as of March 31, 2016
2,7
39
,85
9
Our Leadership Team
ChairLorne BabiukVice President Research, University of Alberta
Vice ChairBrad FergusonPresident & CEO, EdmontonEconomic DevelopmentCorporation (EEDC)
Board MemberRobert Teskey Q.C., former ManagingPartner, Field LLP
Board MemberWayne Karpoff President, WillowglenSystems Inc.
Board MemberDave HancockLegal Counsel, Q.C.,Dentons (Edmonton)
Board MemberMichelle BorduzakPresident, FlatlanderEnvironmental Services Ltd.
Board MemberKristina WilliamsPresident and CEO, Alberta EnterpriseCorporation
Board of Directors
22
Board MemberCorey Smith
Board MemberMona Hale
Board MemberAlan Fair
Board MemberOleh Hnatiuk
Advisor to the BoardAllan Scott
Outgoing Board Members TEC Edmonton thanks all of our outgoing board members for their outstanding contributions. It is thanks to their generous support, leadership and expertise that TEC Edmonton is able to continue delivering quality services to its clients. We wish each of them continued success in their future endeavours.
StephanieGillis-PaulgaardDirector, Communications& Marketing
Chris DiaperDirector,Strategic Partnerships
Bobbi ElliottDirector, Finance
Laine WoollardSenior Legal Counsel, Technology Commercialization
Chris LumbCEO
Jayant KumarVice President,TechnologyManagement
Randy YatscoffExecutive Vice President,Business Development
Karen WichukVice President, Public Sector & GovernmentRelations
TEC Senior Management
Lan TanDirector,EntrepreneurDevelopment
23
VolunteersMBA - University of Alberta
Duncan & Craig
CastlePoint Consulting Inc.
BMO Bank of Montreal
National Research Council -Industrial Research Assistance Program
Nation9
Bennett Jones LLP
Royal Bank of Canada
AVAC
TELUS Innovation Centre
Microquest Inc.
TELUS Innovation Centre
Fort McKay Industrial
Incite Marketing
National Research Council-Industrial Research Assistance Program
Entrepreneur Organization
MBA - University of Alberta
BMO Bank of Montreal
Signa Venture Development
Mackintosh Consulting
Paulson Cormier & Associates
Paulson Cormier & Associates
Fernanda Badano
Jason Banak
Alex Beharry
Warren Bergen
Alan Bezaire
Brandon Blanck
Kimberly Cameron
Robb Campre
Marc Carnes
Rajeev Chadha
Scott Candler
Lele Chen
Denny Chew
Colin Christensen
Bill Cogan
Pierre Cormier
Keleigh Cormier
Kanwar Abhishek
Matt Anderson
Chris Astle
Brian Bachmann
George Bacioiu
National Research Council -Industrial Research Assistance Program
DynaLIFE Dx
PwC
TEC Edmonton
Innovate Calgary
Duncan & Craig
Craig d’Entremont
Christine deMontigny
Kristine Dewar
Jason Ding
Madeline Dowhaniuk
Brittany Earl
Usukuma Ekuere Alpha Global Experts
Craig EliasInnerSell
Kevin Ens
Wes Fairbanks
Tim Fell
Rogelio Ferreira
Shauna Feth
Robert Fong
Lorena Forster
Daniel Freiji
Andy Gill
Paul Girgulis
Brian Goheen
Norm Greenwood
John Greer
Sunny Grewal
Paul Grossman
Amine Hajji
Jane Halford
Cory Harsch
Michele Hecken
Ted Heidrick
Ryan Heit
Navid Hemmati
Shaheel Hooda
Doran Ingalls
Peter Inglis
Rainer Iraschko
Cory Janssen
Sam Jenkins
Tevosol
Dentons
TELUS
TELUS
University of Alberta
TSX Venture Exchange
Kinetica
TELUS
Odyssey Chartered Accountant
Field Law
Chiro Foods Ltd
Greenwood 2 Management
Entrepreneur Organization
Royal Bank of Canada
PricewaterhouseCoopers LLP
Ernst & Young
Halford Consulting
BMO Bank of Montreal
Alpha Global Experts
University of Alberta
TEC Edmonton
Ernst & Young
TEC Edmonton
Parlee McLaws
Bennett Jones LLP
TELUS
Entrepreneur Organization
Wellnext Inc.
