Financial District : Innovation + Job News

Financial-District-based SkyPower Ltd. was among the pioneers of solar energy in Ontario. In 2009, they were partners in First Light I, the first utility-grade solar farm to become operational in Canada.

Now the company has announced that it has secured $70 million in financing from New York's Deutsche Bank for two new solar farms in the province, to be located in Stone Mills and Thunder Bay. "We are so proud to close financing on our fourth and fifth solar projects and to solidify the arrival of this new era of renewable energy in Ontario," said SkyPower president and CEO Kerry Adler, saying the company's local success was a tribute to how Ontario's green energy policy is working. "We look forward to the closing of financing on many more solar projects in the months ahead and helping provide a cleaner, brighter future for generations to come."

The two projects, scheduled for completion in mid-2011, are expected to generate 19 million kilowatt hours in their first year, enough to power 33,000 homes.

Writer: Edward Keenan
Source: Hando Kang, SkyPower

In June, Naheed Mustafa reported for Yonge Street about the Toronto startup Cognovision, a MaRS client and the brainchild of local entrepreneurs Haroon Mirza, Shahzad Malik and Faizal Javer. The company had solved the problem of measuring the effectiveness of digital signage by embedding sensors in them to monitor the behaviour of passersby.

Earlier this month, MaRS announced that the startup had graduated in the way that so many tech dreamers do: by being acquired by one of the world's computing giants. Intel Corporation has purchased Cognovision. Though the terms of the deal were not disclosed, online industry news sources estimated the size of the deal as between $17 million and $30 million.

Mirza gave credit to the Toronto business incubator MaRS for its help in building the company and paving the way for the deal to happen. "We're grateful for the work that MaRS did over the years to help us move CognoVision from a concept to a rapidly growing business. The MaRS team have been a valuable extension of our own team and an integral part of our success," Mirza says. "We've benefitted from guidance on our strategy, financing and marketing/sales at every stage of the company's development. They have also been very helpful in supporting us as we developed partner relationships here in Canada and abroad."

Writer: Edward Keenan
Source: Vanessa Caldwell?, MaRS Discovery District

"Working as a consultant means I've been through the 'on boarding' processes a lot of times," says Yang Yu, founder and president of Prognex Group. "Usually, either my email wasn't setup, or I had no parking pass, or I had to wait a week for my voicemail. I wanted to change that."

So Yu's Prognex developed the startup Clear Onboard, launching later this month at Sprouter's Toronto Sprout Up conference. Clear Onboard offers software to manage the hiring and orientation process. "Most of the talent management software that's available is really enterprise level," says Yu. "We saw an opportunity in the market serving small and medium sized business."

The company -- headquartered in the Financial District and currently run by four team members, including Yu -- has been in operation since 2008, previously offering Yask, a business process management platform that is more enterprise level, Yu says. With Clear Onboard he hopes to prove the concept over the next few months before seeking capital through investors.

Author: Edward Keenan
Source: Yang Yu, President, Prognex Group

Polar Mobile launched in 2007 in Waterloo, across the street from RIM, an appropriate location for a company that would build applications for mobile devices. Now headquartered in the financial district, the company has seen rapid growth. "We've grown from 19 or 20 employees at the start of this year to 40 employees now," says Director of Business Development Jon Zifkin, and the company is hiring three more. And all those bodies have been busy: in late September, the company announced it had surpassed the milestone of launching 150 "superapps" for BlackBerry smartphones, serving 6 million users in 100 countries and nine languages.

"We've had quite a year of deployments," says Zifkin, "We put the R & D development into a solid platform and now we're just seeing our growth keeping up with our deployment strategy.

The company's proprietary platform "SMART" allows clients to develop applications for iPhones, Blackberrys, and Android smartphones.

With a footprint established in Asia, the Middle East and South America, Zifkin says he sees bigger things ahead. "The immediate future is pretty steady growth," he says, "as we continue expanding our reach globally."

