2012/2013 ANNUAL REPORT SCALING FOR GREATER IMPACT
" IF WE’RE TO SUSTAIN THE KIND OF PUBLIC INSTITUTIONS AND SAFETY NETS THAT WE’RE USED TO, IT WILL REQUIRE A LOT MORE GROWTH BY THE PRIVATE SIDE (NOT JUST MORE TAXES), A LOT MORE ENTREPRENEURSHIP, A LOT MORE START-UPS AND A LOT MORE INDIVIDUAL RISK-TAKING.” — THOMAS FRIEDMAN, NEW YORK TIMES
SCALING FOR GRE ATER IMPACT VISION Our future matters. The quality of that future depends on innovation.
MISSION To drive economic and social prosperity by cultivating the full potential of Canadian innovation.
Our vision is bold; our mission is more important than ever. Our vision and mission reflect MaRS’ focus on Canada’s long-term prosperity. In its first decade, MaRS created a unique, collaborative platform that invites and facilitates innovation through the convergence of diverse ideas, disciplines and people. We use this platform to develop the entrepreneurs and fuel the high-impact ventures that are building the future.
MaRS 2012/2013 ANNUAL REPORT
CONTENTS Letter from the CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . Letter from the Chair . . . . . . . . . . . . . . . . . . . . . . . . . . . First decade: Laying the foundation . . . . . . . . . . . . . . . . . . . Next decade: Creating the future. . . . . . . . . . . . . . . . . . . . . Developing talent through learning and insights . . . . . . . . . . . . Growing high-impact ventures . . . . . . . . . . . . . . . . . . . . . . Spotlight: MaRS Ventures . . . . . . . . . . . . . . . . . . . . . . . . . Creating solutions that open market access and drive social impact Creating the innovation platform and place . . . . . . . . . . . . . . Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Supporters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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LETTER FROM THE CEO A
fter 10 successful years, MaRS is at a critical inflection point.
Our mission has evolved into a bold call for our collective future: MaRS will drive economic and social prosperity — in Canada and around the world — by unleashing the full potential of Canadian innovation. From a daring idea sparked by a group of ambitious civic leaders in 2000, we have grown through a lengthy build phase, which saw Phase 1 of the MaRS Centre open in 2005 and Phase 2 set to open early next year, doubling our physical footprint. During this period, we have hired the talented people and developed the extensive program assets that complete our robust platform. So what is next? How can we now use this platform to execute on our big, bold mission for which there is no recipe?
ILSE TREURNICHT
To confirm that we are on the right track, this year we hired KPMG LLP to complete an external baseline study examining our performance over the first decade. In summary, noting that their estimates were conservative, KPMG LLP calculated that throughout this timeframe, MaRS has generated well over $2 billion in economic value. They also estimated that over 11,500 jobs have been created through MaRS, its venture clients and its programs. Full steam ahead! We also examined where we want to be 10 years from now, setting our sights on the shifting horizon within the fast-moving, ever-changing innovation landscape. We asked ourselves, ‘What strategies will sustain and advance MaRS’ position as a world innovation leader in 2025, maximizing our contribution to Canada’s economic and social prosperity?’ When considering our future, the important thing to remember is that we have already made a onetime investment in a platform from which we can now conduct and amplify our business. Ten years out, we will be in a much stronger position to achieve even greater economic and social impact.
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Our planning exercise identified key priorities to focus on in the coming years, chief among them, talent. Not only do we need to build our own talent base to execute on our bold mission, but we must also become experts at developing talented entrepreneurs. To that end, we hired three exceptional leaders this year: Euan Robertson is the new President and COO of MaRS; Joeri van den Steenhoven is the Director of the MaRS Solutions Lab; and Salim Teja joined MaRS as the Managing Director, ICE sector programs. We are also expanding the reach of our entrepreneurship programming, targeting a broader audience, including younger entrepreneurs through initiatives like the Future Leaders, and delivering entrepreneurship education courses in other provinces across Canada. High-impact ventures also remain a priority, and over the next few years, we will work to help more of our ventures grow and scale globally by leveraging our diverse community and extensive networks. Finally, core to our mission is systems transformation. We must continue to collaborate with partners to ensure that more of our innovations are adopted into complex, regulated systems such as the healthcare system, the smart energy grid and the education system. And for the greatest long-term sustainable impact, the MaRS Solutions Lab will continue to work with partners to tackle systemic societal challenges, helping to improve the future for all Canadians. All of this is truly a collective effort, and we thank our many volunteers for their generous contributions of time and expertise. We are also deeply indebted to our partners from academe, business and the greater community, and extremely thankful for our productive partnership with the Province to grow Ontario’s innovation economy. In short, from all of us, THANK YOU for helping build MaRS over our first 10 years. We are confident that the next 10 years will be even more extraordinary!
LETTER FROM THE CHAIR I
believe that this is Canada’s decade.
Despite the many global and domestic challenges that we have faced in recent years, we continue to prove ourselves to be a nation that is resilient, measured and well managed — a country that has fostered one of the most stable economies the world over. In addition to being economically stable, we are a country rich in resources. To me, this means much more than oil and gas, minerals and forests. It also means that we have a highly experienced, creative and educated workforce, one that offers employers diverse international perspectives and insights thanks to a progressive immigration policy. But are these strengths enough to keep Canada in the game? The truth is, in today's world, emerging technologies and business models are constantly disrupting, changing and shaping international markets, so maintaining the status quo is simply not an option. Talent is the key competitive differentiator in the global knowledge-based economy, and Canada ranks high in this category, with one of the most highly educated workforces in the world. But while Canada is home to top talent, our innovators are dispersed over a vast country with a limited domestic market. To stay competitive, I believe we must cultivate our talent base by supporting the innovators who are starting and growing the highpotential companies that will be tomorrow’s job engines — helping them succeed at home and scale globally.
But our talent can only go so far in Canada. To be successful, we need to work together to foster strong international partnerships that will help our innovators reach high-growth markets beyond our borders. And we are already on that path. As an example, in 2012, a delegation from the United Arab Emirates approached MaRS, attracted by our unique mix of programs, in particular our suite of entrepreneurship education offerings. Last fall, MaRS signed a Memorandum of Understanding with the U.A.E.’s Ministry of Economy to establish a strategic partnership aimed at fostering innovation, accelerating the growth of startups in both countries and creating new prospects for Canadian ventures looking to expand to foreign markets. In April of this year, I was named co-chair of the Canada-United Arab Emirates Business Council, a group created to facilitate greater trade and investment between our countries. Already a key trading partner in a strategically important region, the U.A.E. presents many opportunities for Canadian businesses working in a range of knowledge-based sectors, including those that form the core of MaRS’ mission: cleantech; IT, communications and entertainment; and life sciences and healthcare.
