The Rockies' Report - Issue 5 (June 2023) by CDL-Rockies

JUNE 2023 ISSUE 5

THE ROCKIES' REPORT

A Note From Heather Marshall Welcome to The Rockies' Report, a quarterly newsletter providing Site updates to the community that fuels our work at CDL-Rockies.

The CDL-Rockies community is ever-evolving. However, over the past six years, the commitment to supporting ventures, accelerating their commercial potential and creating a positive economic impact has been unwavering.

In 2017, a group of visionary leaders saw CDL as an opportunity to leverage Alberta's entrepreneurial spirit to create greater impact. One of those leaders was Dr. Jim Dewald, Dean of the Haskayne School of Business. As Jim’s term as Dean concludes on June 30, we asked him to share his reflections on CDL-Rockies.

Jim Dewald: First, I want to acknowledge the Jim group of people who helped bring CDL to Calgary: Chen Fong, Elizabeth Cannon, Michael Robinson and Alice Reimer. Without them, we may not be having this conversation today. When I learned about CDL in 2015 after meeting with Ajay [Agrawal, the founder of Creative Destruction Lab], the concept was very exciting to me. Calgary had a number of incubators at the time, but CDL stood out because it was a program that people could follow, all based on a no-fee model. It would allow us to build a marketplace with no cost of entry. That sounded like a great idea.

It was also a time when Calgary needed to start thinking about an economic shift. CDL offered investors interested in technology, but unsure where to start, a way to support innovation with less risk and more guidance.

Photo by Kelly Hofer.

Heather Marshall: Marshall: When CDL-Rockies launched in 2017, what were your hopes for the program?

Jim Dewald at a CDL-Rockies session.

A Note From Heather Marshall HM: Six years later, what impact has CDL-Rockies had on Haskayne and UCalgary? JD: For Haskayne, it's provided a tremendous JD: opportunity for students and faculty to connect our school with the broader business community. Many more people have gotten to know about Haskayne and what our school does because of CDL, which is fantastic. For the University of Calgary and, in particular, its innovation ecosystem, CDL-Rockies is providing a very important outlet for scientific discoveries. We’ve built an ecosystem where someone can create something and access different resources to get that creation to market.

HM: Any final thoughts? JD: JD: zI want to thank the Calgary business community. The commitment of our community truly stands out. We couldn’t do this work without them. Thank you as well, to CDL Global and Ajay Agrawal, for allowing us to join the network. They could have turned us down, but they had a very open approach and we’ve benefited from that. I also want to thank the entire CDL-Rockies team. CDL-Rockies is a real celebration of what Calgary sees itself as, which is a ‘Can Do’ city.

Photo by Kelly Hofer.

HM: Speaking of innovation ecosystems, what role do CDL-Rockies, Haskayne and UCalgary play in the broader Alberta innovation ecosystem? JD: :I think we play a really important, yet voluntary, JD: role. I’m so grateful that we are integral to it and I hope that we're able to continue that. Right now, an invention or innovation can come right from the lab through our school to potentially become a unicorn - but that doesn't mean everything has to flow through our system. Startups can go in and out and I think that's a strength. Inclusivity is far more important than exclusivity. Sharing and collaborating are more important than competing - the world is competitive, but nobody becomes great through competition alone. If you want to advance, it’s through collaboration. CDL, Haskayne and UCalgary offer that collaboration with the broader ecosystem.

IMPACT

$3.4B

$1.2B

Equity Value Creation (EVC) achieved by CDLRockies Alumni companies

EVC achieved by Albertabased CDL-Rockies Alumni companies

Alice Reimer, Jim Dewald and Heather Marshall.

On behalf of the entire CDL-Rockies community, thank you to Jim for his incredible contribution to the CDL network, the CDL-Rockies community and the Haskayne School of Business. Jim, we wish you well in your next chapter and you will remain a cherished part of our community.

Heather Marshall

$1.1B

$381M

Capital raised by CDL-Rockies Alumni companies

Capital raised by Albertabased CDL-Rockies Alumni companies

VENTURE VIEW Solving Big Problems and Building Something Massive

Gavin Schneider, CEO and Co-Founder, Maia Farms, already knew this when he and his team, Ashton Ostrander (COO and Co-Founder) and Sean Lacoursiere (CSO and Co-Founder), applied for the Ag stream at Creative Destruction Lab - Rockies (CDLRockies) in 2022. He had witnessed how CDL had supported some of his peers and was encouraged to apply from a graduate company. What they experienced in the program was evidence that the right support, network, knowledge and access to a marketplace for judgment could take an idea and turn it into a scalable solution to real-world challenges.

