Posts Tagged ‘non-dilutive financing’

Corridor Medtech Startups Compete at the Third Annual SNG Hawk’s Nest

Sunnybrook Next Generation’s Hawk’s Nest is back for the third annual pitch competition and fundraiser, where four of the most promising local medtech startups will compete for a chance to win up to $50,000 in non-dilutive financing.

It starts with dozens of startups. Pitch applications from the most promising emerging medtech companies are screened and interviewed. Four medtech startups are selected and invited to pitch live to an expert panel of “Hawks.” At the end of the night, the winner is selected by an audience vote to receive 50% of the net proceeds from the event in non-dilutive funding, up to a maximum of $50,000. The remainder of the proceeds raised from the event are donated to the Sunnybrook Medventions Program. Taking the lead in addressing the domestic skills gap between discovery and commercialization of medical devices, the Medventions program nurtures local medtech expertise through streamlined entrepreneurial training to bring innovations from bench to bedside.

The success of Hawk’s Nest over the past two years has helped to accelerate the growth of SNG and generated publicity for Sunnybrook and all the finalists, including Tréxō Robotics, Retispec, Acorn Biolabs, VivaVax, Steadiwear, KA Imaging, MIMOSA Diagnostics, and Cyclica.

Hawk’s Nest has raised more than $200,000 with a total of over $60,000 awarded to winning companies, including 2017 winner, Tréxō Robotics, and 2018 winner, MIMOSA Diagnostics.

Left to right: SNG Hawk’s Nest Co-Chairs Jesse Buckstein & David Tile; 2018 Winner, MIMOSA Diagnostics CEO, Dr. Karen Cross; Event MC and BetaKit Editor-in-Chief Douglas Soltys; The “Hawks” – Jacki Jenuth (Partner at Lumira Capital), Armen Bakirtzian (Co-Founder & CEO at Intellijoint Surgical Inc.), Andrea Matheson (Founder and CEO at M5.0 Inc.), Andrew Duckman (Managing Director at Bloom Burton & Co.)

MIMOSA is a leading mobile health innovator that is building the next generation of AI driven and cloud based patient monitoring and assessment tools. Developed by Dr. Karen Cross, a surgeon-scientist at St. Michael’s Hospital, and Dr. General Leung, a magnetic resonance physicist, MIMOSA’s state of the art platform uses non-invasive multi-spectral mobile tissue analysis to assess and measure the physiology of tissue health and viability. By photographing the skin with near-infrared light, the device detects poor blood circulation in the feet, which can lead to foot ulcers in 15%-25% of individuals with diabetes.

For medtech startups such as MIMOSA, the impact of winning the Hawk’s Nest pitch competition extends far beyond the financial support. While the funding can help to pay employees or finance current projects, “It’s the connections with the people that you make that has a bigger impact,” Dr. Cross explained, “because that is going to lead you to the next round of funding, maybe a piece of business advice, or the next connection. The more people you can meet in the startup space, the more value you can add to your company long term.”

Dr. Cross delivered a powerful pitch at the 2018 Hawk’s Nest competition that was grounded in the personal story of MIMOSA. In a follow up interview, Dr. Cross noted, “The company was born because of a personal story, and telling that story is critical because it shows the passion behind what we are doing but also why we are doing it. The motivation is different for why we want to be successful as a company.”

Acknowledging the challenges of starting a company and bringing a medical device to the market, Dr. Cross emphasised personal motivation as a critical element of their success. “You have to be prepared that along the way there are going to be hurdles, there are going to be obstacles,” she said, “but I know with my passion and expertise that I can overcome those hurdles because it is worth it, as I am personally affected.”

Between herself and her co-founder, they have dedicated almost 15 years to the science behind this device, so it’s not only a personal story but it’s also their lives. From sacrificing hours in the lab and sleeping on the hospital floor to collect data from patients, to missing birthdays and Christmases. “I think that’s the piece that most people don’t realize when you get up to pitch something in the medical field,” Dr. Cross said. “They don’t see the inflatable mattress in the office that I was sleeping on for weeks just to make this thing work. You have to have that passion and also have shown previously that you are willing to do almost anything to work out the obstacles you might have, even before you start the company.”