GORDON NIXON
In MaRS' next phase of growth, marked by the opening of Phase 2 in early 2014, we will continue to track the progress of the changemakers we assist and boldly forge both national and international partnerships that keep MaRS — and Canada — on the fast-moving frontier of innovation.
To that end, MaRS designs and delivers a range of entrepreneurship education programs, and provides hands-on mentorship to entrepreneurs entering the complex, competitive innovation marketplace. In 2012 alone, MaRS advisory services supported more than 1,000 Ontario startups, and from 2009 to 2012, the attendance levels at MaRS educational events grew by a staggering 300%.
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FIRST DECADE: LAYING THE FOUNDATION In 2000, a group of leaders from academia, government and the private sector came together to propose a bold new approach to closing Ontario’s and Canada’s innovation productivity gap: a large-scale innovation centre in downtown Toronto that would connect the communities of science, business and capital to commercialize some of Canada’s best research. They saw tremendous untapped potential in our premier research institutions, our well-educated workforce and our diverse city. Led by MaRS founder Dr. John Evans, these civic entrepreneurs were driven by a vision of creating a facilitating platform that would advance innovation by uniting the “idea people” — talented entrepreneurs and innovators — with those from the worlds of business, policy and capital. Idea became reality when 14 private donors — including civic entrepreneurs — gave $14 million to save the former Toronto General Hospital from demolition and conversion into condos. Surrounded by world-leading universities, teaching hospitals and research institutes, and situated across the street from the Ontario government, and a few short blocks from Canada’s business and financial centre, the building was ideally situated to bring all the elements of a successful entrepreneurial ecosystem together. The generosity of those initial donors mobilized nearly $600 million in private and public funding to create MaRS Discovery District, one of the world’s largest urban innovation centres. Of these funds, over 75% went into creating the physical building — the MaRS Centre — an investment in a strategic platform that is being leveraged to realize significant results now and in the decades ahead.
GROWTH (indexed to 2008) 15
Client capital +95%
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Client revenues +65% Client FTEs+64%
ECONOMIC DOWNTURN
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MaRS Operations +12% 0 2008
2009
2010
2011
2012
Source: Based on KPMG Study; % reflect compound annual growth rates
MaRS: A VALUE-GENERATING ENGINE In fact, the MaRS Centre has already delivered tremendous value. In 2012, a rigorous study by KPMG LLP concluded that the original investment has already driven more than $2 billion in economic value – and generated substantial socio-economic benefits. The figure above depicts MaRS’ investment inputs relative to the performance of these clients, in terms of growth from 2008 to 2012. During this period, MaRS venture clients achieved nearly triple-digit growth, growing five to eight times faster than MaRS’ operating expenses despite the global recession.
“…MOST INNOVATION CLUSTERS REQUIRE 20 OR MORE YEARS TO DELIVER MEANINGFUL RETURNS, YET SEVERAL METRICS … ALREADY PLACE MaRS ON PAR WITH WELL ESTABLISHED INNOVATION CENTRES IN THE WORLD … MaRS IS OPERATING ON A STRONG FOUNDATION FROM WHICH ITS OPERATIONS WILL BE ABLE TO SIGNIFICANTLY ACCELERATE IN THE YEARS TO COME.” — The Impact of MaRS in its First Decade, SECOR - KPMG LLP, March 2013
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NEXT DECADE: CREATING THE FUTURE Ten years into our mandate, we are now at a critical inflection point. We have developed a platform that is already surpassing original expectations in terms of output. Now, to ensure that we maximize our impact on social and economic prosperity in Canada, we must scale and leverage this strong foundation in the decades to come.
OUR VISION FOR THE NEXT DECADE
THE EVANS WING In February 2012 the MaRS Heritage Building was officially designated the Evans Wing, recognizing Dr. John Evans’ key role in shaping MaRS, its values and mission. Originally opened in 1913 as the Toronto General Hospital, this building housed the first clinical trials of insulin 90 years ago and is also the place where John Evans spent countless hours as a postgraduate medical trainee over 50 years ago. More than just a historical physical space, the Evans Wing represents a great lineage of excellence in research, innovation and collaboration that continues to inspire those who visit and use this space to advance world-changing discoveries.
To help set our path for the next 10 years, in 2012, we embarked on a comprehensive strategic planning exercise. We sought input from all of our staff and from more than 40 partners, stakeholders and innovation leaders from across industry sectors. We were guided by a series of fundamental questions: • How are we attracting and developing talent for the knowledge economy? • How are we helping high-impact ventures accelerate and grow? • How are we working in partnership with the public and private sectors to improve access to markets, capital and data for Ontario innovators? • How are we bolstering our platform & place to strengthen our community and deliver maximum impact? The result? A new 2025 vision and rolling three-year strategic plan — both focused and agile — enabling MaRS to adapt as we strive to build a better future and ensure our place as a global innovation leader in this rapidly changing world.
OUR STRATEGY: TALENT, VENTURES, SYSTEMS AND PLATFORM & PLACE Core to this vision are four strategic levers: talent, ventures, systems and platform & place. In the next decade, these levers will drive MaRS’ work in advancing innovation and addressing critical, emerging global needs. Each of these levers is described in further detail on the pages that follow.
TALENT Attract and develop Canadian innovators, and equip them with the skills, tools, intelligence and networks they need to thrive in the innovation economy.
VENTURES Accelerate and grow high-impact ventures from startup to scale.
SYSTEMS Scale and diffuse innovation through collaborative initiatives that open markets and create solutions
PLATFORM & PLACE Bolster our capacity to strengthen our community and drive outcomes
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DEVELOPING TALENT THROUGH LEARNING AND INSIGHTS MaRS TALENT: ATTRACT AND DEVELOP CANADIAN INNOVATORS, AND EQUIP THEM WITH THE SKILLS, TOOLS, INTELLIGENCE, DATA AND NETWORKS THEY NEED TO THRIVE IN THE INNOVATION ECONOMY. Talent is the key competitive differentiator in the global knowledge economy. To stay competitive, we must cultivate a learning workforce and support the innovators who are starting and growing high-potential companies — the job engines of tomorrow. Our services provide entrepreneurs with the knowledge, talent and tools they need to launch, grow and scale successful businesses. We focus on startups and emerging companies in four broad areas: ICE (information technology, communications and entertainment); life sciences and healthcare; cleantech and physical sciences; and social purpose ventures. MaRS is recognized as a place to learn entrepreneurship fundamentals, access thought leadership and develop skills through unique tools, curricula, events and training opportunities that are modular, agile and relevant. We also offer teams of market intelligence and data analysis experts that help our clients access the critical market information required for success.
