INNOVATE™ Toronto by Sven Boermeester

VOLUME 1

TORONTO

InnovationsoftheWorld.com

FOUNDED ON INNOVATION Toronto is the traditional territory of many nations, including the Mississaugas of the Credit, the Anishnabeg, the Chippewa, the Haudenosaunee and the Wendat peoples, and is now home to many diverse First Nations, Inuit and Métis peoples. Originally referred to as Tkaronto, a Mohawk word meaning “where there are trees standing in the water,” Toronto has always been a home to innovators. For more than 11,000 years, the city’s Indigenous peoples have lived in direct partnership with nature, their relationship to land and creation itself a unique expression of environmentalism and science. Today, as Toronto strives to be a model of wellness and sustainability, the city looks to learn from Indigenous communities, combining many traditional practices with contemporary medicine, design and green technologies.

Toronto skyline from Toronto islands

I N N O V A T E

T O R O N T O

The “INNOVATE™ Toronto” Team would like to give a special thanks to all the participants and the following companies for their support and assistance in making this project a reality.

Meet the people that are building a better Toronto for tomorrow

I N N O V A T E

T O R O N T O

INNOVATE™ TORONTO: A MULTIMEDIA EXPERIENCE AND MORE.”

SVEN BOERMEESTER - FOUNDER/CEO, INTERNATIONAL GROUP PUBLISHER Sven Boermeester - Founder/CEO, International Group Publisher with Callie Van Graan - President, Global Village Publishing Inc.

INNOVATE™ Toronto showcases the best of Toronto’s innovation and entrepreneurial ecosystem. Embedded in its pages, you will find augmented reality videos that accompany nearly every feature, and when you use the free GLOBAL VILLAGE AR app, the world of the future will open up before your very eyes.

the Toronto ecosystem, and who play or want to play an active role in its growth and development. This inaugural edition of INNOVATE™ Toronto is part of a global series. We are currently launching volumes in cities throughout the Globalvillagepublishinginc.com publishing partnership network.

But “INNOVATE™ Toronto” is far more than a tech-enabled publication; it is a multimedia experience centered around the deluxe hardcover coffee-table book you are now holding, which includes AR videos and also an online web platform and multilevel social media networking. Online, the full e-book will be viewed in the millions through the InnovationsoftheWorld.com online library.

By experiencing INNOVATE™ Toronto, you are part of our Global Village network, and we are happy to have you. I trust you will join us as we continue the journey of the INNOVATE™ series. Sven Boermeester Founder/CEO International Group Publisher

This publication aims to celebrate those involved in the Toronto ecosystem, but it is also meant for all business leaders and decision-makers who can effect change in their industries throughout the USA and the world. We publish INNOVATE™ Toronto for the open-minded folk who want to know more about the exciting changes that have recently transpired in

Brahm Glickman Associate Publisher

Sue Rooney COO

Gia Bischofberger Production Manager

Susan Heiman Designer

Evan Rothman Writer

Anita Govender Web Development

Justin Jones VP Digital

I N N O V A T E

CHAPTER ONE

CITY OF INNOVATORS

142

CHAPTER SEVEN

INNOVATION IN MEDICINE & MEDICAL TECHNOLOGY

248

CHAPTER THIRTEEN

T O R O N T O

CHAPTER TWO

THOUGHT LEADERS

CHAPTER THREE

ACADEMIC INSTITUTIONS

166

CHAPTER EIGHT

MANUFACTURING &TECHNOLOGY

176

CHAPTER NINE

ENERGY, GREEN TECH & SUSTAINABILITY

Global Village Publishing Inc. - Founder & CEO Sven Boermeester

VP Digital Justin Jones

Global Village Publishing Inc. - President Callie Van Graan

Web Development Anita Govender

Global Village Publishing Inc. - COO Sue Rooney Associate Publisher Brahm Glickman Production Manager Gia Bischofberger

TELECOMMUNICATIONS & TRANSPORTATION

Designer Susan Heiman: iMedi8 Creative

info@globalvillage.world www.InnovationsoftheWorld.com www.Globalvillagepublishinginc.com

Writer Evan Rothman

I N N O V A T E

C O N T E N T S

CHAPTER FOUR

ACCELERATORS, INCUBATORS & MENTORS

194

CHAPTER TEN

FUNDERS & INVESTORS

T O R O N T O

CHAPTER FIVE

CHAMPIONING THE ECOSYSTEM

216

CHAPTER ELEVEN

INNOVATION IN FINTECH

120

CHAPTER SIX

HEALTHCARE

226

CHAPTER TWELVE

AI, DATA, & INFORMATION TECHNOLOGY

IT’S A KIND OF MAGIC...

DOWNLOAD THE GLOBAL VILLAGE AR APP TO VIEW 100 AUGMENTED REALITY VIDEOS IN THIS BOOK! To experience the future of print, download the Global Village AR App from the IOS or Android App stores. Open the App and hold it about 30cm above any page that contains an image with the “play” Icon.

Make sure your back camera is pointing at the page. Click the Play button that appears onscreen and immerse yourself in the latest updated content with reference to that page.

Disclaimer: Every effort has been made to ensure the accuracy of the information in “INNOVATE™ Toronto Vol 1.” Neither “INNOVATE™ Toronto” nor Global Village assume any responsibility for errors or omissions. All rights reserved: No part of this publication shall be reproduced, copied, transmitted, adapted or modified in any form or by any means. This publication shall not be stored in whole or in part in any form in any retrieval system.

I N N O V A T E

T O R O N T O

WELCOME TO INNOVATE TORONTO MAYOR JOHN TORY

From within these pages you will be introduced to many of the visionaries and innovators who call our city home and are changing the world through work and research being done at some of our world renowned institutions such as MaRS Discovery District, the University of Toronto, and University Health Network, to name a few. Visitors from all over the world flock to Toronto to explore and experience its many diverse neighbourhoods, bustling downtown core, and its wealth of arts and entertainment. Our internationally recognized colleges and universities attract the best and brightest from Canada and around the world, many of whom are the catalysts of the extraordinary endeavours found in this publication. As the fourth-largest city in North America, Toronto is Canada’s business, financial and technology capital, and North America’s third-largest market for technology and innovation talent. The sector is fuelled by nearly 250,000 skilled workers, and is still growing. Between 2013 and 2018, Toronto created more tech jobs than New York, Seattle and Boston combined. Toronto’s rich industrial diversity drives growth, innovation and cross-sectoral synergies. Spillovers from other sectors have produced new leadingedge hybrid sectors including fintech, medtech, cleantech and foodtech. As we move forward in our reopening and rebuilding post-pandemic, we know that the technology and innovation sector will play a big role. We have a lot to be proud of in Toronto, and we’re not done yet. By working together, we can build on our successes to create a more sustainable future. INNOVATE Toronto is our way of showcasing this success story. It’s about the more than 2.9 million who call this city home, whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most vibrant and livable cities. I’m proud to launch this inaugural edition and hope that you will enjoy the stories we have to share.

I N N O V A T E

T O R O N T O

I N N O V A T E

T O R O N T O

PUBLISHER’S FOREWORD

Brahm Glickman Associate Publisher Global Village Publishing Inc.

WE ARE LIVING THROUGH EXTRAORDINARY TIMES. Usually, this may imply great scientific and technological advancement. Don’t get me wrong, you will certainly find incredible stories of great achievement and ingenuity told by many of Toronto’s visionary leaders of industry, commerce, and academia in what follows, but, the times we are living are also one of continued challenge and vigilance. As I write these words, the global pandemic we have been living through over the past two years, although seemingly less severe than before, is still part of our daily lives as we try to manoeuvre around a virus that has disrupted so much of our home and working lives.

Needless to say, embarking on a project as encompassing as INNOVATE Toronto came with its fair share of manoeuvring as well, but I am happy to say that despite these challenges, the book you are now holding is a wonderful, and important, celebration of Canada’s largest innovation ecosystem. From profiles of some of Toronto’s most exciting Startups and Ventures, to intriguing Thought Leader essays from the city’s most respected thinkers in business, medicine, and academics, INNOVATE Toronto

will take you on voyage of discovery through its stunning visual presentation, and via the magic of Augmented Reality Videos found within its pages. A publication of this scope could not be accomplished without the help and guidance of the many talented and enthusiastic people who notwithstanding our current circumstances managed to contribute incredible support, and helped produce this dynamic roadmap of Toronto innovation. Special thanks must go

I N N O V A T E

T O R O N T O

out to our wonderful publishing partner and sponsor MaRS Discovery District, and to Karen Mazurkewich, Lara Torvi, Kathryn Hayward, and Heather O’Brien from the MaRS team. I also want to thank all the amazing participants that you will be reading about in this inaugural edition of INNOVATE Toronto. We should all be proud of how these innovators are changing the world by the work being done, and discoveries being made right here in Toronto.

CHAPTER 1

CITY OF INNOVATORS

DestinationToronto.com 11

I N N O V A T E

T O R O N T O

THE PLACE TO BE Toronto is the driving force behind Canada’s tech,

finance, manufacturing, creative and service sectors. It’s also a cultural powerhouse. The most diverse city on the planet, Toronto is a place to convene, create, play, do business and launch the next great idea that could change the world. Top of the world Toronto’s international honours have been flying in almost too fast to count. In 2021, Toronto ranked first in North America for both high-tech job creation and population growth, and first in the world for working women. It was also named the globe’s second-safest city, its sixth-best for remote workers, and ranks among the top in international smart-city rankings. “Now rivalling some of the most sophisticated business ecosystems in the world, Toronto has emerged as a city with huge investment opportunities — be it in tech, in real estate, the arts or talent,” says Abdullah Snobar, executive director of innovation hub the DMZ at Toronto Metropolitan University. “Its diverse economy and people offer so much potential for continued discovery. That’s how Toronto continues to attract the next generation of innovators.”

Culture everywhere The city owes its success to the many cultures of its many peoples — more than 50 percent of the population is foreign born, representing 250 ethnicities and 180 dialects spoken. The result of such diversity is inspirational. With so many people coming from different regions, Toronto is the ideal place to collaborate, experiment and create. Home to the world’s most influential film festival, a thriving arts scene, an endless array of restaurants and clubs, Toronto has it all.

“Canada’s greatest economic strength has always been our highly skilled, diverse, and innovative workers and businesses. That’s why Toronto, and other cities across Canada, are quickly becoming global hubs for innovation, unleashing the ideas and jobs of tomorrow. The leaders and workers behind these businesses will shape the future of innovation here in Canada and around the world, and help drive middle class and economic growth – and our government will continue to be there to support them.” — Justin Trudeau, Prime Minister of Canada

I N N O V A T E

T O R O N T O

“I consider Toronto to be the greatest city, in the greatest country in the world. Our innovation community is a massive reason for that, because it has a unique mission: to generate wealth while also advancing the well-being of all citizens.” — John Tory, Mayor of Toronto

I N N O V A T E

T O R O N T O

Where business comes together THE WORLD WANTS TO MEET IN TORONTO — PEOPLE, STARTUPS, INSTITUTIONS AND BIG-TIME CORPORATIONS. The city hosts countless international events in premier venues such as the Metro Toronto Convention Centre and Enercare Centre at the historic Exhibition Place. Just look to Collision, one of the world’s largest tech conferences. The event demonstrates just how much Toronto’s innovation sector lifts all sectors (and just how much fun it can be). Walk the conference floor and you’ll see movie stars chatting with tech CEOs; world leaders testing the latest products; thinkers debating the ethics of A.I. They all come to Toronto to share their stories and advance their solutions. “Toronto ranks high for ambitious, talented people,” says Andrew D’Souza, CEO of tech unicorn Clearco. “You can come here and work for a company that shares your values and stands for something.” A veteran of Silicon Valley, D’Souza co-founded his company in Toronto with partner Michele Romanow to amplify what he calls “Canadian values” in the business world: fairer access to capital, more female leadership and diverse teams — virtues he sees evaporating south of the border. Toronto’s progressive culture can also be found in its financial services. A top 10 player internationally, the community is separating itself from the competition with diversity. Jennifer Reynolds CEO of the Women Corporate Directors Foundation (WCD), and former CEO of Toronto Finance International (TFI), a publicprivate organization dedicated to promoting the city’s fintech startups, as well as big banks. She’s seen how much Toronto’s financial services have embraced change for the better. “When I go to conferences in other global financial centres, there are fewer women in the room than we would see in Canada.” More than half of Toronto’s finance sector is female.

“Toronto is one of the most open places on Earth. It’s a city where many political issues aren’t issues.” — Paddy Cosgrave, CEO, Collision

Collaboration has been key to all this progress — easy in a city that encourages cooperation among its businesses, academics and healthcare organizations. The Vector Institute for Artificial Intelligence, for example, was founded by U of T scientists, is supported by the government, and has graduated several entrepreneurs now running startups in fields as varied as regenerative medicine and self-driving cars. But walk down a Toronto street and see for yourself. You never know who you’ll meet.

I N N O V A T E

T O R O N T O

In 2021, Toronto’s innovation community represented: • • • •

18,000+ tech companies 273 A.I. firms 400,000+ workers 65+ tech and business accelerators

Gateway to Canada Flying to Toronto is a breeze, thanks to its two best-in-class airports. Located 30 minutes from downtown via the UP Express train, Toronto Pearson International Airport has been named the best large airport in North America four years straight. With non-stop and same-plane service to more than 175 cities around the world, it serves roughly 50 million passengers each year and will soon be home to a massive regional transit hub. There’s also Billy Bishop Airport, a downtown island facility accessible by ferry and underwater pedestrian tunnel. Winner of the Airports Council International Environmental Achievement Award, the airport provides easy access for visitors from across Canada and the United States.

I N N O V A T E

T O R O N T O

Culture for innovation Toronto has no single identity — and that’s a strength. It’s why each neighbourhood feels like its own city, and it’s what gives Torontonians the confidence to create solutions that are not just new, but better. Toronto is still a young city. That means anyone who comes here — for a meeting, a vacation or just one breathtaking night at the theatre — has a chance to contribute to the city’s story. Here, art, entertainment, cuisine and urban design are infused with innovation to inspire.

I N N O V A T E

T O R O N T O

Must do, must see

Massey Hall 2021 saw the revitalization of Massey Hall, Canada’s most-celebrated music venue. Along with its upgraded main room, it now also offers two smaller theatres for local performers, state-of-the-art A.V. tech, lounges and a recording studio.

Art Gallery of Ontario The AGO features an unmatched collection of Indigenous works, Canadian classics, European masterpieces and African art, old and modern. In 2008, the AGO completed its most recent addition, designed by Frank Gehry, who grew up just a few blocks away.

Aga Khan Museum Overlooking the Don Valley, the Aga Khan Museum showcases the art and culture of various Islamic civilizations. His Highness the Aga Khan chose Toronto as a tribute to the city’s pluralism.

I N N O V A T E

T O R O N T O

A city of possibilities Toronto, a city that’s famous for bringing worlds together, is now literally expanding its horizons, creating entirely new communities and embedding innovation and sustainability in everything. Soon to be completed is a staggering collection of projects — infrastructure both awesome and accessible. Consider the Port Lands revitalization: 400 hectares; 25,000 new residents; vast park land; and, yes, an island and winding river built from scratch. Then there’s Toronto’s transit expansion (the largest in North America) that will bring five new rapid lines in the coming years. And don’t forget new data centres and hospitals, more tech hubs and festivals, as well as the promise of net zero by 2040 on the back of historic investments in electric vehicles, reforestation, green-building standards and clean technologies. Toronto is a city of participation. A city that flourishes due to the proximity of cultures that encourage us to experiment, remix and come together through osmosis learning. Come to Toronto. Let’s build the future together.

The future in sight • 2.3 million digital-economy jobs by 2025 • 8 million Greater Toronto Area residents by 2030 • Net-zero greenhouse gas emissions by 2040

I N N O V A T E

T O R O N T O

RISING UP

Exciting new buildings are going up all over the city.

The Indigenous Community Hub will be a centre for wellness, education, housing and childcare. Photo: NAK Design Strategies Stantec

Aquabella at Bayside condos feature stylish solar-panel cladding. Photo: 3XN

The Cultural Hub at Humber College will offer theatres, labs, studios and shared spaces for students and the wider community. Photo: Diamond Schmitt

George Brown College’s The Arbour will be Ontario’s first mass-timber, low-carbon institutional building. Photo: Moriyama-Tesmina Architects

CHAPTER 2

THOUGHT LEADERS

INNOVATING WITH IMPACT TORONTO’S TECH ECOSYSTEM IS TACKLING THE WORLD’S GREATEST CHALLENGES. YUNG WU, CEO, MaRS It’s invaluable to work at a place that never stops innovating — especially in the face of a generational pandemic. From the outset of the emergency, MaRS has remained open at reduced capacity to help in the fight. Publichealth workers testing COVID-19 cases day and night; hospitals using our auditorium as a vaccine clinic; startup workers continuing essential research in wet and dry labs. Walking through the building and seeing all this action has been an inspiring reminder: Toronto’s innovation sector has everything it needs to come out of any crisis on top.

services easier to access, navigate and purchase. And then there’s Ecopia, which has offices a few floors up from my own, creating the first complete, digital map of Sub-Saharan Africa. The stories highlighted in this book showcase Toronto as a pillar of Canada’s innovation community and an agent of meaningful, measurable impact. Never has such work been so crucial — not just for our startups and our scientists, but for everyone. MaRS wants to help startups commercialize and scale, and these are also the companies that will help big manufacturers, banks, retailers and the rest of our economy become more competitive. Our innovation economy — our prosperity — depends on them becoming job creators, wealth drivers and global leaders.

Toronto is my home because it embodies the cosmopolitan ideal. It is the most diverse city on the planet (more than half of the population is foreign born), innovators from the arts to A.I. choose to build their careers here — and it’s a financial powerhouse. And because all sorts of people are welcome here, the city’s tech ecosystem excels at all sorts of things.

As we prepare for a new way of business (and life) post-pandemic, I’m excited to see how Toronto’s ecosystem will take on our greatest challenges. And I’m excited to meet you: the new Torontonians moving here to build companies, make discoveries, attend conferences and — most importantly — join a community.

Toronto’s singular brand of inclusion is its unique strength. In 2021, the city ranked first in North America for tech-job growth; first in the world for working women; second in the world for safety; and sixth in the world for remote workers. It also had a record year for venture capital investment, and boasts the fastest-growing population on the continent.

See you in the office.

But if you want to see the truest sign of Toronto’s worth, look to our top startups and scale-ups that are chasing both revenue and social progress within and beyond Toronto’s borders. Hydrostor, a climate-tech company headquartered on Bay Street, is developing utility-scale projects across North America, including two sites in California. When complete, they will become the world’s largest non-hydro energy storage facilities. League, an employee-benefits venture, is working with Loblaw to make healthcare

Yung Wu is CEO of MaRS. A serial entrepreneur and investor, Wu has built scale-stage companies in sectors such as enterprise software, big data, and media and entertainment. He is co-founder of the Coalition of Innovation Leaders Against Racism and DifferentIsCool.

marsdd.com

I N N O V A T E

T O R O N T O

ENTREPRENEURIAL EXPERIENCES IMPROVE CANADA’S WORKFORCE JOHN MACRITCHIE, ASSISTANT VICE-PRESIDENT, ZONE LEARNING AND STRATEGIC INITIATIVES, TORONTO METROPOLITAN UNIVERSITY (FORMERLY RYERSON UNIVERSITY) It might be odd to hear this from someone who leads incubation at a university, but not everyone needs to be an entrepreneur and not every startup will succeed. Our success has come as a result of embracing this experience, and how it develops students and innovators. Leveraging startup and venture creation as a vehicle to drive innovation, Zone Learning creates opportunities for students to pursue non-traditional careers via entrepreneurship, and to achieve more in traditional career paths. We consistently hear from employers that it is difficult to measure the qualities that they are looking for in new hires – the ability to problem solve outside your comfort zone, to work in an interdisciplinary team, to be adaptable, to demonstrate resilience, and to show initiative. While technical skills can be taught and practiced, these valuable intangible skills must be earned through experience working on real projects and interacting with others. This helps to develop “the entrepreneurial mindset” – a collection of competencies that develop from an authentic experience where an individual has the opportunity to lead, is held accountable for tasks, develops their personal network, and, ultimately, becomes more self-aware. We even differentiate our programming for those who want to develop startups and for those who want to develop skills for employability. Office of Zone Learning 44 Gerrard Street East, CUI 323, Toronto, Ontario, M5B 1G3 +1-416-979-5000 ext. 553432 zonelearning@torontomu.ca zonelearningtmu zonelearningtorontomet

The process of trying to launch a new venture – whether successful or not – builds the entrepreneurial mindset, complements academic learning and supports the growth of individuals. The Zone Learning experience produces higher quality entrepreneurs, and improves the employability and success of graduates, regardless of their career paths.

torontomu.ca/zone-learning Toronto Metropolitan University 350 Victoria Street, Toronto, ON, M5B 2K3 +1-416-979-5000

Visit torontomu.ca/zone-learning to learn more about our programs, initiatives and zones.

torontomu.ca 23

“U of T’s remarkable diversity provides both a springboard to social mobility and a superb environment for education, research and innovation.”

I N N O V A T E

T O R O N T O

INCLUSIVE EXCELLENCE MERIC S. GERTLER, PRESIDENT, UNIVERSITY OF TORONTO The strength of Toronto’s higher education, research and innovation enterprise is remarkable. More than 400,000 students are enrolled in the region’s 18 universities and colleges. Roughly 100,000 of these are international students. The Toronto Region has one of the most highly educated populations in the OECD. Moreover, the region is home to institutions of exceptional quality. Times Higher Education ranks the University of Toronto as the eighth best public university in the world, and second amongst public universities in North America, behind only UC Berkeley. U of T’s affiliated academic hospitals also rank among the world’s best. The Hospital for Sick Children was ranked first among the world’s paediatric hospitals, and Toronto General Hospital/ University Health Network was the world’s fourth-ranked general hospital, according to Newsweek. This excellence spans every discipline and profession, and this intense and rich ecosystem produces extraordinary results. 2021 marked the 100th anniversary of the discovery of insulin at U of T and the 60th anniversary of the discovery of stem cells by researchers in U of T’s affiliated hospitals. More recently, our researchers and students have made path-breaking contributions to bio-innovation and achieving sustainability. Their work has created headlines at the intersection of information technologies, human rights and global security. And they have pioneered the development and application of neural networks and deep learning models of artificial intelligence, together with researchers at the Vector Institute. The Schwartz Reisman Innovation Campus, across the street from MaRS Discovery District, will soon become the focal point for U of T’s entrepreneurship programming, providing much-needed space for scaling homegrown startups. It is no surprise that Toronto is now one of North America’s foremost centres for startup activity. In all of these efforts, the Toronto Region offers a unique example of inclusive excellence. U of T demonstrates this well: it is a worldclass, research-intensive institution with a public mission, where more than half of the student body comes from families of modest means. Indeed, U of T’s remarkable diversity — ethnic, racial, cultural, linguistic, religious and socio-economic — provides both a springboard to social mobility and a superb environment for education, research and innovation. U of T embodies a commitment to access and excellence at scale. Taken together, Toronto’s universities, colleges, hospitals and entrepreneurship hubs represent a force multiplier for talented people in the world’s most diverse region.

The Human Biology Lab Bootcamp helps undergraduate students build confidence and career skills.

CEIE Visualization Lab at Myhal Centre for Engineering Innovation and Entrepreneurship.

Education, research, and innovation are the foundations of the future. To see what that future looks like, look to Toronto.

utoronto.ca 25

I N N O V A T E

T O R O N T O

TORONTO TECH IS AT A TURNING POINT, AND WE’VE GOT A RESPONSIBILITY TO UPHOLD ABDULLAH SNOBAR, EXECUTIVE DIRECTOR OF THE DMZ AND CEO OF DMZ VENTURES Let’s be real: Toronto tech has been hitting it out of the park lately. The ecosystem has soared to new highs. Venture funding deals are crushing new records. The GTA is rich with leading innovation hubs. Merger and acquisition activity is revving up. We’re now rated as North America’s fastestgrowing job market. All eyes are on Toronto. The ball’s in our court, and it feels good. But what’s our next play? We’re entering a golden age for the startup ecosystem and witnessing the ripple effects of our previous successes. Be that as it may, to double down on our momentum, we need to keep our eyes peeled for threats. That means ensuring our homegrown startups have the capital, connectedness, market reach, know-how, and – perhaps more crucial than ever, the talent – to keep us going in the right direction. While Toronto’s experiencing “brain gain”, a huge disconnect in the job market remains. The founders that come to the DMZ consistently cite access to talent as one of their biggest barriers to growth. The rise in remote work has heightened the war on talent, tempting top talent to flock south of the border. Further, dozens of American tech giants are now setting up shop in Toronto. It’s something to be celebrated with caution – incubators are working so hard to roll out the red carpet for our early-stage startups, and yet we’re at the threat of large enterprises stealing their limelight. Yes, it’s flattering that the likes of Netflix, Reddit, TikTok, and several others are opening offices in Canada. But we’re at risk of our startup talent packing their bags and leaving for the big guys. Governments, corporates, universities, and any other players in the innovation ecosystem, let’s give Toronto every shot we can to stimulate a globally competitive ecosystem for years to come. If you don’t know how you can make an impact, reach out to the DMZ. Our tech sector is undeniably red-hot right now, but with great power comes great responsibility. If we don’t nurture it – our talent, our startups, our technology – we could see it come crashing down just as fast.

Abdullah is the Executive Director of the DMZ, a leading tech incubator, and the CEO of DMZ Ventures. Under Abdullah’s leadership, the incubator has expanded its global impact by establishing a worldwide network of DMZpowered incubators across 12 countries. To date, the DMZ has helped 700+ startups raise $1.65 billion+ in capital.

dmz@ryerson.ca

dmz.to 26

I N N O V A T E

T O R O N T O

CHANGING THE NARRATIVE: TOWARD A THRIVING SUSTAINABLE ECONOMY

NAMIR ANANI, PRESIDENT & CEO, INFORMATION AND COMMUNICATIONS TECHNOLOGY COUNCIL The industrial landscape in Canada, however, reveals a positive trend toward sustained growth for environmental-related sectors. Our recent research for the report Digital Talent Outlook 2025: Onward & Upwards projects a sizable increase in employment in Cleantech and Clean Resources by 2025 totalling around 352,000 and 185,000 workers respectively. Food and Agri-Tech are also seen as a growth sector, given the heightened demand for upwards of 49,000 workers in the next three years. While such trends are encouraging, accelerating sustainable corporate transformation as well as changing consumer behaviour will require a significant shift in narrative that involves developing new business models, exploring an agenda of green research and development, adopting new fiscal and financial levers, and the elaboration of a strong regulatory framework.

The Path Forward: For Canada to be a leader in climate change action, an all-encompassing approach in government policies, business strategies, and consumer behaviour will be necessary. Such an approach needs to address the following, among other issues: • Favouring Foreign Direct Investment (FDI) inflows that promote sustainable business growth and green jobs • Supporting research and development in green tech, renewable energy, and carbon capture processes • Enabling monetary policies that foster greater institutional and private investments in the green economy • Introducing a legal and regulatory regime to better address the climate change challenge • Fostering fiscal and financial levers that influence corporate strategies and consumer behaviour toward environmentally conscious choices • Preparing Canada’s talent for tomorrow’s green economy We live in an era of rapid disruption where global forces are now demanding our full attention. Emerging economies, geopolitical inflections, health risks, cyber threats, and changing employment prospects are now top of mind. Against this backdrop are digital technologies that are accelerating innovations and transforming industries faster than economies can adjust.

With the stakes this high, we are in a race against time to reverse the effects of climate change. Advanced digital technologies like artificial intelligence, blockchain, quantum computing, and 5G will no doubt play a decisive role in accelerating innovations toward a sustainable path forward. Our actions today will form the foundations of a better and prosperous future for generations to come.

Climate change remains, however, the most pressing endeavour of our time with potentially profound socioeconomic impacts in the coming years. Today, the world collectively emits around 50 billion tonnes of carbon dioxide equivalents (CO2e) each year, a rise of 40% compared to 1990. Such alarming trends are expected to have far-ranging environmental, economic, and health effects, changing the lives and livelihoods of many citizens around the world. Vulnerable populations are also expected to be the hardest hit in this environment, further exasperating inequities and economic disparity.

ictc-ctic.ca 27

I N N O V A T E

T O R O N T O

BET ON YOURSELF

ANNETTE VERSCHUREN, CHAIR & CEO OF NRSTOR INCORPORATED Leaders achieve breakthrough results when they learn to trust in, listen to and fully be themselves. While I didn’t know it at the time, my family gave me a solid foundation to build on while growing up on a farm in Cape Breton. My mother was extraordinarily organized and disciplined while my father was visionary and creative, and I got a bit of both. My father, the innovator, built a liquid manure system in 1964 despite being turned down by the farm loan board because no one had done it before. He knew this system would be more efficient and getting off chemical fertilizer would bring many benefits. He introduced me to the “circular economy”, and I think of his determination and courage when I think about the leadership qualities we need to build a sustainable future.

Today’s leaders need to stand for something, show courage, and speak through their actions. Leadership is about identifying and creating opportunity and setting a bold vision. During my time leading Home Depot, it grew from 19 stores and $600 million in sales to 179 stores and $6 billion in sales over less than a 15-year period. At the time, Indigenous peoples in Canada were leading the fight against unsustainable logging practices, and I agreed with them on the importance of protecting our forests. As one of the world’s largest purchasers of lumber, we played an important role in greening supply chains by introducing our Wood Purchasing Policy. In 1999, years before “green procurement” had made its way into everyday business jargon, we committed to source our lumber from forests that were sustainably managed. I saw first-hand that our actions could bear powerful, and positive results as other industry players followed suit. After leaving Home Depot I travelled the world with my husband Stan, and it was clear that food, water and energy were major global challenges that require innovation. This led me to create NRStor – an energy storage project development company – to bring forward the solutions we need to transition to an efficient, cost-effective and carbon free energy system. Many people were surprised as I hadn’t previously worked in the electricity industry. But I also joined Home Depot without having built a house. The great Canadian thinker Marshall McLuhan said, “There are no passengers on spaceship Earth. We are all crew.” In this, McLuhan was right. The challenges we are collectively facing require a new model of doing business, in which the potential of every individual is fully unleashed. We all have to pitch in. The age of silos, blindly following orders and profiteering are dead and gone, and a new way of doing business is emerging. I am excited for our future. Serving as Chair of Sustainable Development Technology Canada and MaRS Discovery District allows me to see firsthand how innovation is progressing in our country. Canada is the place to be for innovation. We have the strength to be a world-class player in this arena. To get there, collaboration, speed and communication are critical, along with a new type of leadership. I encourage you to become the type of leader the world needs – capable of ushering in the new model of advancement that marries profitability, sustainability, and partnerships. Success is more than economic achievement; it also includes civic engagement and contributing to humanity. This means embodying who you truly are and learning how to bring that self into the world of action and execution. This means betting on yourself over and over again. So, let’s get started.

NRStor.com 28

I N N O V A T E

T O R O N T O

THE GLOBAL TECH STARTUP. ONE OF THE MOST IMPORTANT DEVELOPMENTS WITH REGARDS TO STARTUP FORMATION IN RECENT YEARS IS THE DECOUPLING OF THE FOUNDERS’ COUNTRY OF RESIDENCE FROM THE COMPANY’S PHYSICAL OPERATIONS. SUNIL SHARMA, MANAGING DIRECTOR, TECHSTARS TORONTO The modern entrepreneur is truly global and the desire to move across the world in pursuit of creating the next billion-dollar tech startup has never been more real. With the onset of remote work, global mobility has become more desirable. The onus is on countries to make themselves more attractive and accessible to entrepreneurs or risk losing the talent and the potential economic windfalls to other more accessible jurisdictions. Canada has cultivated a country brand that has ranked at or near the very top of the world order, and this has become our unfair advantage as we compete for startups, and as Canada competes for jobs. Of even higher importance are the very cities themselves that serve as the innovation hubs, as entrepreneurs are choosing their homes based on their values and on the intangible attributes that make cities thrive. Toronto is in a fortunate position relative to all other global tech cities. We are a city teeming with immigrants who embody technological skills and ambition. With virtually all startups now built for global markets, the market knowledge inherent within the global diaspora cannot be overestimated, and the magnetic pull that

already been done. Approximately 50% of our startup investments have been into global entities, which are often then combined with incorporation in Canada. The result has been internationally positioned tech startups that combine local market knowledge with Canadian values. In effect, the startups operate as minimultinationals and serve the world better and move even faster.

Toronto has on entrepreneurs has become the narrative. At Techstars Toronto we have taken a world-view on investing in startups. By not limiting ourselves to the domestic pool of tech companies, we are effectively taking our country and city brand to the world. For the most part, it has been an easy and fast conversation, as much of the selling has

Accelerators by their very definition help move startups quickly. We guide entrepreneurs by challenging their assumptions. We train by repetition while provoking inspiration. We trigger capital investment and stimulate business partnerships. We also believe that the best value a startup can gain from an accelerator is by expanding their network. Building international networks are the critical benefit for startups from emerging markets and this is boosted by a local population that is itself defined by immigrants. Techstars Toronto is thriving in Toronto because of Toronto. Our global diaspora has become our brand, and the world’s top entrepreneurs have noticed.

techstars.com 29

I N N O V A T E

THE POWER OF ARTS AND CREATIVITY AS A FOUNDATION FOR INCLUSIVE INNOVATION

GRACE LEE REYNOLDS, CHIEF EXECUTIVE OFFICER, ARTSCAPE INC. We believe in the power of arts and creativity to contribute to the social, cultural and economic wellbeing of our city. For over 30 years, Artscape, a not-for-profit organization, has made space for creativity for artists and creatives to thrive. This has resulted in Artscape developing and operating 15 unique creative and community spaces across Toronto; vibrant community cultural hubs, performance event spaces, a creative entrepreneurship centre and artist housing and work studios. Our objective has been to ensure that artists

T O R O N T O

and creatives have community embedded affordable functional work spaces, allowing them to create and innovate without hindrance, while also enhancing the local community with personality and life beyond bricks and mortar. As Toronto experiences a high economic growth, particularly from within the tech sector, the urban affordability crisis continues and intensifies. Artists and creatives, increasingly, struggle to find affordable places to live and work. They are often burdened with precarious livelihoods that leaves little time and energy for the creative process. The pandemic exacerbated this precarity, amplifying disparity and challenges across Toronto. The city is in dire need of a sustained thriving creative community in order to own its reputation of being a vibrantly exciting and livable city. Artscape has been instrumental in establishing a global movement around creative placemaking, a practice that leverages arts and culture as a catalyst for community and urban development. But creative placemaking is not only about allocating space for arts and culture in development plans. It’s about enabling the people that live and work and transform these places, supporting community resilience and fueling the creative economy. The creative economy encompasses a range of industries and occupations, including, media creators, designers, visual artists, craft-design makers, performing artists, writers, musicians, and a host of supporting and ancillary professions. It is essentially centred around people’s talent and is human-focused. Yet there are untapped opportunities at the intersection of arts, creativity and the innovation of urban economy that is exciting and awaiting engagement. Our creative entrepreneurship hub, Artscape Daniels Launchpad, provides co-working, design & fabrication and digital media facilities to support creatives that are looking to start and grow their careers and businesses. At

Launchpad, and our other hubs, we strive to deliver programs that support entrepreneurship skills development and connections that will provide a foundation for more sustainable incomes and business growth. The needs of artists and creatives, and their economic potential, are not fully recognized by those who fund and support innovation. Rather, they are presented as benefits and values brought to community and economy as being an esoteric by-product instead of purposeful and value directed goals. Creative practices and distribution – in designmaking and content creation – have rapidly shifted due to digitization, generating new creative sectors and opportunities, such as gaming and immersive media, fashion and product innovation; a direction that creates jobs and strengthens local identities. Another opportunity is to set the stage for interdisciplinary exploration, which can be a catalyst for creative and innovative thinking. Arts and creative practices can actively inform innovation in health, environment, finance – broad challenge areas where scientific and technological solutions must be paired with cultural and societal benefits that invites public engagement. How do we ensure that private and public investment flows to support arts and creative sectors as a priority and not an afterthought? Does increased intention for corporations to pursue Environmental Social Governance (ESG) investment present an opportunity to build arts and creative infrastructure in new ways? These are the challenges that we and our collaborators feel compelled and excited to tackle – for Toronto’s inclusive growth and development.

artscape.ca

I N N O V A T E

T O R O N T O

BRING ON THE TROUBLEMAKERS. THE NEXT CHAPTER OF TORONTO’S STORY WILL BE WRITTEN BY INNOVATORS PRASHANT PATHAK, CHAIR OF THE INNOVATION ECONOMY COUNCIL AND CEO OF EKAGRATA often they are quiet visionaries like Kati Kariko, the researcher whose work on mRNA was rejected by grant makers for 20 years before it became the basis of the COVID vaccines. As Canadians, we have work to do in creating systems to support people like these. Canadians’ aversion to risk is a perennial hurdle for our truly innovative entrepreneurs, who sometimes find more willing backers and buyers abroad than at home. This pattern goes back decades. In the 1970s, research on adenoviruses at McMaster University laid the groundwork for a host of vaccines and therapeutics that were mostly commercialized elsewhere. And a recent report from the Innovation Economy Council (IEC), of which I am chair, found that threequarters of patents held by Canadian startups that were bought out are now in foreign hands.

There is nothing more difficult than going from idea to action. But that’s the challenge Canada’s innovation community now faces. After more than a decade of investment in innovation hubs, venture funds and spaces for startups, the country is teeming with growing tech companies. All the “success metrics” as defined by activity — inward investment, company revenues, jobs, acquisitions — aren’t just moving in the right direction, they are racing there. The question remains, however, if these activity metrics are enough to drive the beneficial outcomes we expect from innovative activity and risk-taking. Toronto is now one of a handful of cities globally that’s on the verge of becoming a hotbed of world-changing innovation. But to get there we need to add something new to the mix: what author and psychology professor Charlan Nemeth has called “principled troublemakers.” These are often iconoclasts with ideas that everyone initially thinks are crazy. Sometimes they are bombasts of Elon Musk’s ilk. But more

Founded two years ago, the IEC is trying to reverse trends like these by creating space for disparate parts of Canada’s innovation community to convene, collaborate and confer on tough issues. Through events and reports capturing leading-edge research and field insights, it analyzes data and surfaces original perspectives to track the progress of the innovation economy. To find truly innovative ideas, governments, entrepreneurs and investors need to look past the much-hyped technologies of the moment to see the opportunities on the horizon. The future will always be more than 140 characters! We need ambitious ideas that respond to the issues Canada faces and are applicable beyond our borders. What happens when the Northwest Passage opens up? How can forestry be made sustainable? Can we create a new path to carbon negative with less polluting fossil fuels? If we want answers we must show a greater willingness to bet on scientists and entrepreneurs with unconventional ideas and unproven technologies. Government has a role

to play, by funding long-shot endeavours and encouraging other investors to join in. Our universities can encourage the next generation of entrepreneurs to challenge the status quo. Most will fail, but the handful that succeed will more than compensate. Toronto’s tech community has grown spectacularly in the past few years. It has boosted Canada’s GDP and created jobs throughout the country. Now that it’s big, it must be bold. It’s time to make a little trouble. Prashant Pathak is Chair of the Innovation Economy Council and CEO of Ekagrata a private investment firm and diversified holding company.

I N N O V A T E

T O R O N T O

TO GET AHEAD OF CANCER, WE MUST UNDERSTAND ITS BACKSTORY DR. LASZLO RADVANYI, PRESIDENT AND SCIENTIFIC DIRECTOR, ONTARIO INSTITUTE FOR CANCER RESEARCH

The most powerful way to stop people from dying of cancer is to stop cancer from taking hold in the first place. That’s why researchers across Ontario are studying why and how cancer develops, looking back to the days before the first cancer cell divides to drive life-saving advancements in prevention, early diagnosis, and treatment. With funding from the Government of Ontario, the Ontario Institute for Cancer Research (OICR) conducts and supports research digging deep into cancer’s backstory. The thousands of researchers we have supported worldwide have all brought their own unique approaches. This includes research on the biology of how tumours develop, programming computational algorithms to predict tumour growth, and developing treatments to address each patient’s unique form of cancer. OICR is bringing together these approaches in collaborative research networks to tackle a singular challenge: stopping cancer before it takes hold, evolves, and spreads. What we are discovering

together has taken us to the precipice of getting ahead of the disease, where we can start envisioning cancer being detected months to years before it takes off. Recent years have seen tremendous innovations in our ability to detect cancer early. Ontario scientists have harnessed modern technologies in genomics and proteomics to study tumours at a molecular level, finding markers in the blood and other biological fluids that show the presence of cancer years before traditional screening would. We are working toward a future where people can do noninvasive tests for cancer markers where and when they are most needed, and together with advances in diagnostic imaging, we will be able to detect most cancers in the early stages, when survival rates can be more than three times higher, and cancer even cured. Other cutting-edge Ontario-based research supported by OICR is investigating why certain people get cancer, hoping to stop deadly tumours from developing at all. Some people are born with genetic mutations that put them at higher risk of developing certain types of cancer. By understanding these hereditary mutations and how they lead to cancer, we can find cancers as soon as they develop and even stop them before they start growing and spreading.