Dr. Cross insists that in order to maintain a balance your work has to be your vocation, but outside of work you have to make your life “a quality life.” She also feels that the individuals they hired are really passionate about the company’s vision. Her main advice for startups is, “hire the right people and don’t be afraid to let people go. Surround yourself by good people, smarter people than you, and if it’s not working then you have to find someone else.”

While citing limited funding and long hospital procurement cycles as the two biggest obstacles facing medtech startups in Canada, Dr. Cross attributed access to talent, manufacturing facilities, and government incentives as the main reasons for growing MIMOSA in Canada.

MIMOSA recently achieved a major milestone in receiving FDA clearance and is currently working on its vision of reaching remote rural regions where individuals lack access to care.

The 2019 Hawk’s Nest will host pitch finalists Vena Medical, Epineuron Technologies, COSM Medical and NERv Technology Inc.

Based out of Waterloo, ON, Vena medical is providing physicians with the world’s smallest camera capable of going inside veins and arteries making interventional procedures faster, easier and safer. Headquartered in Bolton, ON, Epineuron is building the world’s first electroceutical device engineered to boosts the nerve’s natural biochemical process to accelerate regeneration following peripheral nerve injuries. COSM is a Toronto, ON, based startup developing custom gynecological prosthetics (gynothodics) to treat pelvic floor disorders using new ultrasound technology to model and 3D print individualized gynothodics. Kitchener-based NERv is developing an implantable biochip platform to detect post-operative complications. Their diagnostic smart catheter system is embedded with micro-sensors to significantly reduce the detection time for leakage related post-surgical complications.

Hawk’s Nest 2019 will be held on November 21st from 6-10pm EST at Toronto’s MaRS Discovery District and will be proceeded by an open bar reception.

CLICK HERE to get your ticket and join a high profile panel of “Hawks” and large audience of professionals in selecting which of these promising companies will take home the winning prize.

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5 Essential Tips for Maximizing Government Funding

By leveraging the right sources of government funding at the right stage of growth, you can significantly maximize your returns from government funding programs, while minimizing your investment in time.

Read our latest article in Small Business BC to find our how you can leverage government funding for your company or contact us today to arrange for a free, no obligation consultation to determine your eligibility for government funding programs.

NorthBridge is involved with a broad array of emerging industries throughout Canada. The Principals of NorthBridge are angel investors themselves with extensive experience in raising both debt and equity. This, coupled with NorthBridge’s expertise in various government funding programs, provides an unparalleled combination to assist Canadian technology companies with their growth trajectories.


Free December 5 Waterloo Workshop- Government Funding for Start-ups

When funding growth, start-ups should always look towards non-dilutive funding sources to preserve a larger share of control over the company.

One of the main advantages of situating your start-up in Canada is the plethora of federal and provincial funding programs accessible to start-ups that can total over $20 billion each year.

This workshop will address the SR&ED tax credits, non-repayable grants, and interest-free loans available to early-stage companies, as well as how to structure your company and operations to take advantage of multiple funding opportunities.

Topics covered will include:

  • Introduction to non-dilutive government funding
  • SR&ED Tax Credits
  • Government grants and loans
  • Overlap between funding programs
  • Structuring to take advantage of funding

This educational workshop will preceed GTAN|RAW, a monthly event held by the Golden Triangle Angel Network (GTAN), where entrepreneurs that are considering raising funds from Angels and Venture Capitalists have an opportunity to present their pitch to several members of GTAN, who will offer feedback and suggestions.

Event details:

Gerry Fung, CPA CMA, P.Eng.
VP of Business Services at NorthBridge Consultants

Date & Time:
Tuesday, December 5 2017 from
3:00 PM to 5.00 PM  (Just before GTAN|RAW)

Accelerator Centre
295 Hagey Blvd – 1st Floor, West Entrance
Waterloo, Ontario N2L 6R5
Canada (MAP LINK)

Register Online 

For more information please contact us at 1-519-623-2486  


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Free November 21 Vancouver Seminar – Legal, tax and funding considerations for start-ups

Join specialists in Law, Accounting, Government Funding and Foreign Affairs to learn about how to grow your company.