Writer: Edward Keenan
Source: Jon Zifkin, Director of Business Development, Polar Mobile

In January of this year, Yonge Street's Piali Roy wrote about Discovery District-based startup Vive Nano, a nanotechnology firm specializing in clean technology, especially crop protection and water and soil sanitation. At the time, company executives said they expected India to be an important market for them.

Since then, things have been rolling along smoothly for the company. Last month, it was recognized in the Canada's Top 10 Competition as among the best companies to invest in in the country. The recognition might well lead to significant capital, as previous companies on the list have secured over $600 million in financing, according to contest organizers. All winners participate in a series of investment forums in the U.S., where they are connected with American venture capitalists.

About a month earlier, Vive Nano announced that its pilot plant had started producing nanoparticles for sale in large volume.

And Vive Nano advisor Hari Venkatacharya noted recently in the Globe and Mail that the company's India strategy is beginning to pay off, as it has now signed two Indian partners to help develop two of its technologies -- a coating to make solar panels more efficient and a next-generation water treatment technology. Vankatacharya writes that for the company, "tremendous growth is anticipated in the next two to three years."

Founded in 2005 as a U of T spinoff, Vive Nano currently operates two labs in Toronto and employs a staff of 18. Fittingly for a company with global ambitions, two-thirds of the staff are immigrants to Canada.

Writer: Edward Keean
Sources: Hari Venkatacharya (via Globe and Mail); Vanessa Caldwell, MaRS blog; Flavio Campagnaro, Vive Nano 

In 1975, Myron and Berna Garron lost their son to paediatric cancer. In the intervening years, the family has donated more than $1.3 million to the Hospital for Sick Children (known as Sick Kids) to support research and treatment of cancers. Now, the family has made what is thought to be the largest private donation in the field to the hospital -- $30 million.

"Our son was treated for cancer at Sick Kids for many years and we will never forget the dedication and level of care he received," the Garrons said in a statement. "We are confident this gift will help create more positive outcomes for cancer patients and their families."

The money will establish the Garron Family Cancer Centre at the hospital and will fund six jobs for researchers through research chairs and scientist/clinician positions. It will also help fund innovative cancer therapy research. "The impact of donations, such as the one from the Garron family, is immeasurable," said Dr. James Whitlock, chief of haematology/oncology at Sick Kids. "This gift helps Sick Kids stay at the forefront of paediatric cancer care and research and will ultimately help children with cancer to live longer, more fulfilling lives."

Writer: Edward Keenan
Source: Meredith Sjogren, Communications Associate, SickKids Foundation

In June, we wrote about how Toronto-based tech start-up Skymeter is poised to revolutionize the traffic industry with its innovative, GPS-based system that allows for efficient parking and congestion charging. The company, based at MaRS in the Discovery District, has a device that can track and bill drivers based on actual use of their cars.

Now Skymeter has announced that they have joined the ng Connect Program to help develop services for next-generation, high-bandwidth technologies, including 4G networks and what is called Long Term Evolution technology.

Steve West, a founding member of the ng Connect Program, said that Skymeter has much to contribute to the multi-industry initiative.
"For example, we are very interested in collaborating on services that will improve the driving experience with easy and more accurate tolls and parking payments or improve air quality through better congestion management leveraging next generation 4G/LTE networks," he said.

JD Hassan, chief commercial officer with Skymeter, said in the announcement that his company will help the company lead innovation in the transportation sector. "We look forward to helping lead this change through the ng Connect Program, where we can join forces with other industry innovators to create services that will change the way we use our vehicles," he said. "We're excited to work with other ng Connect members to support that transformation with the creation of new business models and services, delivering benefits to consumers and enterprises while addressing key business and governmental issues such as parking, congestion and infrastructure funding."

Writer: Edward Keenan
Source: JD Hassan, Chief Commercial Officer, Skymeter Corporation

According to organizers of the first MaRS Innovation Summit to be held Oct. 28, Toronto is an innovation hub and thus a fitting venue for a gathering of entrepreneurs form around the world. "We anticipate a prosperous day of networking and sharing ideas as we showcase start-ups in the bio-tech, pharma and hi-tech industry," The Hon. Jerry Grafstein, a co-host of the summit, says in a statement. "It will be a practical guide for venture capitalists and start-up entrepreneurs alike to navigate their way to capital and markets in order to create jobs in the knowledge economy that knows no borders."

