The Rockies’ Report
Issue 9: March 2025
Welcome to The Rockies’ Report, a newsletter that showcases the CDL-Rockies’ team, its work and its impact.
MENTOR SPOTLIGHT
The value of mentorship
Over the last few years, venturecapitalists and private investors have been shiftingto a more risk-averse approachwhenit comes to investing in startups.
This approach is understandable, especiallyconsidering current economic andpoliticalenvironments. However, itpresents a major hurdle for founders looking tocommercializetheirinnovations. Foundersnow need more than just a greatideato stand out—they need theright guidance to navigateuncertainty andbuildsustainable businesses.
Mentorshipisa cornerstoneof CDL’s programming. Whatmakes ourmentorship unique is that it comes from a collaborative network of seasonedentrepreneurs, investors, and industryexperts who bringvaried insights to thetable.
The two perspectives shared here, by CDL-Rockies mentors DougBeach, Chair of the Board, Eavor Technologies; andAnup Srivastava, Canada Research Chair in Accounting, Decision-Making andCapitalMarkets, illustrate this richness of thought. Their perspectives highlight the critical role mentorship plays in helping foundersnavigate today’s investmentlandscape.To dive deeperinto theirthoughts on mentorship’s impact oncommercialization andgrowth, read the full piece on LinkedIn.
Every so often as a mentor, it is useful – even imperative – to tell people what to think. Most of the time though, the gig is to help with how to think. It’s very much about mental models. Here are three about capital:
The new normal is probably more like the old normal
There are only two legal ways to make money deploying equity capital
Cost of capital and judgment are positively correlated
Capital raising is more difficult and more expensive, so when we can coach ventures into making returns of and on capital clearer, the results of fundraising activities improve. how
today’s challenging startup environment, mentorship has never been more essential, due in large art to the following:
The end of easy money and the funding crunch
Navigating market competition and economic uncertainty and mastering regulatory and compliance complexities
Overcoming talent acquisition and retention challenges
s startups continue to face an increasingly competitive and uncertain landscape, mentorship stands out as a critical resource for those looking to build a successful and sustainable business.
Do you agree with Doug and Anup? Share your thoughts and join the conversation on LinkedIn!
Doug Beach
Anup Srivastava
Issue 9: March 2025
MENTOR SPOTLIGHT The Rockies’ Report
Mentor publications
CDL-Rockies’scientists,economistsandinvestigatorsareshaping thetech and innovationecosystem through theirwork. Herearesome recent publications fromthesementors:
Guillaume Lhermie
Enhancing agricultural research and development for sustainable growth in Canada
A case for reinforcing agri-food research and development spending: Where does Canada stand internationally?
Impact: “These reports provide a detailed analysis of R&D funding trends, identifies key research priorities and makes recommendations to enhance Canada’s agricultural R&D ecosystem for greater sustainability, productivity and competitiveness.”
Leo Fang
Computational diagnostics for flame acceleration and transition to detonation in a hydrogen/air mixture
Impact: “We are developing novel diagnostic tools for detecting hydrogen detonation which is critical for the safe use of hydrogen in propulsion systems.”
ry Sanders
The success and failure of quantum computing start-ups
Anup Srivastava
How do amounts, composition, and properties of accruals differ for physical versus knowledge firms?
Financing the Common Good: The Case for the GLP-1 Class of Drugs
If you have a publication you’d like us to share, please let us know here.
Mentors in the news
AgriFood andfood security:Can Canadafeedthe world?
Powering Canada:Electricity and data centres
This metaphorical cat is both dead and alive– and it will helpquantum engineers findcomputing errors)
The51holds$51-million final close for FoodandAgTech Fundamid challenging venture market
Ourstomachs are wherewe’ll feel thistradewarmost painfully Whereisthe digital townsquare now?
Interested in learning more about CDL-Rockies? Follow us on LinkedIn.
The Rockies’ Report
Issue 9: March 2025
ALUMNI COMPANY DEALFLOW
Openly fundraising
If youareinterested in connecting with any of thecompaniesthat arecurrentlyraising, pleasereach outtothepoint of contact listed below.