There are also causes for cancer we have known about for many years, but still require forward-thinking solutions. Smoking, for example, is behind about 30 per cent of all cancer deaths. Yet addressing smoking-related cancers requires an understanding of social and economic factors as much as biological ones. So instead of looking through microscopes, some of our supported cancer researchers are looking at the impact of countrywide tobacco control policies, aiming to strengthen efforts to slow down the world’s biggest cause of preventable cancer. With expertise across the continuum of cancer prevention and care, Ontario is set to forge ahead with innovations in cancer prevention and early detection. By harnessing these assets with continued support for research and a coordinated effort from government, industry, and the community at large, we can stop cancer at its roots and save countless lives for generations to come.

oicr.on.ca

FOUNDED ON INNOVATION

NINA GAZZOLA, SENIOR VICE PRESIDENT OF INNOVATION HUBS AT MARS As innovators around the world return to work, cities find themselves again catching up with Toronto’s downtown hub model. I never worried about Toronto. Even as pundits suggested the coronavirus would bring about the death of cities, I knew our unique brand of urban innovation — our massive web of downtown tech hubs, schools and hospitals, offices and labs, as well as government and financial institutions — would remain strong, no matter what. Now, as COVID-19 shifts to an endemic phase, cities are once again playing catchup with Toronto. Urban innovation is founded on the idea that place matters; that brilliant people need more than suburban office parks to improve the world. Innovators require a platform to meet, interact and collaborate. Only the density of a cosmopolitan capital can bring about these creative collisions at the pace and scale required for today’s reality. And it’s a principle that has served my career for decades, long before anyone had ever heard of SARS-CoV-2. Canadians have a reputation for building trust into their products. Our homegrown solutions — everything from A.I. that “teaches” buildings to reduce emissions to software that removes bias from the application process — are designed to grow, make money, create jobs and tackle social problems. But such levels of innovation require

inspiration; they require human contact and community. First pioneered in Toronto in the early aughts, the philosophy is best embodied by the MaRS Centre: 1.5-million square feet of office, lab and event space directly linked to the city’s hospital network, provincial legislature, rapid transit and the University of Toronto. This unique ecosystem is what gives our startups and scale-ups their edge. Toronto’s economy has rebounded faster than most jurisdictions. While other cities continue to chase our downtown hub model, here, the foundation has already been laid. Toronto’s thriving tech scene isn’t going anywhere; in fact, it’s only growing. Today, there are more active construction cranes here than the entire United States, many of them building the latest in cleantech architecture. On the lake, the Waterfront Innovation Centre — a state-ofthe-art office and community hub with two floors dedicated to high-potential Canadian ventures — recently opened its door. And at the MaRS Centre, we’ve been busy converting 20,000 square feet of offices into labs to help meet Toronto’s unprecedented demand, as well as building new collaboration space for tech conferences. When I talk to developers, architects, landlords, property managers from other cities, they want

to learn how to work with entrepreneurs; how to meet the needs of the tech industry; how to partner with the private and public sectors — they want to know how to design spaces that inspire innovators, and contribute to the larger culture of the city. Urban innovation didn’t exist until Toronto and its partners came together, made the investments, and revolutionized the city’s downtown close to 20 years ago. It’s what helped solidify Toronto as a magnet for tech talent. On the day COVID-19 restrictions were lifted, the MaRS Centre was already humming. For the last two years, the building remained open. Every day, more and more innovators keep returning to our hub — because their essential work requires it, but also because they want to be with other innovators. And because they’re needed to help conquer society’s greatest challenges. You can found a startup and scale a product from anywhere. Or, you can come to Toronto, join a community and hit the ground running.

marsdd.com

I N N O V A T E

T O R O N T O

Predicting the Future

G SCOTT PATERSON, EXECUTIVE CHAIR Succeeding as an early-stage technology company builder and investor requires an aptitude to predict the future. G Scott Paterson would argue that many people can actually predict the future but that the key is to recruit the team that can build the solution that will capitalize on how the future will unfold and, critically, to do so, such that the timing of launching the solution is slightly ahead of its time. It is this later timing point that is the difference, in his view, about achieving moderate success versus hitting the ball out of the park. In 1991, Paterson’s first financing was Kevin O’Leary’s SoftKey Software and its stock price subsequently skyrocketed. Within a few years, he was widely regarded as Canada’s leading technology investment banker. In the Spring of 1995, on the eve of the first tech boom, Paterson believed that Bay Street was ready to support the country’s first technology investment bank and that virtually all industries would, over time, become technology driven. With this view of the future driving his career planning, he joined Yorkton Securities and quickly transformed the brokerage from a mining focused boutique into the country’s most prolific technology investment bank raising $3 billion as lead underwriter and an additional $6 billion as comanaging underwriter for technology companies during the six years he was at the firm. In 1999, Time Magazine referred to Paterson as “One of Canada’s 21st Century Leaders”. In 2005, Paterson believed that live streaming was the future of content delivery and decided to back an early stage started called JumpTV. In 2006, as Chairman & CEO, he arranged for Morgan Stanley to lead the company’s $71 million IPO. A decade later, the company’s largest customers — the NHL, NFL and NBA — all streamed their live games via its B2B2C white label platform and in 2018, the company was sold for US $250 million to Endeavour, ranking it as the largest live streaming company in the world. In 2007, Newsweek Magazine profiled Paterson as “One of 17 People to Watch Globally”. While the Yorkton and JumpTV success stories were examples of accurately predicting the future, Paterson is the first to acknowledge that not all of his visions of the future have panned

out as planned and that he has his fair share of scars on his back. Paterson thinks now, though, that he has another prediction that will bare great fruit in the years to come and in this pursuit, in 2015, he and his long term collaborator and marketing ace Michael Bradley, conceptualized and cofounded FutureVault, to capitalize on what he and his colleagues believe is the advent of one of the largest global business categories ever to be created. FutureVault is pioneering Personal Life Management and Paterson believes that within five years virtually everyone will have a Personal Life Management digital vault in which they store and manage all their personal, legal, and financial documents and data. Moreover, he believes that digital vault platforms will be the cornerstone of most organizations; that this new paradigm will encompass machine learning and AI alongside a vast array of integrations, all of which will fundamentally change the way people live and manage their lives, both personally and professionally. Digital vaults will allow for the organization, encryption, and control over one’s important information. Paterson believes that the path to this ubiquity is not via existing personal document management solutions (ex: DropBox or Google Drive) but instead will be primarily be via one’s trusted relationships via Financial Advisors, Lawyers, Tax Preparers, Accountants,

HMOs, Universities & Colleges, Unions, Pension Funds, States/Counties that will use branded Personal Life Management vaults to acquire and retain customers and members – and that, in due course, these branded vaults will be akin to Stadium Naming Rights. Through this, daily mindshare will be inherently associated with this positive and indispensable value proposition. Above all else, Paterson believes that information is an asset class and should be treated as such. He and his FutureVault colleagues are in the late stages of buttressing their B2B2C white label offering with a B2C offering whereby Gen Zs and Millennials can choose to monetize their personal information via FutureVault’s patented proprietary solution marrying the themes of a loyalty program with programmatic advertising, a marketplace and tokenization. Beyond ’Freemium’ — this is a world in which digital vault users will be paid tokens to open vaults and earn more tokens to share key information with product and service providers in order to be provided hyper relevant offerings. In a world where content is king, data is the new oil, and crypto is influencing our perception of value and currency, Paterson has crafted a converging roadmap to the future that is becoming clearer by the day. Time will tell.

futurevault.com

I N N O V A T E

T O R O N T O

DISRUPTING THE GLOBAL BOOK BUSINESS

FOUNDER/CEO, INTERNATIONAL GROUP PUBLISHER - GLOBALVILLAGEPUBLISHINGINC.COM How is the commercial book publishing world being disrupted? Some clients joke with us that we are bringing back a dying art form, printing hard cover books for business which are cool again. The business model however has changed completely, gone are the days of pay to play by selling advertorials or advertising. A great book on an ecosystem or industry needs to be authentic and all encompassing of all the major players sharing their story, not just whoever paid to be in there. To finance that we moved to a crowd funded book buying model where the market and the participants buy the books in bulk to use as gifts to clients, visitors, investors and employees. You also need to add technology to the printed book by embedding augmented reality videos into its pages, we do that by hiding QR codes behind the images that a mobile phone can read to activate a video. The books also need to be available online as ebooks, a blog and ultimately a forum where all the participants can communicate with each other. How do you set up your business in new cities and countries? We look for skilled marketing professionals in each city that know their community well and form 50/50 partnerships with them where they collect the stories and we design and print the book. We are a fast growing tribe of fun and energetic publishing entrepreneurs, partners and friends. We all share a passion for innovation, beautiful places and cultures that we want to embrace, share and showcase with the rest of the world. We are always looking for marketing entrepreneurs to join our team, please reach out to me on LinkedIn or info@globalvillagepublishinginc.com. How has COVID-19 changed your business? We have been very fortunate and seen significant growth over the pandemic as events and exhibitions have had to reinvent themselves. We see ourselves as an exhibition of innovation in book form. Everyone is now innovating some part of their business and with face-to-face contact moving to zoom calls our books have been a great connector and touch point for companies and their clients.

Sven Boermeester is a global publishing entrepreneur with a career that spans over 20 years with stops in more than 100 countries. He was born in Antwerp, Belgium and grew up in South Africa. After completing his business studies in Cape Town, he opened his first media company and started publishing the trade and industry directories for South Africa followed by the launch of the Best of the World publishing series in Dubai. Fast forward 20 years and 183 ‘Best of’ editions across 60 countries, Sven now lives in Tampa, Florida with his wife and young son. He is working on disrupting the publishing business by mapping out the Innovation ecosystems of every major city in the U.S. and around the world, through his latest Innovation books and augmented reality video series.

Email: info@globalvillagepublishinginc.com sven-boermeester-8605823 Globalvillagepublishinginc.com InnovationsOfTheWorld.com 35

I N N O V A T E

T O R O N T O

CHAPTER 3

ACADEMIC INSTITUTIONS

Hart House, University of Toronto

UNIVERSITY OF TORONTO Achieving excellence — at scale U of T consistently ranks as one of the world’s Top 25 universities, and it’s the hub of Toronto’s innovation ecosystem. For nearly 200 years, some of society’s most daring thinkers have gathered here to unlock human potential and bring about positive change. It’s where Frederick Banting, Charles Best, James Collip and John Macleod discovered insulin; where Marshall McLuhan anticipated the internet; where Geoffrey Hinton developed the foundations for truly smart machines. And it’s where tomorrow’s transformational innovations are being researched and realized — today.

U of T Mississauga Campus

As Canada shifts to an innovation-based economy, U of T is the ideal place to build a company and transform research into products that promote prosperity, well-being and vitality in our region and the world. It’s one of the university’s most important missions: to enrich our students and partners — the next generation of innovators — with the best teaching and resources. U of T is a community that believes talent and great ideas can rise above any challenge and change the calculus of what’s possible. It’s a place that defies gravity.

Scaling innovation U of T’s entrepreneurship community consists of numerous startup accelerators spread across three campuses. U of T Mississauga: • ICUBE UTM U of T St. George: • Centre for Entrepreneurship • Creative Destruction Lab • The Entrepreneurship Hatchery • Health Innovation Hub • InnovED • University of Toronto Early-Stage Technology (UTEST) U of T Scarborough: • The BRIDGE • The Hub

600+

university in Canada for research-based startups

venture-backed startups launched in the last 10 years

U of T St. George Campus

U of T Scarborough Campus

$2 billion

9,000

75%

in investment

jobs created

of the inventions created at U of T involve at least one student/trainee as a co-inventor

I N N O V A T E

T O R O N T O

Creating impact

Cleantech for climate success Our cleantech experts are zeroing in on a net-zero future — and they’re creating the products and jobs necessary to get there. The university’s research in green and renewable technologies has attracted roughly half a billion dollars in funding, with startups raising close to $300 million over the past decade. CERT Systems, for example, a Carbon XPRIZE finalist founded by engineering students, has developed a system to convert CO2 into fuel before it reaches the atmosphere. It’s that kind of cutting-edge innovation that is bringing a sustainable Canada closer.

Entrepreneurship at U of T thrives thanks to the strength of our community. There is deep expertise among innovators representing every corner of the world in every discipline — from digital humanities and behavioural economics to nanoscience and quantum computing. This diversity, in turn, inspires our students, faculty and alumni to scale meaningful innovation into leading companies.

Breakthroughs in biotech For more than a century, U of T and its academic hospitals have given the world pioneering medical treatments and therapies. Insulin, for example, was discovered here, and that commitment to human health extends to all novel fields: regenerative medicine, cell therapy, biologics, molecular chemistry, biopharmaceuticals and nanomedicine. All of our health startups benefit from access to an unparalleled network of hospital and industry partners.

Molly Schoichet, AmacaThera

Olugbenga Olubanjo, Reeddi

Noteworthy biotech ventures

Noteworthy cleantech companies

AmacaThera, founded by renowned scientist Molly Schoichet, is developing a novel drug-delivery platform to improve patient outcomes in areas such as post-surgical pain management and cancer.

Reeddi mixes renewable energy sources with generation and distribution systems to provide clean, affordable power to energy-poor regions of the world.

BlueRock Therapeutics, co-founded by University Health Network researchers, Drs. Gordon Keller and Michael Laflamme, advances novel stem cell-based treatments for a variety of diseases, such as cardiovascular disease and Parkinson disease.

Pliant Power Devices has created a form of electric plastic meant to be a direct replacement for heavy-metal-based, lithium-ion cathode materials. Genecis converts food waste into bioplastics and other valuable materials which, in turn, stops garbage from collecting in landfills and entering our oceans.

Deep Genomics uses AI to untangle the complexity of RNA biology to identify novel targets as well as evaluate and identify the best therapeutic candidates.

e-Zinc produces long-duration energy-storage devices. Its technology uses commodity materials to ensure low-cost energy storage to replace diesel generators for remote areas.

Atomwise leverages AI tech to harness millions of data points and thousands of protein structures to solve problems that would take a human chemist many lifetimes.

World-changing innovations Breakthrough discoveries at U of T and its partner hospitals have improved the lives of people for generations.

1921

1938

1951

1952

The discovery of insulin

Invention of the electron microscope

Invention of the pacemaker

Invention of Toronto Method for polio vaccine manufacturing

I N N O V A T E

T O R O N T O

Joyce Poon, professor of electrical and computer engineering, works with students in the lab.

Innovations in AI

bias from the workplace; others enlist smart machines to discover new drug therapies. Then there’s Raquel Urtasun and Sanja Fidler, two professors who are translating their machine-learning research into innovative companies. Urtasun is the CEO of autonomous vehicle startup Waabi, while Fidler guides the AI team at the interactive-graphics company Nvidia.

Geoffrey Hinton’s pioneering research created a solid foundation for Canada to become a global AI powerhouse, as well as an international magnet for AI talent and innovation. Building on this work, the PanCanadian AI Strategy enabled the launch of AI research centres, including the Vector Institute for Artificial Intelligence, supporting the generation of more than 50,000 jobs.

Noteworthy AI ventures A common goal unites the university’s stable of AI experts: make the technology work for the benefit of society. Some are using AI to remove

Waabi is developing sophisticated AI systems for autonomous vehicles. The venture was launched by Raquel Urtasun, a U of T professor of computer science and world-leading expert in machine learning and computer vision. Ada Support’s AI tech supports an automated chat system that helps big-name brands such as Zoom, Wattpad and Koodo Mobile better engage customers and reduce costs. Xanadu is building the first large-scale and room-temperature quantum computer using predominantly off-the-shelf and affordable products. The company secured more than $120 million in investment in 2021. BenchSci uses machine learning, bioinformatics ontologies, image recognition technologies and filters to enable rapid selection of experiment-specific antibodies.

Raquel Urtasun, Waabi. Photo: Natalia Dolan

1953

1959

1993

2013

2020

Invention of the electric wheelchair

Invention of the alkaline battery

Invention of the 56K modem

Invention of the 3D skin printer

Invention of gel-based drug delivery

I N N O V A T E

T O R O N T O

Building a bright future

The New Home For: • • • • • • • •

The Schwartz Reisman Innovation Campus will be the go-to hub for tech entrepreneurs. Supported by a generous $100-million donation from Torontonians Gerald Schwartz and Heather Reisman, the campus will house U of T’s entrepreneurship programs, as well as the Vector Institute for Artificial Intelligence.

AI-focused startups and scale-ups Centre for Entrepreneurship Innovation & Partnerships Office ONRamp co-working space for startups Schwartz Reisman Institute for Technology and Society University of Toronto Entrepreneurship UTEST Vector Institute

Specifically, the new building will serve scale-up technology companies and startups working in research-based AI — helping them move beyond the incubator stage and bring their products to market. When completed, the innovation campus will feature 650,000 square feet of lab, research and event space, along with soaring atria, vertical gardens and ample public space. Designed by Weiss/Manfredi, one of North America’s leading architectural firms, in collaboration with Toronto-based Teeple Architects, the campus will be a showcase for “innovation architecture” and will occupy one of Toronto’s most iconic locations, the northeast corner of College and Queen’s Park.

Rendering: Weiss/Manfredi and Teeple Architects.

I N N O V A T E

T O R O N T O

True grit

U of T startup founders represent the best in business.

Joella Almeida, Co-founder, MedEssist A former student-representative on U of T’s Arts and Science Council, Almeida co-founded MedEssist to support independent pharmacies in many ways — COVID-19 testing, vaccine administration, patientrelationship management, administrative tasks and marketing.

Manmeet Maggu, Co-founder and CEO, Trexo Robotics Maggu’s company makes devices that allow children with disabilities to walk and be active. He earned his MBA in entrepreneurial studies at U of T before taking on several hardware and software roles, and ultimately becoming a founder.

Nuha Siddiqui, Co-founder and CEO, erthos A veteran of the Rotman Commerce Innovation Group, Siddiqui and her team at erthos create single-use plastics from plants. The company’s resins serve as alternatives to polypropylene, polyethylene and polystyrene and are compatible with existing plastic manufacturing technologies, making them easy to adopt.

Peter Zandstra, Co-founder and CSO, Notch Therapeutics Zandstra, now director and professor at the University of British Columbia, founded Notch when he was a professor at U of T. Notch develops renewable, stemcell-derived immunotherapies. This has the potential to create unlimited supplies of therapeutic cells that are specifically engineered to address the biology of complex disease systems.

Aidan Gomez, Co-founder and CEO, Cohere Gomez, who began his U of T career in 2013 as a computerscience undergrad, started Cohere with the goal of helping computers understand the nuances of human language. His platform reads and evaluates billions of web pages to grasp the meaning, sentiment and intent of use.

Mina Mitry, Co-founder and CEO, Kepler Communications Mitry came to U of T in 2007 to study aerospace engineering. By 2015, he had co-founded Kepler Communications, a venture that is on a mission to build the internet in space, providing realtime communications between satellites, space stations, launch vehicles, habitats and any other space-borne assets.

Nabanita Nawar, Co-founder, HDAX Therapeutics A medicinal chemist and PhD candidate in the Gunning Lab at U of T, Nawar and her team are developing a small molecule technology that can interrupt the development of a particular Alzheimer’s disease-promoting protein. When the small molecule binds to the protein, it could potentially regenerate damaged neurons and reverse the effects of Alzheimer’s disease.

Albert Tai, Co-founder and CEO, Hypercare After taking a master’s degree course at U of T’s Faculty of Information, Tai was inspired to create the Hypercare app, which allows healthcare workers to communicate faster and more effectively. During the pandemic, Tai’s tech was crucial in delivering efficient healthcare for COVID-19 patients at Toronto’s Michael Garron Hospital.

uoftstartup

uoft.me/entrepreneurship 43

I N N O V A T E

T O R O N T O

ZONES AND ZONE LEARNING AT TORONTO METROPOLITAN UNIVERSITY* * FORMERLY RYERSON UNIVERSITY

Located at the commercial centre of Canada, Toronto Metropolitan University’s (formerly Ryerson University) 10-incubator network provides Toronto’s ecosystem with an accessible first step for early-stage startups and entrepreneurs, as well as support for the growth of their ventures.

than $1.5 billion has been raised. Standouts from their network of more than 4,700 alumni startups include Mejuri, Inkbox, AccessNow, 500px, Medstack, Zensurance, The Gist, Knix, Ulula, and Ownr. In 2021, the university launched an academic Minor in Innovation and Zone Learning. This allows students to take courses that can help them identify market opportunities, create innovative solutions and launch new startups while earning credit toward their degrees.

At any time of year, you’ll find more than 300 startups on campus, and each incubator, or “zone”, provides a suite of support for the entrepreneur – coaching, a community of thousands of entrepreneurs and industry leaders, access to customers and access to funding.

Incubators integrated with industry and the community Students from any discipline can apply their degree coursework or their personal interest to real-world startups, causes, companies, projects or ventures. It’s not uncommon to find a nursing student with a fashion startup, or a psychology major building a practice. Zones are also open to the external community; about half of the entrepreneurs in the incubators are from outside the university’s community.

The university’s unique model spans several sectors, providing students, entrepreneurs and industry professionals with access to world-leading entrepreneurial programming, state-of-the-art workspaces and one of the largest communities of innovators in the country. This widely appealing approach has seen the zones provide support to more than 6,000 innovators.

The experience of building a real venture builds entrepreneurial mindsets and valuable power skills needed for innovation in the 21st century. In just over 10 years, more than 4,400 new jobs have been created and more

Each incubator focuses on advancing a sector. Partners have access to top talent, as well as the opportunity to bring industry challenges forward to the community where students, researchers and entrepreneurs

I N N O V A T E

T O R O N T O

• Legal Innovation Zone Solutions and technologies to improve legal services and the justice system. • Science Discovery Zone Ventures using an evidence-based approach to test big ideas through research and problem-solving. • Social Ventures Zone Transforming ideas into action to create positive and viable social change. • Transmedia Zone Innovation in content and storytelling through ideation and prototyping.

Advancing Canadian innovation Zone Learning’s efforts to expand entrepreneurial culture beyond the campus’ borders come in the form of collaborative partnerships. The group has launched or supported incubators locally – in Brampton, Innisfil and Niagara Falls – as well as internationally – in India, Vietnam, Jordan, Japan, Bermuda, Turkey and, most recently, Egypt. However, its open-source model also extends to partnerships with other post-secondary institutions. The Lab2Market program, launched and co-led by Toronto Metropolitan and Dalhousie universities empowers Canadianbased deep technology researchers to accelerate their innovations from academic labs into new ventures that impact society and the economy.

can respond with ideas and solutions. Entrepreneurs are enabled and encouraged to pass through multiple zones to pull on relevant resources at different stages of their development process. • Biomedical Zone Early-stage health technology solutions in a world-class hospital. • Clean Energy Zone Clean, sustainable energy innovations from electric vehicles to net-zero city building. • Design Fabrication Zone Commercial startups and experimental projects using spatial ideas, design learning and 3D production. • The DMZ The world’s top university-based incubator helps tech startups succeed. (Also featured in this publication on page 58.) • Fashion Zone Innovative new products at the intersection of fashion, design and technology. • Innovation Boost Zone Early-stage startups solving real customer problems with user-centric technology.

Realizing the potential of Canadian innovation, as well as the systemic gaps of entrepreneurship, Zone Learning is also working to make the ecosystem more inclusive by developing incubation streams and grant programs that specifically support entrepreneurs who identify as Black, Indigenous, persons of colour or women. Greater access to entrepreneurship increases opportunities for all students and adds to the potential of Canada as a global leader in innovation.

torontomu.ca/zone-learning 45

I N N O V A T E

T O R O N T O

A COMMUNITY OF CHANGE MAKERS WORKING TO CREATE A BETTER FUTURE York University is a leading international teaching and research University, and a driving force for positive change. Located in Toronto, Canada, York University is home to one of the largest and most diverse student bodies in Canada with 59,000 students from 178 countries. York has been recognized as a global leader for three consecutive years in the Times Higher Education Impact Rankings and number one in global joint research publications in Ontario. We are positioned to take on the challenges that matter the most. Empowered by a welcoming and diverse community with a uniquely global perspective, we are preparing our students for their longterm career and personal success. Together we are making things right for our communities, our planet, and our future. Partner with York University to become a driving force for change. To learn more, contact us at innyork@yoku.ca.

Research & Innovation for positive change York conducts purposeful research that advances knowledge and creates positive change. York’s 11 Faculties and Professional Schools, including our top-ranked Schulich School of Business and Osgoode Hall Law School and our 25 organized research units, conduct ambitious, ground-breaking research that cuts across traditional academic boundaries.

GLOBAL HEALTH York University researchers are game changers in health. Our researchers are addressing global health challenges, from the COVID-19 pandemic to identifying and treating diseases such as heart disease and cancer, to understanding and treating mental health. They are taking multidisciplinary approaches to develop novel solutions for complex communities such as children, aging populations and Indigenous Peoples.

York’s community of researchers are collaborating with industry and the public sector to create a positive change for people around the globe, including: • Researching the social, cultural and justice aspects of how Indigenous Peoples access health care services; • Collaborating with the University Health Network, hospitals and mental health organizations; and • Using disruptive technologies such as artificial intelligence (AI) and virtual reality (VR) to better understand, predict, diagnose and treat disease. Stephen Hoffman was awarded $7 million from the Wellcome Trust to study antimicrobial resistance.

Chun Peng uses bioinformatics tools in cell and molecular biology to investigate how growth factors, hormones, and microRNAs contribute to preeclampsia and the molecular mechanisms underlying the development of ovarian cancer.

I N N O V A T E

York is number one in Canada for COVID-19 publications on mathematical modeling and a leader in disaster and risk management planning.

T O R O N T O

Ali Asgary is an expert and a pioneer in disaster, emergency and business community management. He is the associate director for the Advanced Disaster, Emergency and Rapid Response Simulation which brings together researchers from health, engineering, science and social sciences to conduct disaster research and training, and to provide support to government, non-governmental and private sector partners.

VISION SCIENCE York is a world-leader in vision science including areas such as computer vision and biological vision. York was awarded $33 million in funding from the prestigious Canada First Research Excellence Fund to launch Vision: Science to Applications (VISTA). VISTA, led by Canada Research Chair Doug Crawford, realizes the potential of disruptive technologies and real-world applications for people with vision-related health limitations. Our researchers are advancing understanding of how the brain works and pioneering research in virtual reality. For example, Shayna Rosenbaum is collaborating with Baycrest Health Sciences and VISTA researcher James Elder to harness AI to characterize and correct spatial navigation difficulties in older adults. The research could help healthcare providers detect and treat individuals who are at risk of developing Alzheimer’s. These applications have the potential to transform every sector from education, health, transportation, tourism, and even space exploration.

Jianhong Wu is one of the world’s leading researchers on mathematical modelling. He has spent the last two decades mapping the trajectory of pandemics, including SARs-1 and COVID-19, and plays a critical role in informing national and international bodies on the evolution of COVID-19 cases and their projected burden on the health care system.

International partners are collaborating with VISTA to better understand the brain in action (PhilippsUniversität Marburg and Justus-Liebig-Universität Giessen, Germany), to advance virtual reality (Qualcomm Canada) and computer vision research (Samsung AI Research Centre). COVID-19 has highlighted the glaring inequity many countries across the globe faced with access to vaccines, diagnosis, and treatment. In his research, Jude Kong is collaborating with the Africa-Canada Artificial Intelligence and Public Health Data Modeling Consortium to use AI to predict and forecast the transmission of COVID-19, and to optimize vaccine rollout in Africa.

SPACE EXPLORATION York is the top ranked university in Canada for publications on galaxies, stars & galactic evolution. We’re working with NASA, the European Space Agency and the Canadian Space Agency to launch the James Webb Space Telescope (JWST) with Canadian-made technologies. A leading researcher in the field, Adam Muzzin and his team are developing the Near-Infrared Imager and Slitless Spectrograph (NIRISS), which will allow scientists to study planets and to identify other galaxies. With $3.6 million in funding from the Canada Foundation for Innovation, George Zhu is developing approaches to automate operations for spacecraft, payloads and surgical instruments using Additive Manufacturing technology. His research is developing 3D print implantable biological substitutes to enable in-situ medical treatment for astronauts in space.

I N N O V A T E

T O R O N T O

YORK SUPPORTED VENTURES ARE SOLVING GLOBAL ECONOMIC CHALLENGES York University’s entrepreneurship unit, YSpace, fosters novel approaches, technologies, and perspectives to promote global economic and social well-being through our portfolio of supported ventures. Below are a couple of those ventures: • Lactiga, a venture-backed biotherapeutics company, is unlocking the full therapeutic value of human milk to create the next generation of anti-infectives to combat the world’s most dangerous pathogens, including COVID-19 and its variants; • SP Nutraceuticals Inc. develops first-to-market natural products that target specific diseases; and • Blade Filters provides Canadian-made industrial air quality solutions. Their new division, Blade Air, inspired by the COVID-19 pandemic, specializes in providing air quality solutions for industrial facilities.

I N N O V A T E

T O R O N T O

OUR VISION FOR THE FUTURE York University is poised to experience exponential growth over the next decade with the launch of the new Markham Campus (pictured below), set to open in 2023. Located in the heart of one of the most diverse communities and fastest growing tech hubs in Canada, the Markham Campus will catalyze opportunities for researchers and industries to collaborate and translate innovative research across four areas experiencing technological disruption and rapid innovation: Fintech, AI & Society, Digital Cultures and Public Policy Research.

Over the longer-term York University maintains its aspiration for a new kind of School of Medicine to focus on integrated interdisciplinary care, family medicine, community health and wellness through the lifespan. Informed by demographics, health care gaps and the evolution of medicine, our emphasis will be on the integration of the physician within the context of the broader health care and wellness promotion teams.

yorku.ca Markham Campus

CHAPTER 4

ACCELERATORS, INCUBATORS & MENTORS 50

MaRS Centre

Toronto’s home of meaningful innovation

MaRS helps promising ventures become worldleading companies. The anchor of Canada’s tech ecosystem, MaRS connects all players in the innovation economy to turn breakthrough ideas into products and services with global impact. MaRS was founded on the philosophy that innovators require more than labs and offices. They need a platform where they can meet, interact and collaborate with other experts. Only the density and dynamism of a cosmopolitan city can bring about creative collisions at the pace and scale necessary for today’s changing economy. That’s why MaRS is headquartered in Toronto: the most diverse city on the planet, rich with talent, social infrastructure and reservoirs of capital. And as North America’s largest urban innovation hub and a convening place for Canada’s innovation economy, MaRS is at the fulcrum between established companies and startups, old economy and new. At MaRS, we support innovators — startups, academics, investors, nonprofits, corporate partners and policymakers — in their efforts to advance the economy and make a tangible difference across the planet. For more than 15 years, we’ve supplied advice, curated networks and provided opportunities to accelerate the adoption of Canadian technology. From robots that carry out dangerous tasks, to software that can remove bias from hiring practices, to machines that literally suck carbon from the air, MaRS-supported ventures and initiatives are charging the future economy.

1,400+ Canadian startups and scale-ups supported

Accelerating change MaRS works with Canada’s high-potential tech ventures: companies that believe in advancing both financial return and social progress. That means recruiting and nurturing diverse teams that generate revenue, create new jobs, do right by the planet and lift communities.

Helping companies succeed In the past few years, Canadian entrepreneurs have become even more ambitious in their desire to build companies with reach. Scaling startups are companies growing by more than 20 percent in either revenue or headcount, year after year — in other words, firms most likely to become unicorns. While these companies make up only five percent of enterprises in Canada, they create more than half of the country’s new jobs.

The ventures in our portfolio offer novel products and services that solve real problems, have the potential to scale and, one day, serve millions of customers. And our numbers tell the story. In 2020, despite the pandemic, MaRS-supported companies had a banner year, generating:

MaRS is working to help more scale-ups reach $100 million in revenue by 2025 with expert mentorship and programming. Already, close to 70 of our portfolio companies are on track to hit their $100-million targets ahead of schedule. The sectors MaRS supports are those which generate the greatest social and financial impact — areas such as advanced manufacturing, fintech and enterprise software. As Canada progresses out of the pandemic and into the age of net zero, MaRS will be placing particular focus on the health and cleantech sectors.

• $2.26 billion in capital • $1.14 billion in revenue • 21,700 new jobs 54

Health

Stephany Lapierre

MaRS-supported scale-ups were able to pivot during the crisis and transform coronavirus-related challenges into economic triumph. Toronto’s Maple, for instance, set Canada’s telemedicine revolution into motion by securing a $75-million investment from Shoppers Drug Mart while doubling in size. Maple is now one of the country’s top-growing companies and is rapidly expanding into the United States. Meanwhile, Think Research translated rapidly developing clinical recommendations for COVID-19 into tools and checklists. The company’s solutions are now used in more than 2,800 facilities around the world. And Cyclica, a venture that managed to discover an existing, FDA-approved drug that could treat COVID-19, is using its recent $23-million raise to commercialize new drugs with an everincreasing stable of biotech companies and research institutions.

CEO and founder of Tealbook

Cleantech Our portfolio ventures have also been key players in the federal government’s goal to achieve a net-zero economy by 2050. Climatetech firm NRStor is running a first-of-its-kind energy-storage project in partnership with the Six Nations of the Grand River Development Corporation. And MaRS and RBC are proud to offer the Women in Cleantech Accelerator, a 12-month, recurring program designed at tackling climate change while promoting female entrepreneurship — crucial given that women-led companies routinely outperform the competition.

Ali Asaria

CEO and founder of Tulip

For the benefit of all

approach focuses on overcoming societal issues and promoting long-term relationships among sponsors and challengers. And along with providing strategy, resources and a home base, MaRS connects these groups with key members of the tech ecosystem.

Society’s most pressing challenges cannot be solved by any single organization. That’s why our partners — mission-driven executives, policymakers, philanthropists and civic leaders — join the MaRS community to work with startups, peers and allies, building coalitions to create positive social, economic and environmental impact at scale.

Lung Cancer Innovation Challenge In 2021, MaRS and Merck Canada launched the Lung Cancer Innovation Challenge seeking solutions to enhance a lung-cancer patient’s journey by reducing the time between diagnosis and treatment, enabling improved treatment outcomes, especially for priority patient groups such as rural and lower socioeconomic populations in Ontario. Kingston Health Sciences Centre won the $100,000 grand prize for its new rapid-assessment clinic in Napanee.

Crowdsourcing ideas to tackle complex challenges MaRS Innovation Challenges are crowdsourced competitions that reward innovators for creating novel solutions to some of our toughest problems. They exist for anyone, regardless of sector or background. For each of our challenges, we partner with a mix of corporations, government agencies and foundations.

Inclusive Design Challenge: Access to Work Last year also saw MaRS partner with CIBC to run the Inclusive Design Challenge: Access to Work, which aimed to help people with disabilities find meaningful employment. Lime Connect, based in Toronto and New York City, won the $50,000 grand prize for its support of university students and professionals with disabilities in accessing work.

MaRS works with these partners to develop a deep understanding of a given problem in order to design inclusive and outcome-based challenges. Unlike traditional challenges centred on monetary gain, our

Our challenges have also helped collect data on the opioid epidemic, and in making Canadian neighbourhoods healthier — coalitions that continue to drive impact across North America.

I N N O V A T E

T O R O N T O

“Partnering with MaRS Innovation Challenges was the holy grail of business development. OPG was clear and honest about the problem at hand. They trusted my instincts as an entrepreneur, and also taught me about corporate processes.” — Hamid Alemohammad, Founder and CEO, AOMS Winner, Generate Innovation Challenge

I N N O V A T E

T O R O N T O

Moonshot idea: Mission from MaRS Canada’s most-promising climate-tech companies have the potential to mitigate megatons of greenhouse-gas emissions in the energy, real estate and transportation sectors.

Carbon Engineering pulls carbon dioxide directly from the air, trapping it safely underground, or repurposing it. Canada is warming at twice the rate as the rest of the world, and it needs to dramatically reduce its carbon emissions as quickly as possible. The good news is, Canadians have an outstanding ecosystem of climate-tech companies — many of them operating out of Toronto. MaRS is helping accelerate those with the greatest potential to set the country on the right climate course.

“Mission from MaRS is the first challenge of its kind in North America and should really be celebrated,” says Seth Sheldon, director of impact analytics at Rho AI, the firm that measured the GHG-reduction potential of the cohort’s cleantech solutions. “Startups generally want to make the world a better place by putting science behind social impact, so we need to help them get there.”

In early 2021, after an extensive judging process, MaRS announced its first cohort of Mission from MaRS: Climate Impact Challenge Champions: 10 Canadian ventures working to green the carbon-intensive industries of energy, real estate and transportation. For each venture, a special coalition of business and innovation experts was established to address market barriers and strategize for financial and environmental success.

The Champions’ game-changing technologies include: gases and fertilizers made from food waste, A.I. that trains HVAC systems to be efficient, and an on-demand bus service that saves money and takes cars off roads. Sheldon wants such products and services to take off all around the world — and fast. “We’re living in a crisis, and I don’t want a lack of certainty to prevent people from making appropriate climate decisions,” he says.

Peak Power has introduced a vehicle-to-grid project in commercial office buildings in downtown Toronto.

I N N O V A T E

T O R O N T O

Climate Champions Mission from MaRS focuses on three carbon-intensive sectors — energy, real estate and transportation, which, account for more than 70 percent of Canada’s GHGs.

Energy • Carbon Engineering builds large-scale facilities for removing CO2 from ambient air. • Extract Energy has developed a heat engine that captures low-grade waste heat. • Opus One’s software platform integrates renewable energy into the electrical grid.

Above: Flash Forest uses drones to reforest ecosystems.

• StormFisher produces biogas for renewable natural gas distribution.

Real Estate Left: StormFisher recycles waste products into renewable natural gases and organicbased fertilizers. Below: Effenco has developed an electric powertrain system that dramatically reduces engine hours, fuel consumption and GHGs of vocational trucks.

• BrainBox AI optimizes HVAC systems to minimize carbon emissions. • Peak Power’s software platform enables the use of EVs for backup power. • Stash Energy’s smart airsource heat pumps store energy, reducing reliance on fossil fuel sources or electric baseboards.

Transportation • Effenco electrifies heavyduty vehicles, like dump trucks, to support carbon reduction for fleets. • Flash Forest uses drones and aerial mapping technology to speed up reforestation. • Pantonium’s on-demand bus route platform increases ridership, and minimizes use of diesel fuel.

THE DMZ

A world-leading tech incubator Guided by a vision of a world powered by ambitious entrepreneurs, the DMZ is a worldleading incubator on a mission to change the lives of founders both in Canada and around the globe. By equipping the next generation of leading tech entrepreneurs with the tools needed to build, launch, and scale highly impactful startups, the DMZ is committed to playing an instrumental role in its founders’ success, regardless of where they are on their entrepreneurial journey. Since its inception in 2010, the DMZ has evolved from a small student coworking space to a world-leading incubator, supporting some of the most daring entrepreneurs. The DMZ has made transformative shifts over the years to better serve the Canadian startup ecosystem. As the ecosystem has matured,

Zone Learning is also featured in this publication on page 42. Formerly known as the Digital Media Zone, 2015 marked a major turning point when the incubator announced an official rebrand to ‘The DMZ’. As the DMZ evolved from its inception in 2010, the majority of startups were no longer considered digital media companies, which thus sparked the rebrand to signal our sectoragnosticism.

Lending a hand to those who need it most: the DMZ’s diversity streams

the needs of startups and entrepreneurs have changed drastically – it’s a priority for the DMZ to fill in gaps and double down on areas where the ecosystem is lacking. While the DMZ has significantly evolved, its values have always remained the same, differentiating the organization from other players in the space.

Equity over everything

Founders first

Be great

The DMZ originally hailed from Toronto Metropolitan University’s Zone Learning (Formerly Ryerson University), a network of 10 incubator spaces that each focus on a specific industry. Each zone provides realworld opportunities for entrepreneurs to shape initiatives from the ground up.

The underrepresentation of Black and women founders has been a longstanding issue in the startup ecosystem. These groups encounter steep challenges when starting and growing a business, experiencing barriers when it comes to accessing support programs, venture capital and potential customers. The DMZ prides itself on its programming devoted to Black and women founders. Offering streams that devote additional benefits, specialized mentorship, and peer-topeer support to underrepresented founders, the DMZ strives to make an impact, see growth in the number of companies led by underrepresented entrepreneurs, and create a more inclusive innovation ecosystem. Black Innovation Programs The first-in-Canada programs provide startups led by Black entrepreneurs with the strengthening support of a top universitybased incubator network, as well as additional programming, mentorship, events, and connections to industry, capital and an alumni network, to support their growth.

Women Founders Programs Women-identifying founders that come to the DMZ receive additional opportunities and specialized support to accelerate their growth – on top of the standard programming that all founders get.

Helping startups raise, hire and scale. The DMZ’s flagship Incubator program The DMZ’s Incubator program supports startups at the seed and pre-seed stages of growth. The incubator is a highly-customized program that helps venture-backable tech startups grow their business over the course of 18 months. The DMZ’s Incubator offers founders: • Up to $25K in cash funding upon program entry to support growth • 60+ hours of one-on-one time with Entrepreneurs-in-Residence, in-house subject matter experts and additional time with DMZ staff • Curated workshops and peer-to-peer sessions to share lessons learned, and best practices on a wide range of topics • Support with fundraising strategies, pitch coaching, and introductions to investors in the DMZ’s VC and angel investor networks within Canada and beyond • A fully furnished workspace for founders and their teams with 24/7 access in the heart of downtown Toronto that offers meeting and event space, reception and concierge services, daily coffee and snacks, community socials, a meditation room, game room, bike storage, showers, and more. • Member benefits such as perks, discounts, access to free resources and office hours with vetted affiliate partners. Member Benefits are valued at over $1M in business savings.

I N N O V A T E

T O R O N T O

DMZ Incubator Startups Adam Wa MishMish

Airtasks Inc.

Alli Therapy

Andie

Assetflo

Baoba

Carmodity Ltd.

OPTT

SmartTerm

Payd

Snowtrack

Pennygem

Softdrive

Pragyaa.Ai

Videolinq

Praizl

VRapeutic Inc.

Reyts Fintech Inc.

Walletifai

ShiftRide

Worksimply

SizeWize

XpertVR

Charmy Pet

Cozii Technologies Inc.

Guide by Xenia Education

Inate.AI

Lightster

Monosens

myLaminin

Toronto roots with a global presence

To learn more about the DMZ head over to dmz.to, or reach out to us at dmz@ryerson.ca.

Not only has the DMZ transformed into an international powerhouse with on-the-ground operations across the globe, the incubator also empowers startups to embrace an appetite for intelligent risk and international expansion via access to a global network of incubators, partners, customers and investors.

Our impact: DMZ by the numbers

66 startups

Entrepreneurs from around the world can access DMZ programming, but with the networks that have a deep understanding of their local ecosystems, supporting the DMZ’s commitment to be the global blueprint for entrepreneurship support.

currently at the DMZ

7.4%

acceptance rate

$1.65B DMZ-powered incubators can be found in: • • • • • •

South Korea Bermuda Jordan Jamaica India Canada

• • • • • •

in funding to date

704 businesses incubated and accelerated

4,615 jobs created

dmz@ryerson.ca TheDMZ TheDMZ RyersonDMZ thedmz

Bahamas Barbados Vietnam Egypt Japan Trinidad and Tobago

dmz.to 63

MICROSOFT CANADA GROWING CANADA’S TECH COMMUNITIES

Tech is about more than just new tools. It is about unlocking opportunities and markets, supporting new approaches, and empowering more hightech innovations. Microsoft has worked closely with Toronto and Canada’s venture capital community looking to bolster its investments in Canadian startups.

The staggering growth in the number of startups in Toronto has led to it being the third-largest tech hub in North America, behind New York and Silicon Valley. Microsoft Canada covers all startup stages and uses its different startup programs. It has invested over C$570-million in recent years through support programs for VCs to enable digital transformation with Microsoft Azure Cloud products.

Toronto and Canada’s venture capitalists are innovation enablers. This community has created a thriving ecosystem of tech entrepreneurs and leaders driving innovation. Across the city, there are over 70 incubators, accelerators and co-working spaces that offer programs to support startups.

Microsoft’s aim is to scale the best-in-class startups in Toronto and Canada to enhance enterprise innovation at scale. Its mission is headed by Adam Nanjee, Managing Director of Venture Capital and Private Equity for Canada at Microsoft.

Microsoft’s partnerships with local governments, investors, and startupenabling organizations directly engage with Toronto’s VC and startup communities. Not to be forgotten is Microsoft’s participation in growing Canada’s tech community since 1985.

Microsoft for Startups (MFS) program was launched to help accelerators, incubators, and VCs with marketing, technical support, and co-selling programs that allow startups to benefit from Microsoft’s existing sales

force. This program helps startups build and scale their companies and facilitate access to technical and business resources that often exceed the reach of early-stage companies. High-growth firms with innovative technical solutions enable entrepreneurs to leverage Microsoft’s cloud services, enterprise sales team, and partner ecosystem to help market their solutions globally. Bolstering VCs enables Microsoft to empower startups and entrepreneurs and build integrated communities. One such partnership is with the MaRS Centre, one of the world’s largest urban innovation hubs. Microsoft has created a campus within MaRS’s Discovery District building, the Microsoft Reactor, as a dedicated space bringing together founders, developers, and business leaders for high quality technical, business and community events.

