The Rockies' Report Issue 3 - February 2022 by CDL-Rockies

FEBRUARY 2022 ISSUE 3

THE ROCKIES' REPORT

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

Just over 20 years ago, I co-founded a real estate tech start-up called 411 HomeNet. We started with a bold idea to revolutionize real estate by providing online viewing of homes for sale, and by providing expert buyer agents trained to maximize search options for homebuyers. It was time-consuming, expensive and required incredible drive to take an idea ahead. Eventually, the business took off and we grew in one year to offices in 10 major cities from Vancouver to Orlando. Ultimately, we ran out of money, good advice and we failed, only to make way for others to take our ideas and build massively scalable businesses – headquartered somewhere else. That’s what the startup experience looked like then, and that still largely applies to this day. Many try, few succeed. However, someone in my shoes would have had a very different experience had they brought their technology and disruptive business model to the CDLRockies at the Haskayne School of Business, where I now serve as its dean. I’m happy to see that much has improved since those days and indeed our CDL-Rockies, which started less than five years ago at Haskayne, has become an integral part of the UCalgary ecosystem. In January, we celebrated an incredible milestone: its ventures have created $1.3 billion in equity value.

While the program’s list of alumni companies keeps growing, as does the value they bring back into the local economy and beyond, I wanted to take this space to highlight the importance of community. I am particularly proud of the collaboration between CDL and the university’s innovation ecosystem, working alongside organizations like IMPACT Clinical Trial Accelerator Program, UCeed Haskayne Student Fund, Innovate Calgary, the many faculty members participating as CDL mentors, and the list of collaborators goes on. CDL-Rockies’ continued success is rooted in its community: mentors, ventures, students, faculty, staff, corporate and individual partners - we all have a part to play and this most recent milestone demonstrates what happens when we, as a community, play our parts. From one community member to another, thank you for your ongoing support of CDL.

Sincerely,

Jim Dewald

Jim Dewald is dean of the Haskayne School of Business at the University of Calgary and a member of Creative Destruction Lab's Strategic Advisory Board. Adapted from a January 26 Calgary Herald op-ed, which can be found in full here.

MENTORS OF Every year, each site within the CDL network recognizes CDL mentors who go above and beyond program expectations. These individuals are generous with their time and advice, making significant contributions to our network.

DR. ELIZABETH CANNON Fellow of the Year

CAREER HIGHLIGHTS: 1. Serving as president of the University of Calgary, which provided a unique platform to connect the university with the community and impact the next generation of leaders and innovators. 2. Being introduced to GPS in 1983 when it was in its infancy and being able to contribute to its development and use in a wide variety of applications affecting humankind. 3. Working with students, particularly my graduate students, and seeing them grow and develop as leaders. Learn more...

PASSION: TITLE:

President Emerita, University of Calgary

1. Being involved in Calgary's innovation ecosystem and seeing it expand and evolve. 2. Mentoring students and professionals - particularly women - to support their careers. 3. Finally having more time to spend with friends and family!

PATRICK ELLIOTT Associate of the Year

CAREER HIGHLIGHTS: 1. Starting Jupiter Resources with my two co-founders, rapidly building a 100-person team and the journey of growing to become the ninth largest natural gas producer in Canada. 2. Developing a strong culture of empowered teams, encouraging technology advancement within the energy industry and supporting other entrepreneurs build their businesses. 3. I cherish my time at PanCanadian/Encana drilling big “E” exploration targets in the Gulf of Mexico and being part of the team that made some world-class oil discoveries. Learn more...

PASSION:

TITLE:

COO and Co-Founder, Carbon Alpha

1. Playing music has been a lifelong passion and one of the most joyful and humbling things I have ever done which taught me many lessons about life over the last 30 years. 2. Sports and outdoor activities. I really enjoy being in the mountains and of course, pointing out fascinating geological features to my eye-rolling children. 3. Building community and connecting people. It's important to me to support and encourage entrepreneurs to build a stronger Calgary for our future generations.

IMPACT

$1.3B

$535M

Equity Value Creation (EVC) achieved by CDLRockies Alumni companies

EVC achieved by Albertabased CDL-Rockies Alumni companies

$569M $240M Capital raised by CDL-Rockies Alumni companies

Capital raised by Albertabased CDL-Rockies Alumni companies

THE YEAR Recognizing Excellence In Our CDL Community. Congratulations to CDL-Rockies Mentors of the Year: Elizabeth, Patrick and Steven!

DR. STEVEN BRYANT Inaugural Scientist of the Year

CAREER HIGHLIGHTS: 1. Being awarded a Canada Excellence Research Chair. This was my opportunity to join the University of Calgary, which has been a career- and life-changing experience. 2. Receiving the Society of Petroleum Engineers Sustainability and Stewardship in the Oil and Gas Industry Award. “Sustainability” and “oil and gas” may seem like an oxymoron, but it was gratifying for the community to recognize how much the footprint of production can be reduced with advanced materials. 3. Touring the Western Hemisphere as a Distinguished Lecturer for the Society of Petroleum Engineers, with stops in places ranging from Dodge City to Caracas. Learn more...

PASSION: TITLE: Professor, University of Calgary + CERC Chair in Materials Engineering

1. Trying to slow the aging process at the gym and on the bike, with limited success. 2. Appreciating sunsets and scotch simultaneously. 3. Stringed instruments and the quest for that sweet spot between playing too many and too few notes on the guitar while accompanying my singer/songwriter wife.