ENTREPRENEURSHIP PROGRAMS MaRS designs and delivers entrepreneurship programs that develop innovation talent across Canada and internationally. Practitionerfocused, our programs offer unparalleled access to business and sector experts, as well as to valuable tools through seminars, workshops and online resources. The cornerstone of MaRS’ expanding series of educational events is Entrepreneurship 101, an introductory course that offers essential entrepreneurship information both online and in-person. Now in its ninth year, this increasingly popular, free, 30-week series welcomes thousands of attendees every year (both in-person and online), including students, researchers, entrepreneurs and intrapreneurs, new Canadians, and those in career transition. In addition, more intensive workshops such as MaRS Best Practices, a monthly seminar series, deliver practical insights for startups. To supplement E101, the online Entrepreneur’s Toolkit includes extensive articles, videos and workbooks that are designed to help early-stage companies launch and grow. In FY2012/2013 alone, these materials attracted 600,000 page views from learners in Ontario, across Canada and around the world.
MaRS Future Leaders Summer 2012 winners Alexander Chan and Natalie Ngo
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To cultivate the next generation of changemakers who will drive the knowledge economy, we need to start teaching entrepreneurial skills early on. To that end, MaRS launched a new entrepreneurship bootcamp for teens in the summer of 2012: MaRS Future Leaders. In one week of intensive programming, students learn from successful entrepreneurs, invent and test an original business idea, and finish by pitching their idea in teams of two to a panel of judges for an opportunity to win a cash award.
MaRS VENTURES HIGHLIGHTS
>14,000 people attended MaRS entrepreneurship education events in person; total attendance grew 55% over the last program year
600,000 page views of Entrepreneur’s Toolkit online education materials; >1.5 million page views since 2009
MaRS leveraged a
$1 million investment to provide $18 million worth of market intelligence services to
MARKET INTELLIGENCE MaRS provides Ontario entrepreneurs with the critical market information they need to succeed — current, relevant and timely information about their industries, competitors, markets, potential investors and partners, intellectual property and best business practices. In 2012, our sector experts completed over 1,000 research requests for more than 1,000 Ontario companies and entrepreneurs — helping them determine their competitive advantage, market opportunity or most effective goto-market strategy. Our information specialists and industry analysts have expertise in a range of sectors, including information technology, software, telecommunications, biotech, cleantech, pharmaceuticals and healthcare. They provide access to market research from leading private research firms such as Forrester Research and Gartner and to the University of Toronto’s world-renowned library system; offer connections to thought leaders through group workshops and teleconferences; and compile industry-specific reports tailored for entrepreneurs and decision-makers.
>1,000 entrepreneurs
MaRS DATA CATALYST
through MaRS Market Intelligence
Launched in 2011 with the support of the Ontario Ministry of Economic Development and Innovation, Data Catalyst has established broad partnerships across the entrepreneurial ecosystem to share data from many sources and create a unique view into the growth of successful companies. This helps entrepreneurs, researchers and policy-makers improve program delivery and build stronger companies. Data Catalyst also helps companies access the data needed to create new products and services in key sectors such as energy and healthcare.
2.6
million Ontario consumers can access their energy data via their utility’s website through the Green Button program, a joint initiative of MaRS Cleantech and the Ontario Ministry of Energy
>50 entrepreneurs mobilized as Entrepreneurship Programs instructors
Data Catalyst works in three key sectors: • Entrepreneurship: Using data from partners, as well as commercial, government and public domain sources, Data Catalyst tracks how Ontario’s technology-based startups grow and develop over time, and assesses their impact on job creation and economic growth.
2025 VISION: MaRS WILL BE AN EXTRAORDINARY RESOURCE FOR ATTRACTING, CULTIVATING, DEVELOPING AND MOBILIZING EXCEPTIONAL INNOVATION TALENT.
• Energy: Ontario’s world-leading investment in smart meters has ensured that terabytes of data about our energy use are sent to databases every day. Data Catalyst works with partners across the entire energy system — regulators, utilities, industry and government — to get this data into the hands of innovators in a secure, private and usable way through programs like the Green Button, opening up new markets for our innovators to develop new products and services, driving energy conservation and spurring economic growth in Ontario. • Healthcare: Access to health systems data empowers innovators to make smarter decisions about the solutions and services they create. Data Catalyst works with the Healthcare Innovation Network to accelerate the adoption of innovative health solutions that improve the quality and cost of healthcare in Ontario – benefiting healthcare providers, patients and their families.
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GROWING HIGH-IMPACT VENTURES MaRS VENTURES: ACCELERATE AND GROW HIGH-IMPACT VENTURES FROM STARTUP TO SCALE. High-impact, high-growth companies are the main drivers of job and wealth creation, elements that positively impact economic and social prosperity.
We tailor our offerings to ventures based on their sector and stage of development, with specialized support for scaling ventures.
However, while international data shows that the top 1% of new companies generate roughly 40% of new jobs, only 4–10% of ventures actually become high-growth firms (source: Kauffman Foundation, 2011). Therefore, while it is important to start companies, it is even more critical to grow them. And for ventures in Canada, that means scaling globally. This is where MaRS comes in. MaRS works directly with high-potential Canadian ventures, providing them with advice and mentorship, market intelligence, and access to the capital, talent, customers and space they need to succeed. We focus our efforts in sectors where MaRS’ expertise and Canada’s innovation strengths align with large global market opportunities and where technology innovations drive new solutions: • Life sciences and healthcare • Cleantech and physical sciences • Information technology, communications and entertainment (ICE) • Education and social innovation
MaRS VENTURES HIGHLIGHTS
>1,000 venture clients across our four sectors of focus
>$350 million in capital raised by MaRS ventures
>4,000 people employed by MaRS ventures
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Jennifer-Anne Gibson with her daughter, Emma-Rose, who is legally blind. Emma-Rose can see with the help of eyewear made by MaRS venture and IAF portfolio company, eSight Corporation.
