ANNUAL REPORT 2024/25 YEAR VIII
CDL-Rockies envisions a world where the most promising deep science and technology innovations get the best chance of having a massive impact through commercialization.
ABOUT CDL-ROCKIES
Creative Destruction Lab - Rockies (CDL-Rockies) brings together powerful teams to create powerful change. These teams, composed of visionary innovators and extraordinary mentors, are focused on reducing the barriers that prevent innovations from commercializing and having a massive impact. Teams achieve this through a three-step process:
1. Selecting extraordinary, accomplished mentors (incredibly successful entrepreneurs and renowned scientists who have a global mindset) and founders with innovations solving critical challenges – and intentionally curating them into teams.
2. Situating these mentor/founder teams in the CDL-Rockies program that best suits their growth stage – Nurture, CDL or Haskayne ScaleUp.
3. Stress-testing these innovations in timed intervals through each program’s specific framework, building strong businesses that are ready and able to accelerate their growth.
This process prepares innovators to raise funding, gain customers and partners, build and develop high performance teams, and other milestones needed to successfully commercialize.
CDL-Rockies is part of the global Creative Destruction Lab network, which was founded at the Rotman School of Business at the University of Toronto. CDL has locations within top-tier research-intensive post-secondary institutions across Canada, the United States, Europe and Australia.
MILAN
Each CDL site operates through a respective post-secondary institution. CDL-Rockies is housed at the Haskayne School of Business at the University of Calgary.
15% of the CDL network’s total EVC has been generated by CDL-Rockies alumni companies
AVERAGE EQUITY VALUE CREATED (EVC) BY ALUMNI COMPANIES
Total CDL-Rockies Alumni
All CDL sites (excluding CDL-Rockies)
All Canadian sites (excluding CDL- Rockies)
A CONVERSATION ON IMPACT & MOMENTUM
To welcome readers to the 2024/25 CDL-Rockies Annual Report, Heather Marshall, Site Lead, CDL-Rockies and Dr. Gina Grandy, Dean of Haskayne School of Business, reflect on the past year; the achievements of the CDL-Rockies community, the momentum underway and the broader innovation ecosystem they are helping to shape.
Let’s start by sharing some of the successes CDL-Rockies and Haskayne experienced this year.
HM: First and foremost, despite a year filled with a wide range of uncertainties, we are humbled and grateful to celebrate another successful year of supporting the commercialization of deep science and technology companies through our three programs: Nurture, CDL and ScaleUp. Across our programs, we remain focused on translating outcomes to impact Alberta and Canada. For instance, CDL program alumni continued to experience success in growth and market traction.
As of May 2025, our alumni have raised over $2.8 billion in capital and created more than 2,400 jobs!
GG: That really is a tremendous impact. As only one of five business schools home to a Canadian Creative Destruction Lab site, this is part of what makes Haskayne special. To further the impact of CDL-Rockies, this past year we announced a new partnership with Ivey Publishing to publish 20 teaching cases on CDL-Rockies alumni companies. A faculty member at Haskayne will co-author with a faculty member at Ivey School of Business to
share one of CDL-Rockies’ success stories. These cases will be used in business classrooms across the globe and students will place themselves in the shoes of decision makers in those companies as they grapple with a strategic issue. This is also an opportunity to showcase Haskayne and CDL-Rockies’ deep ties to Alberta’s entrepreneurial and innovation landscape, including in energy, agtech and biotechnology.
HM: We are thrilled with this opportunity and excited to see how that work will expand our reach and positively impact the business education of future students!
How do you feel our work has helped strengthen the University’s innovation ecosystem?
GG: Haskayne is critical to UCalgary’s innovation ecosystem through our programming on entrepreneurial thinking across degree programs in and outside the School, the work being done through Haskayne’s Centre for Entrepreneurship and Innovation, and the private equity training facilitated through the UCeed Haskayne Student Fund. CDL-Rockies is central to these
HEATHER MARSHALL Site Lead, CDL-Rockies
GINA GRANDY Dean, Haskayne School of Business
entrepreneurial initiatives. For example, students participating in the UCeed Haskayne Student Fund invest in CDL ventures and are provided with coaching from the CDL-Rockies community and Innovate Calgary. This past year 48 MBA students also supported the CDL-Rockies’ cohort, engaging directly with startups, learning from founders and gaining firsthand insight into what it takes to bring breakthrough technologies to market. Since 2017, over 400 students have participated in the course, many of whom have continued careers in entrepreneurial firms. We are particularly proud that we partner with the business school at the University of Alberta to offer this opportunity to MBA students across the province. In that way, CDL-Rockies serves as a catalyst for innovation across the province.
