Freedom to Achieve

Freedom to Achieve:
The Role of Entrepreneurship in Building The
Prince Edward Island Bioscience Cluster:
OVERVIEW
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Who Is The PEI BioAlliance?
Why Is Entrepreneurship Important?
Where Do They Come From?
What Are We Doing Now?
What Else Do We Need To Do?
The Prince Edward Island BioAlliance
• The Prince Edward Island BioAlliance is the cluster of
individuals and organizations dedicated to building
the bioscience-based economic sector in PEI, with an
emphasis on collaborative initiatives in research,
business, education, and supporting infrastructure.
• The PEI BioAlliance Inc. is a Part II company,
incorporated March, 2005 to plan and coordinate
BioScience Cluster Development in PEI.
• Governance
– 12 Member Board: Private Sector, Research,
Gov’t.
Governance: Board of Directors
Private Sector
• Industry Members
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Regis Duffy, DCL BioVectra
Alan Andreason, Fortius Pharmedica
Garth Greenham, PhycoBiologics
Shane Patelakis, Progressive Bioactives
Tim Balmer, Novartis Animal Health
• External Directors
– Pete Desai, Dow Agri-Science (Ret’d)
– Byron Beeler, Novartis Canada (Ret’d)
Governance: Board of Directors
Research/Public Sector
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*(Observer Status)
UPEI- President
NRC- Director General (IMB/INH)
NRC- Director General (IRAP)*
Agriculture and Agri-Food Canada- Research*
Holland College- President
ACOA- VP (PEI)*
Dept of Development and Technology- DM
Our Vision
The Prince Edward Island Bioscience Cluster is a
recognized network of bioscience business innovation
and research excellence, founded upon outstanding
collaboration, within an effective business environment.
The Cluster is a respected contributor of economic,
health, environmental and social benefits to the province,
Canada and the world.
Targets to be Achieved by 2010
Annually
• Increased R&D expenditures from $40 to $80 million.
• Increased private sector employment from 400 to 1,000 jobs.
• Increased private sector revenue from $60 million to $200 million.
• Expanded internationally competitive private sector.
• New public and private direct investment in infrastructure,
research & business development.
Our Focus!
Working with the Real Power of Nature
•Bioactives and Treatment of Diseases of
Aging and Obesity, Infection and Immunity
•Animal Health and Nutrition Products,
including Fish Health
•Commercialization Services and Contract
Manufacturing
•Human and Animal Health Diagnostics
PEI BioScience Cluster (2006)…
22 BioScience Companies Product Categories
• Bio-pharmaceuticals
Sales >$60 million
+ Other support companies
• Nutraceuticals
• Medical devices
8 Research Centres
• Aquaculture Health Products
180 PhD Scientists
• Feed/ Food Additives
• Environmental Remediation
• Plant Tissue Culture
• Diagnostics
• Consultancy Services
Entrepreneurship
• Entrepreneurship is the practice of
starting new organizations, particularly
new businesses, generally in response
to identified opportunities.
Entrepreneurship is often a difficult
undertaking, as a majority of new
businesses fail.
Why Is Entrepreneurship Important?
• Small and Medium Sized Businesses
are the Source of Most Job Growth.
• Small and Medium Sized Businesses
are the Source of Most New Product
Ideas
• Entrepreneurs Attract Capital and
People and Encourage Risk-Taking.
PEI Bioscience Company Growth
25
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5
0
1990
2000
2002
2004
2006
Number of Companies
•2006 PEI Bioscience Employment - 650 full and part time employees
•2005 PEI Bioscience Revenues - $61 Million
Industry Members: PEI Bioscience Cluster
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Active Botanicals Inc.
Aqua Bounty Canada
ARK Biomedical Canada
Atlantic AgriTech Inc.
Atlantis BioActives
BioExx Inc.
BioConcepts
Chemaphor Inc.
ChitoXanSys Limited
BioVectra dcl
Fortius Pharmedica Inc
Novartis Animal Health Inc.
Neurodyn Inc.
OvoPharm Limited
PhycoBiologics
Progressive Bioactives Inc
Phytocultures Ltd.
Tube-Fab Inc.
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Viro Technologies Inc
Progressive
ProgressiveBioactives
BioactivesInc.
Inc.
The Innovation Environment
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Leadership
Management
Culture
Science and Research
Entrepreneurship
Governance
Regulations and Taxation
Brand Recognition
Infrastructure
Communications systems
Market Forces
Labour Force
Financing
Value Chain
Components
Research
Funding
Pre-Commercial
Funding/
Infrastructure
Early Stage &
Seed Capital
Venture
Capital
Commercialization
Research
Infrastructure
Early Growth and
Emerging SME’s
(Incubating business ideas)
Skill
Requirements
Shareholder/
Debt Financing
Research
Skills
Entrepreneurship, Product Development
and Commercialization Skills
Business Mgmt.,
Mktg, and Science
Skills
Established
Corporations
Organizational
Management, Science &
Engineering Skills
Community Leadership/Shared Vision
Enabling
Conditions
Policy/Regulatory/Competitive Climate
Coordinated Marketing of the Cluster/Branding Excellence
Figure 2. PEI Bioscience Cluster Development Process (adapted from MRSB Consulting)
How Do You Create Entrepreneurs?
• You need:
– lots of very bright people.
– successful businesses locally.
– a community that values business and risk-taking.
– policies and programs that provide young people
exposure to business.
– infrastructure that supports start-ups.
BioAlliance Support to Entrepreneurs
• Introducing researchers to business.
• Training programs in business startups.
• Mentoring prospective and start-up
businesses.
• Advocacy re government programming.
• Facilities Planning
Positive Actions Now
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Junior Achievement
CEED
Entrepreneurs’ Forum
Provincial Gov’t:
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R and D Program
Specialize labour Tax Credit
Equity Investment Tax Credit
Corporate Tax Holiday
• ACOA- AIF Program
• NRC-IRAP
• Centre for Enterprise and Entrepreneurship
Recommendations
• Literacy and Numeracy: Start on Day One!
– Parenting, BestStart
• Improve School Achievement!
– The right teachers
– The right attitude: higher expectations
• New Role for Guidance Counselors
Recommendations
• Improve Access to Capital
– CEDIF
– Growthworks
– Angel Networks
• Provide Quality Facilities
– Bio-science Business Incubator
Floor Plan of AquaTech BioBusiness Accelerator – Ground Floor
Prince Edward Island BioAlliance Community
• Contact:
Rory Francis, Executive Director
Prince Edward Island BioAlliance
National Bank Tower
134 Kent St, Suite 405
Charlottetown PE
C1A 8R8
Tel: 902-367-4402
Fax: 902-367-4404
Email: [email protected]
www.peibioalliance.com