I N N O V A T E

T O R O N T O

Another partnership yielding excellent levels of growth is OneEleven. This partnership brings technology expertise to more than 50 tech startups in Toronto, offering up to $120,000 in Microsoft Azure Cloud credits, technical support and development tools. This investment in Canada’s venture capital community accounts for more than 60,000 jobs (in the expanded Microsoft Canada ecosystem, including employees and partners), with a total of 3,700 employees and 14,000 partners. In nearly 40 years of operation in Canada, Microsoft has played a pivotal role in fuelling the prosperity of Canada’s technology ecosystem. With nearly 5,000 employees and an ecosystem of over 15,000 partners, Microsoft has helped build a sustainable community of businesses partnering with VCs and the startup ecosystem for long-term success. Empowering VCs enables Microsoft to guide the direction of innovation to benefit the tech community in Toronto and Canada.

I N N O V A T E

T O R O N T O

microsoft.com 67

I N N O V A T E

T O R O N T O

TORONTO BUSINESS DEVELOPMENT CENTRE is one of Toronto’s premier start-up incubators and accelerators with a rich history dating back three decades.

Since its inception, TBDC has worked with thousands of entrepreneurs by helping them build and grow their ideas. TBDC helps international entrepreneurs aggressively scale up and choose Canada to grow their businesses. To date, TBDC has helped over 9,000 domestic and international entrepreneurial businesses establish themselves in Toronto and Ontario by offering them a diverse mentor network, access to capital, and strategically designed programs. At TBDC, the team takes pride in helping launch successful businesses and grooming future industry leaders. Through its strong mentor and investor networks along with our various

key strategic partnerships, TBDC aims to play a significant role in Ontario’s economic growth through innovation and job creation.

Start-up Visa Program Having been appointed as a designated organization by the Canadian government, TBDC’s Start-Up Visa (SUV) Program has emerged as the preferred destination for promising international start-ups from across the globe. This six-month long program has been specifically designed to help incoming companies, from over 20 sectors like Aerospace, Fintech, Edtech, HealthTech, and Mobility, establish themselves in the North American market.

Aside from the SUV program, TBDC also has several other programs designed to meet the varying needs of start-ups. The International Soft-Landing program is designed for overseas businesses looking to explore the North American market and receive pre-acceleration services like mentoring, access to capital, recruitment help, etc. TBDC’s Incubation program for Canadian entrepreneurs is designed to help early-stage start-ups become financially viable and investable.

Initiatives Post-Pandemic Despite the pandemic, in the past few months alone we have engaged with 660+ founders from

I N N O V A T E

T O R O N T O

“BHive is an initiative powered by the City of Brampton with a goal to empower the next generation of innovators, accelerate their journey and create a positive impact for the entrepreneur, economy and community as a whole. BHive is a collaboration between the City of Brampton and the Toronto Business Development Centre.” – Vikram Khurana, Chair, Toronto Business Development Centre.

around the world by hosting 22+ events with leading incubators and venture capitalists in Asia Pacific. Some key engagements included the Start-up Visa Week with Arcum Global, Fostering Growth in the Changing Landscape with the Government of Karnataka, India, and conversations around Business Growth Opportunities in Canada and America with Agility Ventures.

of the fastest growing start-up ecosystems in the world. We partnered with Dlabs at Indian School of Business, AIC GUSEC - Atal Incubation Center, Gujarat University, TIDES the incubator at Indian Institute of Technology, Roorkee, and Foundation for Innovation & Research in Science & Technology (FIRST), the technology business incubator at Indian Institute of Technology, Kanpur among several others.

Why bring your start-ups to Ontario? To reach many more founders and help them launch their start-ups in Canada with the Start-up Visa Program, we also signed MOUs with leading incubators in India, home to one

Canada has a growing reputation as the world’s leading tech hub, and not only embraces diversity but is also becoming a destination of choice for start-ups from around the world.

More recently, according to StartupBlink’s rankings in 2020, Canada was ranked third in the world for building innovative solutions for COVID–19. Located in the heart of North America, Ontario with 14 million residents speaking 200 languages Ontario is the 7th largest subnational economy in North America by GDP. With Over 42,000 STEM graduates produced annually, Toronto is the third top-ranked tech talent market in North America after the San Francisco Bay Area and Seattle. From automotive to artificial intelligence, from hardware to health sciences and from

I N N O V A T E

environment to education, Canadian start-ups are applying technology to new verticals, and the disruption of a range of industries is on the cusp of innovation.

T O R O N T O

build customized CRM and ATS applications that fit their specific requirements. With the goal of expanding their business, the start-up has recently made the move to Canada through TBDC’s Start-Up Visa program.

Start-Ups at TBDC Enrich.io Is a platform that brings data connectors and CRM/ATS providers together on the same platform. Identifying and recruiting the ideal candidate can be a painstaking process for most companies. From resume analysis to running background checks and skill sets, HR departments often must rely on multiple service and data providers to accomplish their objectives. Enrich.io, an HRM tech-startup, provides a solution to these challenges by creating a platform that allows companies to

Enrich.io’s key offering is its online marketplace which conveniently brings together CRM and ATS users with various data providers. For CRM and ATS users, the company provides immense data enrichment opportunities. Using this platform, users can easily create customized applications for their needs while having the ability to seamlessly integrate data from multiple data providers. For data providers, the platform provides them with access to a larger number of potential customers. This provides them with the benefit of increased ROI, lower business costs, and more time to develop their applications.

TechRyde Founded in 2016, TechRyde’s vision is to digitize the restaurant and hotel industry’s operations. With the founder’s decade’s worth of experience with Oracle MICROS as well as the hospitality industry, this allowed him to see the problem and opportunity within the sector. Under his leadership, the company has already had numerous achievements under their belt. To date, they have already deployed their POS technology to over 1500 restaurants including Starbucks, Pizza Hut, and numerous other restaurants in the United States, UK, Australia and other countries. The company is also the preferred digital solutions partner for Oracle MICROS and Simphony, the leading global POS service providers. Originally based out of India, Mahal made the strategic decision to move his headquarters to Toronto in order to cater to the North American market.

I N N O V A T E

T O R O N T O

TechRyde offers on-premise and off-premise digital solutions that cater to the hospitality industry including restaurants, chains, franchises, and hotels. TechRyde technologies help businesses optimize efficiencies and minimize costs for online ordering, contactless payments, inventory management, labor and more. Solutions include contact-less QR code-based ordering for dine-in and web ordering for takeout and delivery, all of which can be fully integrated with POS and payment systems. Using a cloudbased subscription model, the company has the ability to rapidly deploy and integrate its platform to clients across the globe.

Initially established in Singapore in 2017, Ascent Technology has seen rapid growth over the last few years. By leveraging its innovative technology solutions, the fintech company has expanded across the globe with clients throughout North America, Asia, and the Middle East. Its clients include some of the world’s largest financial institutions including ICICI Bank, Abu Dhabi Islamic Bank, Kotak Bank, Bank Dhofar, Doha Bank, and Emirates Global Aluminum. More recently, the company’s AutoBCM product was featured in Gartner’s Market Guide for BCM solutions.

Ascent Ascent Technology, a leading global technology solutions provider, has announced its expansion into the Canadian market through TBDC’s Startup Visa Program. Having already established a presence in the United States, the company has made the move with the intention of making Toronto their North American headquarters. Ascent Technology is a SaaS, AI, and ML driven company that offers a suite of fintech solutions which includes AutoBCM, its flagship product that helps businesses automate their continuity management.

tbdc.com 71

Since its inception in 2009, the Founder Institute has always maintained one guiding principle; “There are a lot of big problems in the world, and we are here to help Founders build companies that will solve them.” Origins From its Silicon Valley origins, Co-founders Adeo Ressi and Jonathan Greechan have built an unparalleled global network of over 5,000 Portfolio Companies, across 200 cities with the largest mentor network in the world of 21,000 Mentors, innovators, investors and ecosystem builders. With chapters on every continent except Antarctica and $30B in portfolio company value created, it is hands-down the world’s largest pre-seed accelerator.

The Program

“The Founder Institute is the most raw, ‘street’ program out there for startups.”

The 14 week program consists of a series of practical business building sessions run by local leaders, volunteers and mentors. Each session pushes founders to develop their company with support, activities and feedback to ensure they are navigating their entrepreneurial journey as effectively as possible.

– Jason Calacanis, Angel Investor Host of This Week in Startups and the All-In Podcast, FI Mentor

Although many accelerators rely largely on an educational model, Founder Institute takes things a step further. Participants in the program don’t have the option to move slowly. This is a fast paced and intense program for a fast paced and intense world. When the pandemic hit, FI was the first accelerator to go fully online and take full advantage of its decentralized structure.

Every week is a new challenge, whether it’s Vision & Validation, Customer Development, Legal and I.P., Branding & Design or Equity and Fundraising, from session to session, every founder is stress tested from all angles to ensure they are ready to hit the ground running the moment they graduate. In some cases, founders will decide to step back for a semester, to further develop the company, revisit the plan they had set out with initially or pivot into a different business. Often they return to a subsequent cohort, better prepared, and ready to go a second time around.

Bringing in talent from remote corners of the planet where founders would otherwise be unable to access accelerator programs. FI continues to adapt with the times to ensure an ever stronger, ever more united global innovation ecosystem.

At first glance it may seem harsh, but this is done to ensure that the program does not just graduate dreamers with half-baked ideas, but founders with solid stress-tested companies and the skills, resources and networks to build truly world changing businesses.

Founders that go through the program benefit from a range of resources purpose built to accelerate the growth of early stage ventures. First and foremost, FI runs on a highly structured and momentum driven approach focused on identifying business challenges and solving them as quickly as possible. Constant pitching on a weekly basis, expert mentorship, peersupport, office hours and the dreaded but ever-so valuable Epic Sprints are all hallmarks of the program that Alumni swear by.

No matter where you are in the world, the Founder Institute program operates a tried and true company building process, giving participants access to a global network of startup founders that are going through similar struggles, week after week, day in, day out.

I N N O V A T E

T O R O N T O

The Toronto Chapter In 2014 the first cohort of Founder Institute Toronto was started by Kamal Hassan and Sunil Sharma (previously of Extreme Ventures). Kamal later went on to found loyal.vc alongside Michael Kosic, a long time mentor with Founder Institute Toronto. Loyal is somewhat unique among venture funds in the sense that it invests primarily in FI graduate companies. For those that have run into FI alumni out in the wild, the reason is clear. Making it through the program isn’t easy and the quality of FI grads is a cut above your standard entrepreneur. Under Sunil’s leadership, FI Toronto developed into one of Founder Institute’s flagship programs among its 200+ global chapters. Serving as the Managing Director of Techstars Toronto and one of the most widely known evangelists for Canadian tech, Sunil’s involvement with FI has proved invaluable for the local ecosystem. Originally considered one of the smaller local players, FI Toronto quickly made a name for itself as one of the top accelerators with grads routinely going on to secure significant investments, joining later stage programs such as Techstars and building robust scalable companies. As the local Toronto chapter developed, sister programs in Waterloo, and vertical specific programs were spun up to further extend the reach of FI in the Toronto-Waterloo tech corridor, as well as connect with the Silicon Valley chapter on a regular basis. To date, FI Toronto and Waterloo have helped launch 300 Startups from a program with no external funding or government support. The pool of talented diverse founders that Toronto has to offer has always been FI’s strong-suit. Candidates from all backgrounds, at all stages of life have joined and benefited greatly from the program. Whether they are taking their first steps into entrepreneurship, or are finally ready to pursue their true passion after decades in corporate careers, no matter their background, founders have joined, excelled and succeeded.

I N N O V A T E

T O R O N T O

Post Program For many, graduation may feel like the end of FI, but in truth, it’s just the beginning. Over the past couple of years FI global has developed a range of adjacent and post program paths to ensure that founders of all stages can benefit from FI’s global reach. Funding Lab, is one such program, tailor made for Alumni companies that have either completed the core FI program or meet the programs growth and fundraising criteria.

“We believe in a bright future fueled by venture capitalists with strong values. So, we created the VC Lab program with the Mensarius Oath to help innovative fund managers launch impactful venture capital firms in 12 months or less.” – Adeo Ressi, CEO at VC Lab, Executive Chairman at Founder Institute

The most recent addition to the FI pipeline are the VC Lab and Leading Institute programs. VC Lab is a structured program similar to FI’s tried and true core curriculum focused on training investors and developing new Venture funds. The goal is to ensure that as FI continues to develop highly capable founders and that the resources they need to thrive are out there in the world ready to support them on their journey. To ensure the further expansion of FI’s local chapters around the world, the Leading Institute has been developed as a recruitment and training program to ensure that wherever FI operates in the world, that the best possible leadership is present to develop local ecosystems and further strengthen FI’s global network. As we continue to navigate these uncertain times, the need for founders to take on the world’s challenges is ever more urgent. For those willing to take on those challenges, Founder Institute’s global community is there to guide the way. Find us at fi.co/join to start your journey.

fi.co/s/toronto 75

HELPING INTERNATIONAL STARTUPS SCALE In the heart of Canada’s technology and innovation ecosystem, you’ll find LatAm Startups helping grow innovative entrepreneurs and their international technology companies in Canada. As an accelerator that works exclusively with international companies and as a designated organization for Canada’s Start-up Visa Program, LatAm Startups has developed a special connection and understanding of international companies’ challenges when entering a new market. Located right next to one of Canada’s most famous landmarks – the CN Tower, while sharing office space with the Ontario Centre of Innovation, LatAm Startups continues to advocate technology and entrepreneurship. LatAm Startups began as a not-for-profit corporation in 2016. The team recognized that the current market lacked international founders, and those present weren’t getting the right support. Newcomer international companies didn’t have enough connections or an understanding of how to insert their companies into the Canadian startup ecosystem. Having founded companies in Colombia and Canada, CEO of LatAm Startups, Miryam Lazarte, had pushed through challenges herself as an entrepreneur. Recognizing that international companies would face similar challenges, the initial programs were created to tackle them and better prepare companies for their softlanding entry to North America. Each year, the LatAm Startups’ program has evolved based on understanding the new challenges startups face and their opportunities to grow in international markets.

offices of the City of Hamilton, Niagara region, and the City of Kingston, introducing each region’s resources to international companies.

LatAm Startups has provided a variety of programs to help companies grow in new markets. LatAm Startups’ flagship 3-Phase Startup Program brings international companies with intellectual property and traction in their home markets to Canada. Companies progress in each phase, making adjustments to their business and building a strong foundation to grow in Canada and North America.

Besides helping international companies kickstart their growth journeys in Canada, LatAm Startups has also been helping Canadian companies. The Newcomer Entrepreneur Accelerator Program is one of them, delivered through funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), to support services for small and medium-sized businesses led by newcomer Canadian entrepreneurs to help accelerate their current growth in Canada. Another program designed to help Canadian companies is the Canada Tech Expansion Program delivered in support by the City of Toronto and StartUp Here Toronto, introducing innovative technology companies to Latin America’s markets. This program prepares Canadian technology companies to expand to Mexico, Colombia, Peru, Chile, Brazil, Argentina, and Uruguay.

It’s through organizations like LatAm Startups that we as a country attract world-class entrepreneurs to Canada to drive our economic growth.” — Claudio Rojas, CEO of NACO Canada

Since its creation, LatAm Startups has supported 120 companies across its different programs. What began as one program has now grown to become at least five new programs every year.

LatAm Startups takes pride in the startup community and partnerships built in Canada, and has facilitated bootcamps in collaboration with regional hubs of innovation, including the economic development 76

I N N O V A T E

T O R O N T O

emerging markets. LatAm Startups has evolved to become a community of global startups, reflecting the core vision to help companies scale globally.

The City of Toronto from the beginning of this event [LatAm Startups Conference] has been a proud supporter, and it’s in recognition of what LatAm Startups has done for prosperity and job creation”

With plans to continue developing global partnerships and working with local partners in Canada, LatAm Startups will continue to guide companies to adapt more efficiently to the North American market and set them up for success.

— John Tory, Mayor of Toronto The annual LatAm Startups Conference is often a highlight for the community to engage in different perspectives of the startup ecosystems of Canada, the Pacific Alliance, and Mercosur. The most recent 2021 8th edition of the conference brought together attendees from 38 different countries and 20+ speakers from around the world.

LatAm Startups 325 Front St. West, Suite 300 Toronto, Ontario M5V 2Y1 LatAmStartups latamstartupsco LatamstartupsBiz

LatAm Startups has outgrown its name over the past five years, going beyond regions of Latin America and embracing companies from other

latamstartups.org 77

MITACS

EFFECTIVE PARTNERSHIPS DELIVER UNIQUE INNOVATION

A national, bilingual, not-for-profit organization, Mitacs empowers Canadian innovation through effective partnerships that deliver solutions to the world’s most pressing problems. This effort is supported by the Government of Canada, the Government of Ontario, and other provincial and territorial governments. By driving economic growth and productivity, Mitacs creates meaningful change to improve quality of life for all Canadians. Founded in 1999, Mitacs has grown far beyond its original focus on applied and industrial research in mathematics. Today, the organization supports a wide range of disciplines, from science to social innovation. It has also broadened its undertaking to include college and undergraduate students, as well as graduates and postdocs, and expanded its network of businesses and not-for-profit organizations of all sizes and in all sectors. “As Canada’s largest provider of work-integrated learning opportunities, Mitacs is a strategic bridge between businesses and the post-secondary sector. We find research solutions that respond directly to our industry and not-for-profit partners’ challenges while providing high quality, realworld innovation internships to students and recent graduates across the country,” says Dr. John Hepburn, Mitacs’s CEO.

Eco-friendly, self-driving truck company disrupts how goods are moved Raghavender Sahdev first came to Canada from India in 2014 through the Mitacs Globalink Research Internship (GRI) program to work on a robotics project at the University of Toronto. The internship led him to graduate studies at York University and to the foundation of his startup, NuPort Robotics, with business partner Bao Xin Chen in 2019.

With close to 400 employees and regional hubs in Toronto, Ottawa, Montréal, and Vancouver, the organization is an integral part of the Canadian innovation ecosystem. The Mitacs team is passionate about developing the next generation of researchers who will work to fuel the country’s knowledge-based economy.

Canada’s first autonomous trucking company, NuPort developed a technology that uses a robot-as-a-service model to allow trucks to travel without human drivers for distances up to 40 kilometers. Their innovation not only reduces costs and emissions it provides a solution to the current driver shortage in Canada.

“Thanks to significant and continued investments from our government partners, Mitacs has been able to grow into the organization it is today — a proud partner of academia, government, and the private sector building a more innovative and prosperous Canada for all,” says Dr. Hepburn.

I N N O V A T E

T O R O N T O

“We’re working to fill that gap in the industry and at the same time, we’re creating new jobs,” says Sahdev, explaining that his company will hire oversight officers, inspection officers, and mechanics, among other technical positions. What’s more, NuPort Robotics employs interns from the GRI program, allowing Sahdev and his team to mentor the next generation of Globalink Research Internship recipients.

Unlocking human resources in biotech with Mitacs’s innovators Access to human and financial resources has long been a challenge for start-ups beginning their operations. Thanks to Mitacs’s support, some resident companies at the incubator Johnson & Johnson Innovation - JLABS @ Toronto have been able to diversify their businesses, create jobs, and grow. Since 2018, the organization has funded 45 projects in partnership with 25 resident companies and 43 professors from seven Canadian universities. As a result, close to 60 interns and postdoctoral fellows benefited from research opportunities. One of these researchers was Dr. Janaina Bortolatto, who is currently a full-time Clinical Specialist at Cohesys — a start-up developing surgical adhesives technology. She joined the company as a Mitacs postdoctoral fellow after completing another fellowship at the University of Toronto’s Faculty of Dentistry. “Mitacs has given me the opportunity to further develop my career by understanding the corporative side of research and how different it can be from an academic world,” says Dr. Bortolatto, who is now supervising two new employees and is leading the efforts towards getting clinical validation of Cohesys’ first product, BoneTape. With the onset of COVID-19, the combination of resources between Mitacs and the incubator has been crucial to help ensure businesses could pivot where needed, continue operating, and work to scale up. Seven JLABS @ Toronto resident companies secured expedited funding for COVID-19-related projects and successfully hired post-secondary interns.

I N N O V A T E

T O R O N T O

Feeling warm outside? Look at the buildings around you! Toronto-based design firm KPMB Architects partnered with Mitacs and Toronto Metropolitan University to tackle an issue common to urban areas: microclimate. The effect, which corresponds to the climatic conditions of a specific area, make people feel substantially different levels of thermal comfort across a small region and is affected by elements like building designs. Through the Mitacs Accelerate program, KPMB recruited intern Jonathan Graham, who, in four months, was able to implement a customized toolset for microclimate analysis and provided insights for improving outdoor thermal comfort in specific projects. “By merit of their training and experience, architects have an intuition for microclimate. Being able to validate their understanding numerically — through simulations — was exciting for both of us,” Graham says. Such was his success in the internship that KPMB hired him as a full-time member of the in-house research and innovation group KPMB Lab, where he worked to improve the microclimate analysis program. The company was able to formally offer the toolset as a service and, so far, deployed it in 16 architectural projects. Another result was the publication of research papers, which contributed to advancing the academic knowledge in the area of sustainable architecture.

Mitacs by the numbers

About Mitacs

• • • •

Mitacs is a not-for-profit organization that fosters growth and innovation in Canada by solving business challenges with research solutions from academic institutions. Mitacs is funded by the Government of Canada along with the Government of Alberta, the Government of British Columbia, Research Manitoba, the Government of New Brunswick, the Government of Newfoundland and Labrador, the Government of Nova Scotia, the Government of Ontario, Innovation PEI, the Government of Quebec, the Government of Saskatchewan, and the Government of Yukon.

17,000+ internships provided in 2020–2021 200+ post-secondary partners 5,000+ SMEs supported since 2016 41+ international agreements in 20 countries and the European Commission • 2,000 first-time partnerships during COVID-19 • 91% of former interns state the Mitacs experience was important to their career • 45% of industry partners have commercialized or anticipate commercializing the results of their Mitacs research project

100 College Street, Suite 522 University of Toronto, Toronto, ON M5G 1L5 Tel: 1 833 364 8227 mitacs

mitacs.ca/en/impact 81

I N N O V A T E

T O R O N T O

JLABS @ Toronto: Not by Chance – By Choice

At Johnson & Johnson Innovation – JLABS (JLABS), our goal is to provide the optimal environment for emerging life science companies to catalyze growth by exposing them to vital industry connections, delivering entrepreneurial programs, and providing a capital-efficient, flexible platform where they can transform the scientific discoveries of today into the breakthrough healthcare solutions of tomorrow. Launched in 2016, JLABS @ Toronto was the sixth JLABS site out of the now 13 locations across the globe. It was also the first JLABS location outside the United States. Strategically situated within the MaRS Discovery District, JLABS @ Toronto is surrounded by academia, investors, government, top hospitals and entrepreneurs, all supporting the advancement of healthcare innovation.

Our Mission • Help biotech companies grow & scale through key resources and physical space to drive commercialization. • Facilitate collaborations & financing through our expansive network. • Drive engagement between The Johnson & Johnson Family of Companies (‘Johnson & Johnson’) and Canadian biotech companies. • Support the growth of the biotech ecosystem in Toronto and in Canada.

A Flexible Model Aiming to Help Companies Grow and Scale At JLABS @ Toronto, we value great ideas and are passionate about eliminating obstacles. JLABS aims to help companies navigate the complicated health startup landscape by providing access to mentors, on-site advocates, entrepreneurial programs and tools. We aim

to enable emerging companies to develop their science while maintaining complete control of their IP and decision-making with our “no strings attached” model.

Resources to Accelerate Growth JLABS @ Toronto is part of the larger Johnson & Johnson Innovation, which includes deal teams and therapeutic experts for early-stage development, an established venture capital arm, and a business development group focusing on later-stage development. No matter what stage a young company is at, JLABS @ Toronto provides access to the elements they need to position themselves for potential success.

Facilitating Collaborations and Financing in and Around Toronto JLABS @ Toronto provides an experience

RESIDENT SPOTLIGHT

Company Growth

Employees



Employees

Footprint Growth 1 Desk  1 Private Office & 1 Private Lab

Funding Growth

$6M

Raised in Seed Round (2019)

R&D Stage Advancement Discovery  Preclinical

“We couldn’t have started without JLABS. We needed Cat 2 wet lab space—JLABS was the only viable solution. There are basically no other options here for small companies like us with loose university affiliations. We would have left Toronto without JLABS.”

•

beyond the bench for scientists and entrepreneurs. Our program aims to enable residents, alumni, and the innovation ecosystem to develop connections with our network of investors through our Investor Hub and through investor-related programs, one-onone meetings, and networking events.

5 Years of JLABS @ Toronto In honor of JLABS @ Toronto’s 5-year anniversary milestone in May 2021, we have taken the moment to highlight key achievements since inception. Below are a few highlights we have pulled to showcase the impact JLABS @ Toronto has had on the Canadian life sciences ecosystem over the last 5 years:

•

605 full-time and 244 part-time employees cumulatively creating jobs in the Canadian ecosystem 59% of JLABS @ Toronto residents have advanced their R&D stage while within JLABS $2.2B dollars in funding and deals (secured & contingent) have been raised by Toronto residents over the last 5 years There have been 19 deals between The Johnson & Johnson Family of Companies and Canadian JLABS companies There have been 18 collaborations between JLABS @ Toronto residents and other JLABS companies Since 2016 JLABS @ Toronto held or participating in over 375 events with over 26,000 attendees in 13+ cities across Canada

“We couldn’t have started without JLABS. We needed Cat 2 wet lab space— JLABS was the only viable solution. – Sam Cooper, CEO and Co-Founder Phenomic AI There are basically no other options here for small companies like us with loose university affiliations. We would have left Toronto without JLABS.” –Sam Cooper, CEO, Co-Founder, Phenomic AI

Best-in Class Workspaces 40,000 sq ft workspace that can accommodate up to 50 startups

Over $5M in state-of-the art lab instrumentation and equipment

Looking Ahead We’re committed to bringing greater attention to companies in Toronto’s scientific strongholds—cell and gene therapy, artificial intelligence, and oncology—as we continue to support the growth of the biotech ecosystem in Canada. From the Johnson & Johnson Innovation global network to my own commitment to understanding and rolling back diseases for all patients, we hope to continue to empower JLABS @ Toronto to address unmet medical needs. We aim to incubate the next generation of life science talent—and ideas that will make a difference for all.

• JLABS @ Toronto has hosted over 88 startups • JLABS @ Toronto companies have hired

Specialty laboratories, including cell culture, chemistry, prototyping, and common research laboratories Private offices, shared and coworking office space, and meeting rooms Article authored by: Dozie Amuzie, Head, Johnson & Johnson Innovation - JLABS Canada

jlabs.jnjinnovation.com/locations/jlabs-toronto 83

I N N O V A T E

T O R O N T O

NEXT CANADA BUILDING A MORE AMBITIOUS AND COMPETITIVE CANADA

Founded in 2011, NEXT Canada was built on the vision of supporting the growth trajectory of aspiring and scaling entrepreneurs. With the support and leadership from NEXT Canada’s Cofounders and Founding Patrons, NEXT has grown to become one of Canada’s top entrepreneurial networks, with graduates achieving significant milestones in their entrepreneurial careers and contributing to building a stronger Canadian economy. NEXT prides itself on their focus on being founderfirst. Each year, NEXT accepts participants from all across Canada into one of their three programs – Next 36, Next AI and Next Founders. Through courses taught by world-class faculty, mentorship from global leaders and venture funding, all participants who successfully graduate from a NEXT program gain the core skills, strategies and confidence needed to build businesses.

I N N O V A T E

Next 36, NEXT Canada’s flagship program, was developed specifically for students and recent graduates with entrepreneurial aspirations. Every year, the top 36 most promising entrepreneurs, from any discipline, are accepted and put through rigorous programming. Successful candidates come from diverse backgrounds, some with an early-stage venture and others with simply an idea. What they all have in common, is the passion for entrepreneurship and the drive to thrive. From the success of Next 36, Next Founders and Next AI were developed to broaden the support for Canadian entrepreneurs. Next AI is tailored for artificial-intelligence ventures, with programming provided in both Toronto and Montréal, with the Montréal program delivered in partnership with HEC Montréal. While Next 36 and Next AI look at early-stage startups,

T O R O N T O

Next Founders puts a spotlight on growth stage founders who are ready to take their ventures to the next level. Looking ahead, NEXT Canada aims to grow their support of Canadian entrepreneurs and the Canadian economy. Having launched 800+ entrepreneurs and more than 300+ ventures - who have raised more than $1.8B in capital investments, NEXT Canada will continue to rally around the next generation of entrepreneurs and empower them to reach new levels.

nextcanada.com 85

I N N O V A T E

T O R O N T O

Techstars is the Worldwide Network that Helps Entrepreneurs Succeed. For the past 15 years, Techstars has been running 3-month tech accelerators across the world. Names such as SendGrid, Digital Ocean, Latch, Classpass, Remitly and Kepler Aerospace are some of the 3000 alumni companies to have graduated from a Techstars program. For 5 years Techstars has operated in Toronto. With a sector agnostic strategy, Techstars Toronto has made more than 50 investments to date. Alumni companies include Cinchy, Tread, Balance, Korapay, Quidax, Proof, Mayday, Babbly, Treepz and many more. Techstars Toronto alumni are estimated to be worth close to $1B already. While being a core-part of the Toronto tech ecosystem, Techstars Toronto has adopted a highly global and international investment focus. Of the 50 most recent investments, companies have been sourced from countries including Poland, Ukraine, India, Pakistan, Vietnam, Azerbaijan, Turkey, The Netherlands, UK, USA and a remarkable 11 investments from Africa. With Toronto’s global reputation for openness to immigration and diversity, Techstars Toronto has been able to leverage its accelerator program to become a magnet for some of the world’s best entrepreneurs. Techstars Toronto is led by Sunil Sharma, a former Canadian diplomat with a deeprooted passion for startups and who has brought his international perspectives to the world of tech investing. Prior to launching Techstars, Sunil was a partner in an active Canadian venture capital fund and has been the person behind the Toronto-chapter of the Founder Institute, the world’s largest pre-accelerator.

I N N O V A T E

T O R O N T O

Techstars Toronto Accelerator - Designed to be Global Techstars Toronto has thrived in a city that has quickly become a destination for founders, investors and innovators from around the world in part due to the strong country brand that is Canada. Immigration has played an incredibly important role in Canada and in Toronto in particular with more than 50% of the city’s population being foreign-born. That has led to a recruitment strategy that focuses on the diversity of entrepreneurs both in Canada and from abroad. Techstars is also proud to be a designated entity for Canada’s Startup Visa Program, a movement that encourages immigrant founders to build their businesses in Canada. Techstars has invested in multiple foreign start-ups and made it possible for them to immigrate to and build their businesses in Canada, should they desire.

Sunil Sharma, Managing Director, Techstars Toronto Accelerator

I N N O V A T E

T O R O N T O

Investment Thesis Globally each year, Techstars invests $120,000 USD into approximately 500 early-stage companies and then offers an intensive 3-month, mentorship-driven accelerator followed by a “Techstars-for-Life” core commitment. Techstars has carefully curated the world’s largest and highest performing network of mentors who are at the core of the Techstars offer to founders. Techstars is widely regarded as the world’s most active investor in startups and has a global portfolio value in excess of $65B. In Canada, Techstars is the most active foreign-based investor with more than 150 investments into Canadian startups and growing by about 50 per year. With newly secured funds, Techstars is just getting started, and Techstars Toronto has expanded into two programs per year from one, and has more than doubled its investment allocation each year to 24 companies.

I N N O V A T E

T O R O N T O

Techstars Mission

What Is The Techstars Offer?

We believe entrepreneurs can change the world.

Upon acceptance to a Techstars Accelerator, companies receive: • Three months mentors-based accelerator program with personal mentorship • Access to Techstars resources for life • You will be offered a $100,000 convertible note. Techstars contributes $20,000, which is commonly used as a stipend (for a total of $120K USD) • Access to hosting, accounting and legal support plus other credits and perks worth more than $1M per company. • Fundraising opportunities and investors connections. Based on past data, Techstars companies go on to raise on average $2M of outside capital after the program.

We believe collaboration drives innovation. We believe great ideas can come from anywhere. We give first. We act with integrity. We treat others with respect. We are here to start a movement.

Techstars Toronto accepts applications in two batches per year, with application deadlines posted on the Techstars website www.techstars.com

#GiveFirst

techstars.com 89

ENTREPRENEUR FIRST The World’s Best Place to Find a Co-Founder Over 10,000 hours spent finding, assessing and selecting Canada’s most exceptional talent

Join the world’s leading community of ambitious people who are ready to build. We believe the world is missing out on the best potential founders, and we’re on a mission to change that. Entrepreneur First (EF) is a global leader in cofounder matching, with a track record of 10+ years of creating cohorts with an 80% success rate pairing complementary co-founders in teams. We spend over 10,000 hours finding, assessing and selecting the best talent, so you can put

your energy towards creating the next globally impactful company. EF’s unique 6-month platform is designed to support an individual to go from no idea to a seed-funded startup company in less than a year. Our Talent We’ve had founders join EF from tech and entrepreneurship hubs like MILA and the Vector Institute, University of Waterloo, Cambridge Fellowship, Queen’s & Ivey Business School and

more, as well as from large enterprises and highgrowth startups. From a former NASA Astronaut to an 18-year-old who finished his computer science degree in a year, our cohorts are filled with outliers that are at the top of their field and ready to build globally impactful companies. Our Community EF’s $5B portfolio is backed by Google DeepMind and LinkedIn’s Reid Hoffman, among others.

EF advisors work closely with our founders. They bring previous exits and extensive knowledge of the Canadian startup ecosystem to fast-track our founders’ progress. We run our cohorts twice a year, bringing together 50 talented and highly-vetted individuals. Ready to take the leap or know someone who should join EF? Go to https://www.joinef.com/ for more information.

I N N O V A T E

T O R O N T O

ACCELERATING THE IMPACT OF CANADA’S FUTURE LEADERS Venture for Canada is a national charity that fosters the entrepreneurial skills and mindset of young Canadians. We recruit, train, and support young people to work for innovative Canadian small businesses and startups. Participants develop the network, knowledge, and entrepreneurial skills to have more impactful careers through our programs. In 2021, over 2,400 young Canadians participated in VFC’s programs and over 5,794 since 2014. VFC was named the 6th fastest growing charity in Canada over the past five years by the Veritas Foundation. VFC was Founded by Scott Stirrett, an ambitious 22-year-old at the time. Fast-forward to 2022, the problems VFC set out to solve become more prevalent. Starting and growing a business and entering the workforce presented new and unforeseen challenges. Two years into the COVID-19 pandemic, equity, access, and networks around Toronto and around Canada shifted. VFC Fellowship, Intrapreneurship, and Internship programs fuel the talent pipeline that drives innovation forward. These are the top six lessons from 2022 VFC wants you to take into the future growth of Toronto and communities across Canada.



Entrepreneurship can’t be learned from a book. You know it by doing: Before VFC, no non-proﬁt or charity in the country focused on entrepreneurial skills development through work-integrated learning. “The most effective way to develop entrepreneurial skills is through workintegrated learning,” says Stirrett. In particular, having young people work in small businesses and see what’s involved in building a company from the ground up. Try and test new business environments as much as possible early in your career. The more you do, the more you learn.





A changing landscape challenges the underlying assumptions about how we do business:

A good idea is not intrinsically valuable without good execution and followthrough:

Five years ago, many people would have said you can’t build a remote ﬁrst business. We’ve all been working remotely for the last two years, and all these companies haven’t collapsed. That’s just one clear and recent example of how the rules have changed. Instead of thinking about how things used to be, embrace change and ambiguity to succeed in unprecedented scenarios.

“Ideas are a dime a dozen” is often heard on VFC’s Slack channels and office culture. “There are seven billion people in the world, and it’s likely that someone else has had the same idea before or comes to the same conclusion as you. Entrepreneurial skills are in the execution of bringing that idea into reality in a way that creates value for the world.” Build a plan to bring your ideas to action, even if it’s just for fun.

I N N O V A T E



You are motivated by the success of your business: Your employees are motivated by other things. And that’s okay. “To hire and retain people, you need to care about what they care about,” says Stirrett. “The reality is, most people want psychologically safe workplaces, and they want to be fairly compensated. They want meaningful work, and they want a sense of autonomy. Companies that do not prize the well-being of their employees are going to lose a lot of their employees. The pandemic has emphasized the importance of looking after your team members.” Don’t expect others to have the same motivations.

T O R O N T O



To attract and retain the best talent, Diversity, Equity, and Inclusion need to be part of your roadmap: “Many more startups and small businesses are recognizing the importance of diversity, equity, and inclusion from the very beginning,” says Stirrett. “There’s been a big and positive shift towards building DEI into the DNA of the company or organization. It helps that, like the Canadian population, entrepreneurs are themselves diverse.” Call “things in” and enlist subject matter experts when you don’t see a clear roadmap.



Starting a business is hard. You don’t have to do it alone: “There is so much support out there,” says Stirrett. “There’s Venture for Canada, but there are also great organizations like Futurpreneur Canada, and there are incubators and accelerators all across the country. There are also peer groups like the Young Presidents Organization that are so helpful because the life of an entrepreneur is full of ups and downs. The more support you have, the better a position you will be in to succeed.” Life and business are about the relationships you hold and value, don’t let those get away.

The resourcefulness of Canadians is essential to overcoming our country’s most significant challenges. Venture for Canada is a catalyst of systemic social change by equipping young Canadians to build a more prosperous and inclusive society. Learn more about entrepreneurial skills on @venture4canada on Instagram, Facebook, LinkedIn, Twitter and TikTok

ventureforcanada.ca 93

I N N O V A T E

T O R O N T O

PARKDALE CENTRE FOR INNOVATION IS ONE OF THE FIRST INCUBATORS IN TORONTO TO SUPPORT STARTUPS AT THE EARLY-STAGE OF THEIR VENTURES THROUGH THE EARLYSTAGE FOR ENTREPRENEURSHIP, AND THE WOMEN FOUNDERS PROGRAM.

Demo Day at Parkdale Centre for Innovation.

Established in 2017, Parkdale Centre is an incubator & accelerator that supports entrepreneurs to start and grow their business, with a focus on equity, accessibility, and inclusion for underrepresented people, namely women, Black, Indigenous, people of colour, and newcomers to Canada. “The Parkdale Centre for Innovation is a grassroots organization that helps provide underrepresented entrepreneurs with the tailored support they need now, and on the road to recovery.” MP Arif Virani. As an organization, Parkdale Centre works to support entrepreneurs and founders to reach their fullest potential. This is shown through the work they do in programming for entrepreneurs, mentorship and networking, access to resources and capital for entrepreneurs to start a business, and an inclusive ecosystem to support the success of their participants.

Rusul Alrubail, Founder, Executive Director of Parkdale Centre. 94

I N N O V A T E

T O R O N T O

“Canada’s ability to stay competitive globally means we have to leverage our inherent strengths. Embracing our diversity to ensure we harness our full innovation potential will ensure we remain competitive for years to come. Thank you Parkdale Centre for helping us achieve our potential!” Neel Dayal, Parkdale Centre Board Member.

Centre startups were featured on the front page of the Toronto Star for building resilient businesses during the pandemic. Please read the article here: https://www.thestar.com/news/gta/2021/02/24/the-pandemic-hashurt-many-small-businesses-but-for-these-new-entrepreneurs-it-hasbeen-a-golden-opportunity.html

Parkdale Centre aims to bridge the inclusivity and accessibility gap in the innovation and entrepreneurship ecosystem for traditionally underestimated communities and individuals. The programming and support are designed to meet their unique needs and, importantly, foster the opportunity to connect with others who are facing similar barriers and challenges to entrepreneurship, creating an inclusive ecosystem to support entrepreneurs in starting and growing sustainable businesses.

As part of Parkdale Centre’s scale-out mandate through CanadaInnovates, Parkdale Centre will ensure support for communities and entrepreneurs across Canada to have the right resources to build and thrive in the innovation economy through entrepreneurship.

“Creating spaces for innovation and entrepreneurship that are intentional about diversity and inclusion is about disrupting an ecosystem that has traditionally catered to the needs of dominant groups” Gilary Massa, Parkdale Centre Board Member.

1464 Queen Street West, Toronto, Ontario, Canada M6K1M2 Email: Contact@parkdaleinnovates.org

In 2020, and at the height of the pandemic, Parkdale Centre was still running programs online and ensuring that the entrepreneurs and community members weren’t working in isolation. As a result, Parkdale

parkdaleinnovates.org 95

I N N O V A T E

T O R O N T O

FOUNDERSBOOST TORONTO PROVES THAT GRASSROOTS EFFORTS CAN DEMOCRATIZE ACCESS TO THE RESOURCES AND RELATIONSHIPS THAT FOUNDERS NEED TO SUCCEED.

FoundersBoost Toronto is the city’s only 100% free, not-for-profit preaccelerator program for early-stage founders. We are a volunteer-only organization that runs six-week boot camps that prepare founders for accelerators, investment, and revenue. We take no equity and charge no fees from any of our startups.

Our program culminates with a Demo Day showcase, where our founders share their founder stories and present their pitch to a public audience. Our founders have leveraged Demo Day to attract investors and build awareness in the Toronto tech ecosystem.

FoundersBoost Toronto is led by Aashna Kumar, a local venture capitalist who revived the once-dormant organization in early 2020. We are supported by a community of dozens of volunteers who serve as speakers and mentors. Our volunteer base primarily consists of investors across Canada’s venture capital firms and established local founders.

FoundersBoost is a critical part of Toronto’s tech ecosystem because it equips founders with resources that would otherwise be behind a paywall: specific, tailored speakers, iterative pitch feedback, and highly relevant mentor relationships. Beyond this, our graduates exit our program with a community of mentors and alumni backing them as they continue the scaling process.

The six-week FoundersBoost program has three key components, starting with expert speaker sessions. We bring recognized experts from the community to speak on customer development, legal and fundraising, building products that matter, market sizing and more. These talks are intimate and never distributed to the public so that our founders can ask specific and personal questions, big and small, about their businesses.

We are proud to democratize access to the resources and relationships that founders need to thrive in Toronto’s tech ecosystem. We have an unsurpassed success rate and our graduates have gone on to raise venture funding and join large accelerator programs. We run programs in the Spring and Fall, and would be so happy to welcome you into our community!

The next key component in our program is our pitch coaching. Each week, we run workshops to identify holes in our founders’ pitches and hone their startup stories. We believe that refining a pitch is an iterative process and we see tangible, meaningful results from the beginning to the end of the program. Finally, our founders benefit from 18 one-on-one mentorship sessions through the duration of the program. Our mentors are founders and investors from Toronto and beyond, who take the time to join our boot camp sessions and work with our startups. Our founders are able to build relationships early with high-potential advisors and investors that often support their growth for years beyond the program.