HM: I couldn’t agree with you more. UCalgary’s ambition to be Canada’s entrepreneurial university has created such a rich ecosystem of resources and supports for some of the most interesting innovations being developed in the country. Haskayne plays a central role in supporting the next generation of talent and synergistically, CDL-Rockies plays a unique role as a commercialization engine. True to the nature of any ecosystem, together we are not just supporting great ideas and technologies, we turn potential into meaningful outcomes for our community and beyond.
Companies like Fluid Biomed and Convergence are two that come to mind - both health-focused innovations that were created in and grew through UCalgary programs, graduated from CDL and are now making real-world impact, improving patient lives.
Our work together clearly supports the ecosystem. How do we support one another?
HM: At the heart of our impact is a shared commitment to strengthening our community
through economic impact and entrepreneurial education, and mentorship is central to how we do that. CDL-Rockies mentors, who are extremely accomplished individuals, not only guide founders through the complex path of commercialization, but also shape the next generation of leaders through the students who are alongside the journey. Together, we create an incredibly rich learning environment.
GG: The mentorship network at CDL-Rockies is remarkable. I am always impressed by the calibre of mentors who come to the table to coach and support the CDL-Rockies participating ventures, including some of Haskayne’s faculty members. Those mentors represent the most successful entrepreneurs, operators and investors in this country. CDL-Rockies’ participating companies have access to the best and brightest minds.
What can we expect to see from Haskayne and CDL-Rockies next year and beyond?
GG: Haskayne launched its new strategic plan in January of this year. CDL-Rockies allows us to deliver on those commitments in unique ways, specifically through the strategic priorities, Future-Focused Learning and Engagement, and Community Synergy. Through CDL-Rockies we can offer more students a transformational learning experience, we build a unique brand, and we continue to deepen our engagement with the community. This plan will allow Haskayne and CDL-Rockies to strengthen the innovation economy in Calgary, Alberta, and across the country.
HM: We’re equally focused on the road ahead. In the next couple of years, CDL-Rockies will celebrate its 10th anniversary. That’s a big milestone! We’re excited to continue building an engaged and active community dedicated to commercializing science and technology in Canada.
2024/25 ROCKIES’ HIGHLIGHTS
MENTORS OF THE YEAR
Each year, every CDL site honours a mentor who exemplifies the spirit of CDL; offering time, insight, and mentorship that meaningfully shapes ventures and strengthens both our local community and the broader network. Congratulations to this year’s Mentors of the Year!
or the research lab, and that exposure helps me to keep my teaching and research program current. Thank you to everyone for working with me. I greatly appreciate the recognition.”
Marty Reed: Associate of the Year
“Calgary and the CDL-Rockies family are the most dedicated and committed to giving back of any community I’ve ever experienced. Having spent 30 years in the startup innovation space, I’ve seen a lot of accelerator-type programs, and none have the breadth and quality of mentors as the Energy stream. Each session, I walk into the room excited to discover what’s “next” and hopefully to play a small part in helping the companies succeed.”
- Marty Reed
Michael Gänzle: Scientist of the Year
“It’s been a pleasure to be at CDL. I learn at every session because I’m exposed to content and concepts that I don’t see in the classroom
Doug Beach: 100 Sessions
Chen Fong: 10 Years as a CDL Mentor
IRONSIGHT EXIT
IronSight (Energy 2021/22), a high-growth SaaS company specializing in onshore logistics, has been acquired by Kabal, a global leader in energy logistics solutions. This marks the stream’s first company acquisition. Reflecting on the program, Shawn Martens, IronSight's president, describes CDL as a crucial turning point: "It was exactly what IronSight needed. The mentorship was real, the feedback was candid, and the accountability was unmatched."