>$160 million in revenue generated byMaRS ventures (50% export revenues)
72% of MaRS ventures seeking funds were successful; 80% of the funds raised from private sources (not government)
>$45 million
$30 million in
in the Investment Accelerator Fund (IAF), generating >5x investment leverage to date
the MaRS Cleantech Fund, Canada’s most active early-stage cleantech fund
80
advisors provided high-impact ventures with >15,000 hours of advice free of charge
ADVICE AND MENTORSHIP MaRS’ 80 advisors are an accomplished group of C-level business leaders, experienced entrepreneurs and subject matter experts. Over 75% are volunteers from Canada’s business and technology communities, with the remainder being full-time advisors based at MaRS. In FY2012/2013, MaRS advisors spent more than 15,000 hours working with MaRS’ highimpact venture clients, providing them with Caption knowledge, customer connections, and practical advice and guidance to help them get to market faster for greater success.
THE MaRS CENTRE: A place to discover, share ideas and collaborate The MaRS Centre offers a central hub where science and technology innovators can discover, share ideas and collaborate. Demo by MaRS venture client, GestSure Technologies
ISS Commander Chris Hadfield at MaRS
(also bottom right) Up-Start! Competition winner, Henry Chong, launches the crowdfunding campaign for his product, the Revelo LIFEbike
Emerging physical science firms eager to join the MaRS community can apply to be part of the MaRS Incubator, which provides furnished offices, outfitted laboratories and meeting rooms, giving ventures the space they need to grow their business. Complementing the Incubator, the MaRS Commons houses high-potential ICT ventures, offering them meeting and working space, and enabling them to interact directly with other entrepreneurs, investors and advisors in an informal, collaborative setting. It also houses JOLT, our accelerator program for web and mobile ventures.
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CAPITAL Access to appropriate early-stage funding is critical for ventures to grow and prosper. MaRS advisors work with our venture clients to help determine their capital needs, prepare their pitch presentations, and connect them to angel investors, venture capital and other funding sources. When compared with the United States, where venture capital investment totalled US$26.6 billion in 2012, Canadian venture capital is spread thinly, totalling CDN$1.5 billion across the country in 2012 (source: Thomson Reuters for Canada’s Venture Capital & Private Equity Association). This means that Canadian ventures receive less than half the funding on a per capita basis compared with those in the US. To help address this funding gap, MaRS runs a series of investment funds and an accelerator program. Investment Accelerator Fund
Seeding high-growth ventures through innovation capital Funded by the province of Ontario and delivered by MaRS, the Investment Accelerator Fund (IAF) addresses the capital challenge by providing seed funding of up to $500,000 to innovative startups in Ontario’s priority sectors of advanced materials and manufacturing, information technology, cleantech and life sciences. The $7 million IAF Life Sciences Fund addresses the particular capital constraints facing the life sciences sector, investing up to $1 million in highpotential life sciences ventures. • Launch year (first investment): 2008 • Fund source: Ontario Government • Amount invested as of March 31, 2013: $30.7 million • Number of investments as of March 31, 2013: 65 • Follow-on leverage as of March 31, 2013: $158.2 million (5.2x invested capital) • New jobs in portfolio companies in FY2013 alone: 204 (a 25% increase) • Total employed by IAF companies: 1,029
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Cleantech Fund
Unlocking funding for a sustainable future The global demand for clean and sustainable technologies continues to grow in both developed and emerging economies. The MaRS Cleantech Fund LP provides critical funding to enable Canadian companies to leverage this global market opportunity, while developing solutions to some of our planet’s most pressing challenges. Offering a new model of collaboration between MaRS and the private sector, the $30-million, privately backed fund launched in the spring 2012. The Fund focuses on high-potential, early-stage cleantech companies, providing ~$1 million as an initial investment, with follow-on funding. The Fund has a non-exclusive window on companies in the MaRS pipeline, and a portion of its proceeds will return to MaRS to continue its work. • Launch year: 2012 • Fund source: Private investors, mostly high-net-worth individuals • Fund size: $30 million • Amount invested as of March 31, 2013: $7 million • Number of investments as of March 31, 2013: 6 • Follow-on leverage as of March 31, 2013: $8 million
2025 VISION: MaRS WILL DEVELOP A TOP-PERFORMING VENTURE CLIENT PORTFOLIO, WITH 10% OF OUR STARTUPS BECOMING HIGH-GROWTH / HIGH-IMPACT VENTURES.
Accelerating the most promising web and mobile companies Launched in early 2012, JOLT is a technology accelerator focused on building high-growth web and mobile companies. Each year, up to 15 high-potential startups are selected to participate in an intensive four-month program based in the MaRS Commons co-working space. Each startup is given seed financing, mentorship, and access to partners and investors — all designed to prepare them for rapid growth in the fast-paced digital marketplace.
Business Acceleration Program Accelerating the growth of Ontario’s high-potential technology companies Funded by the Government of Ontario, the Business Acceleration Program (BAP) supports entrepreneurship education, market research, mentorship (through entrepreneurs-in-residence) and small critical projects (intellectual property strategy, primary market research) to help strengthen and accelerate the growth of Ontario’s innovative startups. The BAP suite of offerings is delivered through the 14 Regional Innovation Centres (RICs) located across the province that comprise that comprise the Ontario Network of Entrepreneurs (ONE). In February 2011, MaRS was named Toronto’s RIC. MaRS serves as the Ontario government’s partner in co-ordinating BAP. In this role, MaRS supports communications among and between the RICs; provides the RICs with key resources, including market intelligence and entrepreneurship education; and aggregates and reports the outcomes of the program to the Ontario government.
