2012/2013 - TEC Edmonton

TEC Edmonton
Driving Growth
Accelerating Success
Annual Report 2012/13
Dr. Breanne Everett
President and CEO, Orpyx Medical Technologies
2013 TEC VenturePrize Fast Growth Winner
Story Page 9
Strengthening
Alberta’s Economy
Learn how TEC Edmonton’s
clients generate powerful
corporate outcomes:
Our >100 clients grew revenue
by 25% to over $100M, and
employment by >250 to 1100
people.
2012/13
Facts
$54 million
Total financing/funding raised for client
companies
504
245
Entrepreneurs and
researchers advised by
TEC Edmonton
New jobs created in
73 TEC Edmonton
organizations with 28%
growth in the year
34%
Number of TEC
Edmonton clients
that are University
of Alberta spin-offs
and projects
$106.7
million
119
Number of contracted TEC Edmonton
clients through Business Development and
Technology Management
25%
Growth rate of TEC Edmonton’s
clients, as compared to benchmark
10% growth rate for early stage
entrepreneurial ventures
Revenue generated by 78 TEC
Edmonton clients
96%
Occupancy rate at TEC Centre, a business
incubator where innovators get office
space and resources to help launch their
technology companies
~$30.6 million
R&D Expenditures by TEC Edmonton
clients
The Power of TEC Edmonton
Entrepreneur Development
page
8
TEC Edmonton’s wide variety of customized, applied
business training prepares entrepreneurs to lead
successful companies.
Business Development
Our team of highly experienced Executives-InResidence, Business Development Associates and
Regulatory Experts help reduce the risks in early stage
businesses by providing the management experience
to propel our clients forward.
10
Technology Management
With over 40 years of collective experience of senior
staff, the Technology Management team is dedicated to
helping our clients manage, protect and commercialize
new discoveries.
12
TEC Clients Give Back
Client Success
2006 TEC VenturePrize winner
Yardstick is not only still thriving
today, but is giving back as a
VenturePrize judge and mentor.
Yardstick also recently invested
$150,000 in VenturePrize 2012
winner Innovative Trauma Care.
More on page 8.
TEC’s ~100 active clients are an
outstanding group of companies: in
the last two years they have generated
$180M in revenue, invested $49M in
R&D, raised $85M in financing and
funding, grown both revenue and
employment by 25%, and employ ~1100
people in the region. In addition, TEC
has assisted in the creation of 7 spin-offs
from the University in the last two years.
We help these companies succeed;
however, the real credit goes to the
entrepreneurs who build the companies
that TEC has the honour of helping.
Chris LaBossiere
Co-CEO, Yardstick Software
Table of contents
Messages from TEC
page 2
Stories of Success
8
What We Do
4
Statement of Financial Position
14
How We Do It
6
Acknowledgements
15
TEC EDMONTON 2011/12 ANNUAL REPORT
1
Messages from
TEC Edmonton
CEO
TEC Edmonton’s success is reflected in
our clients’ growth. A tremendous increase
in new jobs, revenues, sales, funding and products
are just some of the outcomes demonstrated by
our clients this past year, as evidenced by results of
a client survey conducted of 106 technology firms
assisted by TEC Edmonton in the last year.
This year the 106 surveyed client companies and
projects generated a total amount of $106.7 million
in total gross revenues and grew 25%, 2.5 times
faster than the benchmark growth rate for early
stage Canadian entrepreneurial ventures. They also
raised $54.9M in financing and funding, and invested
$30.6M in R&D. They created 245 new jobs and now
employ about 1,100 people. Fifty-two (52) companies
launched 1 or more new products and services.
Ninety-five percent (95%) of our client companies were
still in business in the second year of our survey. This is
well above the Canadian benchmark one-year survival
rate of 80 to 85% for early stage companies.
Clearly, TEC Edmonton clients do better.
Our services are delivered through our 3 main areas
of expertise: Business Development, Technology
Management and Entrepreneur Development, and
many of our clients experience increased success by
leveraging services from all three streams.
Our Business Development team - composed of
Executives-in-Residence, Business Development
Associates and regulatory experts - provides the
management experience to take our clients to the
next level. The Technology Management team is
2
TEC EDMONTON 2012/13 ANNUAL REPORT
instrumental in helping our clients manage, protect
and commercialize new discoveries, guiding them
from initial assessment to partnering. Finally, the
Entrepreneur Development team delivers applied
business training and resources to help entrepreneurs
make strategic decisions.
Research, innovation and entrepreneurship secure
a strong economic future for Alberta. We’re
fortunate to be based in a region known for strong
entrepreneurship, and we recognize the phenomenal
entrepreneurs we have the opportunity to work with.