$8.1B
Equity value created by CDL-Rockies’ Alumni companies
$4B
Equity value created by Canadian Alumni companies
$2.8B
$1.5B
Capital raised by Canadian Alumni companies
$1.3B
Capital raised by Albertan Alumni companies $3.3B Equity
STANDING OUT IN UNCERTAIN TIMES
Startup founders have always faced challenges, but there has been a shift in the last decade that’s made reaching the scaling stage and securing funding much more difficult.
“The environment has changed,” says Alex Whalley, Professor, Economics and Business, University of Calgary. “The ecosystem is bigger than ever (...) [and] with so many startups looking for funding, investors have a harder time differentiating between what’s a good opportunity to invest in and what’s not.”
On top of a saturated market, founders must also navigate growing economic and political uncertainty.
Despite the challenges, opportunities remain. The changing landscape has led to the creation of more resources to support founders, including Creative Destruction Lab - Rockies (CDL-Rockies), which supports founders at different stages with its CDL and Haskayne ScaleUp programs.
Both programs offer founders mentorship from highly experienced entrepreneurs, business
The way we run things became more sophisticated quite quickly during the program and has continued improving.
- Stuart Kinnear, CEO & Co-Founder, Interface Fluidics
leaders and subject matter experts to help founders increase their chances of success.
Participants of both programs prove that the mentorship provided is key to successfully moving forward.
“I remember the first [CDL] session, one of our core objectives was to do research. And that changed everything for us,” Addy Graves, CEO and Co-Founder, Cashew (Prime 2023/24), says.
“Once we started articulating our vision better, based on that research, the idea and what we were looking to accomplish became so much more clear. That only happened because of the objective setting process and working with our mentors.”
Within a year after graduating from the program, Cashew closed a $1 million raise. Graves attributes much of that success to the mentorship and support she received during and after the program.
For Stuart Kinnear, CEO and Co-Founder, Interface Fluidics, the ScaleUp program proved to be “absolutely valuable.”
Kinnear’s team worked with two mentors throughout the 2023/24 cohort year. He says his mentors helped highlight what the group needed to work on and supported him to lead his team in the right direction.
“The way we run things became more sophisticated quite quickly during the program and has continued improving.”
Read more about the impact of CDL-Rockies’ mentorship programs here.
GRADUATED VENTURES
2024/25 PROGRAM RESULTS
AGRIFOOD
228 applications for 63 spaces across all three streams.
PRIME
20
Ventures admitted
36 Mentors
20
Ventures graduated
48 MBA students
1492
Mentorship hours provided by CDL-Rockies mentors
6
Ventures graduated
For founders pursuing state of the art technological innovations with potential for massive scalability across diverse industries
Accelerate Wind's rooftop wind turbine leverages a patent-pending spoiler technology to harness faster wind speeds at the edges of commercial buildings, producing 70% more power than conventional turbines.
Hands raised
Cubbi is a food service platform that delivers fresh, healthy meals to workplaces through optimized bulk delivery and production systems, reducing in-office catering costs by up to 65%. The platform integrates within a company's human resources offering, enabling managers to create healthy and accessible meal programs.
Nexodata Inc. is a proprietary data management software solution that utilizes network coding technology to increase data security, improve storage and bandwidth efficiency for enterprises that utilize multi-cloud data storage systems.
Octagon Spine has manufactured a one-piece expandable spinal cage that offers the largest bone window for spinal surgery. It's design reduces the risk of incomplete spinal fusions and costly re-operations and allows insertion through a smaller incision point than the current standard of care.
Hands raised
Pills with Wheels has developed a last-mile delivery system that offers pharmacies a consistent and privacy-compliant service to provide prescription medications deliveries for patients while increasing their revenue generation by 3 times.
Tethys has developed a microfluidic technology with a centrifugal pump that rotates up to 10K RMP to move fluids throughout microcircuits and thermoelectric modules at ~2m/s. When this technology is integrated into Tethys' patented vest design, the microfluidic technology provides thermal comfort.