Bruce Johnson
Reg Joseph Alberta InnovatesHealth Solutions
Edmund Jung
Peter Kacala
James Keirstead
Ryan Keith
Cameron Kerr
Stephen Kligman
Van Konrad
Kyle Araki
Ray Lai
Richard Leblanc
Mao-Cheng Lee
Chris Lerohl
Albert Leung
James Levy
Eric Loo
Andrew Maghee
Roland Maier
Adam Mallon
Raj Manek
Dana Marsh
Rick Martens
Dale McCormick
Craig McDougall
Steve McIlvenna
Monique McKay
Warren Mediuk
Jordan Melzer
Glynis Middleton
Mison Consulting & Associates
DynaLIFE Dx Lab
Western ManagementConsultants
Entrepreneur Organization
Canadian Western Bank
Parlee McLaws LLP
MBA Associates
TSX Venture Exchange
DynaLIFE Dx
Innovate Calgary
Evolve Business Group Inc.
TEC Edmonton
MBA - University of Alberta
Business Solutions Marketing,Calgary
MITACS
Bank of Montreal
DynaLIFE Dx
Ernst & Young
Odyssey Chartered Accountant& Advisor
MBA - University of Alberta
Grant Thornton
TELUS
Dentons
Innovate Calgary
NAIT
Bank of Montreal
TELUS
G. Whiz Business Services Inc.
Kristina Milke
Greg Miskie VA Angels
Duncan & Craig
Nathan Mison
Paula Mitchell
David Muddle
Robin Mwesigye
Carolyn Nalder
Mike Nickel
Kevin O’Sullivan
Grecia Pacheco
Norma Page
Marty Park
Mison Consulting & Associates
DynaLIFE Dx Lab
Western ManagementConsultants
MBA University of Alberta
TEC Edmonton
City of Edmonton
TELUS
MBA - University of Alberta
DynaLIFE Dx
Evolve Business Group Inc.
Darrell Petras
Jason Pincock
John Pitchko
Hussein Poonjani
Joanna Preston
Jose Raez
Shelley Rawlake
Dean Reid
Amir Reshef
Ed Rudzitis
Daniel Salamon
Mark Salopek
Svetlana Sapelnikova
David Saxby
Tracey Scarlett
Launa Schey
TEC Edmonton
DynaLIFE Dx
Innovate Calgary
Grant Thornton
TEC Edmonton
National Research Council
Alberta Health Services
TELUS
Dentons
Ernst & Young
Alberta Cancer Foundation
UBC
KMT Hepatech Inc.
Spark Communications Inc.
Alberta Women Entrepreneurs
Parlee McLaws
Jigna Shah
Nav Sharma Ernst & Young
Alberta EconomicDevelopment & Trade
Michael Sharp
Diana ShawParlee McLaws
Independent
Craig Sherburne
Barinder Shergill
Bob Sinclair
Jim Slevinsky
Greg Snaith
Sam Soliman
Sandra Spencer
Lisa Spinks
Massimo Spoletini
Cidnee Stephen
Kent Stewart
Tamara Stock
Matt Storey
Ross Swanson
Lan Tan
Brittany Tetz
Kurian Tharakan
Randy Thompson
Ryan Walker
Michael Walters
Peter Wong
Peter Yeung
Henry Yip
David Yiptong
Ted Yoo
Will Zaichkowski
Frank Zhao
Jeffrey Zimmer
Craig K SherburneProfessional Corp.
TELUS Innovation Centre
TELUS
TELUS
National Research Council-Industrial Research Assistance Program
310-DUMP
Duncan McNeill Centre, NAIT
Alberta Innovates-Energy& Environment
Entrepreneur Organization
Strategies for Success
Western Management
DynaLIFE Dx
Dentons
Duncan & Craig
TEC Edmonton
Field Law
TEC Edmonton
VA Angels
Technology Strategy, Calgary
City of Edmonton
Bennett Jones LLP
Canadian Western Bank
Nirix Technology
Innovate Calgary
Bennett Jones LLP
Tantus Solutions Group
Canadian Western Bank
MBA - University of AlbertaAlberta Innovates Centrefor Machine Learning
24
Partners
Sponsors
Gold sponsors
Silver sponsors
Platinum sponsors
Contributor
25
This repor .t has been printed responsibly
4000 TEC Centre,10230 Jasper Avenue,Edmonton, AlbertaCanada T5J 4P6
TEC EDMONTON
Tel: (780) 492 8977Tel: (780) 492 7876
www.tecedmonton.com
Photography Credits: Dale MacMillan Richard Siemens