TEC Edmonton congratulates all of our clients and we
thank our dedicated team and Board for helping to
make Edmonton one of North America’s leading midsized regions for wealth creation through innovation.
Chris Lumb
CEO, TEC Edmonton
Board Chair
Board Vice Chair
The economic growth of our province
depends on connecting research and
innovation with the business community.
Innovation - harnessing our region’s
intellectual resources to create new
products and new companies - is one of
As one of Canada’s top research universities,
the University of Alberta (UA) is proud to have
developed numerous groundbreaking technologies
— technologies that improve quality of life and the
economy locally, provincially and nationally. TEC
Edmonton, a joint venture between the UA and the
Edmonton Economic Development Corporation,
is the vehicle that brings those technologies to the
community.
the primary objectives of the Edmonton Economic
Development Corporation (EEDC).
TEC Edmonton is the university’s key technology
transfer agent and has helped commercialize
numerous technologies based on UA research. This
past year, TEC Edmonton worked with 20 UA spinoff companies, 5 of which were new in 2012-13, and
12 UA pre-incorporated projects. TEC Edmonton
contributed to the UA’s technology portfolio by adding
103 inventions, filing 56 patent applications and
executing 24 licenses/options.
TEC Edmonton continues to facilitate the transfer of
knowledge and technology beyond the bounds of our
campus. We’re thrilled to see the powerful economic
impact UA research and innovations have on the
economy and look forward to another year of exciting
commercial outcomes from university research.
Lorne A. Babiuk
TEC Edmonton Board Chair
Vice-President Research, University of Alberta
As a joint-venture partner with the University of
Alberta in TEC Edmonton, EEDC is delighted with the
increasing value and leadership TEC Edmonton is
bringing to our city and our region.
A culture of entrepreneurship, innovation and
competitiveness is a long-term distinction for
Edmonton, and TEC Edmonton plays a critical role
in this by supporting technology commercialization
and new ventures – resulting in new jobs, additional
investment and solid economic growth.
We are fortunate to be based in a city rich with a
diverse range of industry clusters that all realize that
commercializing new products and spinning out
new companies are key to competing in today’s
marketplace.
Our partnership with TEC Edmonton helps Edmonton
outperform the rest, and we look forward to even
greater years ahead.
Brad Ferguson
TEC Edmonton Board Vice Chair
President and CEO, Edmonton Economic
Development Corporation (EEDC)
TEC EDMONTON 2012/13 ANNUAL REPORT
3
WHAT WE DO
Helping Promising Companies
Successfully Grow
Entrepreneurs are the starting point.
TEC Edmonton helps our region’s creative
entrepreneurs grow their emerging technology
companies through expert advice and a broad
community network. Early stage entrepreneurs
leverage our wealth of services to successfully scale
up their technology ventures.
To help our clients move from early stage technology
companies to commercial status, we guide them
through a detailed process. By supporting them, TEC
Edmonton opens the doors that lead to a culture of
entrepreneurship, innovation and competitiveness that
will forever differentiate our region.
TEC Edmonton is a not-for-profit joint
venture of the University of Alberta and
Edmonton Economic Development
Corporation. While our roots are at the UA, we’ve now
developed into a community-based entity. About one third
of our clients companies are University spin-offs. The rest
come from the community. We work in broad collaboration
with other service providers in Greater Edmonton, ensuring
our clients get the best possible advice.
I truly commend the unique TEC Edmonton
business model. It acts as an extended
business development arm of the University of
Alberta. The technology transfer aspect of the university
is executed by seasoned business executives at TEC who
fully understand our business.
Gilles Gagnon President and CEO, Ceapro
Our Vision
Our Mission
The prosperity resulting from TEC’s programs,
working in partnership with the community, will
contribute to Edmonton being recognized as one of
North America’s leading regions for wealth creation
through innovation.
TEC Edmonton’s purpose is to accelerate growth
of emerging technology-based companies.
Through its people, networks and facilities, TEC
Edmonton develops the Edmonton region’s
innovation reputation worldwide by:
Commercializing technology from private,
university and public sources
Helping build successful innovation-based
companies
Fostering and promoting innovation and new
enterprise development
4
TEC EDMONTON 2011/12 ANNUAL REPORT
We were at a most vulnerable stage when
TEC Edmonton Executive-In-Residence Jason
Ding assisted us as a part-time VP of Business
Development. Without Jason and TEC Edmonton’s
contribution, I’m not sure we’d even be here today.
Al Gourley
Chief Financial Officer, SinoVeda
Because every TEC Edmonton client is unique, we customize our service to meet individual needs.