ENERGY
21 Ventures admitted
52 Mentors 9 Ventures graduated
For founders addressing energy security challenges and advancing the transition to a low-carbon future
Ammobia is developing a modular technology for producing clean ammonia from hydrogen and air at 10x lower pressure than conventional methods, significantly reducing CAPEX by 3 times. This process cuts carbon emissions by 80-95% and lowers production costs by around 30%. By enabling local ammonia production across scales, Ammobia reduces transportation costs, offering distributed industries like agriculture, mining, and chemicals more affordable and reliable ammonia.
Blaze Energy Technologies Corporation is developing an ammonia reformer that converts ammonia into a clean fuel mixture of ammonia and hydrogen that can replace traditional hydrocarbons in heavy industry and commercial transport, starting with standalone generators. Blaze's technology offers fuel flexibility, allowing existing combustion engines to run on ammonia without major modifications, while leveraging current products and supply chains.
Ekstera Inc. develops carbon-free electricity using novel Stirling engines powered by heat sources such as industrial waste, biomass, and geothermal energy. Their patented TrueCycle technology operates at 2-3 times the efficiency of all previous heat to electricity conversion models, enabling the capture of previously untapped heat, such as the waste heat from steel mills.
Oxylus Energy has developed a modular electrolyzer which converts CO2 and water into green e-methanol using electricity through a unique electrochemical process. Their proprietary catalyst enables a low-temperature, low-pressure conversion that is 2-3 times more efficient and reduces production costs by 60%.
Hands raised
Recon Intelligence Corporation has developed proprietary sensors (loggers) to capture downhole drilling dynamics accompanied by a software that identifies drilling dysfunctions. The software provides users with immediate insights into operational issues and will provide actionable automated recommendations in the future.
Solidec builds technology to produce chemicals and fuels from air, without the carbon emissions or green premium. Solidec produces ready-to-use chemicals without separation steps, which account for 50% of the energy consumption in the chemical industry today.
Statvis Analytics has developed Statvis Environmental Data Intelligence System™, a SaaS platform that analyzes soil samples to determine contamination sources, identify responsible parties for environmental contamination and visualize the results. The software provides actionable data that streamlines remediation project management and helps environmental lawyers and professionals working on contentious sites enhance their ability to navigate complex cases.
Tressl is a SaaS platform that automates and streamlines complex agreement processes between critical infrastructure owners and external stakeholders seeking permitting/licensing approvals. The web-based platform houses the entire application process, including documents, stakeholder communication, mapping of key events, and the assignment of responsibility, enabling clients to reduce cycle times from months to hours.
Variablegrid Adaptive Power Inc employs AI-driven power management and smart grid connectivity to provide a patented EV charging system for buildings and fleets with limited electrical capacity. It continuously monitors real-time power usage and dynamically allocates available capacity to EV chargers.
AGRIFOOD 22
Ventures admitted
Mentors 5 Ventures graduated
For founders building scalable solutions that are applicable throughout the AgriFood value chain - from producer to plate
AuX Labs has developed an in-house proprietary target gene editing system that enables the engineering of yeast to produce nature-identical proteins instead of alcohol, starting with casein. Using fermentation to produce industry-leading protein titers at >20g/L, AuX Labs'; casein can be formulated into animal-free cheese by dairy manufacturers, with the same sensory and functional attributes as animal-versions.
Cquesta, Inc. is developing traits that increase root biomass and depth by 10-100% in oilseed and grain crops. For seed companies' customers, Cquesta offers more resilient crops and plans to utilize long term carbon data. This carbon market will diversify seed companies' revenue through the sale of farmers' carbon credits, without changing agronomic practices.
Cropify has developed a proprietary hardware unit with an integrated machine learning software to standardize and automatize the grading of pulses and grain commodities. With proprietary data sets to train their models, Cropify's technology eliminates the human bias involved in the current grading process, while also reducing testing time by up to 70%.
Revo Bio Chem Ltd. develops genetically modified yeast strains to transform ethanol plants and breweries into multi-purpose bio-refineries capable of producing high-value bio-compounds alongside ethanol or beer. Revo Bio Chem has modified four yeast strains that produce four plant-based cannabinoid compounds.
SYLVARUM has developed a proprietary electrostimulation technology to optimize seed germination. The system promotes faster and more uniform sprouting, while effectively eliminating pathogens and ensuring healthier crop growth. This innovative approach shortens growth cycles, strengthens crop resilience to environmental stresses, and reduces reliance on agrochemicals for seed companies, enhancing profitability and sustainability.