Photo by Kelly Hofer.

The CDL process fundamentally reworked the company, our focus and direction,” Schneider says.

Ashton Ostrander, Sean Lacoursiere and Gavin Schneider

Photo credit: Maia Farms Inc.

Building a massively scalable business requires hard work, flexibility and finding the right focus to ensure your idea stands out in the crowded marketplace as a clear winner.

CanPro™ is the protein Maia has created using mycelium.

For Schneider, the mentors in the Ag room entrepreneurs, industry experts and leading Canadian scientists - were key to successfully refocusing and continuing their momentum. “[Without CDL-Rockies], I don't think we would be where we are right now. And I don't think that we would have had the same fire in our belly to move forward.” His advice to founders considering applying to the program? “I would say that opportunities are taken, not given. The community involved in CDL is among Canada’s best business, science and technology leaders. If you take the opportunity to associate yourself with them, they can take you much further places than you will on your own.” “Just apply. Do it. Cause it's that good.” Click here to read more about Maia’s experience with CDL-Rockies.

IMPACT

326 1,400+ Total ventures, of which 110 successfully completed the program

JUNE 2023 THE ROCKIES' REPORT

Job creation for highly qualified personnel

247

2017

MBA Students have provided business development expertise to participating ventures

CDL-Rockies has been in operation since 2017

Operating three streams: Prime, Energy and Ag

MENTOR SPOTLIGHT Recognizing Excellence in Our CDL Community

MATT BRISTER CAREER HIGHLIGHTS:

1. The game: Using VC parlance, 10 startups leading to seven profitable exits, two 'do overs' and one bomb crater, over 40 years (and #11 is still going)!

2. The people: The same core team worked together for more than 35 years and many peers and partners are now good friends.

FELLOW OF THE YEAR (2021/22) TITLE: President, Bison Oil and Gas Ltd.

3. My trade: Working as a geologist involves a degree of discovery and that means there is always a new challenge and a new prospect. It’s always interesting and often rewarding if you’re reasonably good at it.

PASSIONS: 1. Road trips: Whether it’s to golf, ski, eco-travel, attend pro sports games, or cross items off my wife’s bucket list. 2. Work. 3. Family.

DOUG BEACH CAREER HIGHLIGHTS:

This really made me think. I have had a lot of unique experiences and have been part of a lot of big things, but on reflection, these are the highlights: 1. Working on meaningful things with the rare group of people - founders, mentors, partners, investors, academics and staff - that is CDL. 2. Being challenged to do difficult and novel things for my entire career and not being stopped from seeking them out for myself. 3. Having the opportunity to work and live in many countries and all of the perspective that brings.

ASSOCIATE OF THE YEAR (2021/22) TITLE: Chair of the Board, Eavor Technologies Inc.

PASSIONS: 1. Understanding how the world works. 2. Being able to work on hard problems where things are not functioning correctly - whether through investment or other action - where my capabilities or opportunities might be an advantage. 3. Being available, relevant, resilient and ‘possibilist’ for my family and friends.

MENTOR SPOTLIGHT Recognizing Excellence in Our CDL Community

LINGYUN CHEN CAREER HIGHLIGHTS:

SCIENTIST OF THE YEAR (2021/22) TITLE: Professor, Department of Agricultural, Food and Nutritional Science, University of Alberta

1. Being awarded Canada Research Chair (Tier 2). This was an opportunity not only for building a strong program in plant protein structure function research, but also providing technology innovations and analytical services to support plant protein industries in Canada. 2. Serving as Session Chair, Newsletter Editor, Treasurer, Secretary, and Vice-President of the Protein and Co-Product (PCP) Division of the American Oil Chemists’ Society (AOCS) and being elected as Chair in 2023. 3. Being awarded the Killam Professorship at the University of Alberta in 2020 as a recognition of my exceptional research and teaching contributions and being a leader in my field.

PASSION: 1. I have great passion for research and technology innovations with my graduate students. 2. Mentoring students and young professionals. I really enjoy my mentoring experiences in CDL. 3. Travelling to experience different cultures, try delicious foods and learn about new things.