Clients draw services from any or all of TEC‘s 3 principal service streams:
Entrepreneur Development
Business Development
Technology Management
Our programs support
entrepreneurs as they build on
their existing knowledge to grow
their businesses. We provide
just-in-time skills development
services, connections to industry,
coaches/mentors and other service
providers in Alberta’s innovation
system.
To help clients reduce the risks
in their early-stage businesses,
we assist with opportunity
assessments, regulatory approvals,
export readiness, marketing
and financial plans, investor
presentations and corporate
finance materials. We support
early and follow-on capital raising
activities and offer one-on-one
coaching, mentoring and office
space in our business incubation
facility at the TEC Centre.
We help inventors manage and
protect intellectual property and
facilitate collaborations with
industry by drafting and managing
the legal agreements needed to
commercialize their product. We
work closely with inventors to
assess the commercial feasibility of
new technologies.
TEC experts bring
extensive expertise from
TEC Activity Metrics
2011-12
2012-13
Contacts and Referrals
529
504
Active Licenses
282
292
Licenses/Options Executed
19
24
New Spin-off / Portfolio Companies
25
57
Active Engagements w/ Spin-offs/Clients
81
117
Funding Raised by TEC Clients
$29.6M
$54.9M
the private sector, industry
and universities, providing
both business experience and
unparalleled connections in the
community. Tangible, practical
advice helps clients evaluate,
protect, develop, finance and
find commercial success for
their technology-based business
opportunities.
TEC EDMONTON 2012/13 ANNUAL REPORT
5
HOW WE DO IT
Providing Expertise,
Guidance & Connections
Each TEC client has individual needs. We provide entrepreneurs, inventors and companies access to
all of TEC Edmonton’s services, customized to their specific needs.
PHASE 1
1st meeting
Initial Screening
We do an initial screening with
each potential client. This includes
technical, business, operational,
financial, regulatory and market
factors. From this we recommend
next steps, which can be referral
to another service provider, a
defined project with TEC, or
further work by the entrepreneur.
PHASE 2
In-Depth Assessment
Concept
development
Pre-development
financial analysis
Our TEC team helps assess
market and customer needs,
helps develop a business
plan and mentors student
entrepreneurs.
TEC works with clients to
assess the capital their
initiative will require, and
what potential sales and
expenses will be.
Market Analysis
Our TEC Business
Development Associates
help clients understand their
potential customers, partners
and competitors so clients
can clearly position their
company for commercial
success.
Our Services
Entrepreneur Development
TEC Edmonton provides opportunities
for entrepreneurs to progress their
businesses at all stages of development.
TEC Edmonton’s hands-on working
sessions allow entrepreneurs to
combine their own knowledge with
the assistance of mentors to develop
action plans. These action plans
move businesses to the next stage
of development. The TEC Advisory
Panel and TEC VenturePrize provide
entrepreneurs with expertise while
building their professional networks.
TEC Centre rounds out our entrepreneur
development services, providing office
and lab space to businesses needing a
base for operations.
6
Business Development
Technology Management
We help technology entrepreneurs
move their companies forward
through a number of services
including market research,
opportunity assessments, business
plans, corporate structuring and
governance, regulatory affairs, as well
as financing and grant strategies. We
accomplish this through a team of
individuals including Executives-inResidence, Business Development
Associates and Financial and
Regulatory experts.
Dedicated to protecting intellectual
property and commercializing
inventions, TEC Edmonton will assess
patentability and marketability of
technology, providing IP strategy and
marketing services. TEC Edmonton is
also the technology transfer agent for
the University of Alberta and handles the
drafting and negotiation of technology
licenses.
TEC EDMONTON 2012/13 ANNUAL REPORT
The TEC workshop answered all my
questions and more. TEC helped
turn my attempts at selling an idea
into a tight, cohesive and convincing
presentation.
Randy Troppmann
Founder, Chief Architect,
RunningMap.com
Thanks to the global media
attention we received from TEC
VenturePrize we were able to
secure new investment that allowed us to
add two research scientists to our team.
David Alton
President & CEO, Aquila Diagnostic Systems Inc.
PHASE 3
Strategic Development
IP Analysis
and Protection
Product
Development
Technology Management
experts conduct thorough
patentability assessments
and IP landscape studies for
clients, as well as developing
IP strategies and filing for
IP protection through TEC’s
network of professional
patent firms.
TEC advisors connect
clients with prototype
service providers. Field
testing prototypes helps
entrepreneurs understand
cost estimates, modifications
needed and whether the
product will work.
TEC Edmonton clients
do better when they leverage
services from all three streams.
Qwogo - A University of
Alberta spin-off company
(Technology Management) with
a TEC Edmonton Executive-InResidence as its CEO (Business
Development), and is a tenant
in our TEC Centre (Entrepreneur
Development).
