Putting Ontario on the Map

When it comes to bridging the gap between veterans and newcomers in Ontario’s life sciences industry, Life Sciences Ontario (LSO) provides the bricks and mortar. Through two new initiatives, the Ontario Life Sciences Asset Map and the Entrepreneur Mentorship Program, LSO is reinforcing its mission to represent and promote the benefits of life sciences technologies and encourage their commercial success through advocacy, facilitation of economic development and local national, and international promotion.

ONTARIO’S LIFE SCIENCES ASSET MAP

Along with a new and progressive website, LSO has launched an ‘asset map’ - an interactive directory and information platform targeting every life sciences organization in the province. The goal of the database is to add value and visibility for stakeholders and to act as an easy access tool for those looking to learn more about Ontario’s biotech environment.

“When we were building the new website we wanted to focus on where we could add value to our stakeholders and the asset map was one area that stood out for us,” says LSO’s executive director Jason Field. “Not only does it profile Ontario companies on an international platform but it also serves as a portal for people wanting to learn more about, and connect with, life sciences organizations in Ontario.”

Organizations from across disciplines such as health sciences, industrial biotechnology, agriculture and food can log into the asset map and create a profile of their organization for free. The profile covers everything from basic contact information and website links, to more comprehensive items such as how many people you employ, what products you have and at what stage they are at, as well as potential licensing opportunities. The benefit of this information is twofold: “As we build the quantity and quality of data in the asset map we’ll be

“It was important for our entrepreneurs to know that they are not alone, that others similar to them did get results even though it may have taken a while. It provides an opportunity to learn best practices and approaches from others who have successfully navigated this course.” — Doreen D’Souza

able to extract statistical data which is something that is very difficult to do in the life sciences because of the diversity of the industry,” notes Field. “This will be a way where we can use the statistical information to raise awareness of how big and diverse our life sciences sector really is; and the significant socioeconomic contributions we make within the province.”

The asset map provides another major benefit to Ontario stakeholders: national and international marketing and promotion. LSO uses the same platform as the BIOTECanada Canadian Life Sciences Database, which is part of an international database used by leading biotech clusters around the world. Therefore, companies who make a profile on the LSO website have the potential to gain market exposure not just in Canada, but internationally as well. In this way, LSO is providing far-reaching access to wellestablished and start-up life sciences companies in Ontario while keeping its focus on the local community and encouraging regional participation and networking within the sector.

ENTREPRENEUR MENTORSHIP PROGRAM

Developing and commercializing a product in the life sciences industry is a high stakes and difficult process. The industry has unique challenges with delicate IP considerations, long product development cycles and high costs. To meet these challenges and support the entrepreneurs who are facing them head on, LSO has created its Entrepreneurship Mentorship Program including a peer-to-peer round table series aimed solely at life sciences entrepreneurs.

The program is chaired by entrepreneur and life sciences veteran Doreen D’Souza. This program provides new entrepreneurs support from experienced entrepreneurs and specific topic experts in life sciences.

“There are intricate complexities in the life sciences, so our aim is to bring the life sciences entrepreneurs together so that they can share their experiences and ensure that their issues are being addressed so that they can drive towards and ultimately achieve their business goals. ” says D’Souza.

The peer-to-peer round table sessions are for small groups of life sciences entrepreneurs to discuss a specific topic with their peers who are all in different stages of the business development cycle. LSO chooses the topics based on feedback they receive from entrepreneurs who sign up for the discussions. This way, they can select speakers accordingly and focus their discussions on the real needs of their attendees.

There have been three round table sessions held so far. The first in November 2012 focused on access to capital. Commenting on the response from the initial event D’Souza concluded, “It was important for our entrepreneurs to know that they are not alone, that others similar to them did get results even though it may have taken a while. It provides an opportunity to learn best practices and approaches from others who have successfully navigated this course.” This spirit of encouragement and shared experience is the essence of this program.

The second event was held in January 2013 and targeted physician and healthcare entrepreneurs. There was a panel of sector experts speaking on the challenges and opportunities for accessing capital for emerging life sciences companies. In addition, there were speakers from regional organizations that provide support services for entrepreneurs, as well as a successful physician entrepreneur who shared his story of how he overcame the many challenges of building a successful life sciences company.

The third event was held in March 2013 and was led by Dr. Scott Tanner from DVS Sciences Inc. The topic was relationship management with regards to investors both domestically and internationally, and how to communicate with and facilitate those relationships across industry and culture.

LSO’s strategic plan for the program is to work in collaboration with other mentorship programs and events to strengthen the network and community of life science entrepreneurs. “We want the life sciences economy to be strong so there is a lot of merit for us to be working together in partnership.”

Its goal is to pair experienced life sciences entrepreneurs with those entering the field to provide guidance through waters they have already mastered. D’Souza acknowledges that finding successful entrepreneurs with extra time on their hands to engage in one-to-one mentoring is a challenge, but is hopeful that this model of peer-to-peer interaction will provide many benefits to life sciences entrepreneurs in Ontario.

With two new initiatives at the forefront for 2013, LSO is implementing and growing its vision for Ontario’s life sciences industry. By providing its members with networking opportunities and mentorship on a highly personal level, while expanding that network globally with the life sciences asset map, LSO is unifying the life sciences sector of Ontario and building a strong foundation for commercial success and further economic development.

To see this story online visit http://biotechnologyfocus.ca/ putting-ontario-on-the-map/