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SPOTLIGHT: MaRS VENTURES
LIFE SCIENCES AND HEALTHCARE uFluidix What they do: uFluidix manufactures “Lab-ona-Chip” (LOAC) devices, which enable researchers to perform biochemical and biological experiments in less time and at lower cost. These micro-fluidic devices are the size of a quarter and use fluid samples smaller than a droplet. LOACs have found applications in almost all areas of biology and medicine, from basic life science research and diagnostics to point-ofneed testing and drug discovery. Year joined MaRS: 2010 CEO name: Aarash Sofla Major milestones: • Recently completed construction of a large manufacturing facility in Toronto, signaling company growth and increased manufacturing capability for Toronto and Ontario • Sales and number of clients have consistently increased since incorporating in 2011 • Currently selling products to top international institutes such as Intel and Harvard University, as well as to US government national labs “When starting out, I wasn't sure what I needed to learn or what kinds of problems I might face at different stages of building my startup, which made it impossible for me to prepare ahead. MaRS’ advisory services boosted my self-confidence, becoming my ‘first responder’ when dealing with unknown business challenges.” — Aarash Sofla, CEO
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Real Tech CEO Jodi Glover poses with staff members at the company site
CLEANTECH Real Tech What they do: Based just outside of Toronto, Real Tech designs and manufactures portable, real-time water quality analysis tools that are extremely accurate, reliable and cost-effective. With sales in over 40 countries worldwide, their patented analyzers are used in a range of applications, from optimizing water treatment processes to minimizing pollution in our waterways and ensuring process control for industrial clients. Year joined MaRS: 2009 CEO name: Jodi Glover Major milestones: • Successfully commercialized several technologies • Sales to thousands of customers in over 40 countries around the world • CEO, Jodi Glover, won RBC Canadian Woman Entrepreneur Award in 2012 • Four-time recipient of the Deloitte Technology Green 15™ Award, which recognizes Canada’s top 15 green technology companies
“MaRS provided a lot of the vital support and market intelligence to help us make many important strategic decisions as our company grew. I love seeing how much Real Tech has grown over the last nine years and I cannot wait to see where we will be able to take our company, our products and our technologies in the next nine years. There will be new applications and new markets in which Real Tech can apply our solutions in order to continue with our global effort to solve some of the water quality monitoring challenges and to make water quality monitoring more attainable.” — Jodi Glover, CEO, Real Tech
ICE InteraXon What they do: Founded in 2007, InteraXon is a Toronto-based company and innovator in the emerging field of brainwave-controlled technology, designing transformational experiences, from a levitating chair to a thought-controlled beer tap. To date, over 30,000 people have experienced InteraXon’s brain-sensing experiences, and growing. In early 2014, the company will launch its first consumer product, Muse — a six-sensor, brain-sensing headband packaged with a brain fitness application. This app includes scientifically validated exercises that work with real-time feedback sensed by the headband to help users enhance their cognitive skills and EQ. Stress management, and improved focus and memory are just a few of the many benefits. Year joined MaRS: 2009 CEO name: Ariel Garten Brain Sensing Technologies
Major milestones: • Closed $6M Series A round led by Horizons Ventures (SV), including OMERS, Felicis Ventures (SV) and A-Grade Investments (SV) • Raised almost $300,000 in Indiegogo campaign for Muse • Debuted Muse at CES; major press pickup • Closed seed financing from ff Venture Capital in NYC • During Vancouver Olympics, InteraXon allowed visitors to control the lights on Niagara Falls, the CN Tower and on Canada’s Parliament buildings with the power of their minds from over 2,000 miles away
CoreFour CEO John Myers (left) with co-founders Steve Asbury, Scott Welch and Jon Asbury
EDUCATION INNOVATION CoreFour What they do: CoreFour makes Edsby, a cloudbased social learning platform that enables private schools and school districts to transform how their educators, students and parents communicate, collaborate and engage. Edsby has experienced tenfold growth each year for the past three years and is now running in almost 300 schools at over 20 paying customers across North America. Pilots are now under way in Sweden, with additional pilots starting in Denmark shortly. The team will be doubling in size over the coming year, and is once again forecasting tenfold growth in the upcoming 2014 - 2015 school year. Year joined MaRS: 2012 CEO name: John Myers Major milestones: • Won the $100,000 Start Me Up Innovation Campaign 2012 from Backbone Magazine • Signed 10th largest US school district as client (Hillsborough County Public Schools in Florida), gaining 200,000 paid users from one contract • Completed first round of venture capital investment in October 2013 • Voted "Best potential to become a $1B company" at the MindShare Learning Canadian EdTech Leadership Summit in November 2013
“MaRS has been a great connector for us. They have a wealth of contacts with other startups in this space, as well as with big education companies, venture capitalists that focus on this space, and education thought leaders. Over the last couple of years, MaRS has provided dozens of opportunities for us to meet with people from these various organizations, and this has been invaluable. Our last startup was a global success, with customers in 70 countries around the world. With Edsby, we’d certainly like to match, and even surpass, the success we enjoyed previously, and we think we have a good chance since it’s definitely easier the second time round!” — John Myers, CEO, CoreFour
InteraXon started working with MaRS in 2008. We were a young company and their guidance and expertise was invaluable and allowed us to expand. The MaRS team saw us through our first major contract, the 2010 Vancouver Winter Olympics. They also walked us through fundraising best practices, and supported InteraXon when we raised our seed financing and subsequent rounds. In total, we’ve raised $7.2 million with the help of MaRS. InteraXon has had the opportunity to work with extraordinarily capable, high-level MaRS advisors from the outset. To be given that level of mentorship, trust and access to business experience was phenomenal. It gave us the confidence that our business was viable. — Ariel Garten, CEO, InteraXon
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CREATING SOLUTIONS THAT OPEN MARKET ACCESS AND DRIVE SOCIAL IMPACT MaRS SYSTEMS: WORK WITH PARTNERS TO CREATE SOLUTIONS THAT OPEN MARKET ACCESS FOR OUR VENTURES AND DRIVE SOCIAL IMPACT. Startup-driven innovation alone is not enough to solve some of society’s most important challenges. Highly regulated industries, such as healthcare and energy, too often present insurmountable barriers to entry for innovators, making it impossible for them to distribute their disruptive products, achieve market traction and grow their ventures. In concert, large institutions, including those in the public sector, are searching for new approaches to tackle tough problems and achieve better outcomes for their program investments. While Canada’s innovators are keen to tackle these issues, the system — due to its inherent complexities — presents roadblocks. Throughout MaRS’ first decade, our work with clients and partners unearthed many of these systems-level challenges and roadblocks – and the corresponding opportunities: • Market and regulatory barriers prevent the adoption of important innovations • New financial resources need to be mobilized to unleash high-impact innovations • Tough societal problems have eluded traditional institutions and approaches • Critical areas of innovation lack the data for evidence-based decision-making • Our connected society presents unrealized opportunities for growth and social benefit Because of their complex nature, these challenges, roadblocks and corresponding opportunities cannot be addressed alone. Systemslevel impact requires collaborative innovation. MaRS’ independent status enables us to align disparate actors around shared priorities, uniquely positioning us to drive positive, lasting impact across entire systems through bespoke publicprivate partnership initiatives.