PARTNERS IN INNOVATION Future-proofing Businesses

CDL is a world-renowned startup organization. We are excited to support CDL-Rockies and its network and we value the opportunity to share our scientific expertise with the cohorts. - Adam Danyleyko, Product Owner Startups, Amii

Community Partner CONNECT WITH ADAM

HOW WE HELP STARTUPS: Alberta's startup community is made up of good people building really cool things. They have such passion for their companies and the problem they are solving. Amii supports startups throughout the entire Machine Learning development process. We offer a five-week ML Exploration program, which teaches startups about ML and how it can benefit their business and gets them started on an ML project. Then there’s Level Up, Amii’s CTO Coaching program, which helps startups that have deployed ML by offering ongoing coaching sessions, connections with experts, peer-topeer networking and recruitment supports. JUNE 2023 THE ROCKIES' REPORT

ALUMNI COMPANY DEAL FLOW OPENLY FUNDRAISING If you are interested in connecting with any of the companies below, please email us with the company name(s) of interest.

Arolytics (Energy 2019/20) is currently raising a Seed round. Biofect Innovations (Ag 2022/23) is currently raising a PreSeed round. Blue Halo Biomedical (Prime 2020/21) is currently raising a Seed round. Capacitech Energy Inc. (Energy 2020/21) is currently raising a Seed round. Disa Technologies, Inc. (Energy 2020/21) is currently raising a Series A round. Eavor Technologies Inc. (Energy 2018/19) is currently raising a Series B round. En Solición (Ag 2020/21) is currently raising a Seed round.

Fluid Biomed (Prime 2018/19) is currently raising a Series A round. H Quest Vanguard (Energy 2018/19) is currently raising a Seed round. Liven Proteins (Ag 2021/22) is currently raising a Seed round. OraQ AI (Prime 2022/23) is currently raising a Seed round. Re-Nuble (Ag 2021/22) is currently raising a Seed round. ROYBI (Prime 2020/21) is currently raising for bridge funding. STRAFFR (Prime 2022/23) is currently raising for bridge funding. TRAINFO (Prime 2019/20) is currently raising a Seed round. True Angle Medical Technologies (Prime 2018/19) is currently raising a Seed round.

Are you raising? Share the details with us here.

ANNOUNCED THIS QUARTER Carbonova plans Canada's first large-scale carbon nanofibre facility (Energy 2018/19) ChargeLab secures $15 million, commercial partnerships with electric vechicle comapnies to expand US presence (Energy 2021/22) Nimble Science closes $2M USD seed round (Prime 2018/19) Optimus Technologies Closes $17.8M Series A Led by Mitsui & Co. to Decarbonize the Transportation Industry (Energy 2022/23)

AROUND THE CORNER Community Events & Initiatives

NEWS UCeed Startup Investment Fund names two new directors Calgary emerges as training hub for advanced pacemaker Geothermal energy research receives major funding boost Fraser and Newman: Food is too expensive, but don't blame climate policy Choosing change: Haskayne launches a new visual identity The good, the bad and the artificial: Bringing artificial intelligence into the classroom Alberta VC demand to surpass $11 billion over next decade: AEC head

CONNECT Contribute to the Rockies' Report

Refer a Venture

AROUND THE CORNER Community Events & Initiatives

INITIATIVES CDL-Rockies Opportunities Scholarship

The purpose of the CDL-Rockies Opportunities Scholarship is to make a positive contribution toward ending the gender gap in Science, Technology, Engineering and Mathematics (STEM), while encouraging our best and brightest to explore opportunities that exist within the prairies. The scholarship is open to female, two-spirit, transgender or non-binary 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 scholarships, worth $2,500 each, will be awarded. The deadline to apply is July 15, 2023. To learn more about the CDL-Rockies Opportunities Scholarship, visit MindFuel’s website.

WISE Planet

Laleh Behjat, NSERC Chair for Women in Science and Engineering (Prairies), professor in the Department of Electrical and Computer Engineering at the Schulich School of Engineering, and CDL-Rockies mentor, is working to create a more inclusive, diverse and equitable future through the WISE Planet program. WISE delivers leadership training to women and other underrepresented groups in #STEM, with the goal of equipping them with the tools they need to remove barriers to success in their workplaces. To learn more visit WISE Planet’s website.

RESOURCES Osler Deal Points Report: Venture Capital Financings Movement51 2023 Impact Report

CONNECT Subscribe to The Rockies' Report JUNE 2023 THE ROCKIES' REPORT

Provide Feedback