Every $1 of CDL-Rockies’ operating funding helps participating ventures raise $100 of investment
CDL-Rockies’ Nurture program targets innovators who leverage science and technology to solve industry challenges. These innovators must develop and test business assumptions to propel their innovations forward.
Nurture is an incubator program that provides access to curated content and experts aligned with early-stage venture formation.
Unlike other academic entrepreneurship programs, Nurture fosters an accelerated mindset and builds awareness of the next steps and potential pitfalls of commercialization.
FUNDING PARTNERS
*as of June 2025, since 2017
since 2021
COMMUNITY PARTNER
*as of June 2025
Albertan participants
Participants accepted into the CDL Program
Participants accepted into CDL-Rockies
accepted into the CDL Program
This year, 22 Nurture participants were accepted into the CDL program. 70% of those entered one of the three streams at CDL-Rockies. 2
CDL-Rockies Prime graduate
59 Nurture participants
Albertan participants
Participants accepted into CDL-Rockies
CDL-Rockies Energy graduates
HASKAYNE SCALEUP
2024/25 companies
Haskayne ScaleUp, powered by CDL-Rockies, is a mentorship program for executive leadership teams of commercial-stage companies that must execute against aggressive growth milestones by scaling vision, leadership capabilities, and processes.
ScaleUp is an opportunity for teams to step away from the day-to-day and into a focused and facilitated environment, working with experienced mentors to think through and plan for hyper-growth.
This year, 14 mentors worked with seven companies through three intensives, each focused on a crucial aspect of scaling: Leadership and Culture, Strategy and the Economics of Scale, and Revenue Teams and Governance. 23 Companies since 2022 95 Executives since 2022 7
When you’re in a room with individuals who have scaled billion-dollar companies, their guidance counts a lot. ScaleUp mentors have the rare experience to speak on what a business can and should look like at different stages of growth. Their guidance was invaluable for our business.
Chad Hayden
CEO, Galatea, ScaleUp Alumnus
2024/25 ALUMNI
Thank you to our program supporters for their commitment to the Haskayne ScaleUp program!
Broadfoot Family Foundation
Watch this sizzle reel to learn more about ScaleUp
CDL COURSE & MBA PARTICIPATION
The CDL Course, which runs in partnership with CDL-Rockies, is offered to MBA and Executive MBA students from the Haskayne School of Business at the University of Calgary and the Alberta School of Business at the University of Alberta.
The course blends classroom learning with hands-on experience, giving students the opportunity to work directly with CDL-Rockies ventures. As part of the team, students help ventures reach goals while gaining unique insights into real-world entrepreneurship - an approach highlighted in this UCalgary story of MBA Student Denis Streltsov.
48 MBA students participated
students UofA students
MBA participants in the CDL Course since 2017
CDL-ROCKIES OPPORTUNITIES SCHOLARSHIP
The 2024/25 cohort year marked four consecutive years of supporting post-secondary students studying science, technology, engineering and mathematics (STEM) through the CDL-Rockies Opportunities Scholarship.
This initiative, created in partnership with AgriFood stream Founding Fellow Alison Sunstrum and MindFuel, aims to close the gaps for underrepresented individuals in STEM.
The scholarship is open to students in Alberta, Saskatchewan and Manitoba who are entering their first year in an undergraduate STEM-related program at a post-secondary institution located in the Prairies. Two recipients are awarded the scholarship annually, which is worth $2,500 each.
I am grateful for the MindFuel and CDL-Rockies for providing me with the means to reach my goal of making meaningful contributions to the health and lives of others.
Prateek Kumar Shreyas, 2024/25 Scholarship Recipient
This funding allows me to develop skills in two different creation disciplines - engineering and storytelling. I’m excited to use these skills together to make a meaningful difference in my community and beyond.
Izyan Ali, 2024/25 Scholarship Recipient
Thank you to our Partners! Your support is essential to everything we do at CDL-Rockies and plays a vital role in advancing our mission. CDL-Rockies is a non-profit entirely supported by private donations, corporate partnerships and government funding.