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MaRSEXCITE Healthcare consumes close to half the provincial budget. It is essential, therefore, that we put this multi-billion dollar investment to work for Ontario’s economic benefit. MaRS Excellence in Clinical Innovation and Technology Evaluation (EXCITE) promises to do just that. A world first, EXCITE is an evaluation platform that accelerates the adoption of breakthrough medical technologies by prioritizing only the best, most cost-effective technologies and helping them obtain the evidence they need for federal licensing and provincial health system adoption. EXCITE guides these technologies through the system and to market (and patients) faster by providing: • An early indication of fit with the healthcare system; • Evidence in time to make technology improvements; and • Harmonized studies that support licensing and adoption decisions. The promise of EXCITE is illustrated in the breakthrough potential of its three pilot studies, set to commence in 2013: • Rna Diagnostics Inc.: The company’s diagnostic tool identifies breast cancer patients who are not responding to chemotherapy treatments, enabling doctors to prescribe more effective treatments sooner, and sparing patients the potential adverse side effects of chemotherapy. • ApneaDx Inc.: Makers of an easy-to-use, affordable, home-based device for diagnosing sleep apnea. The device enables patients to collect quality data about their breathing patterns themselves, reducing the burden on overnight sleep clinics. • Medtronic of Canada Ltd.: Their Symplicity™ Renal Denervation System helps patients suffering from drug-resistant hypertension by delivering low-level radiofrequency energy through the renal artery wall, substantially reducing blood pressure in these patients.
MaRS Innovation serves as the commercialization agent for the most promising discoveries created by 15 of Toronto’s leading academic institutions, including four universities, nine teaching hospitals and two research institutes. This single storefront allows bundling of assets from multiple institutions into robust startup companies or strategic, commercially relevant intellectual property (IP) portfolios. Companies created by MaRS Innovation from the IP of its member institutions will grow and scale with support from MaRS.
From 2009 until March 31, 2013, MaRS Innovation identified and qualified over 1,000 intellectual property disclosures from its members, launched 25 startup companies and created 25 technology license options. MaRS Innovation is, itself, an innovation. Reflecting the origins of MaRS, its development speaks to the commitment of Toronto’s academic and innovation community to create a new commercialization paradigm focused on significant economic and societal impact. MaRS serves as an enabling and acceleration platform for this effort.
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Over the past six years, we have extended our focus on innovation to include social innovation and a new generation of high-growth social purpose enterprises. These enterprises are spurring the development of new models of investment and catalyzing an emerging social finance marketplace. In fall 2011, we launched the MaRS Centre for Impact Investing with founding support from the J. W. McConnell Family Foundation, the Rockefeller Foundation and the TMX Group. The Centre is a national hub designed to increase the awareness and effectiveness of social finance, which directs new capital, talent and initiatives toward tackling Canada’s most pressing social and environmental problems. It brings a number of social finance initiatives under one umbrella — among them, Social Venture Connexion (SVX), B Corporation registration in Canada and SocialFinance.ca — and will help build tools, investment products and support services. Led by Ted Anderson, who is also Canada’s representative for the G8 Social Impact Investing Taskforce, the Centre is a neutral collaboration space designed for co-creation between government, community and the private sector. It is already drawing major backing. In June 2012, KPMG LLP announced its support as the Centre’s first corporate partner, and in November 2012, RBC Foundation announced a $1 million donation to the Centre to help create a positive environment where social finance can succeed. We are actively working with Canadian and international partners on advancing this marketplace in the coming years.
2025 VISION: MaRS WILL BE AT THE GLOBAL FOREFRONT OF CO-CREATING SOLUTIONS TO OPEN MARKET ACCESS FOR OUR VENTURES AND DRIVE SOCIAL IMPACT.
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The MaRS Centre for Impact Investing (CII) has mobilized
MaRS SYSTEMS HIGHLIGHTS
$6 million in impact investment; helped certify over 75 sustainable businesses as B Corporations;
educated over 10,000 individuals in Canada and around the world via impact investing presentations and workshops; and advised over 100 MaRS ventures on capital-raising and deployment strategies.
MaRS Innovation has reviewed
>1,000
intellectual property disclosures, and
In February 2013, the Networks of Centres of Excellence (NCE) awarded MaRS Innovation a second round of full funding
$15
— million — through the Centres of Excellence for Commercialization and Research (CECR) program, a remarkable achievement given the rigorous application process and stiff competition.
produced a total of
25 technology licence options and 25 startup companies.
MaRS Solutions Lab The MaRS Solutions Lab tackles complex, systems-level challenges that cannot be solved by any one group acting alone — problems resulting from our aging population, shifting labour markets, environmental pressures and other forces. Under the direction of its new leader, Joeri van den Steenhoven, who joined MaRS in April 2013 after pioneering the Kennisland change lab in the Netherlands, the MaRS Solutions Lab develops new solutions that help improve the lives of people and strengthen the resilience of communities in Canada. Its main areas of focus are: the Future of Health, Future of Work, Future of Food and Future of Government. Within these areas, it helps tackle complex societal challenges and create system change together with governments, foundations, business, social entrepreneurs, academia and the greater community. Launched in 2013, the MaRS Solutions Lab was made possible by a generous endowment in honour of MaRS founder Dr. John Evans.
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CREATING THE INNOVATION PLATFORM AND PLACE MaRS PLATFORM & PLACE: BOLSTER OUR CAPACITY TO STRENGTHEN OUR COMMUNITY AND DRIVE OUTCOMES WITH OUR UNIQUE PLACE, EXCEPTIONAL PEOPLE, COLLABORATIVE, EFFECTIVE PROCESSES & SYSTEMS, COMPELLING BRAND STORY AND STRATEGIC PARTNERSHIPS & NETWORKS. CURRENT TENANTS INCLUDE:
A idBiologicsInc.
MaRS is at a critical inflection point. Through our own entrepreneurial journey since we were founded in 2001, we have widened our scope, expanded our suite of program and service offerings, and matured into an established organization with over 100 employees. Along the way, the MaRS Centre — our physical platform — has been both an important symbol of our heritage of innovation and a key enabler of our mission. From the moment the doors opened in 2005, MaRS has steadily expanded to serve growing numbers of Ontario innovators. We now advise over 1,000 venture clients across a range of sectors, draw more than 100,000 attendees to over 2,000 events every year, and we welcomed over 14,000 attendees in person to an ever-expanding suite of entrepreneurship education programs in FY2012/2013 year alone. The MaRS Centre was originally conceived and developed to facilitate innovation at a scale only made possible by its location. It is the undisputed hub of Toronto’s Discovery District, surrounded by world-leading universities, teaching hospitals and research institutes, and in close proximity to the Ontario government and Canada’s business and financial centre. As such, the MaRS Centre is a natural gathering place for the innovation community. Our Global Leadership series, innovation breakfasts, Market Insights sessions, angel and investor showcases, and sector-based education workshops and conferences foster greater collaboration between researchers, innovators, startups, policy-makers, and the business and investment communities — all with the singular goal of accelerating innovation.