Aashna Kumar, Director at FoundersBoost Toronto

Co-Founders of Adaptive Pulse, a Fall 2020 Graduate

I N N O V A T E

T O R O N T O

Team at STEM Minds, a Spring 2021 Graduate

Co-Founders of Mile1, a Spring 2021 Graduate

Team at Memoryz, a Fall 2020 Graduate

community.foundersboost.com 97

CHAPTER 5

CHAMPIONING THE ECOSYSTEM

I N N O V A T E

T O R O N T O

DELOITTE BUILDING A BETTER FUTURE THROUGH INNOVATION. At Deloitte, we have a big-picture vision of innovation—it’s not only about what we produce but also about where it takes us and how it enables our people, clients, communities, and country to thrive. To realize this vision, we work to inspire and empower our people to be innovative at all levels. A key driver of this is Catalyst North, our national funding and enablement program that identifies and accelerates Deloitte Canada’s homegrown software and technology assets. These assets are developed by our own people to solve real issues that our clients face. From idea to prototype to implementation, this asset development happens right here in Canada, though we also import and adapt technology assets from across the global Deloitte network. Our Toronto-based Catalyst North team operates nationally to help identify and develop these solutions and bring them to market. In all we do, we keep our innovation vision in mind as we help companies and communities build their own bright futures.

Deloitte BAE Toronto offices

100

Photo: James Brittain

Photo: Adrien Williams

DELOITTE TECHNOLOGY ASSETS: SOLVING REALWORLD PROBLEMS

Helping companies set and reach climate goals Climate change is a significant challenge for us all to do our part to better manage, and hence it presents a pressing concern for many organizations.

Here are a few examples of how we’re making an impact with our homegrown tech assets.

Our Decarbonization SolutionsTM help clients forecast their future emission-reduction projects through scenario modelling, emission pathway analysis, and abatement impact analysis. A successful climate action journey can only be achieved if organizations have robust tools and processes to evaluate, define, and act on their climate strategy. Recently, we helped a Toronto telecommunications company make significant progress toward its goal by using this solution to develop a net-zero carbon plan.

Deloitte’s ConvergeHEALTHTM Connect for Public Sector solution is a unique cross-sector application, built on Salesforce Health Cloud, that revolutionizes the delivery of care and decreases costs for provincial health care systems. With this solution, healthcare organizations use data to provide personalized and predictive services while improving collaboration by connecting the patient’s circle of care on one platform.

Furthermore, over the last decade, companies in Toronto and beyond have recognized that to achieve their sustainability and net-zero goals, they must fundamentally transform their business. To this end, Deloitte has collaborated with Geotab, an Oakville-based global telematics innovation leader, to enable an end-to-end fleet electrification journey for their clients in the transportation industry.

During the COVID-19 pandemic, we helped a large province optimize the allocation and redistribution of health care professionals. We also developed a solution that enables additional health care workers—whether newly retired or currently on leave—to raise their hands to indicate their willingness to re-enter the workforce to help during a crisis.

Our Electrified asset helps clients start framing their sustainability ambition around electrification, then helps them confidently procure and implement the necessary electrification infrastructure to unlock value for the business and reduce its carbon emissions. When everything is up and running, Electrified helps with the ongoing monitoring and management of clients’ electrified fleets.

Learn more about our Healthcare assets at www.deloitte.ca/healthcare.

Learn more about our climate commitments at www.deloitte.ca/climate.

101

DELOITTE VENTURES: OUR OWN DRAGONS’ DEN Through Deloitte Ventures, our new corporate venture capital initiative, we have committed C$150 million to make minority equity investments in emerging and disruptive Canadian technology companies and venture funds. Created with a vision of accelerating the country’s innovative technology sector, our investment represents the largest capital commitment to date among Canadian professional services firms. Our investments will focus on key verticals for Canada, including fintech, health and life sciences technology, cybersecurity technology, and cleantech, among others, with the goal of further catalyzing growth in these areas. We anticipate opportunities to invest in companies that reflect our purpose—to make an impact that matters—in aspects such as diversity, equity, and inclusion; climate; and reconciliation with Indigenous peoples. Through Deloitte Ventures, the firm will play an active role in helping accelerate the growth of our portfolio companies as well as benefit Canadian business and the economy as a whole. A core tenet of the Deloitte Ventures strategy is to engage with and strengthen the robust innovation ecosystem in Toronto—we’re looking forward to more interaction in the months and years ahead. Learn more about this initiative at www.deloitte.ca/ventures.

102

I N N O V A T E

T O R O N T O

DELOITTE AI INSTITUTE: AN INNOVATION THINK TANK Our AI Institute is on a mission to expand Canadians’ understanding of artificial intelligence (AI). We know the demand is there—when we launched in March 2021 from Deloitte’s Toronto-based headquarters, our virtual event was attended by more than 1,800 business leaders in Canada and globally. The Deloitte AI Institute functions as an innovation think tank to educate our clients, people, and the broader community about AI’s most pressing issues. While we primarily produce thought leadership and relevant AI insights, the institute’s signature event is a monthly webcast series, during which industry and research leaders demystify AI and share stories from their own work. These webcasts have attracted data and analytics leaders from Toronto-based organizations (BMO AI Labs, TD, Scotiabank, OMERS, and Roche), who have joined as panelists on topics including trustworthy AI, AI for social good, and more. The series has contributed to building a vibrant community of AI enthusiasts in Toronto, across Canada, and around the world, with more 2,500 attendees and 28 panelists having participated since the series launch. In the years ahead, the AI Institute will narrow its focus on the much-needed promotion of diversity, equity, and inclusion in machine learning. Learn more at www.deloitte.ca/aiinstitute.

deloitte.ca 103

I N N O V A T E

T O R O N T O

The art of turning bold ideas into game-changing realities. Innovation is about harnessing change, testing boundaries, and deciding to lead instead of follow. True, the process is rarely simple (let alone straightforward), but those who take the risk get a chance to write their futures.

Get to know KPMG Igntion

104

I N N O V A T E

T O R O N T O

Scan to meet Olivia:

There’s no “right” path to innovation. As our experiences at KPMG’s Ignition Center reveal time and time again, the journey for one organization can vary wildly from the next. For some, the objective may be to redefine the way they work. For others, it might be designing a next-gen customer experience. Common to all innovation stories is a willingness to wield cutting-edge technologies and methodologies. “For companies that want to compete in today's digitally evolving markets, the ability to innovate is essential. These digital frontiers will reshape how businesses scale growth and explore the “art of the possible,” says Matt Everson, Director of Innovation at KPMG’s Ignition Center. And there is no shortage of “cutting-edge” to go around. Today, we’re working with clients across Canada to take advantage of everything from virtual reality (VR) to artificial intelligence, Web3 to industry 4.0, and beyond. We’re partnering with organizations to reimagine hybrid offices, refresh digital channels, and reconnect with customers in creative and exciting ways. Still, it’s not about chasing the shiniest new toy. True innovation starts with identifying an organization’s specific goals, honing a vision, and then adopting the tools and skills to achieve its ambitions. It’s about asking “What is our big, bold idea?” first and blazing a trail from there.

The Future doesn’t have to be fiction It’s one thing to wax on about what it means to innovate. It’s another to walk the talk. Consider our first steps into the “Metaverse," for example. Today, we're exploring the role our firm plays within this emerging network of virtual worlds and how we can use this space to host engaging and impactful digital experiences. At the same time, we're delving into ways that VR and augmented reality (AR) technologies can help the Ignition Center deliver value from a digital studio to meet anyone, anytime and anywhere. We’re also going crypto. In early 2022, KPMG added Bitcoin (BTC) and Ethereum (ETH) to our corporate treasury allocations. In our bid to gain experience in the crypto space while aligning with the firm’s environmental, social, and governance (ESG) commitments, we purchased credits to offset the footprint of carbon mining and maintain a net-zero carbon transaction. We have also waded into the waters of non-fungible tokens (NFTs). In February of this year, KPMG purchased a piece of NFT digital art from the World of Women (WoW) NFT to support the organization's commitment to Inclusion, Diversity & Equity (ID&E). "NFTs unlock a new channel for organizations to engage with their customers, while also underpinning innovation through the secure digitization of assets," said Benjie Thomas, Managing Partner, Advisory Services, KPMG in Canada. "This acquisition reflects our belief not only in the continued growth of NFTs, but in the value of WoW and its

105

mission. Having now gone through the process, we are well-positioned to guide our clients around building a corporate NFT strategy, including acquiring and safeguarding NFTs." Artificial intelligence is also on our radars. Above, we've included a link that will connect you with a proof of concept for an AI assistant developed for KPMG's Ignition Center to upgrade our client experience. These are just a few ways we’re pursuing innovation, both for the benefit of our firm and our clients. Doing and thinking differently is a tough skill to hone. It takes a mix of daring, persistence, creativity, and a degree of luck, but the rewards can transform both innovators and the people they serve. Are you ready to begin your innovation journey? Contact our Ignition Center team in Toronto for a session that explores the future of your industry and how to scale your business growth through innovation.

333 Bay St. Toronto, ON M5H 2R2 Email: ictoronto@kpmg.ca

kpmg.ca

COLLISION THE “OLYMPICS OF TECH” HAS ITS HOME IN TORONTO There’s never been a greater need for innovative thinkers to share ideas on how we can address the issues — environmental, political and social — facing our modern world. We need an event that unites world leaders, entrepreneurs, tech developers, journalists and talented people the world over; something to give the next generation of technologies a chance to shine. Collision, which Inc. calls “North America’s fastest-growing technology conference”, is just that.

106

The tech event was set up in 2014 by the team behind Web Summit to connect North America’s tech ecosystem. Collision matured over time from a niche event for a few thousand tech enthusiasts into a multi-day extravaganza of networking, lead generation and learning opportunities. In 2019, Collision relocated from New Orleans to its current

home, Toronto, to accommodate its increasingly prominent place on the North American event calendar. “Toronto is a global hub, boasts state-of-the-art infrastructure and event facilities, and is home to one of the most vibrant tech and startup sectors in North America,” said Web Summit

107

and Collision founder and CEO Paddy Cosgrave before the event’s relocation. “I believe Canada and Toronto have lived to some extent in the technology shadow of America. But that’s changing, and fast.”

That promise has been more than fulfilled.

I N N O V A T E

T O R O N T O

Staff onstage following Day 3 of Collision 2019.

Attendees enjoy the atmosphere at Night Summit after Collision ends for the day.

Attendees try out Drone Parks Worldwide VR sets.

108

I N N O V A T E

T O R O N T O

Now, Collision offers a conference experience that Entrepreneur says attendees will “learn something both new and exciting from”. Hosted over three days in Toronto’s Enercare Centre, the event invites speakers from dozens of industries to discuss all matters related to technology in fireside chats, roundtable discussions, intimate Q&As and masterclasses. From celebrities such as Ryan Reynolds to C-suite executives such as Ukonwa Ojo, Collision’s cast of speakers is diverse in its makeup and the topics it touches on. Collision takes place across several event halls, showcasing exhibitions and demonstrations from the world’s leading companies and emerging startups, as well as from strategic event sponsors such as Siemens, the Invest in Canada trade delegation, AWS, and Microsoft. The event floor also has several dedicated meeting spaces and private lounges where attendees can meet, network and generate business leads. These activations are a key part of the reason Collision attracts emerging companies, top investors and world-leading journalists year after year. Even in the face of global challenges, Collision has stuck to its mantra of bringing people together. For two years, the entire event was moved online, taking place on our proprietary software. We connected tens of thousands of attendees across the globe looking to learn, network and do deals, bringing a sense of normalcy to abnormal times.

Startup exhibition booths at Collision.

Returning to Toronto is a key step in our continued efforts to provide a place where people can meet and develop the solutions that will better the world through technology. Because, even in uncertain times, there remains a simple power in people coming together.

WORKHAUS, 4th Floor 215 Spadina Avenue Toronto ON M5T 2C7 Canada Email: torontooffice@websummit.com Prime Minister Justin Trudeau of Canada on Centre Stage during Collision 2019 Opening Night.

Then-ACLU president Susan Herman on Centre Stage during Day 1 of Collision 2018.

109

collisionconf.com

I N N O V A T E

T O R O N T O

ADVANCING KNOWLEDGE TO CHANGE THE WORLD INNOVATORS, SCHOLARS & EXPERTS CIFAR is a global leader in the research community, bringing together top researchers across disciplines to advance our understanding of the most complex and far-reaching questions. Our researchers establish new fields of inquiry — reimagining our health, our understanding of the Universe, the prosperity of our societies, and how we interact with technology. CIFAR Fellows, Advisors, Canada CIFAR AI Chairs, and CIFAR Azrieli Global Scholars — including nearly 400 researchers from 142 institutions in 18 countries — are consistently recognized among the best globally — regularly securing major international research awards. Major Awards: Breakthrough Prize, the Turing Award, the Körber European Science Prize, and 20 Nobel Laureates.

CIFAR fosters an environment of collective intellectual meandering that leads to places where none of us expected to find ourselves.

CIFAR Azrieli Global Scholar Marzyeh Ghassemi speaks at AICan 2018

Gravity & the Extreme Universe program director and R. Howard Webster Foundation Fellow, Victoria Kaspi, and program fellows, Matt Dobbs and Mark Halpern, visit CHIME during the June 2019 program meeting.

Amos Zehavi, Associate Program Director in CIFAR’s Innovation, Equity & the Future of Prosperity program

110

I N N O V A T E

T O R O N T O

Members of the CIFAR Azrieli Global Scholars’ program at their annual meeting. The program is one of many next generation initiatives at CIFAR.

CIFAR’s offices are located in the MaRS building.

111

I N N O V A T E

CIFAR is unique in bringing together top scientists in a multidisciplinary context in which there is time for deep discussions on challenging questions. This is the way to make significant scientific advances. Laurel Trainor, Fellow in CIFAR’s Brain, Mind & Consciousness Program

40 YEARS OF DISCOVERY From the social determinants of health and the microbiome’s effect on our brain to quantum computing and artificial intelligence, CIFAR accelerates discovery and yields breakthroughs across borders and academic disciplines. Ever on the cutting edge, CIFAR spurred the AI revolution, and we now lead the world’s first national AI strategy: the Pan-Canadian Artificial Intelligence Strategy. We connect researchers with global thought leaders to catalyze new social, economic, and technical innovations that drive advances in science, innovation, and public policy.

T O R O N T O

Attendees of the Deep Learning + Reinforcement Learning Summer School.

TIME-TESTED MODEL FOR IMPACT CIFAR provides researchers an unparalleled environment of trust, transparency, and knowledge-sharing to pursue the most important questions facing science and humanity. We host experts in industry, civil society, health care, and government with global research leaders for in-depth conversations that bring research into the real world. Early-career researchers are the future of science. Through the CIFAR Azrieli Global Scholars program, CIFAR engages and mentors aspiring leaders through deep collaborations with other brilliant researchers around the globe. Philanthropic support from foundations, corporations, and individuals sparks and fuels investments from federal and provincial governments and international partner organizations to make this important work possible.

112

Stephanie Simmons, fellow in the Quantum Information Science program, examines the cryogenic [or cooling] equipment for a quantum computer.

I N N O V A T E

T O R O N T O

Boundaries, Membership & Belonging Co-Director, Irene Bloemraad shares her research at the 2019 Global Call Gala.

Jacqueline Koerner, Donor and Vice-Chair of CIFAR’s Board of Directors.

CIFAR encourages big-picture thinking between and across disciplines and applies knowledge gained in practical ways that can change the world. It’s boundless. Jacqueline Koerner, Donor and Vice-Chair of CIFAR’s Board of Directors

cifar.ca

Brain, Mind & Conciousness Program Co-Director Anil Seth. 113

I N N O V A T E

T O R O N T O

INFORMATION AND COMMUNICATIONS TECHNOLOGY COUNCIL SHAPING CANADA’S DIGITAL FUTURE As a not-for-profit, national centre of expertise for the digital economy, ICTC strengthens Canada’s digital advantage in a global economy. Through trusted research, practical policy advice, and innovative capacity building programs, ICTC fosters globally competitive Canadian industries empowered by innovative and diverse digital talent. In partnership with a vast network of industry leaders, academic partners, and policy makers from across Canada, ICTC empowers a robust and inclusive digital economy.

The range of our research and policy advice extends to hundreds and wideranging publications of critical importance to Canadians. Most recently, this includes the Future of Work, Agri-Food Technology, an Industrial Strategy for Canadian Artificial Intelligence, Health Technology, Smart Cities, Autonomous Vehicles, Investment Attraction, Cybersecurity, and Blockchain, to name only a few.

ICTC Capacity Building Programs Rooted in Research ICTC is a leader in developing workforce and enterprise solutions with a focus on delivering talent programs to enable Canadian businesses access the right talent with the right skills. In its programming, ICTC fosters globally competitive Canadian industries empowered by diverse and innovative talent.

With a core team of over 90 highly qualified professionals across Canada and a large network of industry leaders, policy makers, and academic institutions, ICTC offers a unique value proposition of research and evidence-based policy advice that are anchored in workforce and enterprise solutions.

ICTC has developed a multitude of capacity building programs that help individuals and organizations build digital skills and adopt technologies to better participate and compete in a global economy. Our key programs include WIL Digital, a student work placement program that is creating over 6,500 experiential learning opportunities in English and French across Canada; Youth Dividend, which provides recent graduates with meaningful work experience to help transition to full-time employment with a 96% success rate; Edge Up, a flagship program in partnership with Calgary Economic Development (CED) that transitions displaced oil and gas workers to in-demand jobs in Alberta; and the Talent Acquisition for the Digital Economy (TADE) program, which helps small businesses in Alberta access, hire, and retain critical digital talent to support digital transformation and growth. ICTC also has various coast-to-coast programs, including CyberTitan, a youth cybersecurity competition initiative targeting middle and secondary school students; the Ambassador program,

Our team is comprised of economists, researchers, analysts, engineers, program managers, social scientists, public relations and outreach specialists with the passion to advance Canada’s digital agenda. Our values are anchored in our independence and drive for advancing what is right for Canada’s economy and society in a rapidly evolving digital landscape.

ICTC Evidence-Based Research and Policy Advice As an independent, neutral policy advisor, ICTC offers specialized knowledge and an informed perspective on digital policy in support of government and business leaders. ICTC is a recognized and authoritative source of research in technology, investments, economy, and the labour market. We adhere to the highest research standards and leverage our networks to help shape policies that enable Canadians to seize national and global digital opportunities.

114

I N N O V A T E

T O R O N T O

which champions women leadership and gender equality; and the GO Talent program, which connects internationally trained professionals with Canadian businesses. Leading with innovative solutions for the job market, ICTC has launched the iAdvance™ initiative to pave the way for the future of work and competency-based learning through skills mapping, training pathways, and micro-certifications that match talent demand from industry.

Canada’s Digital Future ICTC participates in a variety of wide-ranging forums and speaking engagements at leading national and international events, but this February 1 and 2, 2022, we launched ICTC Horizon to explore the future of Canada’s digital prospects in tomorrow’s economy. This summit is the largest of its kind, bringing together 60 plus speakers and panellists and over 3,000 participants, including industry leaders, policy makers, innovators, and community representatives. ICTC Horizon featured luminary keynote speakers such as Dr. Roberta Bondar, First Canadian Woman in Space; Ron Keller, Expert on International Financial, Economic and Geopolitical Matters; and Johan Rockström, Internationally Recognized Scientist on Global Sustainability Issues, among others. ICTC looks forward to continuing to work with its partners and stakeholders to bring exceptional research, policy, and innovative programming in our pursuit of enabling an innovative and globally competitive digital economy for Canada.

Join us in this important mission!

FAST FACTS • 25+ years of capacity building initiatives • ICTC has staff and offices in cities across Canada and overseas! Find us in Vancouver, Calgary, Winnipeg, Toronto, Ottawa, North Bay, Huntsville, Montreal, Halifax, St John, and other Canadian cities. Recent ICTC Publications: • Uncharted Waters: A World-class Canadian E-learning Paradigm • Canadian Agri-food Technology: Sowing the Seeds for Tomorrow • Onwards and Upwards: Digital Talent Outlook 2025 • Digital Transformation: The Next Big Leap in Healthcare • Canadian Findings on the Future of Work • Work in Progress: Emerging Smart City Occupations • Just Press “Print”: Canada’s Additive Manufacturing Ecosystem • Responsible Innovation in Canada and Beyond: Understanding and Improving the Social Impacts of Technology; and other titles.

Head Office: Ottawa, Ontario info@ictc-ctic.ca

ictc-ctic.ca 115

VECTOR INSTITUTE CONNECTING ACADEMIA AND INDUSTRY TO ADVANCE RESEARCH AND ACCELERATE RESPONSIBLE ADOPTION OF AI IN BUSINESS. As the city where Geoffrey Hinton pioneered deep learning, Toronto has deep roots in artificial intelligence research. The Vector Institute amplifies and leverages this strength in fundamental research for Ontario’s economic benefit by smoothing the path from lab discovery to commercial use. With marquee facilities for collaboration, Vector hosts more than 600 affiliated researchers, startups, enterprises and health partners. It’s also one of the most powerful computational clusters of any not-for-profit entity in Canada, drawing international AI talent to Toronto. That fuels its ambition to become one of the world’s top 10 research centres for machine learning and deep learning. But, like its sister institutes Amii in Alberta and Mila in Quebec, Vector doesn’t keep that expertise to itself. Based in the heart of Toronto’s innovation ecosystem and supported by both the federal and provincial governments as well as the private sector, it is a bridge between academia and industry. Since its founding in 2017, Vector has worked with dozens of corporate partners to ensure Canada’s public and private sectors have the people, skills, and resources they need to use AI effectively. In 2020-21 alone, Vector collaborated with 22 companies and hosted more than 4,200 people in its programming, a four-fold increase from the previous year. “Ensuring Canadian companies become world leaders in applying AI is a core part of our mandate,” says CEO Garth Gibson. “We help companies identify where and how they can best use AI to sharpen their competitive edge. And we also help them design their systems responsibly, so that models are secure, respect privacy, and don’t perpetuate existing biases.” AI is becoming increasingly important to businesses throughout the economy — the sector attracted to Ontario more than $2 billion in venture capital investment in 2020. Vector works across “Vector is the spectrum of organizations to help them build skills, leading Canada’s execute effective AI applications, and commercialize ideas. efforts to build and sustain In December 2021, Vector launched FastLane, a new program to support AI adoption in small- and mediumAI-based innovation, growth sized businesses — SME firms account for more than and productivity. Our strategy half of Canada’s GDP, making them a critical part of the will help realize the transformative economy. The program helps them unlock new growth whether they are new to AI or looking to expand their potential of this technology by driving current application.

excellence and leadership in Canada’s knowledge, creation and use of AI.”

“In our first few years as an institute, we were testing different initiatives to help businesses raise their AI fluency and understand its commercial value,” said Gibson. “Now our focus is on scaling these programs so that as many Canadian organizations as possible can benefit from the insights of top Vector researchers and practitioners.”

— Garth Gibson, President and CEO

116

I N N O V A T E

T O R O N T O

BRINGING AI INTO MEDICINE From identifying surgical errors to predicting cardiac events, there are countless potential uses for AI in health. Vector is supporting Canadian health organizations as they explore how to use AI in ways that both assist doctors in their work and respect patient confidentiality. A key initiative is Vector’s Pathfinder projects, which support small-scale AI deployments in clinical settings. One project, developed with the University Health Network (UHN), goes beyond traditional remote patient monitoring. The MEDLY algorithm enables active and personalized monitoring of daily vital signs and symptoms with instant in-app feedback. The app also alerts health practitioners when a patient’s vitals indicate the need for medical attention. This ensures patients get the care they need when they need it without overtaxing clinical resources. Coral Review, another Pathfinder project developed in collaboration with the University of Waterloo and UHN, assists with determining a diagnosis by searching through large archives of x-ray images and pinpointing abnormalities that are indicative of a collapsed lung. Designed to be a virtual second opinion, the AI — which is currently around 80 percent accurate — can explain the reasoning behind its conclusions to help doctors make a diagnosis.

VectorInst

VectorInstitute.ai 117

I N N O V A T E

T O R O N T O

GAIRDNER FOUNDATION THE GAIRDNER FOUNDATION WAS ESTABLISHED BY TORONTO STOCKBROKER, JAMES GAIRDNER IN 1957 The Foundation awards the annual Canada Gairdner Awards to leading scientists from around the world whose discoveries have had a major impact on scientific progress and human health. The awards are Canada’s only globally recognized international scientific prize. Since 1959, more than 400 scientists from 40 countries have received a Canada Gairdner Award and to date, 96 have gone on to receive the Nobel Prize.

laureates have pioneered some of the most influential scientific discoveries of the last 50 years, such as CRISPR gene editing, DNA replication, the human genome project, developing antiviral vaccines and many more transformative scientific discoveries.

The Gairdner Awards laureates are outstanding researchers in their fields, dedicating their lives to improving human health worldwide. Gairdner

The Canada Gairdner Award program is known around the world for the rigor of its focus on scientific excellence and for promoting science as a key endeavor in addressing major global challenges. The Canada Gairdner laureate and adjudication committee alumni network is among the strongest in the world of major scientific awards. Each year, past laureates return to participate in the award adjudication processes, give lectures as

David Julius, 2021 Nobel prize winner and 2017 Canada Gairdner International Award winner presenting his award acceptance speech at the 2017 Canada Gairdner Awards Gala held at the Royal Ontario Museum in Toronto.

The 2019 Canada Gairdner Award laureates at the Gala alongside President Dr. Janet Rossant (far left) and Board Chair, Heather Munroe-Blum (second from right)

Close-up of Mary-Claire King wearing her Canada Gairdner International Award medal in Seattle, Washington, where she accepted her award in 2021.

2020 John Dirks Canada Gairdner Global Health Award winners Quarraisha Abdool Karim and Salim S. Abdool Karim presenting each other with their medals during the 2020 Canada Gairdner Awards Virtual Gala Celebration.

118

I N N O V A T E

part of outreach programming, contribute to discussions on key topics of the day with government and other stakeholders, and attend Gairdner events. Gairdner’s outreach extends beyond Canadian borders to showcase the country on the international stage. The Gairdner Foundation leverages its globally recognized awards program to inspire scientists and innovators of the future. The Gairdner Foundation engages in outreach programs across Canada and acts as a convener with the public, policymakers, and other stakeholders on the impact of science on our everyday lives. Gairdner continually promotes student initiatives and early-career research opportunities to encourage the next generation of researchers around the world. Gairdner’s programs provide touchpoints in career trajectories that encourage the pursuit of STEMM and promote excellence in biomedical research. By nurturing ongoing participation in science and showcasing the broad career paths available within the science field, Gairdner provides opportunities for Canadians and global partners to engage with research and innovation that will strengthen science culture and promote human health and well-being globally.

We celebrate excellence, convene leaders and inspire the next generation.

Gairdner.org

2017 John Dirks Canada Gairdner Global Health Award winner, Cesar Victora accepting his Gairdner Award at the 2017 Gairdner Awards Gala in Toronto.

119

T O R O N T O

120

CHAPTER 6

HEALTHCARE

121

UHN is the leading and largest research hospital in Canada. The scope of research and complexity of cases at UHN has made it a national and international source of discovery, education and excellence in patient care

The Michener Institute of Education at UHN is the only institution in Canada devoted exclusively to applied health sciences education and is Canada’s first-ever merger between a hospital and a post-secondary health education institution.

122

Toronto General Hospital (TGH) is a global pioneer in the fields of transplantation, cardiac medicine, thoracic surgery and known for introducing the clinical use of insulin to the world.

I N N O V A T E

T O R O N T O

OUR VISION: A Healthier World. OUR PURPOSE: Transforming lives and communities through excellence in care, discovery and learning.

University Health Network encompasses the Toronto General and Toronto Western hospitals, the Princess Margaret Cancer Centre, Toronto Rehabilitation Institute, and The Michener Institute of Education at UHN. We have the largest hospital-based research program in Canada, with major research in cardiology, transplantation, neurosciences, oncology, surgical innovation, infectious diseases, genomic medicine and rehabilitation medicine.

UHN AT A GLANCE

academic hospitals

research institutes and an applied health sciences institute

more than

17,500 staff

1,258 beds1

• UHN’s Toronto General Hospital was named #4 among the world’s Top 10 Hospitals by Newsweek magazine and has held this spot since 2019. • Canada’s Top Research Hospital since 20112 • Over 1,100 researchers (PIs), over $450 million in research funding, Total research space of 1.027M sq. ft and more than 4,000 academic research papers published by UHN Researchers each year.3 Princess Margaret (PM) Cancer Centre is an international leader in cancer care and research.

1 Source: https://www.uhn.ca/corporate/AboutUHN/Pages/uhn_at_a_glance.aspx 2 Source: Canada’s Top 40 Research Hospitals by Research Infosource Inc. 3 Source: UHN Research annual report 2021

Toronto Western Hospital (TWH) is the home of world-class programs in neural and sensory sciences, musculoskeletal health and arthritis, and community and population health.

Toronto Rehabilitation Institute (TRI) integrates innovative patient care, ground breaking research and diverse education to build healthier communities and advance the role of rehabilitation in the health system.

123

I N N O V A T E

OUR RESEARCH INSTITUTES

T O R O N T O

Cancer Institute (OCI), includes internationally recognized researchers and cutting-edge research infrastructure, as well as the Campbell Family Institute for Breast Cancer Research.

Research across UHN’s seven research institutes spans the full spectrum of diseases and disciplines, including cancer, cardiovascular sciences, transplantation, neural and sensory sciences, musculoskeletal health, rehabilitation sciences, and community and population health. UHN also spans the spectrum from basic research through translational and clinical research.

The Centre focuses on cancer research across various fields including genomics, informatics, molecular biology, signalling, structural biology, health services and biophysics. PM’s laboratories and facilities are primarily located at the Centre itself as well as at the Princess Margaret Cancer Research Tower (in the MaRS Discovery Centre).

2. TORONTO GENERAL HOSPITAL RESEARCH INSTITUTE TGH is well known for its excellent clinical care, made possible by ground-breaking research efforts developing surgical and medical innovations. Toronto General Hospital Research Institute (TGHRI) focuses on multidisciplinary research that reflects and supports the medical programs of the hospital. TGHRI has a history of medical breakthroughs and served as the site for the first clinical application of insulin and the first external cardiac pacemaker.

UHN’s seven research institutes are:

1. PRINCESS MARGARET CANCER CENTRE The Princess Margaret (PM) Cancer Centre, home to the discovery of blood stem cells, is the largest integrated cancer research, teaching and treatment centre in Canada. Its research institute, formerly known as the Ontario

Dr. Shaf Keshavjee, Scientific Director, TECHNA Institute and Chief of Clinical Innovation at UHN.

124

I N N O V A T E

3. KREMBIL RESEARCH INSTITUTE The Krembil Research Institute, formerly named the Toronto Western Research Institute, is the research arm of Toronto Western Hospital and comprises the Krembil Brain Institute, Donald K Johnson Eye Institute and the Schroeder Arthritis Institute. Research within Krembil is directed at the development of diagnostics, treatments and management strategies in the following three program areas: • Brain and spine disorders, such as Parkinson’s disease, stroke, epilepsy, spinal cord injuries, dementia, concussion, pain and depression • Bone and joint disorders, such as osteoarthritis, rheumatoid arthritis, systemic lupus erythematosus, and ankylosing spondylitis • Eye disorders, such as glaucoma, macular degeneration, and retinopathy

4. KITE The research arm of the Toronto Rehabilitation Institute, KITE (an acronym for Knowledge, Innovation, Talent, Everywhere), is a world leader in complex rehabilitation science and is dedicated to improving the lives of people living with the effects of disability, illness and aging. KITE’s areas of focus include prevention, restoration, enhanced participation and independent living.

125

T O R O N T O

I N N O V A T E

T O R O N T O

5. TECHNA INSTITUTE

6. MCEWEN STEM CELL INSTITUTE

Techna Institute is focused on the accelerated development and exploitation of technology for health. Techna “crosses the silos” of traditional research to integrate the expertise of researchers, academic clinicians and engineers, with personnel and research facilities dispersed across UHN campuses. The Techna model combines translational research with clinical, productization, engineering, software development and management expertise.

Since 2007, the McEwen Stem Cell Institute has been a recognized leader in stem cell research and regenerative medicine. Founded with generous donations from Rob and Cheryl McEwen, it aims to unleash the potential for stem cell therapies to beat blood cancer, eliminate insulin injections, repair livers and heal broken hearts. McEwen collaborates with research institutions around the globe and includes ground-breaking partnerships to move theory to therapy.

INNOVATIONS IN REGENERATIVE MEDICINE Healing Broken Hearts

Scientists have developed the first functional pacemaker cells from human stem cells, paving the way for alternate, biological pacemaker therapy. Dr. Gordon Keller, Director of the McEwen Stem Cell Institute, is a trailblazer in generating a wide variety of specialized cells from human stem cells. His work includes the directed differentiation of human pluripotent stem cells (hPSCs) into the different cell types found in the human heart. These advances have enabled the establishment of model systems to study human heart development and disease in a culture dish. Additionally, access to unlimited numbers of human heart cells from hPSCs has provided the basis for developing new cell-based therapies to treat heart and other diseases, currently being explored at the McEwen Stem Cell Institute.

7. THE INSTITUTE FOR EDUCATION RESEARCH AT UHN

Augmented reality for surgery

For our health care system to adapt to the needs of the 21st century and continually advance care, we must imagine, design and implement bold new ways of educating the healthcare workforce. This is the driving force behind The Institute for Education Research (TIER). TIER is one of seven institutes within the UHN Research family. Through the adoption of a unique research model, TIER welcomes researchers and partners from across the healthcare continuum and the university and college sectors, to provide a fulsome view on healthcare education. As a hub for experts to come together, incubate ideas and leverage expertise, TIER is shining a light in this area and advancing the future of professional education within Canada’s health care sector.

A demonstration of augmented reality in surgery, with a tumour (pink) projected onto a plastic skull (L) based on medical imaging data of the tumour’s size, shape and position (R).

TIER’s research is focused on: • Teaching, Learning and Practice: Exploring how to optimize learning in the professions using cognitive psychology, education science and social science perspectives • Societies, Systems and Structures: Exploring how the organizational and social structures of health professional education and clinical settings impact education practice and theory • Technology, Innovation and Simulation: Exploring how innovations in technology, including simulation and artificial intelligence, change the learning and practice experiences of health professionals

A recent study from researchers at UHN’s TECHNA Institute reveals that augmented reality could serve as a powerful tool to help guide surgeons. While current image-guided surgical systems provide surgeons with detailed medical imaging information – so that all parts of a tumour can be removed while conserving as much healthy tissue as possible – the key drawback is that these systems display the information on a screen that surgeons must shift their gaze to see. Augmented reality is a game-changer because it enables the image to be accurately projected directly onto the patient, providing a more intuitive approach with possibility of reducing surgical error.

126

I N N O V A T E

INNOVATION HIGHLIGHTS

T O R O N T O

INNOVATIONS IN SURGICAL AND TRANSPLANT CARE

Repairing & rebuilding organs outside the body UHN’s TGH is home to many world-firsts, including the single and double lung transplant. It also houses the world-renowned Ajmera Transplant Centre, Canada’s largest organ transplant program, performing more than 700 transplants every year – kidney, lung, liver, heart, pancreas and intestine.

A NEW ERA IN CANCER TREATMENT

CAR T-cell program brings life-saving treatment to patients A new cellular therapy program at the Princess Margaret Cancer Centre marks a new era in realizing the full potential of immunotherapy treatments for cancer patients. Chimeric Antigen Receptor or CAR T-cell therapy — one of the most promising life-saving immunotherapies on the horizon — will be offered as standard of care.

Core to UHN’s transplant innovation is the Toronto Ex-Vivo Lung Perfusion (EVLP) system, a breakthrough process by which lungs breathe at normal body temperature outside of the body so that a surgeon can safely evaluate how they function and, in the future, repair any injuries prior to transplant.

The difference between life and death for some patients, CAR T-cell therapy is when the bodies own immune cells are removed from a patient and genetically engineered to recognize and fight their own tumour. The definition of personalized medicine, CAR T-cell therapy helps patients manufacture their own cells to recognize cancer, and then attack it.

Over the past decade, EVLP has revolutionized lung transplantation, dramatically increasing the availability of donor lungs and doubling the lung transplant rate—and lives saved—at UHN. The EVLP system was originally developed at UHN by Drs. Shaf Keshavjee, Chief of Clinical Innovation at UHN, Director of the Toronto Lung Transplant Program and Latner Thoracic Surgery Research Laboratories, and Dr. Marcelo Cypel, Surgical Director, Ajmera Transplant Centre and Staff Thoracic Surgeon at UHN. Research shows up to 80 per cent of donor lungs are discarded due to suspected injury. With EVLP technology, surgeons are now able to expand the pool of available donor organs and significantly enhance transplant success. By addressing the global shortage of donor lungs, EVLP also has the potential to reduce—if not completely eliminate—lung transplant wait times. Spearheaded by researchers at UHN’s Ajmera Transplant Centre, the EVLP method is now being translated to support ex vivo assessment and transplantation of other organs, helping to repair and rebuild organs for all patients in need.

INNOVATIONS IN DIGITAL HEALTH

Remote cardiac care from everywhere The first-of-its-kind Medly app, approved by Health Canada as a Class II Medical Device, is ushering in a new era of 24-7 patient monitoring thanks to the team at the Ted Rogers Centre for Heart Research at the Peter Munk Cardiac Centre. Dr. Ross, along with Dr. Joe Cafazzo, Executive Director of University Health Network’s eHealth Innovation and Wolfond Chair in Digital Health, developed and launched Medly in 2016. This tool is a heart failure monitoring platform that’s accessed through a mobile app.

A step closer to universal organ donation

Patients enter daily metrics, such as their weight, blood pressure and heart rate, and that information is assessed by a rules-based in-app algorithm in real time. An actionable feedback message – normal, caution or critical – is sent to patients, and if there is any indication of deteriorating health, the patient’s care team can intervene quickly.

A study published in Science Translational Medicine performed at the Latner Thoracic Surgery Research Laboratories and UHN’s Ajmera Transplant Centre has proven that it is possible to convert blood type safely in donor organs intended for transplantation. This finding is an important step towards creating universal type O organs, transplantable regardless of the patient’s blood type. This advancement would significantly improve fairness in organ allocation and decrease mortality for patients on the waitlist.

UHN has partnered with Apple to use the platform to monitor heart failure through the Apple Watch.

127

I N N O V A T E

T O R O N T O

While Gamma Knife is still a critical tool, LITT allows Dr. Zadeh and her colleagues to get at even more complicated cancers. “This is an incredibly innovative technology. I wanted to acquire it so we could continue to stay at the cutting edge,” she says, adding that the expertise of two of her colleagues, Dr. Suneil Kalia, who has a functional neurosurgery background, and Dr. Paul Kongkham, who has extensive oncological knowledge, has been instrumental in getting the technology up and running safely. Dr. Zadeh says that in addition to Ontarians, she and her team would welcome an opportunity to care for out-of-province patients using the LITT technology and will work with patients and their healthcare teams to make this happen. “It’s a technology at the intersection of neuroscience and cancer,” she says. “It gives us the advantage of bringing the two worlds together.”

SIMULATED ENVIRONMENTS AT KITE KITE is home to more than 10 state-of the art simulation environments, such as the ClimateLab, SleepLab, FallsLab, CareLab and, featured below, DriverLab.

Dr. Gelareh-Zadeh, a pioneer in the field of brain cancer research and neurosurgery. Photo: Regina Garcia.

INNOVATIONS IN BRAIN TREATMENT AT THE KREMBIL BRAIN INSTITUTE A brain cancer diagnosis can be devastating for the thousands of Canadians who receive one each year. It’s historically been difficult to treat, and only 21 per cent of patients with brain cancer survive beyond five years.

A revolutionary new treatment for complex brain tumours, epilepsy Dr. Gelareh Zadeh, one of the world’s most sought-after neurosurgeons and researchers, knows these statistics too well. She’s made it her mission to bring the most cutting-edge, modern and innovative technologies and treatments to UHN’s Krembil Brain Institute (KBI). In 2019, Dr. Zadeh brought in the latest addition to the KBI’s brain cancerfighting arsenal: a laser interstitial thermal therapy (LITT) system, made possible through the generous donation of a grateful patient.

DriverLab

With this state-of-the-art laser technology, clinicians no longer have to surgically operate to reach a tumour or lesion.

DriverLab is the only simulator of its kind in Canada and is comparable to the most sophisticated driving simulators in the world.

Decades of innovation Dr. Zadeh sought out this technology – the KBI is one of two centres in the country that can do this procedure – because it’s critical to her that the KBI remain at the forefront of neuro-oncology.

With vehicles as the leading cause of death in Canada, KITE’s DriverLab uses simulation to help develop tests for fitness and safety for driving, recommendations, and investigating the effects of health and medications on driving.

Nearly 20 years ago, the KBI began using Gamma Knife, which, at the time, was a groundbreaking technology that continues to save patient lives today. It works by sending focused beams of radiation to precise areas of the brain.

For more information and a virtual tour of KITE’s 10 simulated environments such as the ClimateLab, SleepLab, FallsLab, CareLab, visit: kite-uhn.com/tours/virtual

128

I N N O V A T E

T O R O N T O

COMMERCIALIZATION AT UHN

OUR VALUES:

Maximize health impact globally • Secure fair value for sustainability and re-investment • Elevate Canada as a world destination for life science commercialization

Enabling and leading commercialization and industry partnerships for a healthier world.

“At UHN, we have the best in science and scientists working to create new options to improve patient care,” says Brad Wouters, Executive Vice President, Science & Research, UHN. “World-class research and development is expensive and complex, and when we partner with industry, we accelerate our translation of research into treatments, so that patients can benefit, faster.”

Commercialization at UHN is the research commercialization hub located at Toronto’s University Health Network (UHN), the largest driver of medical research and innovation in the greater Toronto region and the leading research commercialization institution in Canada*. As UHN’s catalyst for accelerating the world-class research and innovation at UHN into medical products, devices and therapies that improve care for patients around the world, we work to realize UHN’s vision of a healthier world.

Together with the world-class UHN research community, our work elevates Canada as a world destination for life-science commercialization.

Technologies discovered and developed at UHN have already formed the basis for many global products and services including pharmaceuticals, biologics, devices, and diagnostics and represent the foundation for UHN spin-out companies.

OUR START-UP MODEL UHN has a unique technology incubation model that provides in-house funding to help early stage technologies advance, making them ripe for commercialization and industry partnerships. Delivered with support from the Princess Margaret Cancer Foundation via the Princes Margaret Cancer Centre Innovation Acceleration Fund (IAF), this de-risking funding model has allowed our start-ups to gain the confidence of major investment partners. Coupled with this approach, UHN seeks experienced management teams to lead its start-ups, setting them up for long-term success.

“Research hospitals are today’s biotechnology engines, and it’s important that we make Canadians aware of this important role in researching and developing the very best treatments and in fuelling our future economy and employment market,” says Dr. Kevin Smith, UHN’s President & CEO.

Following this model, since 2014, UHN has created and launched 16 well financed companies, bringing in more than $1.3 Billion CAD in investments from major investors/venture capitalists.