The one-day event will include presentations by Gordon Nixon, President of the Royal Bank; Provincial Minister of Innovation and former Winnipeg Mayor Glenn Murray; Paul Chipperton, Ceo of Profound Medical; and Amar Varma, co-founder of Xtreme Labs, among others.

Raphael Hofstein of MaRS says the event will bring together players to examine growth. "The goal of our inaugural MaRS Innovation Summit is to bring together dynamic entrepreneurs with industry innovators and thought leaders of today, as we examine the aspects of economic growth in tangible terms."

Registration for the event is open to the public and costs $199, through the website.

Writer: Edward Keenan
Source: Hon. Jerry S. Grafstein

A Toronto-based company that has developed a new disease diagnosis device that could be used for cancer and other genetic diseases has drawn $1.04 million in financing for commercialization of its project. Xagenic was created by U of T researcher Dr. Shana Kelley as a spin-off from the university to commercialize the research.

Funding comes from several sources: $500,000 from MaRS [pdf], a $300,000 loan from the government of Ontario's new HTX commercialization program, $200,000 from the Ontario Institute for Cancer Research and $40,000 from the Ontario Centre of Excellence for Commercialization of Research.

According to a statement from Dr. Kelley, the funding "will enable Xagenic and its clinical development partner, the University Health Network, to confirm critical clinical sensitivity and specificity parameters for the technology." HTX estimates that Xagenic will create five jobs during the immediate commercialization process, with more expected later.

An announcement from Rafi Hofstein, CEO of MaRS Innovation, said that this is the first of several announcements from the business incubator of new investments over the next several months. "MaRS Innovation is very excited about the potential of the Xagenic technology. It is still early days for this company. This investment, however, sends a strong signal to researchers working in our partner institutions. MaRS Innovation wants to help develop Ontario technology to its fullest potential,right here and right now."

Writer: Edward Keenan
Sources: Rafi Hofstein, CEO, MaRS Innovation; Marcelle Mundle, Marketing and Communications Manager, HTX

InDanio Bioscience, an early-stage drug discovery company founded by U of T researcher Dr. Henry Krause and his colleague Dr. Jen Tiefenchach to search for human nuclear receptors through the use of genetically engineered zebrafish. The research could lead to drug discoveries serving a lucrative market already estimated at $16 billion.

Last week, the Ontario Genomics Institute announced an investment of $100,000 in InDanio under its pre-commercialization business development fund. In the announcement, InDanion board member Dr. Paul Jefferson said that the investment would allow the company to identify the function of certain nuclear receptors and "thus form the basis for establishing commercial partnerships to further characterize such receptors and develop drugs targeting them."

Writer: Edward Keenan
Sources: Alastair Harris-Cartwright, Corporate Communications Manager, OGI; John McCulloch, MaRS blog

Toronto entrepreneur Josh Sookman describes his startup Guardly's first product as "basically OnStar for your cellphone." The application, planned for a launch in December of this year, aims to provide personal safety through mobile devices by allowing a panic button on the phone to instantly reach dozens of people through multiple channels, including SMS text message, voice and instant messaging.

"I always wanted to build a business that would help people. Originally, I wanted to cure cancer," says Sookman. "I still do ... but this seemed like a more immediate way." Sookman, who has worked as an analyst with RBC's Blackberry Partners Fund and in biotech venture capital, among other things, says his knowledge of the mobile industry and his personal experience -- a common one, with parents who wanted him to have a cellphone early so they could be sure he was safe -- combined to inspire the idea.

Guardly is working in development mode now, with a lean staff of two (plus one intern) as they seek seed funding. But working from the innovation hotbed at Xtreme Labs, they are currently hiring an "iPhone Rockstar" and, depending on funding, expect to further staff up as they approach release. "I'd like to have a staff of six by the end of the year," Sookman says, "although of course that's contingent on closing financing. That's life at at a startup."