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MaRS facilities — lab and office space, event venues and meeting rooms, incubator space and retail services — support a diverse tenant community that includes over 60 startups, as well as mid-size companies and multinationals, investors, researchers, multinationals, community developers, professional service firms and retailers. Today, Phase 1 of the MaRS Centre is at full capacity, housing more than 100 organizations. It is a place where almost 2,500 innovative people from diverse backgrounds work and interact every day. Perhaps the most visible indicator of the importance of our platform is our physical expansion. In early 2014, the MaRS Centre will more than double in size when our Phase 2 tower opens, enabling us to support even more great talent, and drawing more exciting ideas, more fastmoving companies and more risk capital into our community. This expansion presents an unparalleled opportunity to leverage the MaRS platform for maximum impact.
2025 VISION: THE MaRS CENTRE WILL BE A GLOBAL INNOVATION DESTINATION, AND OUR PEOPLE, PROCESSES, PARTNERSHIPS, BRAND AND FINANCIAL RESOURCES WILL HELP US ACHIEVE LASTING INNOVATION RESULTS.
CITY OF TORONTO RANKINGS • World’s fourth most liveable city - Economist Intelligence Unit, 2013 • Eighth among the world’s top startup ecosystems - Startup Genome, 2012 • Third in the Cities of Opportunity 2012 ranking - PwC
MaRS CENTRE PHASE 2 HIGHLIGHTS Already a world-leading complex, the completion of the 780,000-square-foot, state-of-theart MaRS Centre Phase 2 facility will increase MaRS’ footprint to over 1.5 million square feet, making it one of the largest urban innovation hubs in the world. Targeting LEED® Gold certification, MaRS Centre Phase 2 will provide innovative businesses and their employees with a unique mix of advanced laboratory and office space, stateof-the-art IT network capabilities, and access to exceptional conference, meeting and collaboration facilities, all created to exceed the demanding performance requirements of organizations working at the intersection of business, science and research. The MaRS Centre offers a globally unique, large-scale collaboration platform for organizations that are creating the future.
MaRS PLATFORM & PLACE HIGHLIGHTS
700,000 sq. ft. urban convergence
>100 tenants
• Total building area: 780,000 square feet • 20 storeys of lab and office space, generally designed as 60% lab space and 40% office space • Connected to MaRS Centre Phase 1 and towers through a shared atrium and concourse • Direct connection to TTC (Queen’s Park subway station) and Toronto General Hospital • Two-level underground parking garage with dedicated bicycle parking and shower facilities • 13 passenger plus three freight elevators • Six truck loading bays
>2,0s00 events hosted on site every year, drawing
>100,000 attendees
(>60 startups) in Phase 1
innovation centre, increasing to 1.5 million sq. ft. when Phase 2 opens
>1,000 >2,500 people work on site at the MaRS Centre Phase 1
international delegations have visited the MaRS Centre
Closely partnered with nearby universities and research hospitals that attract
20%
of the $8.8 billion total research funding in Canada
>25,000 Twitter followers in our growing online innovation community; 10-14 million impressions per month on Facebook and Twitter
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FINANCIALS MaRS DISCOVERY DISTRICT MaRS Discovery District is a registered charity, incorporated on August 27, 2001 under the laws of Canada. The organization’s financial and real estate assets are dedicated to supporting our charitable mission of improving outcomes from Canada’s science, technology and social innovations. Our operations consist of three streams of activity: real estate operations, programs and partner payments.
SUMMARIZED STATEMENT OF OPERATIONS (in millions of dollars) For the year-ended, For the year-ended, March 31, 2013 March 31, 2012 MaRS real estate operations include tenant rental reve- Real estate operations nues from the MaRS Centre property, event venue rental Rental and fees of the MaRS Collaboration Centre and other service Capital grants recoveries from information technology and media proReal estate operations revenue duction. The net surplus earned from these operations provides MaRS with the flexibility to support the core proProperty operating and services grams of MaRS as described below and to build the founInterest expense dation for future growth. Amortization expense Real estate operations expense Net surplus, real estate operations MaRS’ programs include business advisory services, edu- Programs cation, market intelligence for startup companies, and Provincial operating grant innovation and entrepreneurship ecosystem outreach. Restricted provincial grants Programs are supported through a combination of net Restricted donor and other grants contributions from its real estate operations, government Donations and sponsorships grants and donations. MaRS has multi-year funding agreeFees and interest ments with the Province of Ontario for core operating Program revenue grants and restricted grants for the Business Acceleration Program, Regional Innovation Centre, Social Innovation Employees and contractors Generation, Data Catalyst and other special projects. Program costs Donations and sponsorship funding totalling $4.0 million General and administrative were received by MaRS and, due to accounting treatment, Information technology are reflected in several lines through these statements. Program expense Expenses consist largely of employee and contractor costs. The figures above do not include internal rents relating to space used by MaRS for its core programs, amounting to $1.9 million.
Net surplus (deficit), programs
$13.3 $2.7 $16.0
$12.9 $2.7 $15.6
$8.6 $1.0 $4.8 $14.4
$8.7 $1.0 $4.4 $14.1
$1.6
$1.5
$5.0 $7.4 $1.0 $0.6 $0.9 $15.0
$10.0 $6.1 $0.4 $0.4 $0.3 $17.2
$10.9 $3.2 $1.4 $1.0 $16.5
$9.4 $2.1 $1.0 $0.8 $13.3
($1.5)
$3.9
$11.2 $11.2
$11.2 $11.2
-
-
$42.2 $42.1
$44.0 $38.6
$0.1
$5.4
In 2012, operating grant revenue of $10 million was received for two-funding years, 2011 and 2012. Net surplus, programs of $3.9 million in 2012 offsets a deficit in 2011 and reflects the timing difference of receipt of operating grant funding. MaRS administers multi-year grant programs on behalf Partner payments of the provincial and federal governments by providPartner payment grant revenue ing flow-through funding to funding recipients, including Partner payment grant expense the Premier’s Summit Awards and Business Acceleration Program payments to Ontario Regional Innovation Centres. Net, partner programs In 2013 total revenues exceeded total expenses by $0.1 mil- Total revenues lion. Any net surplus achieved is invested to support our Total expenses mission-driven programs in future years. Excess of revenues over expenses
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SUMMARIZED STATEMENT OF FINANCIAL POSITION March 31, 2013
March 31, 2012
Assets Cash Restricted cash and investments Receivables and other assets Investment in related party Capital assets Total assets
$7.2 $31.7 $4.6 $0.6 $109.9 $154.0
$9.4 $22.7 $2.1 $$113.8 $148.0
Liabilities Payables and accrued liabilities Loans and mortgages payable Restricted grants Deferred capital grants
$6.3 $21.9 $24.3 $62.1 $114.6
$4.3 $22.6 $18.7 $64.9 $110.5
Net Assets Unrestricted Investment in land and building Endowment
Total liabilities and net assets
(in millions of dollars)
$8.7 $25.8 $4.9 39.4
$8.1 $26.3 $3.1 $37.5
$154.0
$148.0
MaRS holds unrestricted cash and restricted cash reserved for restricted programs funded by the Province and other funders. Capital assets consist largely of the building and property of the MaRS Centre – Heritage Building and South Tower - located at 101 College Street, Toronto. Capital assets are supported by the investment made by generous donations and government grants, recognized as deferred capital grants and also financed by a mortgage and term loan.
