15 May BC Tech and Genome BC Nurture Life Sciences Entrepreneurs
VANCOUVER, 22 May, 2018 – Today, HyperGrowth:Life celebrates the graduation of its second cohort — a group that promises to change the way we live, work and play with breakthroughs at the intersection of technology and the life sciences. Recognizing the tremendous potential that exists within the life sciences, in 2016 the BC Tech Association (BC Tech) partnered with Genome BC to create HyperGrowth:Life, a program designed to address the gap between research and commercialization in the field.
Life sciences is the study of living organisms. Although the field is critically important to humankind, few companies manage to scale their operations due to a lack of access to mentorship, capital and market know-how. Hypergrowth:Life fills that gap by providing life sciences entrepreneurs what they need to commercialize and grow their companies.
“Our investment in this program, and partnership with BC Tech, is pivotal in advancing entrepreneurship, and simultaneously supporting growth for BC-based companies,” says Dr. Tony Brooks, Chief Financial Officer and Vice President, Entrepreneurship and Commercialization. “Genome BC is supporting these young and exciting companies to help drive BC’s knowledge-based economy.”
The companies led by today’s program graduates are addressing some of the biggest and most pressing challenges facing modern society in the areas of patient care, precision health, worker safety and sustainability:
- Careteam helps patients, families and health care providers act effectively as a team when it matters most;
- Creatus Biosciences designs and develops yeast strains for the production of bio-based compounds and enabling technologies related to the utilization of second generation biomass feedstocks;
- dnaPower provides personalized testing and support using sequencing technology to create a world where everyone knows their unique genetic makeup;
- LifeBooster uses the latest wearable technologies to help companies prevent the single largest and most costly injury type: musculoskeletal disorders; and
- Tickit Health helps optimize communication between people and their healthcare providers.
HyperGrowth:Life is a sector-specific offshoot of BC Tech’s flagship accelerator program, HyperGrowth, widely considered to be the province’s best accelerator program. Companies from previous cohorts have gone on to grow 300% (based on revenue, team size and number of users) and double their team size by the end of program. Collectively, HyperGrowth and HyperGrowth:Life alumni have raised over $35M of follow-on funding.
During the program’s six-month acceleration period, this year’s cohort tackled some of their biggest challenges and were able to leapfrog their companies into their next stage of growth. Laser-focused on preventing musculoskeletal injuries, LifeBooster CEO, Bryan Statham, has secured two Fortune 100 clients, including a leading airline company. Careteam, in partnership with Centre for Aging and Brain Health at Baycrest Health Sciences, secured $480,000 in funding to implement their software into dementia care and senior wellness programs at Mackenzie Health and Champlain Dementia Network.
HyperGrowth:Life guides entrepreneurs to build and run solid growth engines to scale their companies through mentorship, fundraising help, and operational excellence. “BC Tech’s vision is of technology as a positive force for good in society. Our province needs more medium sized anchor tech companies and programming like this directly contributes to growing more “made in BC’ success stories” said Jill Tipping, President and CEO, the BC Tech Association. “HyperGrowth is the most impactful growth accelerator for BC-based tech companies that are looking to grow to $5-10M Annual Recurring Revenue and beyond and the spirit of collaboration between the tech and life science sectors sets the HyperGrowth:Life program apart. On behalf of this cohort we want to extend a big thanks to the team at Genome BC for ensuring collaborative programming like this exists and for continuing to provide unique opportunities for tech companies in BC.”
The challenge facing a majority of life sciences companies is not innovation, but rather strategies for going to market and scaling up. The collaborative partnership between BC Tech and Genome BC combines two types of expertise that the entrepreneurs need. Life sciences entrepreneurs are invited to join the next cohort. Application will be open in Summer 2018.
HyperGrowth:Life is a six-month revenue and growth accelerator program that guides life sciences entrepreneurs to build BC’s next generation of anchor tech companies. The program is specifically designed for Health Tech, Clean Tech, Life Sciences, and Agritech entrepreneurs to build and run solid growth engines to scale their companies.
HyperGrowth Life is joint-initiative between the BC Tech Association and Genome BC to launch and support commercial-ready life sciences companies in the province.
About Genome BC
Genome British Columbia leads genomics innovation on Canada’s West Coast and facilitates the integration of genomics into society. A recognized catalyst for government and industry, Genome BC invests in research, entrepreneurship and commercialization in life sciences to address challenges in key sectors such as health, forestry, fisheries, aquaculture, agri-food, energy, mining and environment. Genome BC partners with many national and international public and private funding organizations to drive BC’s bioeconomy. In addition to research, entrepreneurship and commercialization programs, Genome BC is committed to fostering an understanding and appreciation of the life sciences among teachers, students and the general public.
About BC Tech Association
Making BC the best place to grow a tech company has been the mission of the BC Tech Association since 1993. While our members focus on growing their businesses, BC Tech has been providing opportunities for our industry members to collaborate, learn, and grow together. We are dedicated to connecting companies, developing talent, and advocating so our industry and our province thrive. To learn more visit www.wearebctech.com.
BC Tech Association