The basic research initiatives and translational expertise of UHN’s research and clinical investigators continue to generate a large and growing portfolio of opportunities for corporate partnerships and alliances, and our seasoned team of business professionals shepherds the world-class science and discovery living at UHN toward maximum patient impact.

We compete with the biggest names in the US and at home; our lineup of start-ups includes BlueRock Therapeutics, Trillium Therapeutics, Adela Bio Inc., Treadwell Therapeutics and AvroBio amongst others, which have together injected over $5 billion into the economy.

We have a rich history of working with world-first discoveries – such as insulin, first administered to a patient at the Toronto General Hospital in 1922.

UniversityHealthNetwork UHN University Health Network

* Source: AUTM Licensing Survey – https://autm.net/surveys-and-tools/surveys/licensing-survey/2020-licensing-survey.

129

uhn.ca

THE HOSPITAL FOR SICK CHILDREN (SICKKIDS) PIONEERING A NEW APPROACH TO PAEDIATRIC MEDICINE THROUGH PRECISION CHILD HEALTH The Hospital for Sick Children (SickKids) is transforming the future of child health through an innovative approach we call Precision Child Health. Building on our long legacy of paediatric clinical and research innovation, and a 2022 ranking as the top children’s hospital in the world*, over the next decade we’ll transform paediatric health care with precision approaches; harness data about our patients’ genes, biology, and environment; and guide predictive, preventive, diagnostic, and therapeutic care tailored to each unique child. 130

sla was a medical mystery for the first year of her life. At just one week old, she was in the SickKids neonatal intensive care unit with many symptoms, including difficulty feeding and high levels of inflammation markers in her blood. Isla and her parents spent that first year in and out of the hospital. During that time she experienced challenges eating and was fitted with a feeding tube to help her retain nutrients and grow. The clinical team suspected a genetic cause behind Isla’s symptoms and began treating her with a biologic drug, which helped block inflammation proteins. Once she was on this new treatment, the effect was dramatic. “Isla started to have more energy,” says her mother, Miki. “She began smiling and even laughing.” To learn more about Isla’s condition and to confirm she was on the right course of treatment, the team arranged whole exome sequencing, one of the most comprehensive types of genetic testing available at the time. The results showed Isla has a rare but treatable genetic variation, and is now on the right treatment. Isla’s story demonstrates why SickKids is championing Precision Child Health. Today, Isla no longer has a feeding tube and is frequently found helping in the kitchen. The promise of Precision Child Health to enhance patient-centred care, decrease preventable harm, and unlock treatment for all our patients has never been clearer – that’s why SickKids is pioneering a powerful new approach to paediatric medicine. * Source: Newsweek World’s Best Specialized Hospitals 2022 - Pediatrics

SickKids patient Isla celebrating the removal of her feeding tube following treatment for a rare genetic condition. 131

I N N O V A T E

T O R O N T O

THE FUTURE OF AI-POWERED CARE SickKids researchers are using artificial intelligence (AI) to reimagine the future of paediatric care through automation, prediction and early detection. The goal? To uncover diagnostic answers, prevent harm and improve the patient and family experience. Led by our AI in Medicine for Kids (AIM) initiative, SickKids is on a mission to transform paediatric care through AI.

of AIM Dr. Anna Goldenberg is developing a whole-body MRI-based machine learning tool to detect early-onset cancers among children. Using this machine learning tool, doctors would more easily be able to detect cancers in children early enough to spare patients the side effects of aggressive treatments.

Co-Chairs of AIM, Drs. Mjaye Mazwi and Anna Goldenberg,

Predicting a life-threatening event before it happens: Up to 29 per cent of critically ill children experience abnormal heart rhythms, also known as arrhythmias. Currently, arrhythmias are diagnosed by a clinician looking at the ECG signal on the patient’s bedside monitor. A SickKids machine learning system developed by a team led by Staff Physician in the Department of Critical Care and Co-Chair of AIM, Dr. Mjaye Mazwi is able to detect arrhythmias among patients in the critical care unit seconds after onset, alerting the care team and expediting diagnosis. For critically ill children, early diagnosis could mean early treatment to reduce harm and improve patient outcomes.

Using deep learning to prioritize care and reduce stress on families: Hydronephrosis is a common prenatal ultrasound finding that involves an enlargement of the central part of the kidney where urine

collects. While the majority of children with this condition will get better on their own, some will require medical or surgical intervention. These children are monitored with repeated ultrasounds that may include invasive, painful tests that take place over many clinic visits. A team led by PhD student Lauren Erdman and Nurse Practitioner Mandy Rickard developed a deep learning tool to enable a more efficient way to help children with hydronephrosis. The tool analyzes patient ultrasounds to predict the probability a patient may need surgery, or if they will improve on their own. This aims to help decrease clinic visits and invasive testing for some, while fast-tracking surgery for those who need it – reducing stress and time spent in hospital for families.

Detecting cancer earlier with wholebody MRIs: Detecting cancer early is critical to improving survival odds. That’s why a team led by SickKids Senior Scientist and Co-Chair

132

Streamlining care through emergency department automation: The emergency department (ED) experience in any hospital can be difficult. To improve the patient experience in the ED, a team led by Staff Physician and Clinical Artificial Intelligence and Machine Learning Lead in the Division of Paediatric Emergency Medicine at SickKids, Dr. Devin Singh is pioneering machine learning algorithms that can identify which diagnostic imaging and lab tests a patient needs before they can be assessed by a physician. Using triage data collected when patients first arrive in the ED, the model can predict what tests are needed (like x-rays and urine tests) for common medical conditions. These models may also be able to automate ordering these tests early in a patient’s visit, streamlining care significantly. The team wants to take it a step further to adapt the models to make predictions using data originating from the home, before patients even come to the ED, which could revolutionize the way children access health care.

A NEW SICKKIDS IS RISING AND WITH IT, A NEW ERA IN CHILD HEALTH.

Through Project Horizon, our campus redevelopment project, SickKids is transforming our hospital campus in the heart of Toronto’s Discovery District to deliver on the future of nextgeneration care. • SickKids’ approach for delivering health care is centred on the needs of patients and their families, providing the best in complex and specialized family-centred care and championing an accessible, comprehensive and sustainable child health system. • SickKids is one of Canada’s most research-intensive hospitals, with programs spanning the spectrum of childhood diseases, and expertise that extends to fundamental science, translational medicine and health policy. Our multidisciplinary research programs are the engines of discovery. • From dynamic simulations and handson training to our International Learner Program, the Learning Institute helps advance knowledge and skills locally, nationally and throughout the world. The new SickKids campus will enable our world-class staff to push the limits of care, research and learning to create the best possible healing environment for our patients and families.

Rendering of the new SickKids campus, scheduled to be completed in 2035.

sickkids.ca 133

I N N O V A T E

T O R O N T O

THE CCRM STORY: 10 YEARS IN THE MAKING When it launched onto the scene in 2011, there was nothing else like it. Even today, ten years later, CCRM’s model remains unique in the industry. With technical teams devoted to product development and GMP-compliant manufacturing, investment analysts searching for the next promising opportunity, and experts skilled at identifying and building companies, CCRM’s highly qualified personnel work together seamlessly to solve the big challenges in commercializing regenerative medicines, including cell and gene therapies (CGTs).

“Regenerative medicine is the future, and not only is it the future, it’s a branch of medicine that Canada and the province of Ontario are actually quite good at.”

CCRM is catalyzing the growth of the Canadian industry by accelerating the translation of promising technologies, processes and therapies into life-changing health outcomes for patients. Through strategic funding, dedicated infrastructure and specialized business and scientific expertise, CCRM has achieved a number of important milestones: • Establishing academic (through University of Toronto and its partners), industry and investor networks, and acting as a commercialization partner for initiatives to drive the discovery pipeline. • Supporting the launch and scaling of 14 portfolio companies that have gone on to raise over $770M. • Launching the Canadian Advanced Therapies Training Institute with CellCAN to address a critical training gap in the manufacturing workforce. • Building gap-filling infrastructure to establish Canada as a leader in the manufacture of CGTs, so that the companies CCRM launches, invests in and grows with local talent will remain in Canada.

In January 2016, Prime Minister Justin Trudeau announcing CAD$20M in funding for an advanced manufacturing centre at CCRM in the MaRS Discovery District. The Centre for Advanced Therapeutic Cell Technologies (CATCT) received equal funding from Cytiva (formerly GE Healthcare).

LEADING MANUFACTURING CAPABILITIES

CREATING MORE NEW JOBS

The pandemic exposed a large gap in Canada’s domestic biomanufacturing capacity. CCRM and McMaster Innovation Park are partnering to take CCRM’s manufacturing capabilities to the next level by building and operating a biomanufacturing campus in Hamilton, Ontario. The facility will leverage CCRM’s existing capabilities by providing Phase III and commercial-scale manufacturing for CGTs, with the flexibility to pivot to other advanced therapies in emergencies. It is expected to create 1,000 jobs and address demand from the growing global industry.

In 2018, CCRM opened a 20,000 ft² Good Manufacturing Practices (GMP)-compliant facility with University Health Network. The Centre for Cell and Vector Production (CCVP) has 10 clean rooms for manufacturing clinical-grade cells and viral vectors for Phase I/ II clinical trials. CCRM’s capabilities in CCVP and CATCT make it the largest contract development and manufacturing organization (CDMO) of its kind in Canada.

134

CCRM 2020 ANNUAL REPORT I N N O V A T E

INVESTING IN PROMISING COMPANIES

T O R O N T O

SUCCESS STORY

Notch Therapeutics was the first company to graduate from CCRM’s internal incubation program. The program provides start-ups with the infrastructure, funding and expertise to accelerate early proofof-concept and attract external funding. Less than two years after its launch, Notch closed one of the largest Series A financings in Canadian history – an oversubscribed US$85M round including Canadian and U.S. investors.

A GLOBAL NETWORK The CCRM team has bold ambitions, believing that global scaling and international collaboration are key to building the industry around Canadian leadership. That means facilitating the bundling of IP, sharing expertise and leveraging funding across all of the major markets. CCRM is establishing hubs around the world, beginning with CCRM Australia, which received seed funding in 2016. More hubs will follow!

In December of 2021, CCRM officially launched CCRM Enterprises Inc., a for-profit venture investment arm of CCRM to establish sectorfocused investment vehicles to fill gaps at pre-seed, seed and later stages of investment. CCRM Enterprises expects to add 15 companies to its portfolio over the next five years through company creation/ incubation, service for equity arrangements, and strategic direct investments.

Staff photo, December 2019.

Canada is recognized for its scientific excellence in regenerative medicine after decades of investment in the field. CCRM believes Canada can be a leader in the development, commercialization and adoption of these revolutionary medicines. Make sure to check back in another 10 years.

135

ccrm.ca

I N N O V A T E

T O R O N T O

ONTARIO INSTITUTE FOR CANCER RESEARCH MOBILIZING THE CANCER RESEARCH COMMUNITY TO DRIVE PERSONALIZED CARE

Cancer is not just one disease. Each tumour is unique, and each person will experience cancer differently, requiring tailored therapies matched to the unique drivers of their disease. To address this tremendous challenge effectively, it takes a diverse range of people working together in multidisciplinary networks on innovations in cancer prevention, detection, diagnosis, and treatment. Funded by the Government of Ontario, the Ontario Institute for Cancer Research (OICR) conducts and enables cutting-edge translational cancer research by harnessing the province’s greatest strength: its people. For more than 15 years, OICR has mobilized a vast network of researchers, clinicians, patients and partners in government and industry to develop solutions that improve outcomes for people with cancer and strengthen the province’s economy. Collaborations are at the heart of all OICR’s work. In fact, we partner with hundreds of organizations in Ontario and around the world to support broad portfolio of research projects. These studies involve thousands of highly trained research personnel and provide access to life-changing clinical trials to many thousands more patients.

136

I N N O V A T E

Our studies are generating the knowledge and tools behind the next generation of precision medicine – and we don’t stop there. We are also creating translational pathways that bridge the gap between the lab and the clinic, helping turn scientific discoveries into new diagnostics, treatments and practices that help every Ontarians get the right care at the right time. OICR supports cutting-edge clinical trials to develop this “precision medicine” approach, and we are working with partners to create more effective and timely pathways to implement these discoveries in the health system.

and opportunities for early career researchers, educational offerings, and a chance to shine as part of the Ontario Rising Stars in Cancer Research Network.

Ontario’s tremendous research talent can transform patient outcomes in our province, and it can also be fuel for economic growth. That’s why we have worked with our strategic partner, FACIT, to help launch dozens of start-up companies that are accelerating made-in-Ontario innovations and in keeping the province’s economy strong now and into the future. The future of cancer innovation requires a sustainable research capacity. So OICR is investing in the next generation of cancer researchers with awards

T O R O N T O

Though we collaborate across various communities, we know that research must include the voice of patients. Together with our Patient and Family Advisory Council (PFAC), OICR is developing a community of patients and community organizations who contribute to key projects and help steer our strategic direction. Through our PFAC, we are also working to ensure the products of our research benefit everyone, including underserved communities. Cancer is always changing. By building and sustaining an incredible network of collaborators and communities across Ontario, we are working to stay one step ahead of cancer. OICR is in a unique position to advance cancer care discoveries benefitting the diverse people of our province and people around the world.

oicr.on.ca 137

I N N O V A T E

T O R O N T O

LAYLA CARE DELIVERING PATIENT CENTRIC INNOVATION INTO MENTAL HEALTH CARE.

Layla’s mission is to empower Canadians to take control of their mental health. We use patient-centric innovation to understand and address gaps in the ever-changing realities in the mental health space. Today, Layla is a platform that facilitates personalized individual, couples, family, and group therapy directly to the public as well as in collaboration with partners in the broader healthcare sector.

Group photo of Saretta Herman, Clinical Director, Charan Litt, Director, and Samer Abughannam, CEO

“In the long term, we want to deliver personalization and warmth at scale. This is hard, and it relies on our people and culture just as much as our product and operating model” – Samer Abughannam, CEO

138

Mental health is complex, but finding the right care doesn’t have to be. The psychological health of Canadians has been sharply declining - 76% of millennials and Gen Z are at high risk of developing mental health challenges (Ipsos, 2021). And yet support is not being accessed quickly enough. Of our clients who are seeking therapy for the first time, a disproportionate amount (around 75%) are waiting longer than a year to access care. The reality is, stigma remains ever-present especially among specific populations such as men. Canadians are continuously identifying roadblocks to accessing the proper mental healthcare from significant wait times to a ‘one size fits all’ approach in a field that requires personalization. And many folks don’t know where to start. Layla helps clients find the right therapist using a warm, simple, and quick process. The matching configuration combines clinical, logistical, and interpersonal fit in identifying therapist suggestions for the client. An algorithm prepares a preliminary plan, but a dedicated Care Coordinator reviews and validates each case and works collaboratively with the client on their pathway. ”People want and need support but they don’t know how to find it. They want someone good who is experienced with what they’re facing. Our hope at Layla is for people to connect to the right support sooner and prevent a lot of pain for people who waited until things were at a breaking point”, highlights Saretta Herman, the Clinical Director at Layla.

I N N O V A T E

The Layla team continues to build and expand their group therapy programs, with several new programs being released in 2022 in different provinces across Canada. Layla’s group programs are centered around a specific theme such as a difficult life experience, a health concern, a therapy modality, or a desired change. Group participants benefit from the tailored content, a therapist who specializes in this area, the alliance and community offered and a less frightening way to go to therapy.

T O R O N T O

“At Layla, we believe human connection plays a fundamental role in helping create hope for the future and to unlock the benefits of therapy. Mental healthcare is still an underserved area that can be difficult to navigate, especially when it comes to finding the right care, personalized to the individual. Our mission is empower Canadians to take control of their mental health, and we’re excited to scale our therapy programs nationally” – Charan Litt, Director, Layla Therapy

In appreciation of the mind-body connection, Layla is partnering with other healthcare institutions such as Trillium Health Partners and LMC Healthcare to deliver mental health supports that supplement physical health treatment. Through a desire to support earlier interventions, Layla continues to explore ways to work closely with family physicians and clinics.

“Our goal in Specialty Programs is to provide workers who have been injured on the job access to timely, client-centred mental health services to support them on their journey to healthier functioning and, ultimately, to a durable return to work.”

What started as a small operation out of Toronto, Ontario, Layla has quickly become a team of 30 staff and 120+ partner therapists. In 2022, Layla is looking to expand both geographically and with new services and is making a public effort to normalize group therapy, to change conversations around mental health and to reduce the pervasive stigma that prevents access to mental health care.

– Dr. Barbara Virley, Manager, Clinical Services, Specialty Programs

Many people feel stigma towards accessing therapy and often struggle in silence. 75% of our clients report they waited longer than a year before reaching out for help

Layla Care Tel: +1-647 374 4210 Email: contact@layla.care

layla.care 139

Media/Community relations: Emily McIntyre, Community Manager Tel: +1 437 600.8332 x 1008 Fax: +647 277 1229 Email: community@layla.care

The next frontier of home care

infrastructure to support a paraplegic, and as a result, he couldn’t shower for more than a month. This lack of control over his own care has taken an enormous physical, emotional, and psychological toll. Thankfully, his nurse case manager heard about Gotcare, and within 30 minutes, Mr. Jones was matched with a local home care aide and received care the following day. Gotcare is modernizing the home care industry by using advanced artificial intelligence (AI) to match every patient with a home care worker. When the company receives patient referrals from occupational therapists and nurse case managers, they use their patent-pending technology to connect patients to the most ideal local care aide based on the type of care required, proximity, language, and other culturally relevant factors.

Accelerated by the COVID-19 crisis, families are in dire need of home care, but labour shortages make accessible home care a challenge for most people in Canada and many suffer in silence.

Company co-founder and CEO, Chenny Xia, is focused on building relationships and keeping care within the community to provide families with the ability to be in control of their own care or the care of their loved ones.

Take for example Mr. Jones*, who sustained a spinal cord injury in a car accident. After spending several weeks in the hospital, he was discharged from hospital care to convalesce at home in rural Ontario. His home has no

Since launching in 2018, the company has expanded operations to Ontario, British Columbia, Alberta, and Newfoundland and Labrador; and is

140

powered by a network of more than 20,000 care workers. That number is expected to rise as they expand to other provinces and more rural areas of Canada. For the home care industry, that’s very welcomed news. Throughout the pandemic, home care organizations have been facing the challenge of meeting requested visits. With some areas seeing less than half of visits being fulfilled**, Gotcare’s mission is critical for people living in Canada. The industry has also seen a drop in care workers reportedly due to poor compensation, stress due to the pandemic, and feeling under-valued for their work. Home care workers face very high physical and mental demands on the job. Additionally, their current rate-of-pay is not enough to earn a sustainable living – it’s why many are forced to work multiple jobs to make ends meet. The home care industry typically pays between $18 to $20 per hour for care aides. However, with the use of modern technology, Gotcare has lowered the cost of care delivery by up to 30 per cent and is able to pay its workforce between $23 to $28 per hour. Moreover, administrative tasks for care workers and families are streamlined so that all paperwork is taken care of and reporting is provided to case managers in real-time. Xia believes that taking care of our elderly and disabled citizens should not be a minimum-wage paying job. Through codesign, new technologies, and process innovation, Gotcare is supporting the much-needed shift from ‘survive’ to ‘thrive’ by building a home care experience that is more modern, personalized, and equitable. By collaborating with investors like the TELUS Pollinator Fund for Good and SheEO, Gotcare is able to continue improving the accessibility and affordability of home care services while expanding its operations into other regions of the country.

* Mr. Jones’, although a real patient of Gotcare’s services, has a fictitious name in this article to protect his identity. ** Source: https://www.thestar.com/business/opinion/2021/10/25/ontarioseniors-and-patients-will-pay-the-price-of-the-developing-home-care-crisis. html

Throughout the pandemic, home care organizations have been facing the challenge of meeting requested visits. With some areas seeing less than half of visits being fulfilled**, Gotcare’s mission is critical for people living in Canada.

Tel: +1-888-819-1244 Email: community@gotcare.ca

gotcare.ca 141

142

CHAPTER 7

INNOVATION IN MEDICINE & MEDICAL TECHNOLOGY 143

BLUEROCK THERAPEUTICS DARES TO ASK, “WHAT IF?”

At BlueRock, our mission is to create authentic cellular medicines to reverse devastating diseases, with the vision of improving the human condition.

Daring to ask, “What If”? What if, instead of merely treating disease symptoms, doctors could restore function and health by replacing tissue lost or damaged with disease? What if it were possible to trade daily lifelong pharmaceutical regimens for a single treatment that prevents symptoms or cures disease?

Built on the research of some of the world’s foremost experts in induced pluripotent stem cell (iPSC) biology, BlueRock has revolutionized and scaled methods for creating authentic cell types in the areas of neurology, cardiology, immunology and ophthalmology.

Driven by the opportunity to transform the way we treat disease, BlueRock is turning “what if” into “here’s how.”

Our Science BlueRock’s advanced cell+gene platform takes fully developed adult cells, such as from blood, and returns them back to a pluripotent state – these “blank canvas” cells are full of potential and can give rise to other cell types. BlueRock directs these pluripotent cells into highly specific authentic replacements of cells that have been damaged or lost to disease. The cell+gene technology further harnesses genetic engineering to enhance those authentic cells with specific functions to improve their therapeutic effects. Our expertise in manufacturing authentic cells opens the door to creating medicines that potentially raise the standard of care from current methods of managing symptoms to replacing lost cells and possibly engineering replacement cells to work seamlessly and fully restore lost function.

144

I N N O V A T E

T O R O N T O

Seth Ettenberg, PH.D., President and Chief Executive Officer

Ainslie Little, PH.D., SVP, Corporate Strategy

BlueRock in Toronto

Looking ahead

BlueRock’s foundational relationship with Toronto’s University Health Network (UHN) and the McEwan Centre for Regenerative Medicine continues with research in the area of cardiology, led by Dr. Gordon Keller, a world leader in stem cell biology and a scientific co-founder of BlueRock Therapeutics, and Dr. Michael A. Laflamme, a cardiac cell therapy pioneer and co-founding investigator for BlueRock.

As a wholly owned subsidiary of Bayer, BlueRock Therapeutics has found support to grow its resources and continue to build its pipeline. 2021 was a notable year for progress on BlueRock’s Parkinson’s disease program, receiving permission to initiate the first Canadian clinical trial to study pluripotent stem cell-derived dopaminergic neurons in patients with Parkinson’s disease from Health Canada, and fast-track designation by the United States Food and Drug Administration.

BlueRock’s footprint in Toronto began in 2017 with lab space in the MaRS Discovery District. BlueRock’s Toronto operations have since expanded and it is now home to approximately 100 employees and 21,000 square feet of lab, manufacturing and office space. “Our Toronto location is a true hub for innovation and science – the proximity to and relationship with UHN has been invaluable to our success,” said Senior Vice President of Corporate Strategy Ainslie Little. “We have been able to tap into an incredibly diverse, energized talent pool to join BlueRock’s mission and we look forward to continuing to be engaged members of the community.”

2021 also brought CEO Seth Ettenberg to the helm. Formerly BlueRock’s Chief Scientific Officer, the company has seen nearly 30% growth under his tenure, with no plans of slowing down. “What I love most about BlueRock is our culture, our people and our mission of bringing regenerative medicines to patients living with unmet needs. Toronto is a big piece of that puzzle. We are currently conducting clinical trials for patients living with Parkinson’s disease in Toronto, and the incredible sense of community and scientific integrity we bring to the table is vitally important to realizing these treatments. Toronto is a city rich with talent in the healthcare and life science space, and I am thrilled that BlueRock can be a part of it.” Clinical Trial Inquiries Email: clinical@bluerocktx.com Human Resources Inquiries Email: hr@bluerocktx.com Media Inquiries Email: contact@bluerocktx.com

bluerocktx.com 145

I N N O V A T E

T O R O N T O

THORNHILL MEDICAL PUTS TOMORROW’S LIFE-SAVING CAPABILITY IN YOUR HANDS — TODAY Thornhill Medical is a leading developer of innovative mobile medical technologies. Thornhill Medical’s ground-breaking solutions are produced to be used around the world by emergency health care providers, military medical teams and disaster relief responders.

Renowned Canadian research scientist and physician, Dr. Joseph Fisher, has spent his career achieving ground-breaking advances in respiratory and oxygen-related science. Along with scientific colleagues, foundational engineers and others, he co-founded Thornhill Medical as a spin-off of Toronto’s prestigious University Health Network, to further develop and commercialize Canadian medical science.

An Introduction to MOVES® SLC™ With MOVES® SLC™, those at the front lines of extreme care are better equipped for the complexities of the casualty care operating environment, both today and in the future. MOVES® SLC™ integrates multiple discrete devices — vital signs monitors, suction, oxygen generation and ventilation — into a single, rugged, compact, lightweight, energy- and resource-efficient, batteryoperated and portable device.

Thornhill Medical’s work to develop and distribute its pioneering MOVES® SLC™ and MADM™ systems, among other exciting innovations, brings together home-grown scientific and engineering expertise, research and manufacturing. These innovations pave the way for future concepts that advance remote operability and can transform care in extreme or underresourced environments, for example rural and remote communities. The work also has direct applicability to conflict zones, disaster relief and developing nations with limited medical infrastructure.

leading companies where collaboration pushes the boundaries of what’s possible. For example, Thornhill Medical and Linamar collaborated across traditional sectors to accelerate precision manufacturing capabilities while scaling up MOVES® SLC™ production during the COVID-19 pandemic. CEO Lesley Gouldie’s proven record of financial and strategic excellence has led Thornhill to unparalleled growth, achieving 1,500% validated three-year growth which has earned it a top 40 ranking among Canada’s Top Growing Companies in 2021.

At every stage, Thornhill Medical works with innovators in many spheres of expertise, from the world’s leading scientific researchers who advance new research in respiratory sciences and more, to other industry-

146

I N N O V A T E

T O R O N T O

Dr. Joseph A. Fisher, Co-Founder and Chief Scientific Officer

The Thornhill R & D team — headquartered in Toronto’s premier incubation facility, MaRS Discovery District — is on the leading edge of precision control of arterial blood gases. Thornhill’s investigational tool, RespirAct®, stimulates blood flow responses in organs such as the brain and heart by precisely controlling arterial PCO2 and PO2. Monitoring the blood flow responses in conjunction with diagnostic imaging techniques such as MRI, reveals aspects related to a subject’s vascular health. The RespirAct® enables research at 50+ of the world’s leading research institutes towards improving patient outcomes in areas such as cerebral vascular disease/stroke prevention, brain tumours and traumatic brain injuries. Based in Toronto, Canada, Thornhill Medical’s innovations are now in 19+ countries around the world and growing every day. Thornhill Medical continues to lead the way in the highly competitive, fast-moving and precision-focused field of medical technologies, with a team committed to courage, collaboration and saving lives.

An Introduction to MADM™ Portable and adaptable, MADM™ can be easily connected to any ventilator device to safely and accurately enable gas anesthesia.

As co-founder of Thornhill Medical and a world-renowned research scientist in the field of anesthesiology and cardiovascular intensive care, Dr. Fisher brings a passion for innovative product development, grounded in his original scientific work described in more than 210 peerreviewed articles and over 40 patents, awarded and pending. His anesthesiology expertise at the University Health Network ensures that clinical relevance and excellence is always at the forefront of his work.

The lightweight and compact design of MADM™ makes it ideal in more challenging environments, such as field hospitals and forward-deployed surgical operations. MADM™ is quick to set up, easy to use, and has a small footprint — exactly what is required when time and space are at a premium, and mobility is required.

60 Wingold Ave. Toronto, ON, M6B 1P5 Canada Tel: +1-888-597-1325 / +1-416-597-1325 Email: info@thornhillmedical.com

thornhillmedical.com 147

Lesley Gouldie, President and CEO A seasoned professional with over 20 years of senior leadership experience spanning Fortune 500 to start-up companies, Ms. Gouldie brings a record of financial and strategic excellence in micro-electronics, biotechnology and content creation to helm Thornhill Medical.

I N N O V A T E

T O R O N T O

Photo: Michael Rafelston

AMACATHERA DEVELOPING AND DELIVERING DRUGS FOR CHALLENGING THERAPEUTIC TARGETS.

John Lu, research intern (back on to camera); Tony Franklin, Scientist; Elaine Reguera, Scientist; Jeff Seres, Director of Chemistry Manufacturing & Controls Known for its diverse population and iconic skyline, Toronto is also the birthplace of the electron microscope, insulin, and pacemakers. And on a quiet side street south of the University of Toronto, one growing biotechnology company aims to contribute to the city’s entrepreneurial legacy.

The company’s novel material is a platform based on a hydrogel (a gel in which the liquid component is water), which is designed to be injected and deliver long-lasting treatments with a variety of therapeutic applications. When the given material is injected, it forms a local depot in the body from which the therapeutic is slowly released. This approach to drug delivery results in a sustained release and extended efficacy. Potential applications include post-surgical pain management, cancer, and other hard-to-reach areas, such as the brain.

AmacaThera is a clinical-stage biotechnology company developing a novel injectable material that promises to help address a variety of clinical conditions. Founded in 2016 and grounded in the research of world-renowned biomaterials scientist, Dr. Molly Shoichet, the company sits at the intersection of biomaterials, regenerative medicine, and pharmaceuticals.

The first of the company’s products to reach clinical trials, AMT-143, is an anesthetic combined with the hydrogel for postoperative pain relief that can be applied at the time of surgery. Patients eventually receiving its

148

Photo: Michael Rafelston

T O R O N T O

Photo: Brigitte Lacombe

Photo: Michael Rafelston

I N N O V A T E

Dr. Mike J. Cooke, Co-founder & Chief Executive Officer

Dr. Molly Shoichet, Co-founder & Chief Science Officer Michael Foorer, VP of Business Development and General Manager; Dr. Mike Cooke, Co-Founder and CEO; Parinaz Akhlaghi, Scientific Affairs Manager

slow-release formulation would ideally experience pain relief for up to 72 hours, giving clinicians an alternative to dependency-forming opioids. AMT-143 is currently undergoing a Phase I clinical trial. “Our long-term goal is to revolutionize the range of treatment options available to patients in multiple areas,” says Dr. Mike J. Cooke, AmacaThera’s co-founder and CEO. “It’s an exciting time to be in drug development. The unique pairing of our material combined with therapeutics has never been tested together in humans before. We are excited to advance AMT-143 through clinical trials while applying our lessons learned to other assets from the laboratory.” While AmacaThera has international investors, the company has benefited from Toronto’s flourishing entrepreneurial ecosystem. Its founders, Dr. Shoichet and Dr. Cooke, began collaborating while working at the University of Toronto and received guidance from several Toronto-based accelerators, including the University of Toronto’s EarlyStage Technology (UTEST) accelerator, Creative Destruction Lab (CDL), and Ontario Bioscience Innovation Organization (OBIO), along with intellectual property support from Toronto Innovation Acceleration Partners (TIAP) that enabled the company’s creation. Several Canadian venture capitalists have also shown their support for AmacaThera, including Lumira Ventures, the Business Development Bank of Canada (BDC), StandUp Ventures, North Spring Capital Partners, MaRS Investment Accelerator Fund (IAF), and Waterloo Student Venture Fund (SVF). AmacaThera’s first product, AMT-143 is focused on post-operative pain. However, since this platform technology is compatible with a wide range of therapeutic types, AMT-143 is just the first indication of where AmacaThera and its revolutionary products could be applied.

amacathera.ca 149

ZUCARA THERAPEUTICS HOPES TO ALLOW PEOPLE WITH DIABETES TO SLEEP SAFE AND SOUND WITHOUT FEAR OF LOW BLOOD SUGAR Diabetes affects more than 422 million people worldwide, and according to the World Health Organization, the disease will be the seventh leading cause of death in 2030. Patients with insulin-dependent diabetes use insulin therapy to control hyperglycemia (high blood sugar levels). Unfortunately, the most significant side effect of insulin therapy is hypoglycemia (low blood sugar). Severe hypoglycemic episodes can be life threatening and are a particular source of fear and anxiety for those living with diabetes. Hypoglycemia also impacts the incidence of complications of diabetes, including cardiovascular effects, which dramatically affect both patient health and the cost of care.

Zucara Therapeutics is developing the first once-daily therapeutic to prevent hypoglycemia in people with diabetes. In these patients, a pancreatic hormone called somatostatin is not properly controlled, which leads to the suppression of glucagon, another pancreatic hormone that enables hypoglycemia recovery. Zucara’s lead drug candidate, ZT-01, is designed to regulate somatostatin, thereby restoring the normal glucagon response and preventing hypoglycemia. ZT-01 offers the potential to prevent hypoglycemia, in contrast to current drug therapies that only ‘rescue’ a person already experiencing potentially dangerous low blood sugar levels.

Despite this unmet clinical need, there is currently no preventative therapy for hypoglycemia, which leaves people with diabetes completely reliant on glucose or glucagon ‘rescue’ therapy.

ZT-01 is currently in clinical trials and has completed Phase 1 studies to show that it is safe and well tolerated, with no serious adverse events. The Company has now progressed into a proof-of-concept Phase 1b study that

150

OUR PARTNERS

aims to prove ZT-01’s mechanism of action in restoring the normal biology required to prevent hypoglycemia. Topline results are expected in the second quarter of 2022.

The Helmsley Charitable Trust (US$3.9M in the form of a Program Related Investment). In March 2020, the Company secured a US$21M Series A financing led by the Perceptive Xontogeny Venture Fund that will support ZT-01’s Phase 1 and Phase 2 clinical development.

Zucara Therapeutics is a spin-out company created in late 2014 by TIAP (Toronto Innovation Acceleration Partners) and adMare BioInnovations. Zucara’s academic founders, Drs. Mladen Vranic (Banting and Best Diabetes Centre, University of Toronto), Michael Riddell (York University), David Coy (Tulane University) and Richard Liggins, Chief Scientific Officer, discovered novel peptides that block somatostatin receptors, restore the normal glucagon response and prevent hypoglycemia onset caused by insulin treatment. Zucara’s preclinical research was supported by more than US$7M in seed funding from organizations such as JDRF International (US$0.8M) and

zucara.ca 151

ANTIBE THERAPEUTICS THIS TORONTO BIOTECH FIRM IS DEVELOPING SAFER TREATMENTS FOR PAIN AND INFLAMMATION. Founder: CEO: Year founded: Capital raised: Breakthrough:

Dr. John L. Wallace Dan Legault 2009 $124 million Building on decades of research, the firm is using hydrogen sulfide to create anti-inflammatory pain medications with fewer side effects.

The company has found a way to combine an NSAID and hydrogen sulfide into the same molecule. Once inside the body, the NSAID dulls the pain while the hydrogen sulfide gets to work protecting the digestive tract. “Astonishing as it may seem, this unpleasant substance helps protect the gastrointestinal lining,” says CEO Dan Legault. “Making NSAIDs less harmful to the stomach and intestines is a very difficult problem. Most of the big pharma companies and many others have tried and failed, but we are really close to solving it.”

The key to innovation is seeing opportunity in unlikely places. For Antibe Therapeutics, the place is a cloud of noxious gas; the prize is a new generation of painkillers.

Moving quickly and pivoting smartly Antibe’s early data on its lead drug, otenaproxesul, was highly encouraging. It was effective and non-addictive. Crucially, it was also well tolerated by the digestive system. In a 14-day clinical trial, less than 3 percent of otenaproxesul users developed gastrointestinal ulcers, compared with 42.1 percent of people taking naproxen, a common painkiller.

In the wake of the opioid crisis, there is an urgent need for safer analgesics. Almost one-in-10 Canadians prescribed opioid medications report problematic use. Meanwhile, non-addictive pills such as ibuprofen and aspirin belong to a class of therapeutics called nonsteroidal antiinflammatory drugs (NSAIDs) that can have dangerous side effects — including gastrointestinal bleeding.

In summer of 2021, Antibe’s researchers were developing otenaproxesul for use in chronic conditions such as osteoarthritis. Then came an unexpected result: Elevated levels of a liver enzyme had been detected in several trial participants. Everyone was healthy, but Antibe halted the trial when a review of the data suggested the compound might be unsuitable for long-term use. “That was a bolt from the blue,” says Legault. “We had picked up the liver enzyme issue before, but only at much higher doses. It became clear we needed to investigate a new indication for the drug.”

Dr. John L. Wallace, Antibe’s founder and chief scientific officer, saw that hydrogen sulfide was the path to safer, non-addictive painkillers. After all, he was also the scientist who discovered how NSAIDs damage the stomach. Despite its reputation as a toxic gas that stinks like rotten eggs, research has shown that tiny quantities of hydrogen sulfide are naturally produced in nearly every cell in the body. It works to help stimulate blood flow, reduce inflammation and protect cells from damage.

152

FROM TOXIC GAS TO POTENTIAL THERAPEUTIC Antibe’s hydrogen sulfide platform builds on 30 years of research by its founder and chief scientific officer, Dr. John L. Wallace. Now an adjunct professor at the University of Calgary, Wallace has published more than 500 research papers and is one of Canada’s most frequently cited biomedical scientists in academic works. “John is at the pinnacle of his profession,” says Dan Legault, CEO of Antibe. “His scientific contributions are on par with the best in the field.” Wallace’s initial breakthrough came in the early 1990s when he uncovered why stomach ulcers form in some people who take NSAIDs, demonstrating that the cause was physiological response. Interested in preventing this damage, Wallace became intrigued by the emerging concept of gaseous mediators that are naturally produced in some tissues and seemed to play important signalling functions. Antibe Therapeutics is targeting the $13-billion market in post-operative pain medication. Course adjustments are not unusual in biotech, but Antibe was particularly well set up to pivot rapidly. As a virtual biotech company, its small team of senior biotech professionals develops intellectual property and has recruited smart minds to its advisory boards (including a Nobel laureate), but it outsources all lab and clinical work. Unencumbered with such overheads, Antibe can move quickly to follow new scientific leads. Within 10 weeks, its team had identified that otenaproxesul could be used to treat postoperative pain — a U.S.$13-billion market where opioids are still heavily prescribed — and had built a new development plan. The company started its clinical acute pain program in early 2022. If the results are positive, Antibe will determine whether the drug’s potency could be applicable to

treat other acute pain conditions, including migraines, menstrual cramps, gout, dental pain, and traumatic injury, where non-opioid options are limited. Antibe is also expanding its hydrogen-sulfide platform into treatment for inflammatory bowel disease (IBD), which includes ulcerative colitis and Crohn’s disease. The company aims to develop an alternative to steroids, biologics and other medications that are expensive and prone to serious adverse effects. Antibe is screening candidate molecules that could become therapies for these conditions.

“John had this quite simple but brilliant idea of attaching a molecule that releases nitric oxide to a drug in order to improve the drug,” says Legault. In 1996, Wallace co-founded NicOx, the first company to gain FDA approval for drugs based on gaseous mediator technology. In the early 2000s, Wallace and his colleagues discovered that hydrogen sulfide, another gaseous mediator, had anti-inflammatory properties and could help preserve the mucus layer that protects the digestive tract. In 2009, he founded Antibe to begin the process of turning his scientific discoveries into safe and effective pain medications.

Each day, nearly a million surgeries are performed globally. If all goes to plan, within a few years an alternative will be available that will lead to safer pain relief. Even if it is based on a smelly gas.

Nearly a million surgeries are performed globally every day — most require pain medication. 153

antibethera.com

I N N O V A T E

T O R O N T O

Prostate Cancer Diagnosis, Transformed by

EXACT IMAGING TECHNOLOGY

Exact Imaging was incorporated in Ontario in 2013, and is the world’s leader in high resolution micro-ultrasound systems enabling real-time imaging and biopsy guidance for the prostate. Exact Imaging’s ExactVu™ micro-ultrasound system, operates up to 29 MHz and enables a new level of resolution compared to conventional urological ultrasound systems. The ExactVu system supports both transrectal and transperineal procedures while maintaining the standard workflow for performing conventional systematic prostate biopsies. Exact Imaging has received global interest and recognition throughout its history.

154

I N N O V A T E

T O R O N T O

Clinical

Accolades

Micro-ultrasound and its potential as a lower-cost alternative to MRI in the diagnosis of prostate cancer have been the topic of numerous publications and presentations at leading urology meetings. Several clinical studies have demonstrated comparable detection rates for prostate cancer diagnosis with the multiparametric MRI-guided prostate biopsy. In 2022, a 3-arm randomized controlled trial is underway to evaluate the role of 29MHz micro-ultrasound in guiding prostate biopsy in men with clinical suspicion of prostate cancer.

Exact Imaging was awarded Life Science Ontario’s 2019 Life Science Company of the Year. In the extensive ecosystem of Ontario-based innovation, manufacturing and commercialization expertise that comprises Exact Imaging’s peer group, this recognition of the way the company has redefined the diagnosis of prostate cancer with significant benefits for patients and clinicians was truly an honour for the company.

Current In May 2020, Exact Imaging entered an exclusive worldwide distribution agreement with France-based EDAP TMS SA, the manufacturer of the Focal One high intensity focused ultrasound (HIFU) treatment solution. The combination of these technologies represents a complete end-to-end solution, from diagnosis through treatment using minimally invasive therapy solutions to prostate cancer patients.

Financial Exact Imaging has received investments from numerous governmentbased programs, including Health Technology Exchange (“HTX”, Ontario, $750,000), IRAP (Canada $50,000), FedDev Investing in Business Innovation (“IBI”, Ontario, $980,000). The company has also benefited from dividual, corporate, and angel investors and bank loans.

This partnership has provided an exciting opportunity for Exact Imaging to reach new customers worldwide through EDAP’s network of subsidiary companies and distribution partners provide, and sales of the ExactVu system and the EV29L transducer have been at their all-time high since this partnership formed. The future is bright as we look forward to the continued opportunity to improve men’s health and prostate cancer diagnosis.

Exact Imaging 7676 Woodbine Avenue, Unit 15 Markham, ON L3R 2N2 Tel: +1-905-415-0030 +1-855-233-1919 (Toll-Free USA and Canada) Email: info@exactimaging.com

exactimaging.com 155

I N N O V A T E

T O R O N T O

EDESA BIOTECH, INC. ADVANCES MADE-IN-CANADA THERAPIES FOR COVID AND BEYOND.

Edesa Biotech, Inc. is a biopharmaceutical company focused on commercializing latestage, research-validated assets. In 2020, the Markham-based company positioned itself on the frontline of the Covid-19 treatment race when one of its leading drug candidates showed great promise as a “rescue therapy” for hospitalized patients with a life-threatening form of respiratory failure, known as Acute Respiratory Distress Syndrome (ARDS). ARDS is a common condition that affects three million patients a year and accounts for 10% of ICU admissions globally. Covid has propelled these rates even higher. What makes Edesa’s innovative therapy different than other pandemic countermeasures is that the company’s drug targets a patient’s dysregulated immune response rather than the virus itself. Thus, the drug is designed to be agnostic to the SARS-Cov2 virus and its variants – and could even offer hope to patients with ARDS caused by other respiratory pathogens, such as influenza. Edesa gained international attention when the Canadian government announced financial support to evaluate the company’s ARDS drug in hospitalized Covid-19 patients who were running out of drug treatment options because traditional approaches had failed. This highprofile vote of confidence has been paying off, with initial results pointing to a nearly 70% reduction in mortality among critically ill patients. While these preliminary results need to be confirmed in the final part of the company’s Phase 2/3 study, the data shows that Edesa’s drug has already saved lives among the most vulnerable patients.