Prev Biotech - A life
sciences tech company who
leveraged TEC’s patent and
licensing services (Technology
Management), market assessment
and investment package services
(Business Development),
and underwent the Pursuit of
Financing training (Entrepreneur
Development).
Negotiation
Growth Strategies
As a commercialization
agent, TEC helps clients
negotiate intellectual
property, licensing and
development agreements
and to structure appropriate
financial terms.
At this stage, we help clients
decide which path to choose
for successful growth.
Growing a Company
Licensing
TEC offers several services to provide customized advice toward
getting a company off the ground.
Technology Management
experts help negotiate an
agreement with a licensee,
who will then further develop
and commercialize the
technology. TEC conducts
appropriate due diligence to
ensure compliance with the
terms of the agreement.
TEC Executives-inResidence (EIRs)
Experienced business
professionals who have
started and grown
companies bring
connections and expertise to
help new entrepreneurs. EIRs
are supported by a team of
Business Associates, highly
trained professionals who
bring analytical business
skills to client needs.
TEC Business
Development Program
Clients ready for this
program become ‘portfolio
companies’, working with
TEC experts to accelerate
the commercialization
process.
TEC Centre
Our downtown Edmonton
business incubator provides
office space and resources
for startup technological
companies.
TEC EDMONTON 2012/13 ANNUAL REPORT
7
Chris LaBossiere
Yardstick
INDUSTRY Software
CO-CEO
COMPANY
Entrepreneur Development
Customized Business Training
Business Basics for Innovators
Alberta Deal Generator (ADG) Bootcamp
A five-part series of hands-on sessions modeled
after The Growth Wheel™, BBFI assists innovative
entrepreneurs grow their business.
Entrepreneurs get immersed in the fundamentals of angel
investment, learning what it takes to make their business
attractive to investors. Once ready, they pitch to live angel
investors in a bid to secure a deal at the ADG Forum.
Go-To-Market & International Go-ToMarket
TEC’s Go-To-Market programs maximize successful
execution in market entry, product launch and
revenue growth by solving market place challenges,
and focusing on strategy and implementation. The
International Go-To-Market stream includes all aspects
of TEC’s regular Go-To-Market stream plus three
additional seminars that provide essential information
companies need to succeed in global markets.
Mentors are assigned to the individual company, based
on its profile. Mentors include executive level business
experts, venture capitalists, angel investors and senior
consultants in the technology industry.
8
TEC EDMONTON 2012/13 ANNUAL REPORT
TEC Source
TEC Source connects Edmonton’s technology based
inventors to commercialization resources they need. The
TEC Source Advisory Panel offers qualified entrepreneurs
short-term, tailored advice to help grow their business.
Professional advisors provide expertise in finance,
accounting, taxation, intellectual property, corporate law,
management, marketing and product development.
TEC Centre
A business incubator, TEC Centre helps technology
based companies get important first space and access
to commercialization, business development and
entrepreneurial training to advance their companies.
Located at Enterprise Square in downtown Edmonton,
TEC Centre hosts office and lab space currently housing
24 companies with over 200 staff between them.
Yardstick
Without TEC Edmonton and the TEC VenturePrize
competition, Yardstick Software co-CEO and coFounder Chris LaBossiere cannot fathom where his
35-employee company, with 2012/13 revenues of
$10.5 million, would be today.
“My partner Don Riep and I had day jobs when we
started ProExams (now Yardstick) as a sideline,” says
LaBossiere. “We entered the VenturePrize Fast Growth
Contest process in 2006.
“We were forced to create a business plan, to do
rigourous business planning exercises we’d never
thought of. We presented to (volunteer) VenturePrize
business panels where smart, independent business
people asked us some very tough questions.”
“When we won in 2006, the exposure for our startup
company was huge. More important, VenturePrize was
external validation. Winning gave us the confidence to
fully invest ourselves in our business.”
The VenturePrize competition gave Yardstick an
appreciation for giving back. “We returned to
VenturePrize repeatedly as judges and mentors,” says
Chris of himself and his Yardstick staff. Yardstick has
also supported the founding of Startup Edmonton.
What goes around comes around. At the 2012
VenturePrize dinner, LaBossiere listened to a pitch from
contestant and eventual winner Innovative Trauma
Care’s (ITC) Dr. Dennis Filips. “I knew it was a winner,”
LaBossiere says of ITC. Yardstick made a $150,000
investment in the up-and-coming medical device
company.
The Entrepreneur Development (ED) team is a wealth of resources and handson applied learning, preparing entrepreneurs to lead successful companies.
