Fostering Entrepreneurship:

Insights from the Canadian Region Meeting in Toronto 

The recent Canadian Region Meeting in Toronto brought together tech transfer professionals from across the country and beyond (like New Zealand!), providing a platform for insightful discussions on entrepreneurship and innovation.

A highlight of the meeting including the presentation of the Canadian Region Award, which honored longstanding AUTM Member, Mark Weber, for his dedication to the region, including serving as the Chair of the Canadian Region Meeting since its inception. Mark has made a lasting impact on the tech transfer ecosystem in Canada.

During the meeting, attendees gained insights from the robust lineup of sessions, from exploring how tech transfer offices are handling the commercialization of emerging technologies like biotechnology and clean energy to identifying common pain points in licenses. 

The "Supporting Startups: Internal and External Models," session explored a gamut of topics, from the inner workings of academic institutions to external frameworks like venture studios, all aimed at ramping up entrepreneurship and commercialization. Discussions delved into critical areas such as training, access to capital, mentorship and the imperative need for cultural shifts, laying bare the essentials for nurturing startup growth. 
 

Speakers at the event didn't shy away from highlighting the limitations of traditional funding methods, while also championing alternative approaches like university-led innovation funds. Notably, initiatives like the Hunter Hub at the University of Calgary emerged as shining examples of successful entrepreneurship support systems, fueling the transformation of ideas into tangible ventures. "The Hunter Hub is a $40 million gift to the University to try and ensure that every student at the University of Calgary gets an entrepreneurial spirit," explained John Wilson from Innovate Calgary. "So, you don't go to the University of Calgary and leave without having some appreciation of what it is to be an entrepreneur or is to think like an entrepreneur." 
 

In the ongoing dialogue concerning entrepreneurship, Sarah Lal, Director of Innovation at the University of Waterloo, highlighted the pivotal role of mentorship in the success of startups. According to Lal, financial support is not the sole determinant, emphasizing, "It's not just about the money—it's about having someone to guide you. Mentorship accounts for around 90% of those crucial first two years." 
 

Yet, despite Canada's robust scientific landscape, a gap persists in commercialization efforts, as lamented by Duncan Stewart of BDC Capital, stating, "Canada is twice as good as the rest of the world at doing science, but four times worse at converting that science into technology into commercialization." He went on to stress the necessity of programs like BDC Capital’s $200 million deep tech venture fund to address this gap. 
 

Entrepreneurship wasn't the only topic lighting up discussions. Sessions on social innovation illuminated the potential of collaborative efforts between universities and civil society to drive societal change. From Quebec's innovative approaches to Toronto's hands-on initiatives, speakers shared stories of impactful ventures and the importance of inclusive systems thinking in tackling national challenges. 

During the session, attendees discussed four actionable strategies aimed at driving social innovation and addressing societal challenges. One key focus was on connecting social entrepreneurs with essential resources and support networks, exemplified by the renowned Social Ventures Zone, known for incubating successful social startups.  
 

“We've never had a need for more social innovation than we do now. We all can see it we can see it when we walk down the street when we look at our newsfeed when we turn on the news, and yet, we have an entire innovation economy that somehow disconnected from our social economy…if we can get the same level of attention and dynamism that focus and innovation, on the social problems that we have on dating apps, pizza delivery drones, we can have a much different society,” said Alex Gill, Director at Toronto Metropolitan University Social Ventures Zone. 
 

Another initiative under consideration was the feasibility of hosting a national conference focused on social innovation labs and research, aiming to convene experts and stakeholders to brainstorm solutions to pressing national issues. Additionally, participants emphasized the importance of engaging universities in promoting public and community-engaged scholarship by advocating for discussions on tenure policies with department chairs and unions. Lastly, there was a suggestion to investigate funding opportunities for community organizations as equal research partners, potentially through initiatives like Lab to Market, to foster collaborative research efforts. 
 

Tech transfer and licensing in Canada were hot topics of discussion at the meeting. One panel delved into the pain points of negotiations between universities and industry partners, stressing the need for mutual understanding and fair collaboration. Action items ranged from equitable IP ownership to fostering oversight in startup governance. Using real-life case studies, attendees unpacked the tricky parts of these deals and shared tips on how to resolve them smoothly. From understanding investor assumptions to defining related technology in licensing agreements, attendees dissected the complexities of intellectual property and its role in driving innovation.  
 

The sessions yielded actionable solutions and provided a platform for frank discussion, revealing both the opportunities and hurdles facing tech transfer in Canada. With new insights and collaborative spirit, Canada's startup scene is primed for growth, thanks to the connections and ideas shared among tech transfer pros.