Pre-seed Seed Seed extension Series A
Aqua-Cell Energy
Keith Cleland
Pividl
Craig Jackson
Swift Charge (Formerly Electronic Grid Systems)
Sheldon Zhang
2S Water
Anthea Sargeaunt
Alto
Hadi Taherian
Lisi Global
Jeffrey McComb
Maia Farms
Gavin Schneider Nat4Bio
Joaquin Fisch
Synergia Biotech
Angela Kouris
VulcanX Energy
Omar Herrera
Xander
Alex Westner
Alumni in the news
Moment Energy secures
Amphoraxe
Faith Birol
CleanO2
Jaeson Cardiff
Pegasus Imagery
Cole Rosentreter
PulseMedica
Nir Katchinskiy RevivBio
Aileen Mastouri ROYBI
Elnaz Sarraf Susterre
Michael Cully
Carbonova
Mina Zarabian
DiviGas
Andre Lorenceau
Fermelanta
Shogo Fukizaki
Plantae Technologies
Trevor Kloeck
SenseNet
Hamed Noori
XN Health
Elizabeth Jaworski
Other
Interface Fluidics
Stuart Kinnear
$28.1 million CAD from US Department of Energy to establish gigafactory in Texas
UCalgary startup transforms oilsands waste materials into high-value carbon fibre
Expanding the toolbox for agricultural pest control
Canada's most investible cleantech ventures: Meet the 2024 Foresight 50
TIME100 Climate 2024: Megan O'Connor
Carbon Upcycling, Minnesota DOT and National Road Research Alliance joint study shows high-performance low-carbon concrete is 30% stronger than existing roadways
Dentists helping dentists: Clinician-founded OraQ secures $2.6 million to help assess patient risk with AI
Fluid Biomed Inc. raises $27 million USD in oversubscribed Series A financing to advance world’s first bioabsorbable polymer-based stent to treat brain aneurysms
AI’s thirst for clean energy is raising hopes in the long-forgotten geothermal sector
Hyperlume wants to make chip-to-chip communication faster and more efficient
Clean tech helping Calgary construction industry
Know a venture that could benefit from the CDLRockies program? Send us a referral.
The Rockies’ Report
Issue 9: March 2025
started our company, but CDL nding focus. Now, I can see a istic about the future.
– Hendrik Viljoen, Co-Founder & CSO, CellGro Technologies (2023/24 AgriFood graduate)
383
Paricipating ventures & alumni
Economic Impact
*As of January 2025
2,200+
Jobs created
$2.4B
Capital raised
$7.2B
Equity Value Creation
ABOUT CDL-ROCKIES
300+
Participating MBA & EMBA students
CDL-Rockies helps visionary innovators reduce the barriers that prevent their innovations from having a massive impact.
Extraordinary, accomplished mentors and visionary innovators are selected and intentionally curated into teams, then situated into the program (Nurture, CDL, ScaleUp) that best suits their needs.
Their innovations are stress-tested within each program’s framework, preparing founders to successfully commercialize.
Have questions or feedback about the Rockies Report? Get in touch with us here.
The Rockies’ Report
Issue 9: March 2025
Initiatives
Applications for the CDLCourse are now open
Events
March 19: TC EnergyIngenuitySpeaker Series: Fangjin Yang
April 9: BMO Professorshipin Sustainable and Transition Finance - How to scaleup cleantech firms
April 24: Founders, playyourown game (Presented by Brice Scheschuk)
Resources
FCC Knowledge: Whatdo tariffs mean for the Canadian dollar
AROUND THE CORNER THANK YOU TO OUR PARTNERS
Thank you to CDL-Rockies’ partners, who are essential members of our team. Partners provide financial contributions, which are crucial to ensuring the sustainability of our programming, along with valuable insights and support for founders and their teams.
CDL-Rockies founding partners
Mike Broadfoot
Chen Fong (Founding Fellow)
“Kanovsky Family” asrepresentedby Michael Kanovsky
Sharon Siebens
Alison Sunstrum
CDL-Rockies corporate partners
CDL-Rockies community partners
ockies post-secondary partners
CDL-Rockies government partners
Supported by: Prairies Economic Development Canada