Edesa founder Dr. Par Nijhawan is a physician and pharmaceutical entrepreneur. Prior to Edesa, Dr. Nijhawan founded Medical Futures Inc, Digestive Health Clinic and Exzell Pharma. He received his MD from the University of Ottawa and completed his internship at Yale University, and his internal medicine residency and fellowship at the Mayo Clinic.

156

I N N O V A T E

T O R O N T O

Edesa’s ARDS therapy gained international attention when the Canadian Prime Minister Justin Trudeau announced that Edesa was a recipient of a prestigious Strategic Innovation Fund grant in 2021 In addition to its experimental ARDS therapy, Edesa’s development pipeline includes late-stage candidates for chronic inflammatory diseases. One of the company’s top targets is allergic contact dermatitis – the number-one occupational health issue for dermatology in Canada. Edesa’s innovative drug is designed to have a powerful anti-inflammatory effect, while providing a safer alternative to steroids. The investigational medicine is currently being evaluated in a Phase 2b confirmatory study, following a Phase 2 study that demonstrated significant efficacy across multiple disease symptoms. As a company founded and supported by successful healthcare entrepreneurs, Edesa has always kept an eye on the big picture. In addition to its mission to provide novel homegrown therapeutics, the company has a broader vision of expanding Canada’s life science sector. The company is staunchly proud of its roots in the Greater Toronto Area and maintains close connections with local academic institutions. In fact, most of its team trained at nearby universities. By betting on people and science, Edesa believes it can not only help defeat Covid-19 and other diseases, but also foster the next generation of life science innovators.

100 Spy Court, Markham Ontario L3R 5H6 Canada Tel: +1-289-800-9600 Email: investors@edesabiotech.com

edesabiotech.com 157

INNOVATE TORONTO DEVELOPING A NEXT-GENERATION GENE EDITING TECHNOLOGY TO TREAT SERIOUS GENETIC DISEASES Gene editing holds the potential to cure a wide range of genetic diseases by altering DNA in the genome inside cells – but today’s gene editors have limitations. To better realize the significant opportunity of this therapeutic approach, and allow for its application to new therapeutic areas, Specific Biologics (“Specific”) has developed the unique next-generation Dualase™ gene editing platform which can more accurately alter DNA sequences by cutting DNA in two spots as a single molecule. Specific has demonstrated the benefit of this two-site mechanism in proof-of-concept studies in disease-relevant models. Based on the early work done at Specific, the Dualase™ technology should have broad utility in many diseases with high unmet medical need. The potential of current gene editing 158

INNOVATE TORONTO

technologies is constrained by low on-target efficiency, coupled with possible off-targets which limit their applications for a variety of disease-relevant genetic mutations. Dualase™ gene editors cut DNA in a way that optimally exploits the cell’s naturally occurring DNA repair pathways. This enables two gene editing outcomes, precise DNA deletions to disrupt genes or increased repair to correct genes. Specific has also developed application-specific lipid nanoparticles to deliver the gene editor to certain target cells. Specific is back by industry leaders Lumira Ventures and adMare BioInnovations who bring significant expertise in building and scaling life sciences companies. Operating from the JLABS @ Toronto incubator in the heart of Toronto’s MaRS Discovery District,

our research labs are equipped with stateof-the art equipment and are ideally located adjacent to world-class research institutions and hospitals to attract the best talent. Built on the pioneering work of Dr. David Edgell at Western University’s Schulich School of Medicine & Dentistry, Specific is a great example of realizing the potential of innovative Canadian technologies. The Specific team has identified a growing list of 100’s of clinically relevant genetic mutations where Dualase’s™ two-site mechanism provides an advantage over existing technologies. We have been actively building a pipeline of preclinical Dualase™-based therapeutics at several of these targets in areas of high unmet medical need to unlock the potential of gene editing for patients in need.

Tel: +1-647-773-4591 Email: info@specificbiologics.com specificbiologics.com 159

I N N O V A T E

T O R O N T O

MANAGINGLIFE PUTTING INNOVATION IN THE HANDS OF CHRONIC PAIN PATIENTS

Chronic pain affects approximately 1 in 5 people and is one of the most difficult to treat chronic conditions. It’s a leading reason people seek healthcare, use opioid medication, and go on disability. Often referred to as the silent epidemic, the burden of chronic pain carries immense costs to individuals, communities, and society. To address this major societal challenge, ManagingLife is transforming chronic pain care with its innovative digital solution.

What is it like living with chronic pain? You or someone you know may be living with chronic pain. It can have a monumental impact on all aspects of a person’s life. Lost income, lost relationships, the stigma of taking pain medication, and the emotional struggle of dealing with a chronic condition can drastically reduce a person’s quality of life.

“One of the biggest challenges for many people living with chronic pain is that they often feel that no one believes their suffering and they have limited options for accessing health care. ManagingLife is working to tackle this challenge by putting innovation directly in the hands of chronic pain patients.” - Tahir Janmohamed, Founder & CEO, ManagingLife

How is ManagingLife transforming pain care? ManagingLife has developed a digital solution called Manage My Pain to empower chronic pain patients to take control over their pain care. Manage My Pain is a clinically-validated appbased solution for people with chronic pain to conveniently measure, monitor, and manage their symptoms. It gives them a means to translate what they feel into a daily record that they can share with their health care providers.

160

By filling out a specifically-designed daily report on their smartphone or online, patients can record their unique symptoms and factors that trigger or improve pain. They can identify patterns over time to help them better understand and track their condition. Manage My Pain also includes a clinically-informed daily reflection to help patients record the meaningful activities they accomplished. This feature emphasizes patient empowerment and can be used to assess the patient’s daily function, an important clinical readout.

Trusted by chronic pain experts Manage My Pain is not only a tracking app, but a powerful platform to connect patients to their healthcare team. Providers can review the records in a comprehensive report or remotely and use them to guide their approach to treatment.

The top-rated chronic pain app on the market Manage My Pain is one of the most downloaded and top-rated chronic pain apps on the market. Tens of thousands of people from 130 countries have used it to manage their condition. It supports 7 different languages and is available on Android, Apple and the web. Thousands have left their public endorsements about how Manage My Pain has become an essential tool for them.

I N N O V A T E

“Not only does Manage My Pain empower patients, it provides their care teams with more objective information to proactively manage their chronic pain and their pain medications.”

T O R O N T O

Developed with chronic pain experts and clinically-validated

What does the future hold for ManagingLife?

ManagingLife has partnered with leading pain researchers and hospital-based pain clinics to help develop, validate, and use Manage My Pain. As a result of a multi-site validation study completed in March 2021, Manage My Pain is the world’s first and only commerciallyavailable digital solution for chronic pain clinically proven to improve patient outcomes.

ManagingLife is continuing to develop Manage My Pain to provide even more tools for people with chronic pain to enhance their quality of life. Using our unique dataset of patientreported outcomes and machine learning, ManagingLife is building the first digital pain clinic. Our mission is to improve access to care for everyone living with chronic pain and reduce the immense individual and societal cost of chronic pain.

– Dr. Hance Clarke, Director, Pain Service, Toronto General Hospital & Medical Director, ManagingLife

managinglife.com 161

I N N O V A T E

T O R O N T O

ALTUS ASSESSMENTS USING DATA AND TECH TO BRING THE HUMAN SIDE OF HEALTH CARE EDUCATION BACK INTO FOCUS Over 33,000 Canadians have died of Covid-19, most of whom were alone in the hospital or in long-term care homes known for poor conditions and mistreatment of residents. Against the backdrop of a long-existing labour shortage, health care workers’ resilience and compassion are being tested, and many are quitting. It’s a crisis! So how do we ensure a future with technically capable, compassionate, and resilient health care workers? At Altus Assessments, we believe it begins with higher education. That means selecting the best applicants to become students, and then nurturing those students to realize their full potential.

What admissions was missing We’ve long known the importance of “bedside manner” among health care workers and their impact on patient outcomes, but evaluating this quality is challenging. Research shows 50 per cent of people believe health care providers are not compassionate enough. Another

study concluded physicians and resident trainees miss 70 per cent of opportunities to provide compassionate care, while over half of physicians in another study said they simply don’t have time for compassion. This compassion problem — compounded by systemic burnout — increases the chances of misdiagnoses and patients not following medical advice. Burnt out health care workers need more support now, but we also know this is a difficult industry in the best of times. We need to look for people who are motivated, patient-centred, and resilient to withstand the job’s day-today pressures. The reality is that traditional metrics like GPA and MCAT don’t assess these qualities. What’s more, these measures tend to be barriers for minority applicants, and the health care system needs diverse care providers to support marginalized communities.

Our data-driven solution These shortcomings in admissions led to the

162

birth of Altus Assessments in 2014 and its first product, Casper. Built on years of scientific research, this online situational judgement test has helped hundreds of programs evaluate applicants for professionalism and social intelligence. Since then, the company has introduced two complementary assessments: Snapshot, a structured one-way video interview that further probes applicants’ motivation and communication skills, and Duet, a valuealignment assessment that compares what applicants value in a program to what the program has to offer. All of this assessment data is provided to programs on a platform where they can analyze results and make more informed decisions on who to select.

After admissions is just as important While progress continues to be made in helping these institutions look at applicants more holistically, we know that shaping the next generation of health care professionals goes beyond who we select for training. That’s why Altus acquired One45 in 2021. One45’s

I N N O V A T E

software helps medical schools in North America make sense of their abundant data to meet increasingly demanding accreditation requirements, improve their admissions processes and program operations, manage and support their students’ learning development, and establish effective curricula. Rich Emrich, CEO of Altus Assessments, explains that this acquisition was a major step forward for the company. “Bringing these companies together and combining our digital solutions for health care education helps these programs address the student’s entire journey, empowering their professional development as they pursue their dreams.”

T O R O N T O

of students globally, which is why we’re listed as one of Canada’s top growing companies and one of Canada’s 50 fastest-growing technology companies. “We’re proud of how far we’ve come,” says Rich. “And we’ll continue to come up with innovative solutions to bring the human side of health-care education back into focus.”

Helping higher education institutions become more data-driven and equipping their admissions and training programs with reliable software and trusted research has contributed to our company’s massive growth. We are now 150 employees strong, serving almost 500 academic programs and hundreds of thousands

325 Front St. W, 4th Floor Toronto, Ontario, M5V 2Y1

altusassessments.com 163

I N N O V A T E

T O R O N T O

EEG-POWERED MEDITATION & SLEEP

MUSE® IS A BRAIN-SENSING HEADBAND THAT HELPS YOU REFOCUS DURING THE DAY AND RECOVER OVERNIGHT At Muse®, we live at the heart of personal transformation through human-centered technology. We are a team of engineers, scientists, artists, marketers, and developers with a mission to help people live happier, healthier, and more connected lives through leading brainwave technologies and experiences. Muse has worked with top-tier goods, transportation, and tech companies to create brain-sensing customer programs and promotions. Interaxon’s business is built on “Muse: the brain sensing headband”, a mobile EEG device and companion smartphone application that provides real-time feedback on brain activity during meditation and insightful tracking over time. The first Muse headband was launched in 2014 as a personal assistant to take the guesswork out of meditation. Interaxon now provides a robust suite of immersive biofeedback experiences that offer users a range of real-time audio biofeedback on their meditation practice, including body movement, heartbeat, breath, and brain activity. Finally, Muse® S was unveiled in 2020 with advanced sleep features including precise sleep stage tracking, sleep positioning insights, and a universal sleep score to help users improve their sleep efficiency and discover more restorative sleep.

As part of a healthy lifestyle, a consistent meditation practice can help improve overall well-being, mental performance, and your ability to manage stress. Muse® 2 is a personal meditation assistant that takes the guesswork out of meditation by giving you real-time feedback on your brain activity, heart rate, body movement, and breathing during meditation. Through bio signal feedback, you can create a strong foundation to support your meditation practice, whether you’re a beginner or expert meditator.

allows you to seamlessly go from daytime focus to bedtime prep.

Following the launch of the award-winning Muse® 2—comes Muse S. With a new flexible form factor that offers improved fit, signal quality, and double the battery life, the Muse® S

Muse® 2 and Muse® S offer you a whole new way to cultivate calm. As you progress through your practice, you will have the ability to combine the different feedback centers for even

Chris Aimone – Co-Founder, Chief Technology Officer

Ariel Garten – Co-Founder, Chief Evangelist Officer

Our Sleep Journeys combine powerful neurofeedback with soothing voice guidance to give you a unique and immersive sleep experience. Guided by the calming voices of our world-renowned meditation teachers, relax into a soothing and responsive journey designed to move your wandering mind away from the busy thoughts that keep you awake and gently guide you toward a restful slumber.

How Does Muse® Work? Muse® is an EEG device widely used by neuroscience researchers around the world. It uses advanced signal processing to interpret your mental activity to help guide you through your meditation practice or to a better night’s rest. At the core of Muse®, we believe that biofeedback is one of the best tools to help bring awareness to your body and can help teach you how to develop a meditation practice or help you find a better night’s rest. Biofeedback is a technique that helps you learn to notice and change how your mind, heart, body, or breath functions. During a session, you’ll receive information about your body in real-time with the guiding sounds of weather. When your mind is calm and settled, you’ll hear calm and peaceful weather. When your mind is active, the weather will get louder.

164

more engaging sessions and deeper insights — your guide to inner harmony. After each daytime or nighttime session, you’ll see how you did through a series of graphs and charts in the Muse meditation app. Muse will show you how your brain, heart, breath, and body did from moment to moment through simple, easyto-understand graphs and charts.

Backed By Real Science Hundreds of third-party research papers have been published featuring Muse® as both a tool for meditation and as an accessible, low-cost brain research platform. Studies have demonstrated that participants who regularly use Muse® show improved mental performance, reduced stress, an increased state of mindfulness, and increased resilience compared to controls not using Muse®.

Safe, Trusted, Certified Muse is a passive tool that gives you accurate, real-time feedback on what’s happening in your brain and body. EEG has been used in hospitals and research institutions for nearly a century to study the brain. Electroencephalography sensors — of which there are five in Muse® 2 and Muse® S — measure tiny fluctuations in voltage on the head (directly on the skin). This can be filtered and analyzed to reflect changes in brain state, responses to stimuli, and neuroplastic changes in the brain. The same technology is extensively used in brain research. Other sensors in Muse®, including cardiac and movement sensors, monitor blood flow, breathing, and motion in the same way Fitbit and the Apple Watch do (PPG and MEMS). One important distinction is that there are advantages to measuring movement and aspects of cardiovascular physiology on the head because the head reflects aspects of behavior and physiology that the wrist does not.

choosemuse.com 165

CHAPTER 8

MANUFACTURING & TECHNOLOGY

166

167

I N N O V A T E

T O R O N T O

#THISISMINING PRESENTED BY THE ONTARIO MINING ASSOCIATION

Mined materials are critical to the low carbon technologies necessary for a greener future. Pictured: Miners at Glencore’s Sudbury Integrated Nickel Operations examining core samples. The Ontario Mining Association is proud to represent an industry that provides the world with the building blocks of modern life and innovation. Minerals and metals are essential, irreplaceable components of everything from lifesaving medical devices to clean technologies, such as solar panels and EV batteries. We cannot have a clean, low-carbon future without responsible mining. Ontario’s success as a global leader in mining is only partly due to our considerable mineral potential, which includes in-demand critical minerals. All the potential in the world would be nothing without the talent, resilience, innovative spirit and hard work of the people in this province, and in our industry. Our people have transformed mining. They have built an exceptional safety culture, making us one of the safest mining jurisdictions in the world, and one of the safest industries in

Ontario, achieving a 96% improvement in lost time injury frequency over 30 years. Our approaches to relationship building and benefit sharing with communities are also evolving, with industry-Indigenous agreements creating local benefits for people beyond the lifetime of the mining operation. A more diverse talent pool is entering the industry, given career opportunities that offer high pay, mobility – in terms of both professional development and travel, and exciting lifestyle options that come with the adventurous life of an Ontario miner. Companies seeking to be more creative, more innovative and more profitable are making efforts to future-proof their workforce by becoming more inclusive and attractive to new generations of talent, including underrepresented groups like women. Investments in new technologies and processes have improved our environmental

168

performance, leading to dramatic pollution abatement and reductions in carbon emissions – although we are committed to continuous improvement, Ontario already uses less carbon than most places to produce minerals and metals. A poignant symbol of how far we have come is the dismantling of Sudbury’s iconic Superstack, and the re-greening efforts that have become a model of environmental hope for others to emulate. In Sudbury and elsewhere across the province, OMA members are at the forefront of developments that will shape the mine of the future. In some ways, the future is already here. Ontario has opened its first all-electric mine, projects are breaking with the traditional idea of underground mining, and more operations are pioneering the use of battery electricpowered vehicles, digital, tele-remote and other advanced technologies.

I N N O V A T E

T O R O N T O

Sudbury’s environmental comeback story offers hope that, through collective action, we can build a greener future. A virtual exhibition at the 2021 Scotiabank Contact Photography Festival allowed people to experience the story of Sudbury’s environmental achievements through the lens of two photographers, Mike Grandmaison and Don Johnston. Visitors to the 2019 Canadian National Exhibition sampled Marcel Boucher’s modern twist on bannock. Boucher is head chef with Windigo Catering, a solely Indigenous-owned catering company that feeds 500 people every day at Newmont’s Musselwhite Mine in northwestern Ontario. Standing in front of the #ThisIsMining food truck: (L-R): Frank McKay, President of Windigo Catering LP; Roger Soukey, Newmont; MPP Sol Mamakwa; Chris Hodgson, OMA President.

Natasha Vaz, Chief Operating Officer at former Kirkland Lake Gold, now merged with Agnico Eagle Mines and Chair of the OMA, pictured in a shaft hoistroom at Macassa Mine. This mine is a pioneer in electrification and a leader in GHG performance. Mining will continue to be driven by the need of other industries for minerals, and Ontario has every chance to become, not just the mining finance capital it currently is, but also the mining technology hub of the world and the supplier of choice of responsibly mined raw materials that are essential for the green economy at home and abroad. In 2020, the OMA celebrated our centennial by inviting people to discover who we are through #ThisIsMining. Looking back at the last 100 years of mining in our province, we find ourselves as builders of communities, proud of our contributions to the cities and towns in which we work. With continued innovation and investments in our workforce, these are legacies that will live on, transforming the future.

#ThisIsMining OntMiningAssoc ontario-mining-association

oma.on.ca 169

I N N O V A T E

T O R O N T O

OTI LUMIONICS DEVELOPS PRODUCTION-READY ADVANCED MATERIALS AND MANUFACTURING SOLUTIONS FOR OLED DISPLAYS IN CONSUMER ELECTRONICS

OTI Lumionics develops advanced materials—by design—using quantum simulations, machine learning and in-house automated testing in pilot production. OTI works with the largest mobile device and display manufacturers in the world to enable materials for OLED displays used in next-generation consumer electronics and automotive applications. Their advanced electrode materials, and associated manufacturing technology, are used to build transparent displays and lighting.

OLED Lighting Innovations

Start-up and Growth

OLED Display Solutions

Founded in 2011 by University of Toronto Material Science and Engineering alumni - Michael Helander, Zhibin Wang and Jacky Qiu, OTI was started to commercialize the OLED technology breakthroughs the founders made during their graduate studies. The company has grown significantly since its early days of a staff of four in a 200 ft2 office at the Banting Institute in downtown Toronto. A decade later, OTI has over forty employees including more than 10 PhDs with unique expertise in OLED materials, application and process development. Their current home, a 25,000 ft2 state-of-the-art lab facility in Toronto, maintains their imprint in the city’s booming start-up ecosystem. While principally based in Toronto, the team also has sales offices in Asia.

As the OLED industry focused on displays over the past decade, OTI correspondingly pivoted. The company currently develops solutions for OLED displays for the next generation of consumer electronics and automotive applications. Their material innovations enhance display transparency, reduce power consumption, and improve image quality of OLED displays for mobile and TV size panels. OTI’s CPMTM material allows microscopic transparent windows to be opened in the OLED layers, making the display more transparent and enabling a bezel-less display. CPMTM material helps eliminate the undesirable notch in smartphone displays, allowing the freedom to locate the front camera and sensors anywhere beneath the transparent screen.

OTI initially focused on lighting applications within OLED technology, encouraged by early breakthroughs with their CPMTM Materials for self-assembly patterning of metals in OLED. This enabled enhanced transparency and improved performance and efficiency. OLED lighting was further promoted through OTI’s design and distribution of the awardwinning Aerelight – the world’s first consumer-ready OLED desk lamp.

170

I N N O V A T E

T O R O N T O

Materials Discovery OTI is the first to apply quantum computing to commercial size materials design problems, accelerating the time to market of mass production-ready advanced materials. OTI leverages quantum computing algorithms to simulate material properties with high accuracy and speed. These materials are then vigorously tested to customers’ exacting specifications, using their in-house pilot production facility for thin-film electronics. Scale-up and mass production supply of OTI materials is provided by their network of Tier 1 chemical and materials partners.

Collaboration and Partnerships OTI maintains a strong connection to academia with a collaborative approach to research, targeting cutting edge problems and supporting researchers in leading Canadian institutions such as the University of Toronto, University of Ottawa, University of Waterloo, and University of British Columbia. The company also takes a leadership position in Canadian Quantum Computing (QC) advocacy, and Ontario QC cluster and helps guide discussions in the Toronto start-up ecosystem through continued participation in the Creative Destruction Lab.

otilumionics.com 171

I N N O V A T E

T O R O N T O

Is a deep tech technology startup with a mission to help the construction industry harness the efficiencies of industrialized robotics and Artificial Intelligence towards producing more affordable and sustainable homes.

Construction is one of the largest industries in the world that serves all other sectors. The construction industry affects the economy, the environment, and society as a whole. Buildings generate nearly 40 percent of annual global Greenhouse gas emissions. Material production, construction waste, transportation, and construction processes account for about one-quarter of a building’s total carbon emissions.

Promise Robotics is developing an advanced robotics production platform for offsite production of highly sustainable building components that can be rapidly assembled on the site. Promise Robotics offers its integrated robotic production platform to the builders and developers in the housing sector to increase the industry’s capacity to create greater housing supply with increased sustainably. Promise Robotics’ production technology helps the industry cut the production cycle time by 50 percent while significantly reducing the embodied carbon and operational energy within a building lifecycle and nearly eliminating most of the material waste associated with the traditional construction.

Furthermore, for decades construction has lagged behind other sectors in labour productivity performance, and the sector continues to have inefficiencies that impact quality, time, budget, and environmental footprint. Today, the industry faces a massive labour shortage with an additional 20 percent of its workforce retiring over the next several years.

Promise Robotics was founded by Ramtin Attar and Reza Nasseri, pioneers in technology, construction, and manufacturing automation. The cofounders met for the first time at a robotic conference. They immediately bonded over their shared passion for transformative technology innovations and opportunities that would help the building industry tackle

Today, the industry is under pressure to address its inefficiencies, shortage of labour, and environmental impact by adopting new production methods afforded through automation and digitization.

172

I N N O V A T E

T O R O N T O

“We started Promise Robotics with the ambition of lowering barriers and democratizing access to advanced technologies that will play a critical role in addressing some of our pressing challenges, such as increasing the supply of affordable and sustainable housing,” – Ramtin Attar and Reza Nasseri, Cofounders of Promise Robotics.

some of its most pressing challenges. Promise Robotics was launched in 2021 with backing from Public Service Pension Fund (PSP) and Radical Ventures. The company currently operates in Toronto (ON) and Edmonton (AB). Most recently, the company was selected by Sustainable Development Technology Canada (SDTC) as one of Canada’shigh-potential technology startups developing globally competitive clean technology solutions.

promiserobotics promise-robotics

promiserobotics.com

Ramtin Attar, Co-Founder & Chief Executive Officer

173

Reza Nasseri, Co-Founder & Chief Innovation Officer

I N N O V A T E

T O R O N T O

Brickeye is a leader in industrial internet of things

a thriving business serving hundreds of clients

(IoT) and data analytics for risk mitigation in

globally. The company has evolved into a unique

construction and infrastructure management.

IoT platform provider generating mission-critical

We empower customers to build and manage their

data and insights for customers in construction,

projects and assets safer, smarter, and better.

infrastructure, energy, and clean technology

By integrating actionable, real-time data from

sectors. The company is backed by major

IoT-enabled sensors and predictive analytics, we

investors including Brightspark, Greensky Capital,

enable customers to take immediate action and

MaRS IAF, Export Development Canada, Ontario

make better decisions that reduce risk, enhance

Centre of Innovation, Southern Ontario Fund for

resiliency, and drive improved performance across

Investment in Innovation, and the Government of

their projects and operational assets. Brickeye

Canada.

mitigates a broad range of harms using IoTenabled sensors and data analytics to generate real-time alerts, predictions, and data visibility

The Future

and reporting.

We are a rapidly growing company investing in different innovative solutions with the focus

Our Story

on addressing global challenges in efficiency,

Brickeye (formerly AOMS Technologies) was

productivity, safety, and sustainability. The future

founded in 2014 by three committed engineers

of digital transformation will evolve and revolve

who were completing their post-graduate

around data analytics, AI, machine learning and

education at the University of Waterloo in Canada

connectivity technologies such as 5G. At Brickeye,

with the mission of developing sensors and

we have taken effective measures to integrate AI

instrumentation for rugged applications. Together,

and machine learning in our upcoming products.

they developed a series of proprietary sensing

Our team is very passionate about building a great

technologies, which have been translated into

company that will disrupt the industrial IoT market.

www.brickeye.com | 1-888-401-2667 | sales@brickeye.com

I N N O V A T E

T O R O N T O

Mission-critical insights to drive safety, resilience, and sustainability.

Cutting-edge technologies for digitizing all industries.

Construction Risk Mitigation

Our end-to-end IoT solutions combine the latest technologies of sensors, connectivity, software, and analytics to expand the

Concrete Monitoring

bounds of innovation among industries.

Fiber Optic Sensors

A nexus of connected devices and Artificial Intelligence. We integrate intelligent sensors, cloud infrastructures, and advanced data analytics to tackle industries’ needs for monitoring, prediction, and forecasting.

brickeye.com www.brickeye.com | 1-888-401-2667 | sales@brickeye.com

176

CHAPTER 9

ENERGY, GREEN TECH & SUSTAINABILITY

177

I N N O V A T E

T O R O N T O

NRSTOR – INNOVATIVE ENERGY STORAGE SOLUTIONS INSPIRING THE GRID TO DELIVER A CLEAN ENERGY FUTURE

NRStor now owns and operates one of Canada’s largest and most technologically diverse portfolios of energy storage assets. We develop projects in partnership with local and Indigenous communities to maximize value creation with a triple bottom line approach.

Building a Sustainable Future NRStor aims to be the leading profit-with-purpose energy storage developer. Our success stems from our: • Woman-Led Management Team • Proven Track Record Deploying First of Kind Projects • Partnership-First Business Model • Diversified Value Streams and Monetization Strategy • Trusted Relationships • Impact Investments We prioritize relationships, investing time and energy up-front to work closely with our partners. Our strong supplier partnerships ensure that we deliver industry-leading projects in the most efficient and cost-effective manner. NRStor is an industry leading Canadian energy storage developer, owner and operator with experience deploying energy storage across the energy supply chain. Our vision is to deploy energy storage projects at scale in order to accelerate the transition to a low carbon energy system. NRStor has successfully deployed numerous first of a kind energy storage projects.

Energy Innovation in Practice Our team has a deep understanding of how energy storage technologies can operate to serve grid needs. We apply this knowledge to develop innovative energy storage projects such as:

178

I N N O V A T E

Utilities

Remote Communities

Commercial & Industrial

T O R O N T O

Residential

• The Cecil Powerwall Pilot NRStor launched the first major residential battery (Tesla Powerwall) rental program in one of Canada’s most densely populated and electrically congested neighbourhoods. The pilot demonstrated how this model can make energy storage affordable for homeowners while providing valuable services to the local and provincial bulk electricity system – enabling lower-cost, more reliable and more sustainable energy for ratepayers. • The Arviat Clean Energy Microgrid For Canada’s remote communities and mines, reliance on diesel and greenhouse gas emitting power sources is still the norm. NRStor is working in partnership with the Hamlet of Arviat in Nunavut to transition the community’s energy system to wind, solar and energy storage. Not only will the project result in increased power quality and reliability, cleaner air, and safer water, but it will also empower the Hamlet of Arviat to use clean energy as a catalyst for local economic development. • The Goderich Compressed Air Energy Storage Project Advanced compressed air energy storage (A-CAES) technology has no emissions and can eliminate the need for greenhouse gas emitting power plants by storing electricity for long durations. NRStor partnered with Hydrostor, another Toronto innovator and leading provider of A-CAES technology, to successfully build the project on a salt cavern in Goderich, Ontario. The Goderich site is the world’s first A-CAES facility to achieve commercial operations.

• The Oneida Energy Storage Project NRStor is working in partnership with Six Nations of the Grand River Development Corporation to develop the Oneida Energy Storage Project. This 250 megawatt / 1000 megawatt-hour energy storage facility in Southwestern Ontario represents the largest project of its kind in Canada and is amongst the largest energy storage projects in the world. The facility will provide clean, reliable power capacity leading to a more efficient, affordable and cost-effective electricity system. • The Minto Flywheel Facility In 2012, Ontario’s Independent Electricity System Operator selected NRStor to develop a 2MW flywheel project through a competitive RFP process. The Minto flywheel project was the first grid-connected commercial flywheel facility in Canada and has had a major impact on Canada’s energy storage landscape. NRStor has continued to successfully operate the facility since 2014 to help balance the Ontario electricity system.

NRStor.com 179

“METALLIZING ENERGY” FOR LONG-DURATION STORAGE

e-Zinc is a company based in Toronto, Canada that has developed a breakthrough electrochemical technology for storing energy in zinc metal. This affordable, flexible, and long-duration energy storage solution is positioned to enable the world’s energy markets to be fully powered by renewable energy, enabling a zero-carbon energy future. The company has recently raised over $30 million and has investors such as Toyota Ventures and Eni Next that are supporting e-Zinc with supply chain and manufacturing expertise, as well as downstream deployment opportunities. The company is currently building out a 42,000 sqft facility in Mississauga to establish its initial pilot production capabilities to deliver its first commercial systems in the field.

180

James Larsen, Chief Executive Officer

THE PROBLEM

THE SOLUTION

Currently, there is no adequate solution for long-duration energy storage needs, a market expected to reach up to 2500 GW and USD $3 trillion in investment by 2040. e-Zinc’s technology is intended to address three major markets: 1. Resilience/back-up power applications that rely on diesel generators, which are a headache to operate and a significant environmental concern. These customers include commercial & industrial facilities prone to grid outages, utilities, data centres, hospitals, etc., who want to ensure uptime in an economical, safe, and non-polluting manner. 2. Off-grid/remote applications that also rely on diesel generators as a primary source of power. These customers include remote communities and homes, islands, mining operations, telco towers, military bases, etc. 3. Renewable energy proliferation on the grid. Eventually, as markets around the world begin to cross the threshold of >50% penetration levels of renewables, long-duration storage will be required to balance their grids. e-Zinc’s technology can provide days, weeks and even seasonal levels of storage to enable markets to be entirely powered by renewable energy.

e-Zinc’s technology is disruptive because of its ability to provide lowcost energy storage capacity at a capital cost of up to 80% less than lithium-ion batteries. Its systems can be flexibly designed for applications requiring hours, days, or longer durations of storage, and power capacity ranging from residential (kW) to grid-scale (MW). e-Zinc’s other striking advantages are its long lifetime, wide operating temperature range, and safety/fire resistance. e-Zinc has recently been awarded a USD $1.3M grant from the California Energy Commission through its solicitation for non-lithium technologies to support California’s energy goals. The e-Zinc system will be deployed at a greenhouse just outside of L.A. and will capture excess onsite solar power during the day to offset the greenhouse facility’s irrigation load overnight. This project will accelerate e-Zinc’s commercialization in California, an initial market well-suited for e-Zinc given the need for long duration backup power, driven by utilities shutting down areas of the grid as a safety measure due to the wild fires. Email: info@e-zinc.ca |

181

e-zinc.ca

I N N O V A T E

T O R O N T O

LI-CYCLE

THE SHIFT TOWARDS CLEAN ENERGY HAS CREATED TRANSFORMATIONAL OPPORTUNITIES AND ADVANCEMENTS ACROSS THE GLOBE

One notable development is the move from internal combustion engines (ICE) to electric vehicles (EVs). The lithium-ion (Li-ion) batteries used in EVs are becoming more prevalent everywhere. These days, they are the go-to choice when it comes to powering everything from mobile phones to power tools, drones, EVs, and more. However, mining finite materials – such as lithium, cobalt and nickel – found inside these Li-ion batteries has been associated with pollution, greenhouse gas emissions, and human rights concerns. Using technologies developed in Ontario, Li-Cycle believes it can address many of these pressing environmental issues by creating a sustainable source of these materials for the battery supply chain. Engineers prize Li-ion batteries for their high-energy density, and because they maintain their capacity for many more charge cycles than other types of batteries. But they don’t last forever. Moreover, every year 500,000 tonnes of lithium-ion batteries are thrown out globally; of these, only a

182

I N N O V A T E

T O R O N T O

or “wet chemistry” recycling process, and convert it into battery-grade materials. From there, the battery-grade materials can be sold to battery cell manufacturers and their supply chain. With lithium-ion battery usage expected to skyrocket as more and more individuals turn to EVs, recycling Li-ion batteries will be both environmentally essential and an excellent business opportunity. Li-Cycle is the largest lithium-ion battery recycling company in North America, with almost 200 employees. The company currently operates two Spoke facilities – one in Kingston, Ontario, the other in Rochester, New York – with the combined capacity of recycling 10,000 tonnes of lithiumion batteries annually. Two further Spokes are under construction in Arizona and Alabama. The company is also building its first commercial Hub facility in Rochester. Expected to be complete by early 2023, the Hub will be the world’s only recycling plant capable of producing the materials needed to manufacture lithium-ion batteries. By 2025, Li-Cycle anticipates having four operational Hubs and 20 Spokes globally.

small portion is recycled. This results in a major e-waste problem. As infrastructure is electrified and energy storage is reimagined, industry experts around the world have committed to working towards creating a “closed loop” for Li-ion batteries.

While Li-Cycle’s technologies are now patented and commercialized, the company’s co-founders, Ajay Kochhar and Tim Johnston, initially came up with the idea, scribbled on a napkin, in a coffee shop in Toronto. In just five years, the company has grown from an idea (on a napkin) to a commercially operating company. Now publicly traded on the New York Stock Exchange, and with an aggressive expansion plan in place, this proud Canadian company is addressing a key gap in the circular economy.

Li-Cycle is driven to make this vision a reality for all lithium-ion batteries. The company’s Spoke & Hub Technologies™ can sustainably recycle all forms and factors of lithium-ion batteries used in any device – including larger EV batteries – and can recover up to 95% of the materials inside. End-of-life batteries and battery scrap, generated in battery cell manufacturing, are first taken to Li-Cycle’s Spoke facilities where they are broken down through a submerged shredding process. The process produces plastics, copper, aluminum, and “black mass”, a powder substance which contains lithium, cobalt, nickel, and other metals. Li-Cycle’s Hub facilities will then take the black mass through a hydrometallurgical circuit,

li-cycle.com 183

I N N O V A T E

T O R O N T O

Just Vertical gardens are perfect for any home and any lifestyle

FURNITURE THAT FEEDS YOU

INDOOR GARDENS BUILT BY PLANT SCIENCE FOR EVERY GROWER AND EVERY HOME How salmon & sangria started a green revolution Some of the most inspiring inventions come at the most innocuous times. In 2017, Just Vertical co-founders Conner Tidd and Kevin Jakiela were completing their Masters of Science at the University of Toronto. Bright eyed and full of enthusiasm, they hoped to equip themselves with the knowledge and connections to make a difference in the world. But life rarely goes to script… After working at a Big Agriculture company, Conner quickly learnt the realities of work at a large corporation. People wanted to know where their food came from. They wanted to know what it took to produce it. But making this easy and transparent for consumers at a large organization was impeded by bureaucracy and red-tape. Kevin, on the other hand, spent the same time trying to grow food in the arctic, parking lots, and shipping containers. He witnessed first hand the amazing potential of vertical farming. He knew that with the right

Just Vertical co-founders Kevin Jakiela and Conner Tidd

184

I N N O V A T E

T O R O N T O

people really care about, you increase your ability to change the world at a huge scale.

So what the heck is Just Vertical? Just Vertical tries to answer the above problems (and more). We’ve married plant science with industrial design to enable indoor growers in every household (small or large) across the world to make a positive impact on the environment by growing and consuming their own, home-grown food. Making real, meaningful change to a planet at breaking point isn’t a dream anymore. Cooking food with real flavour is within reach. Having an indoor garden that you love that fits into your lifestyle, your decor, and your home is now a reality. Meet AEVA & EVE AEVA. The original Just Vertical indoor garden. A statement piece of sustainable green furniture that grows herbs, vegetables, and flowers indoors year-round for your entire household. EVE. The newest addition to the Just Vertical family. Space-sensitive green furniture designed to grow food year round and fit into every home and every lifestyle.

Just Vertical builds furniture that feeds you execution, this technology could be used to enable folks everywhere to grow their own food. Enter the salmon and sangria. Over a belated catch up lunch, the two friends stumbled on a revolutionary idea – employ the latest technology in vertical farming to personally drive change by empowering people to grow their own food, in their own houses, year round.

So why the heck would you start building indoor gardens? Environment Staring down the barrel of climate change can be intimidating. We face the challenge of a generation – how to feed a growing population while reducing an over-reliance on finite natural resources. Our planet is at breaking point. But ultimately, making meaningful change at an individual level is a challenge. We all try our best to help, but even the most cost conscious or

environmentally careful people among us end up wasting food sometimes. Produce And what about flavour and nutrition? Even the best chefs among us can’t tease flavour out of overpriced grocery store produce. Much of the produce we buy is picked before it’s ripe. It often travels thousands of miles to reach our grocery stores. The significant degradation in nutritional value and flavour is impacting everyone’s cooking and wellbeing (yep, even yours).

What the (green) future holds There are more than 1000 Just Vertical growers in the world today. But we’re not stopping there… Imagine a world where our planet’s largest farmer doesn’t own a single piece of farmland. Each indoor garden we build is designed to be easy to use, spark a sense of joy, and bring us closer to producing more high-quality, amazing tasting food for everyone in the world to consume – all without owning a single piece of land.

Design Design matters. Just being able to grow your own food isn’t enough. In a world where what we consume represents who we are, ignoring the imperative of beautiful design is impossible. Yet most indoor farming technology does just that – ugly indoor gardens built with low quality materials and lower design standards. To help drive real environmental change, you need a product that people love. With a product

185

955 Bay St, Suite 2115, Toronto, ON, M5S 0C6 Tel: +1 613-690-6320 Email: growth@justvertical.com

justvertical.com

I N N O V A T E

MAKING IT PROFITABLE FOR THE BUILDING SECTOR TO ACHIEVE NET ZERO

T O R O N T O

Through-the-meter Project in Kearny Mesa, California

Peak Power is a Canadian climate tech company at the forefront of the energy transition. We are the only company bringing together batteries, gridinteractive buildings, and bi-directional electric vehicles into one technology platform, Peak Synergy. This technology enables our commercial and industrial real estate partners to achieve net zero goals, cut operating expenses, and unlock new revenue opportunities. Peak Synergy decarbonization platform uses AI and advanced software for visibility, controllability, and optimization of energy assets: • Battery Energy Storage Systems: When paired with our proprietary software, battery storage systems communicate with the building and the grid, charging and discharging at the most opportune moments. • Grid-Interactive Buildings: Peak Synergy software uses signals from electricity markets to help building owners and operators maximize value and decarbonize their operations. • Bi-Directional Electric Vehicles: Our decarbonization platform can charge and discharge electric vehicles strategically to supply backup energy to buildings or reduce load during periods of peak demand, while ensuring drivers have enough power to get home. These assets are central to developing a cleaner and more flexible electricity grid.

Peak Power team members and Peak Synergy decarbonization platform

186

I N N O V A T E

Left to right: CSO and Late Co-Founder Imran Noorani, CEO and Co-Founder Derek Lim Soo, and COO and Co-Founder Matthew Sachs

T O R O N T O

Peak Drive Vehicle-to-Grid Pilot in Downtown Toronto

Innovation at Work Our drive to transform the energy sector has led us to conduct several innovative projects, including: 1. Performing the first dispatch of buildings, batteries, and electric vehicles as a single source of energy in Ontario. Peak Power responded to a demand event with a combination of these disparate assets. 2. Building and operating the largest virtual power plant in Westchester County, New York, in partnership with Kruger Energy. Four commercial office buildings equipped with batteries supply energy back to the grid. 3. In partnership with Mitsubishi Corporation, operating what is believed to be the first battery in California that supplies energy to the facility and the grid.

Looking Ahead By focusing on the software solutions that forecast grid needs and optimize the operation of energy storage assets, Peak Power was able to carve out a niche helping building owners and developers get greater returns from their investments. That focus has led to a 2x growth of our company year-over-year since 2018. In the coming years, this pace of growth is set to rapidly accelerate as policy and regulations support our move to a net zero economy. At Peak Power, we believe that by balancing economic and environmental interests we can enable meaningful greenhouse gas reductions in the building sector. Our solution doesn’t just reduce emissions, it makes it profitable for the building sector to get to net zero.

Email: info@peakpowerenergy.com

peakpowerenergy.com 187

I N N O V A T E

T O R O N T O

FOOD-TO-FABRIC FASHION Fashion’s Pollution Problem The $2.5 trillion fashion industry is one of the top-most polluting industries in the world, generating 10% of global greenhouse gas emissions. Specifically, the heavy reliance by the industry on synthetic, petroleum-derived, fabrics such as polyester, is projected to create over a quarter of the world’s carbon emissions by 2050, according to the Ellen MacArthur foundation. Unlike its bio-based counterparts, such as cotton, wool or silk, polyester does not biodegrade, and its synthetic production is estimated to consume 70 million barrels of oil each year. With 1/3 of the industry committing to net-zero carbon impact by 2050 through the G7 Summit Fashion Pact, the $105 billion polyester sector is poised for radical disruption.

The Alternative: ALT TEX Short for “alternative textiles”, ALT TEX reduces the fashion industry’s dependence on fossil fuels through circular, biodegradable and carbon neutral textiles engineered from one of the world’s largest landfill contributors – food waste. The company’s patent-pending biomaterial technology re-engineers sugars found in landfill-destined food waste into high performance, polyester-like textiles. Using the existing textile manufacturing supply chain, the fibre is woven or knitted into fabrics, for sale to fashion brands. The closed-loop, waste-to-wardrobe material is aimed to replace polyester, which makes up over 60% of textile manufacturing.