TEC VenturePrize
Now entering its 12th year, the annual TEC
VenturePrize business plan competition offers
$150,000 in prizes across two categories: the
Fast Growth category for general business and the
provincial Student Business Plan category for postsecondary students.
Since the first VenturePrize in 2002, 31 of 38 start-up
companies that have won or placed in the Fast Growth
competition are now flourishing in Alberta.
These companies include: Aquila Diagnostic Systems
Inc., Darkhorse Analytics, Innovative Trauma Care,
LoginRadius, Nirix, Orpyx Medical Technologies,
Scanimetrics, Surface Medical, Synodon, VibeDX,
Yardstick Software and others.
One company was sold, two moved out of province.
Only four are no longer in business.
These past VenturePrize winners and finalists have
raised an estimated $51.5 million in investment capital
and employed hundreds of Alberta graduates.
Orpyx Medical Technologies
History was made at the 2013 VenturePrize Awards with
Fast Growth winner Orpyx Medical Technologies, led by
Dr. Breanne Everett. It is the first time any company has
won back-to-back Student and Fast Growth VenturePrize
awards, and also the first female VenturePrize winner.
TEC EDMONTON 2012/13 ANNUAL REPORT
9
ACCELERATING SUCCESS: HOW TEC DOES IT
Gilles Gagnon
Ceapro
INDUSTRY Life Sciences
DIRECTOR
COMPANY
Business Development
Moving Your Company Forward
TEC Executives-In-Residence
Business Financing
Our Executives-In-Residence (EIRs) are veteran
business professionals. These individuals have been
successful in starting and growing companies with the
industry expertise and connections to help evaluate,
and advise entrepreneurs.
Through programs including Alberta Deal Generator
(ADG), TEC Edmonton trains entrepreneurs on how to
ask for the money they need, while investors get prescreened investment opportunities.
Regulatory Guidance
TEC Edmonton’s commitment to our client companies
includes regulatory affairs and quality assurance
services. The regulatory affairs team has extensive
experience supporting clients in various manufacturing
fields including the Medical Device, Pharmaceutical,
Biotechnology and Natural Health Product industries.
Alberta Deal Generator has established the largest
network of accredited investors in Canada who are
actively pursuing opportunities in Alberta’s early and
growth-stage companies.
A startup company can’t have a big payroll.
But you have to do many different things.
You have to prepare government grant
applications, deal with regulatory issues, construct a
website, build financial statements, groom yourself for
shareholders. TEC Edmonton acts as a toolbox with
experienced and talented people I can count on when
I need them.
10
TEC EDMONTON 2012/13 ANNUAL REPORT
Dr. Richard Fedorak
President, Metabolomics Technology Inc.
Ceapro
Ceapro is a leader in extracting active ingredients
in oats and other plants for use in cosmetics,
nutraceuticals and other therapeutics for both man and
animal.
TEC Edmonton Business Development Associate
Megan Lee’s work on the project led Ceapro to recruit
her as Ceapro’s Director of Corporate Affairs, Planning
& Development.
Regulatory guidance by TEC Edmonton ensured the
new facility is fully compliant with regulations, and that
the financial and operational aspects of the move were
successful. “TEC Edmonton experts not only assessed
us, they guided us,” says Gilles Gagnon, President
and CEO of Ceapro. “They brought expertise we could
count on, expertise we did not have in-house.”
TEC Edmonton Executives-in-Residence from the
agency’s Business Development arm helped Ceapro in
the design of its new production and research facility
expected to be operational by the end of 2013.
The Business Development team of almost 20 professionals –
Executives-in-Residence (EIRs) and Business Development Associates –
provide the management experience to propel our clients forward.
Qwogo
Qwogo is a complete desktop management company
and system for doctors, health-care administrators
and other professions. It was originally developed
by Dr. Robert Hayward, a medical doctor, health
informatician, professor and director of the Centre
for Health Evidence at the University of Alberta. Dr.
Hayward is now Chief Scientific Officer for Qwogo.
TEC Edmonton was instrumental in assisting Qwogo
in the transition from an operation within the University
of Alberta’s Centre for Health Evidence to a flexible,
dynamic and independent university spin-off company
with its own staff, resources, intellectual property and
the ability to move quickly to fulfill the promise of new
emerging technologies. Qwogo is now a tenant in
TEC Edmonton`s TEC Centre Business Incubator in
downtown Edmonton.
“Qwogo was a complex and well-established
organization in the Centre for Health Evidence,”
says Qwogo CEO Jim Armstrong. “It had a history,
contracts and customers. The transition was complex
and involved.”