PARTNERS IN INNOVATION Future-Proofing Businesses

HOW BDC HELPS STARTUPS: Women and their leadership in the tech sector is underrepresented and venture capital investment into women-led and diverse technology startups is also lacking. BDC Capital’s Women in Technology (WIT) Venture Fund was launched to change that. We are one of the largest venture capital funds in the world investing in women-led technology companies. At BDC Capital’s WIT Fund we: Invest in women-led tech companies (Seed to Series B). We have the ability to provide patient capital for multiple investment rounds to help startups reach their full potential. Support ventures through a seasoned bench of professionals in sales, marketing, finance and talent to help our portfolio navigate through various stages of growth. Expose ventures to an international network of potential customers and investors to accelerate, scale and build the competitive moat essential to competing in the global market.

Innovative entrepreneurs and their startups are the fuel that will drive our country’s economic prosperity. Through CDL, we are able to spotlight incredible potential. Many of these companies have inspiring and visionary female entrepreneurs on their leadership teams. Big opportunities plus inspirational women indeed help us 'Build Something Massive' - Michelle Scarborough, Managing Partner, Women in Technology Venture Fund

IMPACT

261

+650

200

2017

Total ventures, of which 69 successfully completed the program

Job creation for highly qualified personnel

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

VENTURE VIEW Solving Big Problems and Building Something Massive

In the fourth quarter of 2021, the CDL-Rockies Alumni companies eclipsed the $1 billion threshold of equity value creation — a figure that currently sits at $1.3 billion. Equity value creation is the overarching performance metric of the CDL program and measures a company's growth and progress after they graduate from CDL. It is the total increase of the company’s value due to its participation in the CDL program and includes capital investment and market capitalization to gauge the total enterprise value of a venture. In honour of this achievement we’re taking a look back at a few alumni companies; their experience in the program and how their companies are doing now.

Fluid Biomed (Prime 2018/19) As neurosurgeons turned into first-time entrepreneurs, Dr. Alim Mitha and Dr. John Wong wanted to provide a better outcome for their patients suffering from consequences related to brain aneurysms, including stroke and paralysis. Their company, Fluid Biomed has developed the world’s first bio-absorbable hybrid polymer-metal flow-diverting stent to cure brain aneurysms. Index Biosystems (Ag 2020/21) As part of our inaugural Ag Stream cohort, co-founders Michael Borg and David Singer of Index Biosystems, developed a unique BioTag, using yeast as a microscopic carrier with biological ID markers, applying it to any product that could benefit from end-to-end supply chain transparency. Index Biosystems is tackling big problems related to food safety, traceability and supply chain management. Eavor Technologies (Energy 2018/19) Meet John Redfern, CEO of Eavor Technologies Inc., a geothermal energy technology company developing the world’s first scalable form of clean dispatchable power. The Eavor-Loop™ repurposes suspended oil wells to form a closed-loop system capable of producing scalable and reliable baseload power without GHG emissions, fracking, or earthquake risks. Companies like Eavor represent the Energy evolution.

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ALUMNI COMPANY DEAL FLOW ANNOUNCED THIS QUARTER Yotta Energy secures $13 million to transform commercial buildings into distributed solar and storage power plants (Energy 2018/19) Interface Fluidics raises $6.7 million, accelerating the deployment of the world's first compact, rapid fluid tester (Prime 2017/18) PreAct Technologies secures $13 million in funding to drive the next generation of automotive safety (Prime 2019/20) ClearFlame Engine Technologies secures $17 million to decarbonize long-haul trucking and other diesel-driven industries (Energy 2019/20) Summit Nanotech awarded $1-million grant for greener lithium extraction (Energy 2019/20) Provision Analytics raises $6 million to improve food safety with its SaaS platform (Prime 2019/20)

OPENLY FUNDRAISING If you are interested in connecting with any of the companies below, please email cdl-rockies@creativedestructionlab.com with the company name(s) of interest. Pegasus Imagery is currently raising a Seed round (Prime 2019/20)

SEPPURE is currently raising a Series A round (Ag 2020/21)

Copperstone Technologies is currently raising a Seed round (Energy 2019/20)

Roshan Water Solutions is raising a Pre-Seed round (Prime 2017/18)

Synergia Biotech is currently raising a Pre-Seed round (Prime 2019/20)

Ingu Solutions is raising a Series A round (Prime 2017/18)

Creative Protein Solutions is currently raising a Seed round (Prime 2019/20)

H Quest Vanguard is raising a Seed round (Energy 2018/19)

Dilepix is currently raising a Series A round (Ag 2020/21)

Capacitech Energy is raising for bridge funding (Energy 2020/21)

EmGenisys is currently raising a Seed round (Ag 2020/21)

NanoTess is currently raising a Seed round (Prime 2020/21)

Kuva Systems is currently raising a Series A round (Energy 2018/19)

AROUND THE CORNER Community News & Events

News

Events

UCalgary named a top 5 research university for the first time SEDV welcomes Blake Schaffer to their academic team OCIF supports Calgary’s CDL-Rockies and Movement51

February 10, 2022: CDL Apprentice Program Energy Module March 22-23, 2022: World Agri-Tech (San Francisco). Join agri-food businesses, investors and tech pioneers to exchange insights, be inspired, and identify future partners.

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