Maintaining unrestricted net assets is critical to the long-term financial stability of the organization. The endowment fund was created through a generous pledge in 2012 to support the MaRS Solutions Lab.
The MaRS Investment Accelerator Fund (IAF) is managed in a dedicated corporate entity and all proceeds from the delivery of this program are returned to the province of Ontario. The operations and assets of the Phase 2 building project are also reported through a separate legal entity. The operations and assets for both of these entities are not included in the financial figures above. Full audited financial statements are available on our website: www.marsdd.com/aboutmars/.
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SUPPORTERS BOARD OF DIRECTORS John R. Evans, Chair Emeritus President Emeritus, University of Toronto Gordon M. Nixon, Chair President and CEO of RBC, Toronto Hon. John P. Manley, Vice Chair President and CEO, Canadian Council of Chief Executives, Ottawa Elyse Allan** CEO, GE Canada and Vice-President, GE Lawrence S. Bloomberg Director of National Bank of Canada, Toronto Elaine Campbell** President and CEO, AstraZeneca Canada Derek Evans President, CEO and Director of Pengrowth Energy Corporation, Calgary Richard W. Ivey Chairman, Ivest Properties Limited, Toronto Geoffrey Matus President of Mandukwe Inc., Toronto Michael H. McCain President and CEO of Maple Leaf Foods Inc., Toronto Sheila O’Brien* President of Belvedere1 Investments, Calgary Jack Rabinovitch* Founder of The Giller Prize, President of Nodel Investments Ltd., Toronto Joseph L. Rotman* Chairman and CEO, Roy-L Capital Corporation, Toronto Calvin R. Stiller Chair of Genome Canada, Chair and CEO of Stilco Corp., London, Ontario Ilse Treurnicht CEO of MaRS Discovery District, Toronto * Left the board during FY2013 ** Joined the board during FY2013
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William White* Partner, CBW Associates, Toronto Paul Young Vice President, Research and Innovation, University of Toronto
FOUNDING FUNDERS These visionary individuals and organizations — each concerned about Canada’s performance in the global innovation economy — contributed to the creation of MaRS. Partnerships continue to be critical to our development. MaRS works closely with individuals and organizations that share our mission. AIC Limited˚ AstraZeneca Canada Inc.˚ Baycrest Centre for Geriatric Care Lawrence S. Bloomberg˚ Cancer Care Ontario˚ CIBC Eli Lilly Canada Inc.˚ John R. Evans˚ The Henry White Kinnear Foundation Arthur S. Labatt˚ Wilf and Anne Lewitt MDS Inc.˚ St. Michael’s Hospital Peter Munk˚ NPS Pharmaceuticals RBC Financial Group˚ Joseph L. Rotman˚ Allan Slaight˚ Toronto Rehabilitation Institute William P. Wilder˚ Government of Ontario Government of Canada City of Toronto University of Toronto ˚MaRS College of Founders
MaRS CONVERGENCE CLUB MaRS gratefully acknowledges the support of our donors
MULTI-YEAR PLEDGES $10 Million+ Anonymous (1) $1 Million + The J. W. McConnell Family Foundation RBC Foundation $250,000 + The William and Nona Heaslip Foundation The Henry White Kinnear Foundation KPMG LLP Wilf and Anne Lewitt The Ontario Trillium Foundation An agency of the Government of Ontario The Rockefeller Foundation TMX Group The Young Fund at the Hamilton Community Foundation $50,000 + CFC Media Lab CIBC Richard and Donna Ivey Fund at the Toronto Community Foundation Microsoft Canada Torys LLP
ANNUAL SUPPORT $50,000+ MasterCard OneConnect Postmedia Network Inc. WIND Mobile Funded in part by the Government of Canada's Social Development Partnerships Program.
MaRS gratefully acknowledges the generous support of the Province of Ontario.
$25,000 - $49,999 Richard Ivey School of Business Pierre L. Morrissette Institute for Entrepreneurship, Western University $10,000 - $24,999 Avie Bennett, C.C., O.Ont. Gerald Heffernan, O.C., BaSC. Jet Cooper George Cedric Metcalf Charitable Foundation SAP Canada Fund at the Toronto Community Foundation Ilse Treurnicht The Working Group Anonymous (1) $5,000 - $9,999 Allscripts ALLSTREAM Gail Drummond and Bob Dorrance Richard M. Ivey McKesson Canada Ontario Institute for Cancer Research Procura Healthcare Systems Quanta Research Institute $2,500 - $4,999 BDC Venture Capital Gilbert’s LLP Johnson & Johnson Medical Companies Pharmexx Canada Part of the Ashfield Division Samsung Electronics Toronto Stock Exchange and TSX Venture Exchange
MaRS SERVICE PROVIDER PARTNERS Donation and in-kind services Demac Media Gowling Lafleur Henderson LLP Hill+Knowlton Strategies Miller Thomson LLP MNP Chartered Accountants & Business
Advisors Norton Rose Fulbright Canada LLP
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“ENTREPRENEURSHIP IS NEITHER A SCIENCE NOR AN ART. IT IS A PRACTICE.” – PETER DRUCKER, WRITER, PROFESSOR, SELF-DESCRIBED “SOCIAL ECOLOGIST"
MaRS Discovery District 101 College Street, Suite 100 Toronto, Ontario Canada M5G 1L7 t 416.673.8100 F416.673.8181 www.marsdd.com
www.marsdd.com