TEC Edmonton also provided Qwogo with experienced
management. Armstrong was the TEC Edmonton
Executive-in-Residence assigned to Qwogo. Through
TEC Edmonton’s management services, he is now
also Qwogo’s CEO. “There’s a big opportunity with this
company to expand into new, exciting markets,” says
Armstrong. “I think we can extend well beyond health.”
TEC EDMONTON 2012/13 ANNUAL REPORT
11
Prof. Aminah Robinson Fayek
SuretyAssist™
INDUSTRY Information Technology
INVENTOR
PRODUCT
Technology Management
Intellectual Property & Licensing Professionals
Technology Assessment, IP Strategy and
Protection
Our Technology Managers help determine if a
technology will be patentable and assess the associated
intellectual property landscape to determine the optimal
IP protection strategy. Working with our network of
patent law firms, we ensure technologies receive timely
IP protection.
Commercialization
We help clients assess the commercial feasibility of
their technologies, and generate and pursue options
for successful commercialization. Our experts can
prepare marketing materials, promote the opportunity to
potential partners and negotiate business agreements
needed to advance the technology to market.
TEC Edmonton was instrumental in
facilitating the receipt of a major research
contract with international agriculture
conglomerate Bayer Crop Sciences.
Allen Good Professor, Biological Sciences (University of
Alberta) on TEC Edmonton’s assistance with arranging a
$500,000 research contract.
12
TEC EDMONTON 2012/13 ANNUAL REPORT
Commercialization Grant Support
TEC Edmonton’s Technology Management division
assists University of Alberta researchers with
grant applications for commercialization research
funding.
During the 2012/13 fiscal year, TEC Edmonton
helped University of Alberta researchers access
$13.5 million in commercialization grants.
As an example, the Alberta-Pfizer Translational
Fund Opportunity awarded major grants to U
of A researchers Dr. Simonetta Sipione and Dr.
Ing Swie Goping. TEC Edmonton assisted both
researchers to develop detailed commercial plans
as part of the application process. Dr. Sipione
is testing compounds related to Huntington’s
Disease research and treatment. Dr. Goping is
exploring biomarkers that can predict possible
individual resistance to certain breast cancer
treatments.
The Alberta-Pfizer transitional fund offers up to
$200,000 per project for 18 months.
SuretyAssist™
SuretyAssist is an exciting new software developed at
the University of Alberta by Professor Aminah Robinson
Fayek and Krista Marsh, designed to assist companies
with evaluating contractor commercial capabilities.
When CQN came forward through early discussions
with Professor Robinson Fayek, the licensing deal
negotiated by TEC Edmonton between her and CQN
was satisfactory to everyone.
This attracted the attention of Contractor Qualification
Network (CQN) who wanted to add SuretyAssist
to their suite of contractor management software.
Professor Robinson Fayek wanted to see her software
package commercialized but needed business
assistance in closing a deal with CQN.
“We are very proud of our association with the
University and TEC Edmonton in bringing Professor
Aminah Robinson Fayek’s and Krista Marsh’s
SuretyAssist product to market,” says SuretyAssist
technology licensee Patrick Robinson, President of
Greater Edmonton-based CQN.
Professor Robinson Fayek chose to assign ownership
of the technology to the University of Alberta, which
put commercialization in the hands of the University’s
technology transfer agent, TEC Edmonton.
“It was a pleasure dealing with TEC Edmonton and
the University of Alberta’s Faculty of Engineering. The
staff at TEC Edmonton is very knowledgeable and they
effectively steered us through the licensing process.”
The Technology Management team is one of the largest groups of
Intellectual Property professionals in Alberta with the expertise to manage
commercialization opportunities.
NEMSOR Technologies
At the University of Alberta Faculty of Engineering, Dr.
Walied Moussa’s nano-sensor technology was awarded a
record three National Sciences and Engineering Research
Council of Canada (NSERC) Idea To Innovation grants in
2012-13, with a value of over $123,000 each.
Each funded different aspects of Dr. Moussa’s expertise,
including his unique nano-sized strain sensors, nanosensor activated touch screens, and nano-energy
harvesters to power nano-sensors for wireless data
transmission.
TEC Edmonton worked closely with Dr. Moussa and
NEMSOR, assisting with intellectual property and
commercialization, with business development and grant
assistance.
The TEC Edmonton team is open to all options
and alternatives. They understand the needs of
emerging technology companies, which was a
big help in successfully launching my company.
Dr. Walied Moussa
Director, NEMSOR Technologies Inc.