188

I N N O V A T E

ALT TEX has three key advantages:

T O R O N T O

ALT TEX was founded in 2019 by Myra Arshad, a third-generation textile entrepreneur and 2x startup founder, alongside her best friend, Avneet Ghotra, who has a background in environmental science and biochemistry. Today, the seed-stage startup has grown to a total team of 10 entrepreneurs and scientists with decades of experience in the ALT TEX biochemistry. Supported by top Canadian Incubators such as MaRS, The Creative Destruction Lab, Velocity and NEXT over the past two years, ALT TEX has successfully created its food-to-fabric prototype, secured over $2,000,000 in funding, locked in several food-waste donation agreements and welcomed industry-leading advisors from brands like Lululemon and Tentree.

1. Sustainability: one shirt produced with ALT TEX fabric can divert 1kg of food waste from landfills, up to 9kg of carbon emissions from the atmosphere and 4g of microplastics from polluting the ocean. The ALT TEX material is industrially biodegradable, enabling waste diversion of fabrics from landfill where current polyester counterparts take thousands of years to degrade. 2. Economics: The ALT TEX fabric is projected to be a fraction of the cost vs specialised sustainable alternatives as it fits into polyester’s scalable manufacturing system while leveraging low-cost food waste as feedstock. 3. Performance: The patent-pending ALT TEX technology chemically and mechanically optimises the biofibre to mimic the sought-after performance, durability and versatility of polyester.

They’re now attracting attention from the global fashion ecosystem with several pilot agreements locked in for their launch over the next couple years on their way to overhauling the $104 billion polyester sector.

Myra Arshad, CEO Email: myra@thealttex.com

thealttex.com 189

I N N O V A T E

T O R O N T O

FRESH CITY CONNECTING TORONTONIANS

WITH SUSTAINABLE FARMING & QUALITY FOOD Fresh City is an award-winning urban farm and omnichannel retailer. With the recent addition of Mama Earth to our family of brands that includes Mabel’s Bakery and The Healthy Butcher, Fresh City is now the largest organic online retailer in Ontario. After a decade, the impact and belief in our mission to help people make a positive impact on the planet through their food choices, is stronger than ever. Every day, we deliver organic produce, chef-inspired prepared foods from our kitchen, bespoke meats, sustainably-sourced seafood, and more to thousands of Greater Toronto Area families. With a 7-day-a-week grocery delivery in southwestern Ontario and eight retail locations across Toronto, Fresh City is transforming the grocery shopping experience. More than just a business, we believe strongly in improving our local food systems and protecting our planet.

Fresh City meal jar, a pioneering product that helped start the circular packaging movement

Mary Graham, President of Fresh City

Fresh City’s original farm plot at Downsview Park 190

I N N O V A T E

T O R O N T O

Ran Goel, founder and CEO of Fresh City Our mandate is to source organic, sustainable and in-season products, support local farmers, makers and suppliers, and limit our impact on the environment while doing so. This mandate not only boosts our local economy but also translates to the best product offerings for shoppers who value curated local, sustainable and organic options. Within the Fresh City family of brands, Mama Earth is our planet-first, subscription-based organic produce and grocery delivery service, focused on minimizing impact through the support of local makers, small farms that focus on regenerative farming practices, using reusable and returnable packaging wherever possible and carefully planning delivery routes to minimize their carbon footprint. Fresh City’s urban farm is Canada’s largest commercial city farm! Since 2011, we have farmed at Downsview Park, right here in Toronto. In 2021, we broke ground on a new 11-acre plot of land at the southern end of the park. In addition to our own crops, Fresh City’s expanded urban farm will also host partner farmers, hand-selected to join our fight for food justice and sustainability, who will grow food,

Our organic produce bin that is ordered by thousands each week operate their businesses and run community programming. Together with our partner farmers, we are creating a one-of-a-kind farm embedded in a national urban park that will be a hub of learning about food justice and sustainability for all walks of life, wherever they are on their food journey. We proudly employ over 500 people, including at our farm, our warehouses and our retail locations. We’re continuously advancing our culture of belonging, where everyone feels seen, heard, valued and free to be their authentic selves.

416-ORGANIC | FreshCityFarms.com

Our packing team preparing orders for customers 191

I N N O V A T E

eLeapPower REIMAGINING POWERTRAIN TECHNOLOGY TO ACCELERATE ADOPTION OF ELECTRIC VEHICLES The transportation industry is amid one of the most important revolutions since 1886, when Karl Benz invented the first automobile powered by an internal combustion engine (ICE). 135 years later, electric vehicles (EV) are now the leading focus of automotive engineering and innovation around the world. As with any new technology, massive shifts come with challenges. It’s taken a century for engineers to perfect the ICE powertrain, and now the industry is faced with the monumental task to create a new propulsion system that uses a different energy source, without forcing consumers to radically change their behaviors. Before widespread EV adoption will ever be possible, automakers must find ways to reduce the cost, increase vehicle range and improve the charging experience. This radical shift to EVs also requires reimagining the powertrain. While many companies seek to take an existing ICE car and electrify it, eLeapPower approaches powertrain design from the ground up, thinking of vehicles more along the line of laptops on wheels. Today’s EV propulsion systems consist of a battery, inverter, motor and on-board charger (OBC). This is a heavy and expensive piece of equipment, about the size of a carry-on suitcase, that serves to convert AC electricity from the grid into DC electricity to charge the vehicle battery. ELeapPower’s award-winning, Smart Inverter System can convert AC to DC without the need for an external fast charging station or the internal OBC. This saves significant cost and weight for manufacturers, increases battery range and decreases charging time. Additional benefits of the eLeapPower Smart Inverter System include: • Faster Charging – up to six times faster than existing charging systems • Increased Range – up to 12 percent longer battery range per charge • Weight Reductions – tens of kilograms in weight reduced • Lower Manufacturing Costs – significant savings in hardware • Infrastructure Change – eliminating the need for an expensive fastcharging infrastructure • Bidirectional charging to the grid • Green Charging – charge directly from a renewable energy source such as wind or solar eLeapPower is a Toronto-based company founded by Tony Han and Russell Pullan. The technology was developed in partnership with The University of Toronto Electric Vehicle Center. In 2021, the company expanded operations opening an engineering center in Shenzhen, China, to help meet the needs of its initial customers and prepare for global growth.

192

T O R O N T O

I N N O V A T E

T O R O N T O

eleappower.com 193

CHAPTER 10

FUNDERS & INVESTORS

194

195

MAVERIX PRIVATE EQUITY

Closing the Canadian Investment Gap Currently amid the Fourth Industrial Revolution, we are witnessing unprecedented technological change triggered by a multitude of disruptive forces. These changes have shaken Canada’s business ecosystem, causing new players to rise and existing leaders to fall. Consequently, incumbents are faced with a harsh reality where constant innovation and technological adoption is no longer just a competitive advantage, but instead a requirement for survival. There is a void in Canada’s private-capital funding ecosystem to assist these companies as they transform themselves to meet these technological shifts. How do we address this massive untapped investment opportunity in Canada’s economy? Closing this gap, by pioneering a community of disrupters who create transformative and sustaining impact, is exactly what Maverix Private Equity, a Toronto-based growth private equity firm, has set out to achieve. Maverix is run by entrepreneurs, funded by entrepreneurs, and for entrepreneurs. Since their launch in April 2021, the firm is investing out of an inaugural fund of USD$500M in tech-enabled emerging operating companies in the areas of health and wellness, financial services, transportation and logistics, live, work, play and learn, and retail. The firm is led by an experienced and talented team, with a diverse set of professional and personal backgrounds that firmly believes in respect, transparency, and treating entrepreneurs as partners. John Ruffolo, Founder & Managing Partner, guides the strategy of the firm with unparalleled investment experience as the Founder of OMERS Ventures, which invested in North America’s top growth companies including Shopify, Wattpad, Hootsuite, Hopper, League, Wave, and DuckDuckGo. Mark Maybank, the former President & COO of Canaccord Genuity, and Michael Wasserman, previously a Managing Director at H.I.G Capital, join John as Managing Partners. Further, the Maverix Advisory Board is stacked with Canada’s most accomplished entrepreneurs including Peter Gilgan of Mattamy Homes, Dani Reiss of Canada Goose, Wes Hall of Kingsdale Advisors, Arlene Dickinson of District Ventures, Jim Balsillie of BlackBerry, John Bitove of PointNorth Capital, and Jonathan Goodman of Knight Therapeutics. In short, the Maverix team hopes to build a dynamic community of Canadian entrepreneurs who embody what it means to be a Maverix/ Maverick: [a person who thinks and acts independently of and different from others]. Entrepreneurs who are nonconformist, eccentric, and original will lead Canada through today’s age of disruption which, in turn, will become the future of national wealth and prosperity of tomorrow.

196

John Ruffolo Founder & Managing Partner

Mark Maybank Co-Founder & Managing Partner

Michael Wasserman Managing Partner Contact: Vivian O’Leary voleary@maverixpe.com

maverixpe.com 197

I N N O V A T E

T O R O N T O

INVESTING IN IMPACT:

In the spring of 2020, just as the devastating first wave of the pandemic began to hit businesses, healthcare and our communities, the TELUS Pollinator Fund for Good was born. At $100 million, the Pollinator Fund is one of the world’s largest corporate impact funds. The Pollinator Fund invests in for-profit companies and founders committed to driving innovation and transformative solutions that help make the world a better place. In keeping with the UN Sustainable Development Goals to create peace and prosperity for all people and the planet, it exists to power the next generation of start-ups building tech for good. It supports entrepreneurs addressing the critical challenges in health, education, agriculture, and the environment, by connecting them with the resources and capital they need to grow and thrive.

Tidal Vision

It couldn’t come at a better time. The Pollinator Fund launched into a turbulent world caused by the rapid spread of COVID-19. In Canada, restaurants, retail stores and millions of other businesses, big and small, teetered under the strain of public health orders that forced residents to stay home. In turn, communities felt the sting of isolation, as people flocked online to connect with everyone from family and friends to work colleagues, healthcare providers, and teachers.

198

I N N O V A T E

T O R O N T O

With the idea conceived and brought to fruition by Darren Entwistle, President and CEO of TELUS, the Pollinator Fund was there to support innovative and inspiring organizations and individuals across the world exploring a new way to do business – one that blends profit with purpose. Today, that thoughtful approach is generating promising early results. In its first year, the Pollinator Fund invested in 10 for-profit, purpose-driven organizations across four key pillars of health, agriculture, inclusive communities, and the environment. Each one uniquely answering a complex challenge of our time, including enabling a healthier supply chain through a digitized beekeeping system, removing toxins from two-billion litres of water per month, matching patients to personalized home care through technology while increasing home care workers’ wages, providing students with STEM education through gamification, and many more. Already the investments have demonstrated an opportunity to advance diversity and inclusion, while also achieving strong financial returns. To date, 60 per cent of portfolio companies are based in Canada, 50 per cent are led by Indigenous and racialized people, and 40 per cent are led by women. At its core, the Pollinator Fund is purposely designed to provide more than start-up capital. Entrepreneurs gain access to the resources they need to allow their businesses to grow and thrive. Investees are able to leverage the vast network of TELUS and connect to other investors when developing a product or service. The human capital that TELUS brings to the table allows portfolio companies to glean information and experience from experts and potential partners that, in turn, can bring invaluable support as business grows.

Goodmylk

Virtual Gurus

199

I N N O V A T E

T O R O N T O

The Pollinator Fund is also setting the stage for large corporations to make a difference in communities by creating meaningful impact through investment. During its first year, the Pollinator Fund was recognized by two leading award programs in the area of environmental stewardship and social impact, including being a winner of the Top Project for Clean50 and a finalist in Social Impact for the Reuters Responsible Business Awards. The Pollinator Fund team has further committed to leveraging the breadth of knowledge of industry peers, while also sharing their own best practices through round tables and events with organizations like the Global Impact Investing Network (GIIN), Impact Capital Managers (ICM), and the Canadian Venture Capital Association (CVCA). With more investments to come in these socially driven, impactful, community-focused businesses, the Pollinator Fund is amplifying the good that can be done for our communities and each other when we come together, as well as the importance of corporate leadership and the need for businesses to take accountability for the health and well-being of our communities. With TELUS’ steadfast belief that doing good is good for business, the Pollinator Fund is focused on the business innovation ecosystem and creating a catalytic effect on economies, all the while inspiring a whole generation of responsible business leaders.

200

I N N O V A T E

T O R O N T O

EliteGamingLive (EGL)

Fresh City Farms

Nectar

Raven Indigenous Capital Partners TELUS Email: pollinatorfund@telus.com Social Media

TELUS.com/pollinatorfund

Gotcare

201

REAL VENTURES CANADA’S MOST ACTIVE EARLY-STAGE VENTURE CAPITAL FIRM

Real Ventures is one of Canada’s most active early-stage venture capital firms, dedicated to serving entrepreneurs and nurturing the communities in which they thrive. In 2007, we questioned why brilliant Canadian founders should have to fly to San Francisco to raise seed capital. Since then, we have dedicated ourselves to building a world-class Canadian startup ecosystem on the belief that people, not money, build gamechanging companies. Real Ventures has offices in Toronto and Montreal. We created FounderFuel, Canada’s longest running accelerator program; helped establish Front Row Ventures, Canada’s first student-led VC; partnered with TechStars to launch both the Toronto and Montreal chapters; and we have supported numerous other tech community programs and initiatives such as Creative Destruction Lab, Communitech, DMZ, MaRS Discovery District, and the Vector Institute. Equality, diversity, and inclusion are also important vectors at Real Ventures. We are proud to have Janet Bannister as our Managing Partner, one of the few women leading a longstanding venture capital firm, and to support projects such as Rep Matters,

202

Beyond the Billion, and TechAide that help underrepresented founders and investors grow and thrive. Through its dedication to building Canada’s tech ecosystems, Real Ventures is a well-known, firmly established and respected early-stage investor with unparalleled access and deal flow. Real Ventures is one of Canada’s top performing early-stage venture firms, consistently delivering top-quartile returns. Real Ventures’ portfolio has 8 unicorns including Blockstream, Clearco, Mejuri, Sonder, Tenstorrent and Xanadu. We are also seed-stage investors in leading Canadian companies such as BenchSci, Clutch, RenoRun and League. In fact, 10% of Real Ventures’ seed-stage investments from its 2014 fund have gone on to become unicorns, 4-times the North American average. We are proud to be part of the fast-growing Canadian venture capital market which is outpacing both the U.S. and international markets. This growth is being driven by the depth and breadth of Canada’s talent pool, our unfettered access to international markets, and the accelerating network effect of a robust and maturing tech ecosystem. Real Ventures has raised $325 million across five funds and our active portfolio of 60+ tech companies is currently valued at over $15 billion. We serve daring entrepreneurs who are driven to create meaningful, global companies by providing guidance based on our decades of operating experience, access to our deep, global networks, and the resources to support both their personal and company growth.

realventuresvc realventures real-ventures

realventures.com 203

I N N O V A T E

T O R O N T O

GEORGIAN AFTER OVER A DECADE OF INVESTING IN 50+ TECHNOLOGY COMPANIES, WE’VE OBSERVED THAT THE MOST EXPLOSIVE SUCCESSES COME FROM COMPANIES THAT USE THEIR DATA TO FIND A COMPETITIVE EDGE

We’ve adopted this principle ourselves by using AI to pick the best companies and help our companies accelerate their growth. Our product, Georgian Invest, tracks a wide range of “signals” - data points that could predict which startups are interesting. We track this data across over 80,000 companies and automatically cluster these companies into interesting markets, and Georgian Invest recommends the best prospective investments. By automating data collection and analysis, which can be time-consuming, Invest helps us take better advantage of the relationships that we have and build new ones strategically. It also means we have more time to nurture important relationships. Invest is just one part of the Georgian Platform, a growing family of software products that address business challenges and automate workflows for our team and our portfolio companies. We’re not just an investment firm; we’re a FinTech company, building software

204

to drive more value for software company founders and CEOs.

HOW WE PARTNER WITH OUR COMPANIES We treat portfolio companies like our customers, and to serve them, we offer expertise and technology free of charge to help them grow their businesses. To decide what technology to build, we harness the insight of experienced operators on our Customer Success team and the companies in our community and CoLab. One example of a product we’re building is Georgian Grow, which uses machine learning to predict which leads are most likely to convert in the sales funnel, helping sales teams prioritize the best leads and sell smarter and faster. At the heart of developing our platform is our R&D team and product teams, a tight-knit group of machine learning engineers and AI experts who research advanced ML techniques and

I N N O V A T E

T O R O N T O

build software and products for our portfolio companies.

example on Google’s TensorFlow, and on our blog dedicated to research.

How does this tie into the Georgian Platform? We build on the knowledge and code we develop during research engagements with our companies to develop reusable code “toolkits” that we make available to all our companies. These toolkits accomplish two things: they help our companies adopt the advanced ML techniques we have researched and shorten the time to value.

This research and IP powers our platform, because we use toolkits to build our own software products — like Georgian Invest & Grow — more efficiently. We adapt models across portfolio companies according to their unique use cases, learning from every engagement and applying these learnings across our portfolio, creating strong network effects.

One example is when we helped DISCO shorten their roadmap by at least six months by compressing key language models that they use to interpret legal documents, helping DISCO “look further than we otherwise had the resources for,” according to CTO Keith Zoellner. The domain adaptation and multi-modal toolkits we used with DISCO are now available publicly on GitHub. We regularly contribute our toolkits to the fast-moving world of AI research, sharing our work with the open-source community, for

WHAT’S NEXT This foundation we’ve built is just the beginning. Our ongoing research, software, operating experience and engaged community enable us to build products that both Georgian and our companies can benefit from. This unique approach to adding value to our companies has already created hundreds of millions of dollars of enterprise value for our companies. That’s the power of the Georgian platform.

205

georgian.io

I N N O V A T E

T O R O N T O

REAL CHANGE DOESN’T HAVE A ROADMAP – WE BACK TECHNOLOGY DISRUPTORS WHO ARE NAVIGATING UNCHARTERED TERRITORY – IN SEARCH OF NEW SOLUTIONS FOR A BETTER TOMORROW OMERS Ventures has been backing early stage technology companies for more than a decade. Currently managing CAD$2 billion, with close to 60 investments in disruptive technology companies across North America and Europe, we are proud to support some of the world’s biggest thinkers and builders. Spanning three countries, OMERS Ventures is the global Ventures arm of OMERS – one of Canada’s largest defined benefit pension plans. Our returns fuel the pensions of more than 500,000 municipal workers in Ontario. We work tirelessly to generate results that will benefit those who serve the communities we live in. While our roots are proudly in Canada, OMERS Ventures also operates in the US, UK and Europe. We’re proud of the history made by some of our earliest investments, including Shopify, Wave, Wattpad, Deliverect and Hootsuite and we’re excited to watch our next roster of tech titans continue to grow over the next few years. Companies like Hopper, Lick, Postal, Waabi and Xanadu (just to name a few) are building the next generation of technology companies building a better tomorrow.

206

I N N O V A T E

T O R O N T O

“

Every day our team gets to invest in the most innovative, game-changing companies, on behalf of half a million real people. It doesn’t get better than that.” – Damien Steel, Global Managing Partner

omersventures.com 207

I N N O V A T E

T O R O N T O

AMPLIFY CAPITAL

TARGETING QUANTITATIVE IMPACT OUTCOMES; DELIVERING DOUBLE BOTTOM LINE RETURNS.

Amplify Capital is a Canadian-based investment fund that provides early-stage companies long-term equity solutions and strategic support to develop their business to solve challenges affecting our future. Led by veteran private equity executive Kathryn Wortsman, Amplify Capital invests exclusively in impact ventures that demonstrate significant, measurable impact alongside market rate returns. Amplify’s thesis is focused on North American companies addressing challenges in health, education, and climate that deliver both social and financial returns.

with investments in 16 companies to date (8 in Fund I and 8 in Fund II) and one successful exit. The investment team brings experiences from private equity, engineering, technology, impact, and start-ups.

Impact Investing Impact Investing requires a social or environmental return in addition to financial returns in line with the asset class. It is the explicit intent to generate positive impacts with financial returns and requires measuring and reporting these impacts with financial reports.

Amplify’s Fund I was launched in 2016 and incubated at the MaRS Discovery District, one of the leading urban innovation hubs in Canada. After the success of Fund I, we rebranded as Amplify Capital and in 2022, closed an oversubscribed Fund II at $30.7M. Today, Amplify Capital is a leading Canadian impact fund managing over $37M across two funds

Impact Investing is experiencing unprecedented traction. 77% of millennials worldwide rank Environmental, Social and Governance (ESG) as a top priority in investment opportunities. All major asset managers are adding ESG/Impact into their product offerings and demanding a social or environmental purpose for all assets. Our goal is to make all investing impact investing. After analysing the performance of nearly 11,000 mutual funds from 2004 to 2018, Morgan Stanley’s Institute for Sustainable Investing shows that there is no financial trade-off in the returns of sustainable funds compared to traditional funds. Additionally, these funds demonstrated a lower downside risk. It’s clear that by solving and measuring massive social and environmental challenges, impact-driven businesses have the potential to outperform traditional investments. Our existing social and health infrastructure has significant gaps, and environmental responsibility is a top concern. The global economies are at a tipping point. They must become resilient to current and future environmental and social challenges.

208

I N N O V A T E

T O R O N T O

• Education for the future of work (SDG 4 Quality Education) Students need to learn the critical problem solving, creative and collaborative skills required for 21st-century jobs. Promoting education for the future of work creates meaningful societal impacts such as improving social and emotional skills, higher engagement in both inperson and virtual classrooms, reducing bias and increasing diversity in the workforce.

We get excited about solving large problems that matter to people and the planet. We lead with impact and empower entrepreneurs to generate longterm, compounding, economic and social returns.

Our Fund Goals As an impact fund, all our investments contribute to one of our three fund goals in healthcare, education, and climate. Anchored in the UN Sustainable Development Goals, our themes reflect social and environmental megatrends that are transforming our planet.

To date, Amplify’s portfolio companies have improved the social and emotional skills of over 11.8 million students across North America.

• Improving health outcomes (SDG 3 Good Health & Well Being) System inefficiencies and an aging population are increasing costs; we need to improve our health outcomes and delivery efficiency and provide access and affordable healthcare at scale to underserved communities. Amplify targets outcomes-focused investments that solve for lower wait times, reduced procedures, home and community care, and telehealth.

• Solving for Climate Change (SDG 13 Climate Action) To meet global commitments to achieve net-zero emissions, innovations in climate tech will be required across all polluting industries. Amplify supports emerging technologies focused on accelerating the transition to a low-carbon economy by focusing on renewable resources and eliminating reliance on fossil fuels. We support innovations in longduration energy storage, synthetic biology, and other innovations that support GHG emission reduction and a circular economy.

To date, Amplify’s portfolio companies have improved the health outcomes of over 470,000 patents and saved ~$25.8 million in healthcare system costs.

To date, Amplify’s portfolio companies have reduced over 491 tonnes of CO2 and equivalents in greenhouse gas emissions.

The power of amplifying your investment Amplify Capital LP I (Fund 1) 2019 results

CLEANTECH

HEALTHCARE

EDUCATION

Your investment will prevent rising GHG emissions and promote environmental sustainability

Your investment will improve health

Your investment will engage students, improve student performance and tackle unemployment and lack of essential skills

FUND GOAL

16M

8M c = 38 Mt of CO2e LIFETIME RESULTS

400-700 tonnes reduction of GHG emissions*

B IMPACT SCORE Sector average: 2018: 62 2019: 70 Improvement SDG ALIGNMENT

$10M

people benefitting from improved healthcare

13%

* 2020 estimates, not measured yet

in savings for healthcare systems

LIFETIME RESULTS

1 validating ML platfrom to reduce drug discovery time,

counselling theraphy sessions completed with a 29% improvement in mental health well being scores*

Sector average: 2018: 57 2019: 64 Improvement SDG ALIGNMENT

number of people trained with 21st century skills

that will benefit from improved learning outcomes

LIFETIME RESULTS

1 medical device in clinical trials to improve IV fluid administration, improve care and reduce hospital stay

10.9K B IMPACT SCORE

1.6M

4.2M students

12% reduce toxicity

* After 3 individual therapy sessions

209

812K students have completed future ready courses

10.7K students students previously dropped out and have re-enrolled online to complete their diploma* B IMPACT SCORE Sector average: 2018: 92 2019: 97 Improvement SDG ALIGNMENT

6.5M students across North America improved social and emotional skills

2.5M students improved academic outcomes

* Measured over 4 years since initial investment

CANADA’S PREMIER LIFE SCIENCES VENTURE CAPITAL FIRM

Heart Failure

REVERSED.

Corvia Medical Improving the quality of life for patients with chronic heart failure.

Cardiac Arrhythmias

DIAGNOSED.

Bardy Diagnostics Acquired by Hillrom $375 Million + Future Payments

Epileptic Seizures

TERMINATED. Engage Therapeutics Acquired by UCB $270 Million

Lumira Ventures is one of the most active and dynamic healthcare venture capital firms in North America. Our mission is to generate the greatest impact in the healthcare ecosystem through investments in transformative biopharmaceutical and medical device companies across North America. By investing in exceptional entrepreneurs and building transformative life science companies, we are focused on delivering innovative and costeffective healthcare solutions for patients and top-quartile returns for our investors. Lumira Ventures cultivates winning investment themes while innovating the landscape of healthcare in North America. With an investment team that has been working together for well over a decade, and a collective professional experience of 225 years founding, managing, and investing in

healthcare and life sciences companies, Lumira Ventures has successfully brought to market more than 50 innovative therapeutic and biomedical products, impacting the lives of over 10 billion patients around the globe and producing a cumulative revenue of over $75 billion.

210

With mission-driven investments as our focus, we additionally see the power of philanthropy and giving back to our community as a vehicle to drive the greatest impact possible. In 2017, the partners at Lumira decided to link our goals of supporting and donating to impactful foundations, with the performance of our

I N N O V A T E

Cancer Treatment

TARGETED. Zymeworks Building Better Biologics (NYSE: ZYME)

healthcare investments. We achieve this by what we believe to be the first-of-its-kind in Canada, donating a portion of our Fund III carry to 11 leading healthcare foundations. Our passion for philanthropy doesn’t stop here. As the pandemic started to unfold around the world in 2020, we became acutely aware of the tremendous dislocation happening across the country. This inspired us to launch, the Double Bottom Line Challenge. Our staff identified opportunities in our communities to donate funds to those that they believe are truly in need, focused on grass-roots, volunteer-initiated, and led programs with high impact. We tailored our criteria to areas where we believe the greatest impact can be made, opportunities that hit two or more objectives in parallel – like feeding those in need by having local restaurants prepare and deliver meals.

T O R O N T O

Lupus Nephritis

CONTROLLED.

Hepatitis C

CURED.

Aurinia Pharmaceuticals Improving patients lives (Nasdaq: AUPH) (TSX: AUP)

Pharmasset Acquired by Gilead Sciences $11.2 Billion

Having seen the impact of our philanthropy not only in the context of the beneficiaries of the donations but also on what it means to our employees to be part of a company that puts community and philanthropy forward as a core value, in 2021 we formalized our philanthropic giving and established The Lumira Foundation. The mission of our foundation is to continue supporting community-based initiatives where we live, work, and invest. Each initiative we support is chosen by a member of our team and is focused on actively addressing prevalent and ongoing social needs in communities throughout the areas we work.

dramatic reductions in the cost of healthcare, and supporting our local communities we are driving the most significant impact.

We have been a different type of venture capital investor since our inception. By focusing on companies whose products offer transformative (not incremental) improvements to patient health outcomes, a promise of

211

Our Canadian heritage helps us “skate to where the puck is going to be,” investing in new science and clinical insights that we expect will be driving the next decade of patient care.

Tel: +1-416-213-4223 Email: info@lumira.vc

lumiraventures.com

A GLOBAL FINTECH VENTURE CAPITAL INVESTOR Portage Ventures (“Portage”) is a venture investor that partners with some of the world’s most innovative financial technology companies. Portage is the venture capital arm of multi-asset class alternative investment firm Sagard. It was cofounded in 2016 by Paul Desmarais III (Executive Chairman and CEO of Sagard) and Adam Felesky (CEO). Since then, we have built an extensive global ecosystem with differentiated reach and insight in many geographies worldwide to support deal flow and post-investment support through talent, capital and network.

Meet the Portage Investment and Value Creation teams

A global footprint Portage has grown to become one of the global leaders in the early-stage fintech venture space and steadily increased its geographic reach in the United States and Europe with: • A seasoned team of fintech investors and expert operators based in Montreal, Toronto, New York, Paris, Singapore and London • 62 investments made in 13 countries as of December 31, 2021 • Over 100 strategic LPs from around the world, including institutional investors, pension funds, family offices and financial institutions

A global and thesis-driven approach to fintech investing We invest globally across key fintech verticals, including asset management, insurance, consumer and small business finance. Our focused, thesis-driven approach drives our outbound strategy and enables us to show differentiated depth when we interact with

212

entrepreneurs. It strengthens our standing in the market, as demonstrated by our ability to onboard new and returning investors from one fund vintage to another. Our aggregate AUM has grown to US$3.3B1 as of December 31, 2021, including Portage Fund I, Portage Fund II and Portage Fund III

I N N O V A T E

(“Portage III”), our latest and largest vintage to date and one of the largest early-stage fintech-focused venture funds in the world. Portage III brings exciting opportunities to deploy competitive capital all the way to Series C and allows us to be a long-term partner to our portfolio companies through the growth stage and beyond. Portage’s five largest portfolio investments by fair market value as of December 31, 2021, in Portage Fund I and Portage Fund II, are Wealthsimple, KOHO, Clark (Germany), Albert (US), and Alpaca (US)2.

A thought leader in innovation and transformation in financial services Portage delivers value above and beyond financing to portfolio companies and LPs. We have created a unique fintech ecosystem with deep industry experience and a powerful, global network.

T O R O N T O

Access to seasoned advisors and an expert value creation team in growth, enterprise sales, cybersecurity, and commercial partnership opportunities accelerate portfolio growth. The value creation team has helped generate some 50+ commercial partnerships between our LPs and portfolio companies, $220M in enterprise value created as of December 31, 2021, and $22M in partnership revenue in 2021. Our LPs also derive significant strategic value through actionable information and insights on fintech trends, market developments and investment analysis.

We are also strongly committed to diversity within our team and investments. We have set targets to further make our team and our company portfolio more inclusive of underrepresented groups. Our culture is one of innovation, entrepreneurship, rigor, collaboration, humility and respect. These values are part of our core DNA; our team lives by them and carries them through our relationships with our partners entrepreneurs and investors alike.

A global team led by seasoned fintech investors Our team is led by six partners with investing and operational experience across all aspects of fintech, several of them being former founders.

info@portagevc.com portagevc.com

The aggregate AUM referenced above is an estimate and subject to formal and final release which is expected to be on or about March 31, 2022. Assets under management referenced above is the sum of the net asset value of venture capital funds, including uncalled capital commitments of those funds and unused leverage, and the fair value of assets held in co-investment vehicles managed by Sagard and uncalled capital commitments of those co-investment vehicles. This definition of assets under management is not based on any definition contained in our fund management agreements. Furthermore, our calculation may differ from the manner in which the U.S. Securities and Exchange Commission defines “Regulatory Assets Under Management” on Form ADV and from the similar definitions used by other asset managers. 2 Any reference to portfolio investments contained herein are for illustrative purposes and may not be representative of all portfolio investments. It should not be assumed that any portfolio investments referenced herein are or will be profitable upon disposition.

Adam Felesky CEO and Co-Founder

Hélène Falchier Partner, Paris

Paul Desmarais III Executive Chairman and Co-Founder

213

Ricky Lai Partner, Toronto

Stephanie Choo Partner, NY

RADICAL VENTURES AN AI-FOCUSED VENTURE CAPITAL FUND INVESTING IN PEOPLE WHO ARE SHAPING THE FUTURE OF HOW WE LIVE, WORK AND PLAY

Like Benjamin Franklin knotting a key to a kite in a lightning storm, today’s AI researchers are unlocking technology that is reshaping our world. From quantum neural networks and natural language processing, to AI for drug discovery, the path to future innovations and commercialization is charted by a small subset of the global technology talent pool, the elite AI researchers. Coalescing around the pioneers of AI, including Toronto’s “godfather of deep learning” Geoffrey Hinton, this AI talent pool has laid the foundations for innovation and rapid commercialization. Radical is both a product of the Canada AI ecosystem and one of its architects. Radical founders Jordan Jacobs and Tomi Poutanen helped co-author the world’s first national AI strategy and conceived of and co-founded the Vector Institute for Artificial Intelligence, alongside Geoffrey Hinton, Ed Clark and others in 2017. Before Radical, Jordan and Tomi founded Milq in 2011 and then spun-out Layer 6 AI in 2016, an AI prediction platform company later acquired by TD Bank, where they became co-Chief AI Officers. As founders, ecosystem builders and investors, the Radical team has played an active role in nurturing the next generation of AI innovation and commercialization. The Radical Ventures Velocity Program provides specialized support to help AI companies achieve global success. Built around the needs of AI enterprises, the Velocity Program helps Radical’s portfolio companies scale by providing deep technology and product expertise, go-to-market guidance, talent acquisition, strategic brand/ communications and finance support. Just as Thomas Edison would build upon Franklin’s discoveries, now is the moment to capitalize on the opportunity afforded by innovations in AI. Every facet of our economy and lives stand to benefit from breakthroughs in this technology. Like today’s electrical grid, AI will soon power nearly every human interaction with technology. Lightning to light bulb. That is the transformative moment Radical Ventures invests in.

214

Jordan Jacobs, Co-founder and Managing Partner

Salim Teja, Partner and Head of Radical Ventures’ Velocity Program

radical.vc 215

CHAPTER 11

INNOVATION IN FINTECH

216

217

I N N O V A T E

T O R O N T O

ACCELERATING FINTECHS AND FINANCIAL SERVICES FORWARD You know how to lend. But, to whom do you lend, when you don’t have the right data? Too many business lenders are constrained by partial datas and manual processes. And, speed is paramount. Boss Insights empowers fintechs and lenders to respond faster, make underwriting decisions more quickly, and finally give business customers solutions tailored to their needs. Our platform connects fintechs, lenders, and banks with their business customers — and gives them the data they need to serve small-and-medium sized business (SMB) clients. It’s a single connection to a 360-degree view on a business’financial health. As a lender, you enjoy a more holistic view of data for a real-time understanding of your clients and prospects, drawn from a rich, reliable set of sources. It complements your traditional decisioning and fosters a more nimble, responsive lending culture. As a bonus, it suggests products to your business customers based on their data. Boss Insights is an award-winning global leader in open banking. We deliver instant responses to SMBcentered lending, funding and payment applications.

BEST IN BREED RESULTS As the industry moves forward, discovering best in breed solutions to ensure your business customer is well served is key. It’s a combination of what FinTech offers and how well it integrates with other solutions. Keren Moynihan, CEO We’ve shown 36% faster decisions, 5x faster monitoring and 60% cost savings. • “Cutting edge tech” empowered us to offer a seamless experience for business owners” First Savings Bank automated business loan underwriting and loan approvals • “A seamless solution to gather real-time information” Sound Credit Union automated business member lending • ”Allows Carver to provide customers with the highest quality of service.” Carver Bank supported diverse business owners’ with a business lending platform enabling financial data collection • ”Responsive, solution oriented and grew the platform as our requirements expanded” Seek Business Capital aggregated small business data and insights saving application and getting businesses faster access to funds

Luke Moynihan, CTO

GLOBAL LEADING ACCESS TO BUSINESS FINANCIAL DATA A single connection accounting, commerce, banking, payroll tax and more. Access to 1000+ APIs including Quickbooks, Xero, Stripe, Shopify, Amazon etc.

218

I N N O V A T E

T O R O N T O

BOSS BY THE NUMBERS

36%

faster decisions

faster monitoring

60%

300%

cost savings

increased data pulls

WHO WE WORK WITH Fintechs Private lenders Payment companies Financial institutions

CLIENTS

Highlights Boss insights in ‘5 Hottest Technologies in Banking for 2022’ Cornerstone Advisors managing director & Forbes contributor Ron Shevlin posted that digital Loan Origination is key! Capturing & engaging borrowers during the lending process is critical. Boss Insights was excited to be mentioned as a partner to solve this challenge and can’t wait to see what unfolds as we bring financial services the latest in tech!

VISION Enable the world’s fintechs and financial institutions to build better financial services and unlock freedom for their business customers

GLOBAL LEADER IN PRIVATE BUSINESS DATA

bossinsights.com 219

I N N O V A T E

T O R O N T O

BALANCE SECURES BILLIONS OF DOLLARS WORTH OF DIGITAL ASSETS

Balance is Canada’s largest digital asset custodian. Our solution powers financial services companies such as over-the-counter trading desks, exchanges, lenders, and ATM networks. The assets are kept secure on specialized hardware, kept fully offline in geographically distributed bank grade vaults that are access controlled, monitored, and guarded 24/7. Our internal controls and policies mitigate against external threats, human error, and misuse through insider access, and have been designed with disaster recovery and succession planning in mind.

and Baha took on the challenge. In July of the same year Balance was officially born, initially as a self-serve buy and sell platform geared towards a retail investor audience. Disappointed with the lack of options when it came down to the custody of our clients’ assets, the team decided to roll up their sleeves and build their own, dubbed Balance Custody 1.0. From conversations with various companies in the space it quickly became obvious that our pain point wasn’t unique. Realizing the potential of the opportunity, we pivoted the company around our custody services. With help from Techstars and a few investors instrumental in our early stages, in the early fall of 2019 we launched Balance Custody 2.0, Canada’s first institutional grade digital asset custodian.

Building a startup in the financial services space is not an easy feat. In 2017 as the digital asset space was emerging, inspired by seeing the first real signs of interest outside of the innovator and early adopter folks that most of the community was made of at the time, our two co-founders George

220

I N N O V A T E

T O R O N T O

Three years later, the third iteration of our custody solution secures billions of dollars worth of assets making Balance not only the oldest Canadian digital asset custodian, but also the largest.

325 Front St W, 4th floor Toronto, Ontario, M5V 2Y1, Canada Tel: +1-833-225-7030 Fax: +1-416-391-6377 Email: contact@balance.ca balancecanada balancenowca balance_canada

Our journey continues as we build our product into a fully integrated post-trade financial services solution encompassing custody, settlement, and clearing. Keeping your assets safe is only one piece of the puzzle. Our white glove services include personalized onboarding, direct access to the C-suite, and near realtime support. Work with us confidently.

George Bordianu, CEO

221

balance.ca

I N N O V A T E

T O R O N T O

TRANSFORMING THE BORROWER EXPERIENCE FROM REACTIVE TO PROACTIVE

Senso is a leading intelligence and engagement platform designed to help mortgage lenders increase interest income growth and lifetime value by proactively engaging borrowers leading up to their next home purchase or refinance transaction.

oversees $1.3 trillion of mortgage debt, providing Canada’s largest financial institutions with proactive intelligence to engage borrowers. This has consistently proven to increase engagement, interest income growth, and borrower satisfaction.

How It All Came Together

In collaboration with TransUnion, a global credit bureau that makes trust possible in the modern economy, Senso offers financial institutions a predictive score that identifies borrower segments that are likely to be active for their next home purchase or refinance within the next six months. This overcomes a massive problem for financial institutions that experience call center capacity constraints and an inability to serve their clients effectively.

Founded in the heart of Toronto’s innovation ecosystem in 2017, founders Nick Seelert and Saroop Bharwani came together after experiencing multiple pain points with their banks during the home-buying process. They also have a background in consulting with mortgage providers, and started with an idea to create a winning outcome for borrowers by partnering with the financial institutions that provide services to them.

Providing Proactive Intelligence To Canadian Borrowers At Scale Based in Toronto, Ontario, Senso currently

Borrowers are provided with rich experiences at the right time and on the right channel via bank partners to assist in guided, data-driven decisions leading up to the biggest transaction

222

of their lives. With Senso, mortgage providers have the ability to proactively pre-approve borrowers for their home purchase before competing originators, and surface up home listings within their affordability to unlock transparency and alignment between loan specialists and realtors. Senso’s proven solution has increased mortgage close rates by greater than 5x, and interest income by greater than 10x by identifying high value borrowers to engage with at the right time.

Canadian Entrepreneurs Improving The American Dream The global pandemic created a similar pain point for US mortgage providers. With eight out of 10 active borrowers switching to competing originators, Senso quickly responded with the solution they incubated in the heart of the Canadian innovation ecosystem.

I N N O V A T E

T O R O N T O

Senso now provides US-based community banks and credit unions with insights that enable them to improve borrower engagement and lifetime value. Borrowers that interact with partner banks are provided with rich insights enabling them to make decisions on areas to search, properties to monitor, and when to place an offer. Backed by leading venture capitalists and partnered with the most innovative financial institutions in North America, Senso is on a mission to democratize access to insights and decision-making capabilities that empower financial institutions to improve their relationships with borrowers at scale.

senso.ai

Nick Seelert, CTO

Saroop Bharwani, CEO

223

I N N O V A T E

T O R O N T O

MOUNTX At MountX we build a safe and simple marketplace that eliminates the inaccessibility and bureaucracy of traditional investments by making real estate investments accessible to everyone, without a large financial investment or previous experience.

“Did you know that technology has the potential to reduce poverty for more than 3.4 billion people?” - Enrique Suarez, MountX Co-Founder & CEO MountX Real Estate Capital Corp. is creating the next generation of digital financial products to enable access to International Real Estate Investing to millennials around the world. Tokenization powered by Blockchain is allowing investors at any scale to participate in fractionalized real estate opportunities around the world, creating a NEW ERA of Real Estate investing!!! Accessible, secure and global. So, what makes us so confident that blockchain technology and real estate are such a good match? Here’s a quick rundown of the key qualities blockchain tokenization brings to the table: irrevocable documentation of the processes, impeccable transparency, traceability, accessibility, enhanced security, liquidity and cost reduction of processes.

The idea of creating MountX Real Estate Capital was born in Q4 2019, at the beginning of the global pandemic. We knew from the beginning that MountX would be an innovative startup with an open culture and an exponential philosophy. We firmly believe in the power that technology offers us and how it will give us the power to change the lives of millions of people.

Today, it takes one click to buy an airline ticket or a new pair of shoes, but if you want to buy a house, transactions are more time intensive. Whether it’s waiting for documents or settlement, many types of transactions aren’t instant. Assets like real estate are more difficult to transfer, often obligating buyers and sellers to contend with mountains of paperwork and lengthy procedures. By representing physical assets as digital tokens on a distributed digital ledger or blockchain, it’s possible to unlock the value of real-world assets and to exchange them in real time.

As of April 2021, we opened our new headquarters in Toronto, Canada. We have secured strategic alliances with investment funds in both North and South America. Which shares our vision of empowering millions of investors to access the largest asset in the world (Real Estate) powered by blockchain, to create wealth and financial inclusion.

224

I N N O V A T E

T O R O N T O

At MountX we believe in: Incorporating new technologies: We integrate new technologies in Real Estate (Proptech) focused on Blockchain, big data and virtual reality. With the aim of providing a more transparent and secure service for our investors.

Build international relationships: We have a vision of global expansion. We seek to take our investors further and offer through our platform the ease and security of being able to invest abroad in the same way that they could invest in their own country.

Be an agent of change: We believe in innovation and technological transformation, in being the first to incorporate them into our market, learning from chaos, taking risks and trying with curiosity and creativity to evolve towards a better future.