Writer: Edward Keenan
Source: Josh Sookman, CEO, Guardly

A research team at the Hospital for Sick Children has unveiled findings that demonstrates a new laser technique significantly reduces scarring after surgery. The results of the team's research were published September 28 in the online, peer-reviewed journal PLoS ONE.

The study examined the use of a new surgical laser called Picosecond IR Laser (PIRL) as compared to other lasers and traditional implements like scalpels, and showed that in mice, use of the PIRL reduced scarring by 50 per cent and led to wounds that heal faster.

"Achieving minimal scarring is beneficial to patients, especially in cases where scarring can be particularly debilitating," Dr. Benjamin Alman, a Sick Kids scientist who was one of the study's two principle researchers, said in a release. "By reducing healing time this new surgical method could also result in increased patient comfort and lower risk of secondary infections due to surgery." The study concludes that the technique looks promising and adult trials could proceed "as early as next year."

Writer: Edward Keenan
Source: Matet Nebres, Media Relations Manager, The Hospital for Sick Children

After getting her Ph. D. in economics, Dr. Sherry Cooper began her career under the legendary term of Paul Volker at the US Federal Reserve Board. Later she moved to Toronto and became an economist with BMO, authored three books, and earned praise from the Globe and Mail as our "megawatt celebrity economist."

Today, Cooper's old mentor Volker, of course, is a key economic adviser to US President Barack Obama. But later this month, he'll appear at Arizona State University to present Cooper with this year's Lawrence R. Klein award for economic forecasting accuracy. The prestigious prize is given to contributors to an annual "Blue Chip Report" compiled by a panel of roughly 50 top forecasters for North America. Cooper earned her award for being most accurate for the years 2006-2009.

"Dr. Cooper had to predict correctly a very difficult period of time in the economy," Lee McPheters, economics professor at the W. P. Carey School of Business, said in a release sent out by BMO to celebrate the award. "These years straddled both expansion and contraction, both recession and the bottoming out. She was the most accurate in an impressive field of the world's best forecasters."

Cooper shared credit for her accuracy with her colleagues saying, "I am thrilled and humbled to receive this award on behalf of my economics team and especially my deputy, Douglas Porter. We were in a period of unnerving collapse and unprecedented volatility for which there were no historical playbooks."

Writer: Edward Keenan
Source: Kim Hanson, Media Relations, BMO

"Since joining the Investment Accelerator Fund (IAF) in July, the most common question I've had from my contacts in the venture capital and angel investing world is: 'Is the IAF going to be making new investments?'" writes Barry Gekiere, managing director of the IAF at MaRS. "The answer I want everyone to hear is: 'Yes!'"

The IAF announced on August 30 that it has a new endowment of $7 million in the fund to invest in innovative tech startups involved in the life sciences. According to the criteria for the grants, funding of up to $500,000 is available to early stage companies that have the potential to be global leaders. "The capital is used to achieve meaningful milestones," he writes, "including market validation and revenue traction in order to attract follow-on financing or even acquisition interest." The fund is endowed by the provincial government and is intended to prepare companies for further investment from venture Capitlaists or Angels. So far, the fund has invested in 34 companies, the majority of which, according to Gekiere, have gone on to get investment from other funders.

Writer: Edward Keenan
Source: Barry Gekiere, Managing Director, Investment Accelerator Fund, MaRS

Organizers are expecting 1,500 small businesspeople to attend Enterprise Toronto's 10th annual Small Business Forum October 19 at the Metro Convention Centre. The free, all-day event will be headlined by the recently appointed head of Google Canada, Chris O'Neill, who will discuss the online activity of Canadian customers.

The event features 18 speakers in total, as well as a trade show. Two new components this year being hyped by organizers are a Democamp where people can present business challenges for advice to a panel of experts, and a Digital Zone, where social media and mobile apps will be demonstrated.

While admission to he event is free, registration is required.

Writer: Edward Keenan
Source: Shane Gerard, Senior Communications Coordinator, City of Toronto