Every $1 of CDL-Rockies operating funding helps participating ventures raise $100 of investment
Founding Partners
Founding Fellow Chen Fong
Michael and Heather Culbert
The Kanovsky Family, as represented by Michael Kanovsky
Sharon Siebens
Alison Sunstrum
Global Founding Partners
John Harris
Threshold Impact (Ray Muzyka & Leona De Boer)
CDL-Rockies Government Partners
CDL-Rockies Catalyst Partner
Post-Secondary Partners
2439 Jobs created $8.1B
Equity value created by all CDL-Rockies Alumni
CDL-Rockies Corporate Partners The
CDL-Rockies Community Partners
Mancal Group
CDL
Adam Le Dain
Alexander Whalley
Alison Sunstrum
Allen Lau
Andrew Baum
Andy Gollach
Anup Srivastava
Anuroop Duggal
Ash Munshi
Barry Sanders
Bettina Pierre-Gilles
Blake Shaffer
Chen Fong
Chris Hannam
Chris Theriault
Christopher Paterson
Colin Kelleher
Conrad Whelan
Curtis Cook
Dale Dusterhoft
Dara Djafarian
David Bressler
David Farran
David Hunt
David Reid
David Sippell
David Thompson
Deborah Peacock
Derek Exner
Derek Payne
Derrick Hunter
Deval Pandya
Devan Dass
Doug Beach
Dustin Wilkes
Eileen Ellis
Elizabeth Cannon
Erin Madro
Evan Fraser
Fab Chiacchia
Fred Gallagher
Gary Griffiths
Glen Price
Graham Drake
Guillaume Lhermie
Heather Christie-Burns
Heather Koshinsky
Hiroki Kudo
Hyuk-Jeen Suh
Jehangir Appoo
Jennifer Oyedele
Jim Baker
Jim Stannard
John Rossall
John Zagula
Jordan Hopson
Joule Bergerson
Judy Fairburn
Juliana Uto
Kee Jim
Kelly Matheson-King
Ken Shi
Kent Brown
Kevin Campbell
Laleh Behjat
Lauren Epstein
Laurie Wallace
Leah Olson
Lenore Newman
Leo Fang
Lindsay Machan
Lingyun Chen
Lori Ell
Mark Blackwell
Mark Huson
Martin Molyneaux
Marty Reed
Mary Dimou
Matt Brister
Michael Gaenzle
Michael Kanovsky
Michael Kelly
Michael Lipsett
Mike Backus
Mike Kalisiak
Myles Shedden
Nathan McNeill
Naweed Syed
Neeraj Gupta
Neil Duggal
Niki Panich
Nitin Sathawane
Pat Lor
Patrick Elliott
Paul Lee
Ray Price
Roger Tang
Ron Bridges
Scott Saxberg
Shirley Speakman
Steve Laut
Steve Liang
Steven Bryant
Subin Rajendran
Tom Urban
Trevor Heck
Vincent Chahley
Wade Oosterman
Wilf Keller
Will Bridge
Wilson Hays
Yrjo Koskinen
Haskayne ScaleUp
Alex Petre
Barry Allen
Colleen Moorehead
Derek Payne
James Pettigrew
Jim Dewald
John Rossall
Kevin Campbell
Mike Broadfoot
Nancy Smith
Patrick Elliott
Shawn Abbott
Wade Oosterman
Wayne Sim
CDL Moderators, Nurture & ScaleUp
Facilitators
Ajay Agrawal
Alex Whalley
Alice Reimer
Andrew Browne
Barry Allen
Blake Shaffer
Casey Reid
Darrell Kopke
Jim Dewald
Judy Riege
Kanwal Bokhari
Mark Huson
Matt Mayer
Michael Gaudet
Michael Robinson
1
Our sincere thanks to this year’s CDL-Rockies Mentors. Your commitment to mentoring visionary innovators and the generosity of time dedicated to our programs lies at the heart of our impact. 1
Thank you to everyone who was part of the CDL-Rockies team this program year. Your commitment to excellence and spirit of collaboration make all the difference.
CDL-ROCKIES TEAM
Creative Destruction Lab - Rockies
Haskayne School of Business
Learn more about CDL-Rockies here.
cdl-rockies@creativedestructionlab.com