10X Exponential Thought and Action: We believe in exponential growth, which arises with ideas outside the status quo imagining a global world and abundance. We are convinced that massive action and disciplined approach create our ideas into reality.

We are living in an exciting time, and in MountX we believe that with the right mindset, knowledge, commitment and culture, we can transform the real estate investment industry making it accessible to everyone, anytime, anywhere.

Data-driven decisions: We know the importance of having real data that allows us to make better decisions to contribute to the development of our team, clients and the cities where we participate, with a culture of total transparency.

Transform and implement with cause: We are committed to exponential growth, working with trust and empathy with society, taking the leadership to diversify your capital by lowering the cost of investment so that they can be more accessible and thus be able to reach a greater number of investors.

mountx.io 225

226

CHAPTER 12

AI, DATA, & INFORMATION TECHNOLOGY

227

IBM CANADA As digital transformation accelerates across industries in Canada, companies are looking to build a much stronger digital foundation to fundamentally change the way their business works. Artificial Intelligence (AI), hybrid cloud and quantum computing are playing a significant part in helping private and public organizations further advance and contribute to Canada’s progress.

Photos: Ben Rahn/A-Frame 228

229

IBM is accelerating innovation for its clients through the practical adoption of these technologies to help make businesses more efficient, intelligent, and sustainable. The company is building and deploying AI techniques and solutions to unlock real-time value from data wherever it resides to help AI creators reduce the time they spend training, maintaining, and updating their models. It is reimagining computing to help its clients and ecosystem partners tap into the benefits of hybrid cloud; pursuing open-source standards and code to create an agile and scalable platform that can be deployed anywhere. And it is advancing quantum computing across three key areas: hardware, software, and ecosystem development to help businesses tackle significant challenges in the future that will forever be unsolvable for classical computers. IBM is helping clients run some of the most mission-critical systems around the world and here in Canada, including banks, airlines, mobile networks, and essential services. These systems support modern society and by making them faster, more productive, and more secure, IBM is not just making business work better, but helping to make Canada work better. IBM has maintained a strong presence in Canada since 1917 and has been working to create a marketplace where homegrown innovation can drive domestic growth — today and in the future. Its rich history of innovation speaks for itself – as many game-changing breakthroughs in the IT industry have their roots in IBM Canada Lab, including Watson

Photos: Ben Rahn/A-Frame 230

I N N O V A T E

T O R O N T O

AIOps. Key elements of this innovative product were developed at IBM Canada Lab’s Area 6-3-1, a made-in-Canada internal incubator program that gives six entrepreneurial IBM employees three months to build one great idea into a working demo. IBM Canada Labs in Markham, Ontario, is the second largest software development in IBM and the largest in Canada. The lab supports development of core IBM technologies and worldwide strategic missions including Data and AI, Security, Cloud and Cognitive, Supply Chain, IT infrastructure, and Internet of Things. It includes Client Centres, Machine Learning hubs and Design Studios. The Client Centres deliver highly customized, fully facilitated briefings and workshops for clients offering a fully interactive series of discussions tailored to meet the client’s near term and strategic goals. IBM Canada Machine Learning Hub in Markham is one of five locations globally where clients and partners can be updated on industry trends and get hands-on training. They learn how to leverage machine learning to gain insights into their business using their own data to drive new innovations and accelerate business outcomes. While the IBM Design Studios in Toronto and Markham are part of the global platform of more than 100 locations that allow IBM to amplify and accelerate innovation and human-centered product and service delivery. The Studios provide unique, highly collaborative spaces where clients and IBM teams can co-create with their users in new ways. Over the years, IBM has established deep partnerships with industry, academia,

231

and all levels of government to improve commercialization prospects with “made in Canada” products and services — fueling innovation right here at home. IBM Canada Advanced Studies connects IBM product teams with students and faculty in joint academicindustry projects that promote innovation within IBM’s offerings and in published academic research. IBM Canada’s investment in education also extends to the partnership with Six Nations Polytechnic and Mohawk College to deliver the P-TECH school model, where students are given the opportunity to gain emerging skillsets in technologies that are in high demand. In addition to P-TECH, IBM worked with colleges and universities and launched Learn@IBM, a micro credential program for students at several universities. IBM also launched Cloud for Education which offers faculty and students access to IBM Cloud to run their classes with Watson and many other IBM and non-IBM classroom tools. The company’s investment in research and development is building a thriving domestic innovation ecosystem that is helping businesses grow to internet scale, create new jobs, and compete on a global stage. IBM is applying innovation to real-world problems, thereby driving progress for both business and society.

ibm.ca

I N N O V A T E

T O R O N T O

authentic voice of its customers to drive growth. For community managers, Influitive helps them recruit and cultivate a loyal customer community where members engage and support each other, all while providing invaluable insights that can be leveraged across a company’s entire business.

“Influitive is the absolute benchmark for creating thriving communities. [It] helps me easily facilitate these conversations and activities with our customers. But more than that, being an Influitive community member has made me a better community manager.” – Tejas Shah, Content and Community Lead, Dundas Data Visualization

INFLUITIVE THE ENGAGEMENT PLATFORM OF CHOICE FOR

In December 2021, Influitive acquired PostBeyond, a leading employee advocacy and social selling platform that enables global organizations and their employees to find and share relevant content with their social networks to reach, engage and influence—driving measurable business results. Together, Influitive and PostBeyond are the engagement solutions of choice for all things advocacy.

ADVOCACY, COMMUNITY, AND LOYALTY

Influitive helps the world’s leading brands engage with their customers to drive business value across multiple dimensions. Customer referrals, references and reviews are now recognized as the most effective way to drive business growth and Influitive enables this at scale. Since 2010, Influitive has pioneered advocate marketing and built an easy-to-use SaaS platform that enables companies to design personalized journeys using advanced targeting, engagement mechanics, and recognition and rewards.

“Influitive is the core of our customizable, scalable advocate communities, and it will enable us to reach more people while maintaining a personal approach to communications as we grow. By creating two separate advocate communities, Interos has proven our commitment to investing in our customers and our employees.”

Influitive’s vision is to set a high standard for engaging digital journeys that drive positive change. Its mission is to become the foundation of its customers’ digital experiences to increase engagement, improve relationships, achieve better outcomes and provide actionable insights. Ultimately, Influitive believes that targeted recognition, rewards, and personalized content improves any business objective.

– Chelsea Keefe, Solutions Consultant, Interos

Influitive’s market-leading engagement platform for advocacy, community and loyalty programs combines powerful tools and expert services to help companies leverage the

232

I N N O V A T E

T O R O N T O

A recognized leader for sixteen consecutive quarters (and counting) Influitive is the G2 leader in Customer Advocacy and Online Community Management and has been recognized as a leader in Community software by its customers on TrustRadius, Gartner Digital Markets, and Featured Customers. Collectively, Influitive has recorded more than 100 million acts of advocacy and powered more than $1 billion in ROI value for its customers.

“[Influitive] is a game-changer! We’re reasonably early in our journey but can already see the huge benefits of using this intelligent platform to deepen our relationships with our customers.” – Huw Wigley, Post-Sales Marketing Manager, SUSE

Led by CEO Dan McCall, Influitive is headquartered in Toronto, Canada with employees across North America. Global customer-obsessed brands such as ADP, Cisco, IBM, HPE, and Mountain Dew rely on Influitive to drive customer engagement, build customer community, enhance customer experience, deepen customer loyalty and boost customer advocacy.

influitive

influitive.com 233

I N N O V A T E

T O R O N T O

WORKWOLF THE NEXT WAVE OF HIRING SOFTWARE IS ENABLING BLOCKCHAIN TECHNOLOGY AT A COMMERCIAL LEVEL

Owning one of Canada’s most successful Healthcare Recruiting Agencies, Workwolf’s Cofounder and CEO, Erik Simins, spent years working with enterprise companies to help establish more efficient ways to identify, attract and hire talent. Overseeing thousands of hiring cycles, one thing was very clear; resumes were the prominent source of data used by employers to filter talent and that the resumes used for this were incredibly inaccurate. In fact, the data on resumes in the North American job market are embellished or overtly false more than 50% of the time. This bad data costs employers more than half a trillion dollars every year.

Incorporated under the name BlockAble Inc. in 2017, Workwolf’s early beginnings were focused on leveraging blockchain technology with a platform called ‘ABL’ for commercial application in the employment market, setting out to accomplish four main objectives: 1. To democratize the employment-centric verification data traditionally stored in hard to access silos 2. To decentralize the data, so that it could easily flow between job applicant and employer, without a third-party verifier 3. To make the data immutable so that once verified, it could be repurposed and rendered tamper-proof to prevent falsification

This $660 billion problem is what Workwolf is solving and since commercializing the platform in late 2021, they’re winning the battle. Fortunately, both federal and provincial governments, institutional venture capitalists and angel groups all feel that this is a problem worth solving and have helped to fund Workwolf’s innovation for the last three years to develop leading edge technology to help improve North America’s employment market data.

4. To open the verification channels so that critical employment screening data could be refreshed by an employer, recruiter or professional In essence, Workwolf is developing the next generation of resume, one that is verifiable in real-time and provides employers with predictive

234

analytics, delivering better applicant matches who will perform better in their new jobs, last longer in their positions and can be filtered in or out much faster and earlier in the hiring process. Blockchain is well known for its application in cryptocurrency but has just started to make waves in other applications such as supply chain and credential verification. Workwolf was ahead of the curve, beginning research and development on blockchain’s commercial viability for credential verification in 2017. The company’s initiative in the blockchain sector technology has earned Workwolf multiple global innovation awards and recognition from both government and private sectors. In 2020, the City of Toronto and Mayor John Tory presented Workwolf with the honor of first prize for Transformational Platform & Entrepreneurship at the Enterprise Blockchain Awards. Before presenting the trophy, the mayor shared “on behalf of the City of Toronto, we are so proud to support this kind of leading-edge technology… and I’d like to

235

I N N O V A T E

congratulate all of the finalists, winners and change makers who are doing their part to lead the way for blockchain technology.” Toronto is second only to Silicon Valley as the world’s most influential innovation hub and in 2020, it was Toronto’s own Workwolf who competed against and beat out finalists from Asia, Europe and the United States to take home the award. In 2021, Workwolf was again invited to represent Canada as a finalist at the Vivatechnology awards in France. With over 30 countries represented, Workwolf received the honor of first prize at VivaTech’s Start-Up Innovation Challenge. The award was presented by ManpowerGroup. The world’s third largest, $22B/yr, recruiting company. Erik Simins accepted the award on behalf of Workwolf from Manpower’s Global Chief Innovation Officer and received special mention in the category of ‘Automating Recruitment’. The team at Workwolf is made up of developers, digital marketers, and business leaders from all over the world. Spanning Brazil, Argentina, Poland and Canada, the Workwolf “pack” is united behind the company’s mission to “Unleash the Power of Truth”, providing employers a better way to find, screen and filter talent.

236

T O R O N T O

Growing their user base rapidly after commercializing their BETA platform in late 2021, employers, recruiters and jobseekers who use the technology are enjoying a vastly improved hiring process. In early 2022, Workwolf is already demonstrating impressive customer acquisition metrics paving the way for ideal product market fit that will accelerate the company’s growth in the second half of 2022. If the company continues to rally adoption in the years to come, inflated digital profiles may become of a thing of the past and truthfulness will become a positive differentiator in the job market. To try the Workwolf’s filtration and verification technology please visit www.workwolf.com. By signing up and using sharing the code “INNOVATETO” with your onboarding specialist, BETA users receive free access to the platform and will also get a $50 verification credit.

With an expansive roadmap for ongoing technical innovation, the company plans to launch the Alpha Network in 2023 so that authenticated job seekers can connect directly with employers and vice versa based on predictive analytic benchmarking and credential pre-requisites that are verifiable in real-time through Workwolf’s patent pending Digital Work Passport. The long term vision of Workwolf’s CEO, Erik Simins is to replace the archaic self-proclaimed resume and entrench a new secure, accessible and reliable digital repository of portable digital credentials as the new gold standard for the employment market.

Workwolf’s Board of Directors is led by Dan Shea, co-founder of Celestica and Ron Leith, previous GM of IBM’s hardware and networking division and Erik Simins, 4 time founder, Workwolf’s CEO and the subject matter expert in enterprise hiring practices.

workwolf.com

237

I N N O V A T E

T O R O N T O

CREATING A DIGITAL TWIN OF THE EARTH LEVERAGING AI-BASED MAPPING SYSTEMS TO ENHANCE DECISION-MAKING Since 2013, Ecopia AI has been on a mission to create a digital twin of the world using artificial intelligence (AI). Originally spun out of a Ph.D project at the University of Waterloo, Ecopia’s maps have grown from detailing a single small city to mapping entire continents while evolving from single-layer 2D maps to advanced 3D multi-layer maps. By creating an accurate digital representation of our world, Ecopia empowers decision making by governments, businesses and humanitarian organizations across missioncritical applications including: Urban planning and smart city initiatives Environmental conservation and sustainability Flood and stormwater management Transportation infrastructure planning and upgrades Public safety and Next-generation 9-1-1

Accurate, Scalable, Up-to-date HD Mapping Ecopia’s core AI technology is the heart and soul of our product. Ecopia’s AI-based mapping system converts high-resolution imagery to actionable HD Vector Maps that serve as the foundational data for decision-making by our customers. Ecopia leverages this proprietary AI-based mapping system to create comprehensive and up-to-date HD Maps with GIS-professional accuracy. We recognize that the mission of digitizing every detail of the Earth cannot be accomplished by one company alone. That’s why Ecopia is building a global ecosystem of leading geospatial imagery providers and integrators to offer the most comprehensive, accurate and up-to-date mapping data available in the market.

The Journey to Mapping Over 100 Countries Using AI Through all of our growth milestones, we have mapped over 40 million square kilometers across 100 countries by working with over 30 image partners across the world — and our journey has only just begun. Here’s a few highlights from the last nine years:

2013-2014

2016

2018

2020

Ecopia AI is founded and R&D continues

Mapped all of Australia within 6 months. 16 million buildings across 7.692 million km2.

Mapped every building in the US. 169 million buildings across 8 million km2.

Mapped every building, road and tree in Sub-Saharan Africa. 417 million buildings and 17 million linear kms of roads cross 25 million km2.

238

I N N O V A T E

T O R O N T O

Ecopia’s co-founders (L to R) Shuo Tan, Yuanming Shu, Jon Lipinski

RECOGNITIONS The accomplishments of Ecopia’s unique product and incredible team have been well-documented and recognized not only in Canada but across the globe: • Geoawesomeness Top 100 Geospatial Companies in the World • Deloitte’s Fast 50 & Fast500 • Tecterra’s Most Disruptive Technology • The Globe & Mail’s Top Growing Companies in Canada • AIFintech 100 • CIX’s Top 10 Growth • Canadian Business Growth 500

2021 Announced the creation of first-ever 3D building map of the US. Transformed Property & Casualty Insurance Risk Assessment with our high-precision solutions and announced leading insurance carriers such as Farmers, Swiss Re, Harford Mutual as customers. Created HD map to accelerate deployment of autonomous vehicles in Waterloo and Toronto, Canada

2022 Awarded contract from Canadian government to support rural broadband mapping across the country

239

101 College St, Suite 440 Toronto, Ontario, Canada M5G 1L7 Email: info@ecopiatech.com Tel: +1-519-342-0193

ecopiatech.com

DOCSIE IS DISRUPTING THE DOCUMENTATION INDUSTRY WITH MANAGED PUBLISHING, COLLABORATIVE EDITING AND CUSTOMER FEEDBACK ANALYTICS Docsie has one simple mission: helping businesses everywhere to write better documentation using reader insights, and removing barriers around web publishing and team collaboration. Docsie brings product, support and development teams together, alongside their tools, in one AIpowered knowledge management system.

the vision and drive to create a new breed of digital documentation platform – Docsie.io. The mission was to meet the growing market demand for digital documentation and knowledge portal software. Philippe and Eugene spent years after launching Docsie listening to customers, learning about their

Docsie breaks down silos and creates a fluid, AIpowered workflow for capturing, creating and sharing knowledge. This saves company time, money and resources. Additionally, its main mission is to create an AI that automates the role of a technical writer within an organization. For that, Docsie has assembled a team of seasoned AI researchers to develop a 3rd generation AI model and achieve this goal. Philippe Trounev and Eugene Trounev, cofounders of Docsie, had already dipped their toes into various areas of the IT industry. Philippe spent time at Ericsson, a leading provider of 5G networking equipment in the US, as a business consultant. Similarly, Eugene worked as a UI architect for computing giant IBM. This experience and expertise gave them

240

specific use cases, and designing features and tools that would make documentation writing a delight instead of a chore. The first version of Docsie was released only a short while back in 2018. This alpha release was the beginning of Docsie’s journey in Softwareas-a-Service documentation publishing.

Only three years later in 2021, Docsie had been shortlisted and rated as top software platform by review platforms like G2, Capterra. This proves both the value of the platform to businesses, and the hard work of the entire Docsie team.

Reimagine your documentation portal with Docsie Home

Product

Documentation

Support

Showing responses for:

Stop Making Everything Perfect for Your Kid susan.super

Docsie has a strong team of 20+ employees working to innovate across the platform, while helping new and existing customers to deliver delightful digital documentation.

14.8K

489

Responses

Write a response...

Maureen Thomas Jun 8, 2016 I am a high school teacher. This resonates, so deeply. I am also the mother of two grown kids, far from perfect. But I let them fail sometimes. That is called a life lesson…we are raising a bunch of infantile narcissists who literally cannot wipe their own asses. 662

10 responses

Part of this innovation comes in the form of Docsie’s self-writing documentation AI and a robust platform that makes it easy for businesses to create and maintain product documentation, api & software documentation, team wikis, product tours, tutorial videos and in-app help/support interfaces in one easy to user robust platform. With more than 22+ third-party integrations, and an evolving feature set, Docsie is trailblazing a new normal in documentation editing, publishing and changing the way businesses and technical writers collaborate on documentation.

140 Yonge St Suite 200, Toronto, ON M5C 1X6 Tel: +1 416 902 8771 Email: hello@docsie.io Tal Frenkel VP of Customer Success

Philippe Trounev Founder & Product Manager

Eugene Trounev Founder

241

Docsie.io

I N N O V A T E

ZAGITAS THE ZAGITAS STORY ACTUALLY BEGAN MANY

YEARS AGO BECAUSE OF THE FOUNDER’S PASSION TO SIMPLIFY AND IMPROVE PEOPLE’S WORK THROUGH TECHNOLOGY Carlos Secada as a child with his parents and sister lived alone in the middle of the Amazon jungle. He grew up deprived of any initiative coming from modernity and technology. It was only after returning to the city and studying, that he managed to start working for Accenture, and began for the first time to help people and companies with technology. Finally after studying a master’s degree in business in the U.S. that solidified his awareness and passion for applying technology to benefit people in order to improve their quality of life. After a successful stint in global corporate ventures, Carlos founded Zagitas and invited Joel Moreno, an experienced Master in Information Systems with great experience as an entrepreneur, to join as a co-founder. Like Carlos, Joel also experienced firsthand the shortcomings of technology in his native Cuba. The passion of both for innovation and technology, and having experienced the change that represents the use of technology in improving the quality of life of people, is the combination that awakened the spark and is where the magic began. This is how the development of “Intelligent Digital Workers” was sedimented in Zagitas, combining automation and artificial intelligence to free people and companies from repetitive and mundane high volume work, allowing people to free themselves from these tasks to be able to do more entertaining, achieve higher value work, be more creative, analysis and interaction with other human beings. At the same time, the company reduces its process times, avoids reprocesses and errors, and increases its productivity, resulting in more timely decisions with better information. It is this passion for the use of technology, the experience and knowledge of its founders, the energy and youth of its staff, which has allowed them to gain the trust of global clients such as Kimberly Clark and Banco Santander. Zagitas has had a very important growth and has the support of global technology partners, especially Microsoft, of which they are Silver Partners, as well as the ISO certification for information security management. Zagitas reaches the North American market through the Startup Business Class program of the Canadian government, being the first company of Peruvian origin to be accepted in this program. Currently, operating globally from its Headquarters in Toronto, where they are established not only for the quality of life and diversity, but also for being one of the most important technology hubs in North America. It is a very exciting journey ahead of us, the challenges of constantly evolving and changing technology are becoming faster and faster. This ability to scale globally is what drives our future focus on freeing people from mundane and repetitive work to continue helping people have more time and quality content.

242

T O R O N T O

I N N O V A T E

T O R O N T O

zagitas.com 243

I N N O V A T E

T O R O N T O

THE PROPTECH STARTUP EMPOWERING CANADIANS ON THEIR HOMEOWNERSHIP JOURNEY TO BUILD WEALTH THROUGH REAL ESTATE

Through technology and automation, Perch’s free analytics platform gives users detailed insights into all aspects regarding homeownership, all of which is supplemented by a dedicated mortgage advisor that strategizes with clients to help them achieve their homeownership goals. Perch’s mission is to empower Canadians to make more informed decisions when it comes to real estate and building wealth, whether they are thinking of buying, ready to buy or already own.

How Perch got started After working seven years in the financial sector, Alex Leduc, CEO and Founder of Perch, realized how disconnected the system was in the real estate industry. There was an inefficiency when it came to operating, such as

paperwork, coordination and processes. He also noticed that customers didn’t have equal access to the same information as the professionals they sought out for help, and ultimately had to make decisions without being able to see the numbers for themselves. Homeownership seemed unattainable and those who lacked sufficient liquid assets to fund their retirement had to tap into their home equity to manage. Realizing that there were no other companies addressing these issues, Alex decided to create a unique product that solved these problems. By joining MaRS and Communitech to help reduce costs, getting loans and grants, and funding the initial startup costs with his own

244

savings, Alex was able to launch his proptech startup in September 2018, which is now known as Perch.

What does Perch do? With a Perch profile, users get a personalized timeline and plan, which will ultimately help them reach their real estate goals whether it’s buying a home, renewing their mortgage or helping them refinance. There are also free planning tools that help users with complex calculations so that they can clearly understand their purchasing power. Perch helps users get the most value by getting them some of the lowest mortgage rates available in Canada and optimize the offers based on the value to the specific user to ensure they get the mortgage offer that best suits their needs.

I N N O V A T E

T O R O N T O

“At Perch, we believe that innovation is key. We are always building new tools and making improvements to the platform so people can get more insight and transparency when it comes to their financial data. Through innovation and strategic planning, we will continue to help Canadians achieve their real estate goals and unlock wealth building potential” — Alex Leduc, CEO and Founder of Perch

The unique platform provides a more efficient application process since it can all be done online, and a service commitment which focuses on quick response times (pre-approvals in as little as 20 minutes) so users never have to waste time waiting for a reply back if they wish to speak to a mortgage advisor. Whether you’re a first-time home buyer or a seasoned real estate investor, Perch helps people manage their home investments every step of the way, regardless of where they are in their real estate journey.

How is Perch doing today? Since the first launch, their product has come a long way thanks to the feedback of their users. With the goal of increasing user growth, conversion as well as improving their product,

the team has grown from three people in 2019 to 17 in 2022, after hiring a team of experts in growth, marketing, engineering, sales and design.

unlock wealth building potential” - Alex Leduc, CEO and Founder of Perch

Today, the average Perch user saves $1,500 per year on their mortgage, compared to going with a bank. Perch has raised $1 million in seed round funding and was recently selected to join the 2022 REACH Canada accelerator program. “At Perch, we believe that innovation is key. We are always building new tools and making improvements to the platform so people can get more insight and transparency when it comes to their financial data. Through innovation and strategic planning, we will continue to help Canadians achieve their real estate goals and

245

100 College Street, Suite 150 Toronto, ON M5G 1L5 Email: support@myperch.io myperch perchcanada

myperch.io

I N N O V A T E

T O R O N T O

FutureVault FutureVault is pioneering a new business category that the company believes will be one of the world’s biggest: digital Personal Life Management. FutureVault believes that within five years virtually everyone will have a Personal Life Management digital vault where they will store, access, and manage their personal, legal and financial documents. The advent of digital Personal Life Management will change the way the world does business.

Founded in 2015 by one of Canada’s most prolific finance, media, and technology financiers, G Scott Paterson, along with marketing savant Michael Bradley, FutureVault has been at the forefront of innovation by providing modern and secure, cloudbased document management solutions via white-labeled Digital Vaults to the wealth management and financial services industry since the commercial launch of its B2B2C Platform-as-a-Service in 2018. FutureVault was founded on the principle and belief that information is an asset class and must be treated and handled with the same level of care as one’s personal finances. FutureVault has been built as a multi-tiered platform providing value to the Enterprise (the back office), the Advisor/Practitioner (front office) and, most importantly, to the end client (consumer). FutureVault has built a suite of innovative (and patented) tools and rich

246

product feature sets to solve for and address the many day-to-day painstaking challenges that institutions, advisory firms, and service professionals often come face-to-face with which include, but are not limited to: • Slow, inefficient, and insecure document workflows and exchanges • Multi-source document access and disparate experiences • Inability to efficiently collaborate with 3rd party Trusted Advisors • Information security and compliance requirements including data residency and document retention • Lack of differentiated and extended value for end-clients

I N N O V A T E

T O R O N T O

An Integrated Experience Purpose-built tools, customizations, open/ public APIs and out-of-the-box integrations create a seamless experience and provide a comprehensive feature-set to manage critical information. Today, FutureVault’s award-winning technology is proudly recognized across the wealth management and financial services industry as a market-leader in secure document exchange and digital vault solutions by materially augmenting enterprise and advisor capabilities by improving document-related workflow, operational efficiencies, along with information security and compliance requirements across front, middle, and backoffice functions.

Company IP:

FutureVault is enabling the path to ubiquity of digital vaults through four pillars of differentiation:

Automatic Delivery of Information Requisite and valuable documentation, such as onboarding documents, insurance policies, and monthly statements, is delivered automatically to one’s vault providing immediate customer convenience, as opposed to other solutions which remain as static, opt-in, self-serve platforms.

White-Labeled, Branded B2B2C Vaults Branded Personal Life Management vaults will provide a form of Stadium Naming Rights to providers, ultimately improving client retention for enterprises and advisors by building trust at scale.

2 1

patents granted filed and pending patents patent pending submission trademark

Scale, Geography, and Verticals: • Trusted by thousands of professionals globally • 100,000+ active Personal Life Management vaults • Clients in Canada, United States, the Caribbean • Investment Dealers, Advisory Firms, Registered Investment Advisors, Family Offices, Banks, Credit Unions, Crypto and Stock Exchanges, and more • Dozens of integration partnerships

Purposely Built with Structure FutureVault’s document taxonomy is optimized for Machine Learning and Artificial Intelligence, making it not only easy for endclients to organize their lives, but for front and back-office administrators to better access, protect, and manage critical information assets.

247

futurevault.com

248

CHAPTER 13

TELECOMMUNICATIONS & TRANSPORTATION 249

Imagine a world where limitless connectivity means limitless possibility, it’s Possible. Ericsson has been a critical part of Canada’s innovation and R&D story for 69 years. We are committed to driving the country’s digital agenda through turning-point technologies such as 5G. This means enabling Canada’s industries and service providers to lead on the world stage, supporting major service providers on their path to nationwide 5G rollout and collaborating with leading players from across academia and the wider industry. Ericsson is working hard to drive the next chapter of innovation and to make 5G a reality for all Canadians. We are building the 5G Canada needs—now. Ericsson is committed to Canada and ensuring digital inclusion for all Canadians. We have invested $6.8 billion in R&D in Canada and employ more than 2,800 people across the country. Our Canadian employees have contributed more than 2,000 patents to the company’s global patent portfolio. We work with more than 20 of the country’s top universities and colleges and are part of Canada’s collaborative platform.

The call for 5G Networks need to run at the highest possible performance, but they must also be ready for the future. The pandemic has made it clear that upgrading to 5G is more critical than ever. 5G, with its added scale and latency benefits, can more effectively support the demands of this new normal—more people working from home, robust mission-critical

250

Keeping networks running and people connected Our team at Ericsson is making sure people can focus on their health, families and work, and not worry about their network. We are committed to keeping networks at their highest performance possible and helping our service providers respond quickly to customer needs so they can be more agile and responsive in times of crisis. We continue to build and strengthen Canada’s 5G network infrastructure so that all Canadians can stay connected and operate effectively and productively in any eventuality.

Shaping the future As an industry and society, we must work together to ensure a sustainable and connected future, because what we do today sets the foundation for what’s possible tomorrow. Ericsson’s purpose and vision set out the power of mobile connectivity to deliver positive change, and the focused role that Ericsson will play in shaping that change to create a better world. We created the technology that first connected people and will soon connect everything. But our role as a connector and orchestrator also means more—from being a key contributor to the open standards that enable our industry; to providing innovation environments to shape and prove new solutions; to driving global partnerships that scale the impact of technology for positive change.

Ericsson.ca services and improved security. Service provider networks in Canada are meeting demands today, but it is necessary to continue evolving for the future. To that end, Ericsson is investing heavily in Canada to ensure our 5G network infrastructure is ready. As a leader in 5G rollouts, with state-of-the-art 5G R&D centres and offices in Montreal, Ottawa and Toronto, we are working closely with universities, partners, Canadian telecommunications leaders and the Canadian government to rollout a secure 5G network for the entire country. We are also a major partner of ENCQOR, a transformational Canada-Québec-Ontario partnership to develop and test 5G solutions that could reinvent how we work today. We partner with innovation ecosystems, universities and 5G labs all over the country to drive innovation where we live. The goal is to help Canada better resist the economic impacts of a disaster and transform our networks to facilitate Canadian leadership in the economies of the future.

251

I N N O V A T E

T O R O N T O

KEPLER IS BUILDING THE INTERNET IN SPACE WE ARE ON A MISSION TO BUILD THE INTERNET OUTSIDE OF EARTH. Kepler Communications was founded in 2015 by a group of University of Toronto graduate students who met in the University of Toronto Aerospace Team, also known as UTAT. They noticed a massive renewal of interest and activity in the domain of spaceflight, hence the creation of Kepler Communications. Kepler was supported by University of Toronto Engineering’s Entrepreneurship Hatchery and Start@UTIAS, and was also supported by the Creative Destruction Lab. Within one year of funding, Kepler successfully launched their first satellite into orbit and hasn’t lost momentum since. They currently have 19 satellites in orbit, making them Canada’s largest operator of satellites and have a constellation of 200 satellites planned. Kepler’s headquarters is located in Downtown Toronto, near the heart of Chinatown. Toronto is known as Canada’s startup capital and has

the fastest growing tech market in North America, making it a perfect place for Kepler to call home. All of Kepler’s production is done in-house, making Kepler among the few commercial space companies that operate with vertically integrated production. They actively recruit a top tier team that is growing rapidly, including from top universities and colleges in Canada. They doubled in size to over 100 full-time employees last year and are planning to continue this rate of growth. Kepler has been recognized as a Great Place To Work multiple times due to their mission and culture driven organization. Currently objects in space connect to the Earth via radio waves as they pass over ground stations. This means that for only a brief period every 90 minutes a satellite, space station, telescope or other asset in orbit is able to transmit and receive data. Outside of these communication windows these objects in orbit

252

are unreachable and their data is unable to reach earth. During these periods when the satellite or other object in orbit is unavailable it is unable to share its data or findings, leading to delays in important data being shared with operators on Earth. This is the problem Kepler is aiming to solve. Kepler is building the internet in space by building a network called ÆTHER. ÆTHER will allow people to access their space assets in realtime, anytime. As they work towards achieving their mission, Kepler is using their existing and emerging technology to reshape the satellite communications industry, developing groundbreaking technology and providing real solutions for global gaps in connectivity. Kepler is passionate about helping businesses thrive in an increasingly data-heavy world and finding ways in which they can add additional value to their products and customers.

I N N O V A T E

T O R O N T O

kepler.space 253

THE FUTURE OF SUSTAINABLE, TECH-ENABLED FULFILLMENT AND LAST-MILE DELIVERY For the company now known as GoBolt (formerly Bolt Logistics), what originally began in Toronto in 2017 as a small, but mighty team of three focused on providing concierge-esque consumer storage, quickly and organically evolved into a much larger nation-wide operation providing fulfillment and last-mile logistics for local ecommerce merchants and some of the world’s most prominent brands. Spurred by a 400 percent increase in revenue in 2020 (largely driven by B2B customers in Toronto, Ottawa, Montreal, and Vancouver), GoBolt’s Series A raise of $20 million supported the startup’s switch away from consumer storage and powered their debut as Canada’s newest tech-enabled logistics and last-mile provider. GoBolt’s rapid success comes from its consumerfocused roots and priding itself on not being just another third-party logistics (3PL) provider, but a true partner that serves as an extension of their customers’ logistics team. The company has built a vertically integrated solution that puts people, and the environment first. As a testament to this, all of GoBolt’s warehouse teams and drivers are fully employed and benefited GoBolt employees. By looking after its people and investing in company culture, GoBolt is able to deliver on its brand promise of exceptional customer service and reliability. In addition to its focus on people, GoBolt is building a sustainable approach in an industry notorious for its heavy impact on the environment. By bringing in Canada’s largest fleet of commercial electric vehicles (EVs), the company is ahead of schedule in achieving its goal to be carbon negative by the end of 2023. But even the environmental focus comes back to GoBolt’s commitment to its people. “For us to continue to do great work, we need great people and those people generally expect

Co-Founders of GoBolt, Heindrik Bernabe, CTO and Mark Ang, CEO. 254

I N N O V A T E

T O R O N T O

their employer to be just as dedicated as they are about the positive impact they want to have on the world. Because we share our values so publicly, we’ve been able to attract people who share those values and are committed to our mission to offer negative carbon logistics,” say Mark Ang, Co-Founder and CEO of GoBolt. This adds to the company’s differentiation and ability to offer something refreshing to its customers who are tired of traditional, slow-moving logistics solutions. “As a younger company with a strong focus on innovation, back-end systems, and technology, we’re able to foster a culture that values thinking differently and moving quickly. As we grow, we want to maintain our entrepreneurial spirit that enables us to be nimble,” concludes Ang. So what’s next for GoBolt? Less than 10 months after its Series A, GoBolt’s Series B injected an additional $115 million to scale its offering beyond Canada and double down on its environmental mandate. In 2022, the company is aggressively purchasing EVs and expanding into the U.S. while continuing its growth in Canada. GoBolt has now grown from 400 employees at the start of 2021 to over 1,000 and is just at the beginning of the company’s exciting trajectory.

gobolt.com 255

I N N O V A T E

GATIK DEPLOYS CANADA’S FIRST

AUTONOMOUS DELIVERY FLEET

Gatik, the market leader in autonomous middle mile logistics, focuses on B2B short-haul delivery, moving goods safely and efficiently using its fleet of medium duty trucks. Gatik’s autonomous vehicles (AVs) are commercially deployed in multiple markets including Ontario, Texas, Arkansas and Louisiana. Founded in 2017 by veterans of the autonomous technology industry, the company has offices in Toronto, Ontario and Mountain View, California and partners with industry leaders including Ryder, Goodyear and Isuzu. In 2021, Gatik was recognized on the Forbes AI 50 list and as a World Economic Forum Technology Pioneer. Gatik is deeply proud of its Canadian roots and long-standing relationships with Toronto and Ontario. The company opened the doors to its first Canadian office in 2019 in downtown Toronto, and has rapidly grown its headcount

256

T O R O N T O

I N N O V A T E

T O R O N T O

and real estate footprint ever since. Gatik is at the heart of the AV ecosystem in Ontario and has forged a long-standing partnership with the Ontario Vehicle Innovation Network (OVIN), managed by the Ontario Centre of Innovation (OCI), which has helped the company to accelerate R&D efforts and winterize its commercial-grade autonomous driving technology for Ontario’s unique winter conditions. In 2020, Gatik announced the launch of Canada’s first autonomous delivery fleet in partnership with Loblaw Companies Limited, moving essential goods from Loblaw’s microfulfilment centre in Toronto to five retail locations. During an era in which the supply chain is under more pressure than ever before, Gatik’s autonomous solution safely facilitates frequent, point-to-point deliveries across the middle mile. This constrained and measured approach to autonomous delivery offers significant benefits: establishing reliability across the supply chain by protecting against driver shortages, securing dedicated capacity and increasing product flow; reducing emissions and meeting sustainability goals by improving fuel economics and reducing service and maintenance requirements; improving safety by reducing the number of road incidents caused by distracted, inattentive or impaired driving.

“Ontario’s safe, well-structured and progressive regulatory environment is helping to ensure that the province continues to lead the way in autonomous vehicle operations in Canada,” said Richard Steiner, Gatik’s Head of Policy and Communications. “This, coupled with multi-year commercial partnerships and incredible support from Ontario’s AV ecosystem partners, will enable the economic impacts of Gatik’s presence in Ontario to be realized long-term.”

“Loblaw is Canada’s leading grocery retailer, and we are proud to play a key role in enhancing the safety and efficiency of its already robust supply chain,” said Gautam Narang, CEO and Co-founder of Gatik. “Retailers know the biggest inefficiencies in their logistics operations often exist in the middle-mile, typically between automated picking facilities and retail locations. This is where Gatik lives and succeeds, and is the reason we’re able to offer immediate value to our customers. We are delighted to partner with Loblaw in addressing this critical piece of their supply chain.”

In 2021, Gatik established its world-class research facility in the west end of the city, home to the vast majority of the company’s software and hardware engineering team, many of whom have been recruited from Ontario’s leading academic institutions including the University of Toronto and the University of Waterloo. The company is looking forward to deepening its relationship with Toronto, Ontario and Canada, and continuing to ensure that the advantages of middle mile autonomous delivery can be realized by more Canadians each day.

The hub-and-spoke distribution model has become increasingly vital for Canadians - dramatic eCommerce growth and faster delivery expectations have forced warehouses and smaller distribution centres closer to consumers, necessitating more routes and more frequent trips, which in turn result in the need for more box trucks, more drivers and higher costs. In partnership with Loblaw, Gatik’s autonomous technology provides the capability to address these challenges in Ontario, and help to establish a supply chain that is safer, more sustainable and more resilient.

190 Norseman Street Toronto, ON M8Z2R4 Email: contact@gatik.ai

gatik.ai 257

I N N O V A T E

Co-founded by University of Toronto graduates, Bashir Khan, Ayaan Haider and Shayaan Haider in 2018, AirMatrix builds the world’s most precise drone road systems. AirMatrix is innovating at the bleeding edge and is affiliated with Communitech, MaRS, IRAP and DMZ. AirMatrix is a member of Transport Canada’s action team on drone traffic management and sits on the Standards Council of Canada committee on drones, in coordination with the National Research Council and NASA working groups. We are at a similar place with drones now as we were at the turn of the twentieth century with cars. The next step is to build the roads with traffic systems that everyone knows and follows. Without roads, there are no traffic rules, and every operator will plan their own route – whether it’s for one drone or an entire fleet. Many drone operators plan their routes on GPS maps with uncertainty of up to 6-meters. In tight, urban spaces, a 6-meter error can yield dire consequences. This makes the scaling of autonomous flights in a shared airspace extremely difficult. AirMatrix solves this problem by constructing maps based on proprietary datasets of real-time traffic, geospatial data, and weather, with 100x more precision than Google Maps, or any other platform. AirMatrix helps cities and enterprises prepare for, manage, and enable drone operations by building millimetre-precise aerial highways for dense environments. With their network of skyways, AirMatrix provides a unique software application for the 3D routing, and command and control of multiple drones simultaneously. This enables safe and reliable monitoring and control of heightened traffic to facilitate growth in new industry applications as well as brand new industry segments. AirMatrix is the first UTM in Canada with municipal customers: Calgary, The Region of Waterloo and expanding. By 2023, AirMatrix will have 100 cities mapped internationally and, with seven (7) patents pending, they have an innovative, softwarefirst approach. The AirMatrix platform is interoperable and leverages realtime proprietary air data, making AirMatrix’s UTM software industry-leading with trailblazing features such as 3D Route Optimization, Dynamic Geofencing, Autopilot API integrations, Dynamic Rerouting, and more.

258

T O R O N T O

I N N O V A T E

T O R O N T O

Ayaan Haider, Co-founder

Bashir Khan, Co-founder

Shayaan Haider, Co-founder

100 College St Toronto, ON, M5G 1L5 Canada Social Media

airmatrix.ca 259

260

261

I N N O V A T E

T O R O N T O

AirMatrix

258

LatAm Startups

ALT TEX

188

Layla Care

Altus Assessments

162

Li-Cycle

182

AmacaThera

148

Lumira Ventures

210

Amplify Capital

208

ManagingLife

160

Antibe Therapeutics

152

MaRS

138

22, 33, 52, OBC

Artscape

Balance

220

Mayor John Tory

6, 10

BlueRock Therapeutics

144

Microsoft Canada

Boss Insights

218

Mitacs

Brickeye

174

MountX

224

CCRM

134

Muse®

164

CIFAR

110

Next Canada

Collision

106

NRStor

Deloitte

100

OMERS Ventures

Destination Toronto

Maverix Private Equity

196

84 28, 178 206

IFC, 10

Ontario Institute for Cancer Research (OICR)

32, 136

Docsie

240

Ontario Mining Association & #ThisIsMining

168

e-Zinc

180

OTI Lumionics

170

Ecopia AI

238

Parkdale Centre for Innovation

Edesa Biotech, Inc.

156

Peak Power

186

eLeapPower

192

Perch

244

Portage Ventures

212

Ericsson

250

Promise Robotics

172

Exact Imaging

154

Radical Ventures

214

Entrepreneur First

Founder Institute

Real Ventures

202

FoundersBoost

Senso

222

Fresh City FutureVault Gairdner Foundation

190

Specific Biologics

35, 246

Techstars

158 29, 86

118

TELUS Pollinator Fund for Good

Gatik

256

The DMZ

Georgian

204

The Hospital for Sick Children (SickKids)

130

Global Village World

1, 35

Thornhill Medical

146

GoBolt

254

Toronto Business Development Centre (TBDC )

Gotcare

140

Toronto Metropolitan University

IBM

228

University Health Network (UHN)

Influitive

232

University of Toronto

Information and Communications Technology Council (ICTC)

27, 114

Vector Institute

Innovation Economy Council

Venture for Canada

JLABS @ Toronto

Workwolf

Just Vertical

198 26, 60

68 23, 44 120 24, 38 116 92 234

184

York University

Kepler Communications

252

Zagitas

242

KPMG

104

Zucara Therapeutics

150

262

I N N O V A T E

T O R O N T O

InnovationsoftheWorld.com

SHOWCASING THE BEST OF THE WORLD - CONNECTING MINDS - BUILDING COMMUNITIES

The Innovate series is a 300-page in-depth study and AR video series that showcases the people and companies that are leading the race within the innovation and entrepreneurial ecosystems of each city and industry. A book with augmented reality video, an online platform and a global network with a common goal of ensuring the brightest minds of the world connect and succeed.

IT’S A KIND OF MAGIC...

Make sure your back camera is pointing at the page. Click the Play button that appears onscreen and immerse yourself in the latest updated content with reference to that page.

263

264

265

266

267

GLOBAL VILLAGE

Global Village Publishing Inc. ISBN: 978-1-949677-27-0