TEC EDMONTON 2012/13 ANNUAL REPORT
13
Financial Summary
Statement of Financial Position
as of March 31, 2013
2013
$
2012*
$
4,731,095
4,940,271
158,046
193,255
4,889,141
5,133,526
Current Liabilities
3,472,028
3,957,309
Net Assets
1,417,113
1,176,217
4,889,141
5,133,526
Revenues
7,597,382
6,803,300
Expenses
7,356,486
6,614,518
240,896
188,782
Assets
Current Assets
Other Assets
Liabilities and Net Assets
Statement of Operations
for the year ended March 31, 2013
Excess of Revenues Over Expenses
*THE RESTATEMENT OF 2012 WAS A RESULT OF TEC EDMONTON ADOPTING THE PUBLIC SECTOR ACCOUNTING STANDARDS
Revenue by Source
2013
$ 1,859,252
100%
$ 359,804
$ 28,892
$ 2,537,176
75%
50%
2012
$ 2,812,258
25%
% of total
revenue
14
Revenue from
Joint Venture
Partners
Grants
TEC EDMONTON 2012/13 ANNUAL REPORT
Sponsorship &
Program Fees
License Fees
& Past Patent
Recoveries
Other
Acknowledgements
TEC Edmonton
Board of Directors
TEC Edmonton
Senior Management
Chair
Dr. Lorne Babiuk
Chris Lumb
Vice Chair
Brad Ferguson
Chris Lumb
VICE PRESIDENT RESEARCH, UNIVERSITY OF ALBERTA
PRES. & CEO, EDMONTON ECONOMIC DEVELOPMENT CORP. (EEDC)
CEO, TEC EDMONTON
Michelle Borduzak
Alan Fair
PRESIDENT, FLATLANDER ENVIRONMENTAL SERVICES LTD.
EXECUTIVE DIRECTOR, OIL SANDS TAILINGS CONSORTIUM
Mona Hale
Jayant Kumar
Cindy McKay
CHIEF OPERATING OFFICER
DIRECTOR, TECHNOLOGY TRANSFER
CONTROLLER
Laine Woollard
SENIOR LEGAL COUNSEL, TECHNOLOGY COMMERCIALIZATION
Randy Yatscoff
EXECUTIVE VP BUSINESS DEVELOPMENT
VICE PRESIDENT FINANCE, FINNING (CANADA)
Oleh Hnatiuk
PRESIDENT, CONNECT CAPITAL CORPORATION
Wayne Karpoff
Allan Scott
CHIEF EXECUTIVE OFFICER
Pamela Freeman
PRESIDENT, WILLOWGLEN SYSTEMS INC.
ADVISOR TO THE BOARD
Corey Smith
CHIEF MARKETING OFFICER, SMC INSURANCE SERVICES
Robert (Bob) Teskey
Q.C., FORMER MANAGING PARTNER, FIELD LLP
Funding Sources 2012/13
Sponsors
Joint Venture Partners
Partners
Gold
University of Alberta
Parlee McLaws LLP
Alberta Women Entrepreneurs
Edmonton Economic Development
Corporation (EEDC)
Alberta Innovates Technology Futures
The Business Link
Edmonton Economic Development Corporation
Enhanced Capital Recovery
Grants to TEC Edmonton
Edmonton Journal
Silver
Alberta Innovates Technology Futures
(AITF)
Platinum
MHK Insurance
Calgary Herald
ProGrid Evaluation Solutions
Dentons
Stantec
Dynacor Media Group
TSX Venture Exchange
National Research Council of Canada –
Industrial Research Assistance Program
(NRC-IRAP)
Alberta Innovates Health Solutions (AIHS)
Field Law
Western Economic Diversification (WED)
Innovate Calgary
Commercial Revenue
novaNAIT
License Revenue
PricewaterhouseCoopers LLP
Fee-for-Service Revenue
Corporate Sponsors
TEC EDMONTON 2012/13
2011/12 ANNUAL REPORT
15
TEC Edmonton Volunteer Service Providers
TEC VenturePrize
Chris Astle CASTLEPOINT CONSULTING INC.
Fernanda Badano NATION9
Warren Bergen AVAC
Tony Briggs UNIVERSITY OF ALBERTA
Colin Christenson SIGNA STRATEGY & CONSULTING
Bill Cogan MACKINTOSH CONSULTING
Pierre Cormier PAULSON CORMIER & ASSOCIATES
David Edmonds INDUSTRY CHAIR, THE A100
Craig Elias INNERSELL
Shauna Feth ALBERTA BUSINESS FAMILY INSTITUTE, UOFA
Robert Fong TSX VENTURE EXCHANGE
Brian Goheen CHIRO FOODS LTD
Norm Greenwood GREENWOOD 2 MANGEMENT & OPERATIONS
Ted Heidrick UNIVERSITY OF ALBERTA
Doran Ingalls PARLEE MCLAWS
Van Konrad MBA ASSOCIATES
Gord Meeberg INSIGNUS CONSULTING
Glynis Middleton G. WHIZ BUSINESS SERVICES INC.