Legal, tax and funding considerations for start-ups and growing companies, doing business in Canada and internationally (or planning to do so).

Whether you are a start-up, a growing company, or doing business internationally (or planning to do so), join us for this information session with specialists from the following organizations:

  • Manning Elliott LLP: Accounting and tax considerations
  • LaBarge Weinstein LLP: Legal structure, CCPC, EBC, M&A
  • NorthBridge Consultants: Government Funding programs for R&D, Innovation & (international) Growth
  • Global Affairs Canada: Government programs for doing business internationally

Short presentations will be followed by extensive Q&A opportunities.

Event details:

Date & Time:
Tuesday, November 21st  2017
From 8 AM to 10 AM (PST)

The Profile
535 Thurlow Street
Vancouver, BC
Canada (MAP LINK)

Get Tickets Online 

For more information, please contact Jaap Siekman:
Phone: 604.562.5209

About the presenters:

Paul Leedham, CPA, CA, CGA

Paul is a partner at Manning Elliott LLP and provides accounting, assurance, and business advisory services with a primary focus on serving clients operating in the technology and investment fund industries. With over 17 years of experience, Paul works with technology companies and their financial and legal advisors to identify optimal strategies to monetize available incentive tax credits and other sources of funding for their organization.

Fernando Costa, CPA, CA

Fernando is a partner at Manning Elliott LLP and provides accounting, assurance, and business advisory services with a primary focus on assisting clients with the going public process and accessing capital markets. With over 25 years of experience, Fernando works with companies and their advisors to ensure they achieve their goals.

Kyle Lavender, BSc, JD

Kyle is a lawyer at LaBarge Weinstein LLP and practises corporate and securities law with a focus on corporate finance, mergers and acquisitions and corporate/commercial matters. He advises clients in connection with a variety of domestic and cross-border transactions including acquisitions, venture capital, growth equity and private equity financings, strategic alliances and initial public offerings. Kyle practices law in British Columbia and Ontario, and advises both domestic and international clients.

Jaap Siekman MSc, PEng, PMP

Jaap has 25+ years’ experience in Engineering, Product Development and Management in a variety of industries. As the Regional Manager for NorthBridge Consultants, he provides information on many Government Funding programs that support Innovation in Canada.

NorthBridge is a national consultancy firm, with offices in BC, ON and QC.

Laura Clarke, Trade Commissioner, Global Affairs Canada

Laura Clarke is a Trade Commissioner based out of Global Affairs Canada’s Vancouver Regional Office. For the past 5 years, she has been supporting BC companies with wireless, telecommunications, financial technology, health IT and cyber security solutions, connecting them with resources locally and abroad. She was part of the team that established our Canadian Technology Accelerator in London, UK, in 2014, and returned in 2016 to expand the program to sectors outside of ICT. Prior to moving to Vancouver, Laura was part of Canada’s negotiating team for the Comprehensive Economic and Trade Agreement (CETA) as a Senior Trade Policy Officer in the CETA Secretariat.

November 2 Toronto Seminar: The Government Can Be a Source of Non-Dilutive Financing for Your Startup

Don’t miss an opportunity to learn about how SR&ED tax credits, non-repayable grants and interest-free loans can give your early-stage company the edge it needs to finance growth.

If you need to extend your runway, consider doing so in a non-dilutive manner by taking advantage of government funding.

Join us for a free seminar on November 2, 2016 that will cover the following topics:

  • Scientific Research and Experimental Development (SR&ED) tax credits
  • Industrial Research Assistance Program (IRAP) funding
  • Ontario Centres of Excellence (OCE) funding
  • Federal Development Investing in Business Innovation (IBI) loans
  • Business Development Bank of Canada (BDC) support
  • Structuring your company to take advantage of Canadian funding opportunities

November 2, 2016
5:00 – 5:15 p.m. : Registration
5:15 – 6:30 p.m. : Seminar with Q&A
6:30 – 7:15 p.m. : Networking and Refreshments

Aird & Berlis LLP
Brookfield Place, 181 Bay Street, Suite 1800 – Toronto (map)

Booking/ Registration:
Please RSVP online

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