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TEC Ed
- 1. Technology Entrepreneurship in Greater EdmontonCreating New Economic Opportunities November 2013
- 2. TEC Edmonton Mission •TEC Edmonton develops a stronger Edmonton economy by: – Accelerating success of emerging innovationbased companies – Commercializing technology from private, university, and public sources – Fostering and promoting innovation and new enterprise development University and City: visionary decision to create joint venture to create innovationbased commerce for regional benefit.
- 3. TEC Edmonton Joint Venture •Not-for-profit organization • Commercialization service provider for the Greater Edmonton region • Technology transfer agent for the University of Alberta
- 4. Stages of Maturity IdeaGeneration Concept (Academic, Industry, Entrepreneurs) Development Investigation Feasibility Commercial Development Market Intro Growth Innovation Requirements Management Technology Product Development Licensing Regulatory Compliance Market Analysis / Business Planning Non-Dilutive Funding Customer Development / Sales Capital Financing Facilities Corporate Structure / Governance Ecosystem / Cluster / Networks / Referrals / Entrepreneurship Development TEC Services Technology Management • IP Management & Advisory Services • Technology Development • Licensing & Legal Services Business Development Entrepreneur Skills Development Y • Business Advisory Services • Company Executive/ Entrepreneur Coaching • Business & Marketing Plans • • • • Entrepreneur Toolkit Alberta Deal Generator VenturePrize Go-To-Market • Corporate Finance • Corporate Structure/Governance • Incubator Facilities • • • • TEC Source Advisory Panel HQP Training Mentorship Networks Maturity
- 5. Regional Innovation Collaboration Prov.Gov / AET Municipal Gov Large green lines: Indicate major linkages Federal Gov Provincial Policy & Oversight AITF Large blue lines: New major linkages in the last year Research & Innovation Organizations • Producers of IP TEC Edmonton and Service Providers (public and private) Regional Alliance • Complementary Commercialization Expertise/Services Post Secondary Institutions • Producers of IP SMEs (IP users, IP commercializers) Established Industry Sectors (Market Pull) • Demand generators for emerging IP • Defined industry needs Finance Community • Angel / Venture Capital • Expertise • Market Access 5
- 6. 2012/13 Economic OutcomesSummary: “Innovation System Clients Do Better”* Description 2011-12 2012-13 Two year total # of Orgs Surveyed 74 103 Annual Revenue $73.4M (25% annual growth) $106.2M (25% annual growth) Employment created Employment grew 25%, Employment Employment grew from 600 to 748; 148 grew 28.5%, from ~25% annually to new jobs in 49 orgs 857 to 1102; 245 ~1100 jobs ~$180M new jobs in 72 orgs Total Sales $61.5M $33.8M $27.7M $73.3M $43.3M $30.0M ~$135M ~$75M ~$60M Financing/Funding Raised $29.6M $54.9M ~$85M R & D Investment $17M $31.5M ~49M Products/Services Launched 58 in 42 orgs 122 in 52 organizations 180 • • Domestic International One-year Survival Rate 96%, (vs ~82% Industry Can benchmark) * In comparison to Industry Canada reported benchmark growth rates of ~10% for young entrepreneurial ventures
- 7. • Other Highlights • Maintakeaway: entrepreneurs who access support networks do better – faster growth, better access to capital, higher survival rates * Consistent with Kaufmann Institute data on US entrepreneurial outcomes, the smallest and youngest companies create the most jobs.
- 8. TEC Sources ofRevenue in decreasing contribution order • • • • • • • • • • Commercial Revenue University of Alberta Alberta Innovates Technology Futures Edmonton Economic Development Corporation (City of Edmonton) License Revenue Western Diversification Alberta Innovates Health Solutions Industrial Research Assistance Program Corporate Sponsors Total: ~$7.5M Broad Community Sponsorship of TEC Mandate
- 9. Regional Success Factors • • • • • • • • • • • • • networks establisheddrivers of economy, industry leadership vibrant startup community examples for young people, role models strong university with well-established connections to commerce in the region lifestyle factors awareness champions political leadership capital strategic partners have a 'real' brand and tell the story large receptive IP-based companies
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- 11. Success Stories –1 • Genetic profiling of cattle • Business services: • Business plan • Corporate structure & governance • $3.75M funding • Set up board • Local Edmonton co. • Business Services: • Business plan • EIR services (interim CEO; now CEO) • Corporate strategy & financing ($6MM) 11
- 12. Success Stories –2 Willowglen Systems Inc. Metabolomic Technologies Inc. 12
- 13. Connect with TECEdmonton www.tecedmonton.com