Darrell Neuman NAIT
Marty Park EVOLVE BUSINESS GROUP INC.
Dennis Pommen POMMEN GROUP
Jose Raez NATIONAL RESEARCH COUNCIL CANADA
Daniel Salamon ALBERTA INNOVATES - TECHNOLOGY FUTURES
Mark Salopek UNIVERSITY OF BRITISH COLUMBIA
David Saxby SPARK COMMUNICATIONS INC.
16
TEC EDMONTON 2012/13
2011/12 ANNUAL REPORT
Tracey Scarlett ALBERTA WOMEN ENTREPRENEURS
Dar Schwanbeck NORTHERN ALBERTA BUSINESS INCUBATOR
Shiela Shand ALBERTA WOMEN ENTREPRENEURS
Diana Shaw INDEPENDANT
Craig Sherburne CRAIG K SHERBURNE PROFESSIONAL CORPORATION
Sameer Singh NORTHERN ALBERTA INSTITUTE OF TECHNOLOGY
Sam Soliman 310-DUMP
Jim Spiers RIGHT FIELD MARKETING
Lisa Spinks ALBERTA INNOVATES-ENERGY & ENVIRONMENT SOLUTIONS
Cidnee Stephen STRATEGIES FOR SUCCESS
Kurian Tharakan ACTON CONSULTING
Henry Yip NIRIX TECHNOLOGY
Ted Yoo BENNETT JONES
TEC Source Advisory Panel
Rhiannon Adams PARLEE MCLAWS
Bryan Anderson DELOITTE
Branka Barl NATIONAL RESEARCH COUNCIL - INDUSTRIAL RESEARCH
ASSISTANCE PROGRAM
David Barry NOVANAIT
Dennis Beishuizen BMO BANK OF MONTREAL
Mark Bernard MEYERS NORRIS PENNY
Robert Bothwell BENNETT JONES
Jason Byrne ROYAL BANK OF CANADA
Christine Cheng PRICEWATERHOUSECOOPERS LLP
Keleigh Cormier PAULSON CORMIER & ASSOCIATES
Pierre Cormier PAULSON CORMIER & ASSOCIATES
Carol DeJong GRANT THORNTON
Jeff Fixsen DUNCAN CRAIG
Simon Foxcroft BENNETT JONES LLP
Ryan Fukala BMO BANK OF MONTREAL
Heather Gallant DUNCAN CRAIG
Shannon Garrett CANADIAN WESTERN BANK
Kashmir Gill NATIONAL RESEARCH COUNCIL - INDUSTRIAL RESEARCH
ASSISTANCE PROGRAM
Paul Girgulis FIELD LAW
Paul Grossman PRICEWATERHOUSECOOPERS LLP
Bruce Hirsche PARLEE MCLAWS
Doran Ingalls PARLEE MCLAWS
Peter Inglis BENNETT JONES LLP
Stephen Kinsey DELOITTE
Chris Mah DENTONS
Raj Manek ODYSSEY CHARTERED ACCOUNTANT
Meghan DeRoo McConnan GRANT THORNTON
Kenneth McKnight DELOITTE
Craig McDougall DENTONS
Mike McInnis CANADIAN WESTERN BANK
Raymond Oness CANADIAN WESTERN BANK
Spencer Ord DELOITTE
Ken Park PRICEWATERHOUSECOOPERS
Stephen Parker DENTONS
Cathy Paul BMO BANK OF MONTREAL
Sandra Pietrzyk GRANT THORNTON
Hussein Poonjani GRANT THORNTON
Stuart Ross ROYAL BANK OF CANADA
Tracey Scarlett ALBERTA WOMEN ENTREPRENEURS
Mike Sharp PARLEE MCLAWS
Ross Swanson NATIONAL RESEARCH COUNCIL - INDUSTRIAL RESEARCH
ASSISTANCE PROGRAM
Kurian Tharakan ACTON CONSULTING
Teresa Tomkinson FIELD LAW
Mark Vodden DELOITTE
Jeremy Webster DELOITTE
Ken Whitelaw DENTONS
Katharine Woloszyn DENTONS
Ted Yoo BENNETT JONES LLP
Will Zaichkowski TANTUS SOLUTIONS GROUP
TEC EDMONTON 2011/12 ANNUAL REPORT
17
TEC Edmonton
4000-10230 Jasper Ave NW
Edmonton, AB T5J 4P6
(780) 492-8977
Learn more at
www.tecedmonton.com
Special thanks to photographers
Dale MacMillan
Richard Cairney
Vickie Laliotis
Colin Way
18
TEC EDMONTON 2011/12 ANNUAL REPORT