Evolving the Innovation Ecosystem

Edmonton Innovation Ecosystem Community MeetingApril 11, 2019

Welcome

Cheryll WatsonInnovate EdmontonEdmonton Economic Development Corporation

Edmonton Innovation Ecosystem Community (EIEC)

Collaborate to Evolve and Improve

the Edmonton Innovation Ecosystem

AB Artificial Intelligence

Steering Committee

Work Nicer

Team Alberta Innovation Coalition (TAIC)

Alberta Innovates

Amii

Health City

RainforestAB - YEG

Edmonton Advisory Council on Startups(EACOS)

Alberta Enterprise Corp

Talent Advisory Council on

Technology (TACT)

ERINNAIT, NABI, TEC Edmonton

(2016 – 2019)

Who is the Edmonton Innovation Ecosystem Community

EVERYONE… that wants to take an active role in creating

a thriving and effective Edmonton innovation

ecosystem

Post-Secondary Institutions

Concordia, McEwan, NAIT, UAlberta, Kings, Norquest

Pitchfest

Technology AlbertaAlberta

Women Entrepreneurs

Business Link

Chamber of Commerce

City of Edmonton

Futurepeneur

Government of Alberta

Valhalla Angels

VMS

Tech Entrepreneurs

& Founders

Cheerleaders & Supporters

Established Business Leaders

Sprout Fund

A100

Our Collective Work

o Platform - https://edmontoninnovationecosystem.com/

o Ethos - EIEC Manifesto, Rainforest Social Contract

o Methodology – Startup Communities, Startup Commons

o Measurement – Startup Genome

o Data Sources – Start Alberta, Startup Blink

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Startup Company Promotion

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Ecosystem Promotion

Thank You!

Ryan Seeras

For your work on the Startup Blink data entry of out tech startups.

3:00 – 3:05 pm Introductions – Cheryll Watson, EEDC

3:05 – 3:30 pm YEG Innovation Compass – Chris Henderson, ZGM Update/Questions

3:30 – 3:35 pm EACOS Update – Sean Feehan, Co-Chair EACOS

3:35 – 4:00 pm TEC Taskforce – Jason Pincock, Dynalife CEO

4:20 – 4:30 pm Startup Edmonton Spring Council Budget – Cheryll Watson, EEDC

4:30 – 4:45 pm AnnouncementsRogers Suite Ticket Draw

5:00 – 5:30 pm Networking

Agenda3:00 – 5:30 pm

YEG Innovation Compass

Chris Henderson, ZGM Modern Marketing Partners

The Process So Far:• Approximately 230 participants• 4 group sessions (during pilot engagements)• 3 presentations• 8 roundtable discussions• 13 interviews

Next:• Continued interviews and roundtables over

the next few weeks

• Focus on ensuring full compliment of entrepreneurs

• Driving to readiness for prioritization exercise

Initial Recommendations and Directions Arising from the

Innovation Compass Process

Mandates, metrics and governance models of service providers need to be adjusted now and reviewed regularly to ensure they align with the needs of the ecosystem.

Focus on the development of an environment that enables lots of companies to launch easily, enables fast failure, and encourages return participation.

Facilitate more direct mentoring by entrepreneurs who have experience founding and building tech companies in recent history.

Make it extremely easy for innovators to get their IP out of post-secondary institutions.

Formalize, fund and strengthen a mandate for a unified tech industry association that is entrepreneur-led.

Invest in the establishment of a tech accelerator with a model proven in other jurisdictions.

Shift service focus emphasis to helping entrepreneurs identify and secure local, national and international customers for their products.

Focus supports within the ecosystem around identified pillars of strength, rather than diluting focus in dozens of areas.

Find a better balance between the ability to fund entrepreneurs and the conditions and bureaucracy that surround that funding.

Facilitate opportunities for entrepreneurs at every stage to build hard skills in practical areas (e.g., coding) and business skills (e.g., customer development).

Create incentives and facilitate opportunities for private investors from all sectors within the market to take greater risks and invest in local start-ups.

Provide funding for grassroots, entrepreneur-led initiatives that encourage connectedness amongst entrepreneurs in the ecosystem.

Distill and effectively communicate the entirety of services, programs and supports available to entrepreneurs within the ecosystem in a single place.

Next Steps:• Revisions to these directions based on

next set of interviews

• Process will conclude with on-line community prioritization

• Stay tuned to email and the website

Sean FeehanCo-Chair, Edmonton Advisory Council on Startups (EACOS)

Jason PincockChair, TEC Taskforce

Cheryll Watson2018 Spring Supplemental Investment Request

Municipal Investment RequestContext

As part of the fall 2018 budget process, EEDC submitted two requests for increases in core funding to deliver against the following Innovate Edmonton initiatives:

• Innovation Hub - Relocation and expansion of Startup Edmonton programming & co-working space

• Startup Program Expansion – Industry specialization of core Pre-flight programming and campus expansion

Related Updates

October 23rd, 2018 - EEDC was asked by City Council to pause work on the Innovation Hub concept until further alternative models could be explored and robust stakeholder engagement could be completed.

November 28th, 2018 – As part of the City four year budget presentation EEDC withdrew the service package funding request for the Innovation Hub.

On April 16, 2019 - EEDC intends to confirm the request for an increase in funding to support Startup Edmonton program expansion.

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Mandate: To help more tech-enabled companies start and grow in Edmonton.

• Student Talent – Retention & Recruitment

• Programs & Mentorship – Early Stage & Foundational

• Community – Support & Engagement

• Workspace – Programs & Community

Funding Focus$572,000/year (ongoing with moderate op cost increases/year)

The request has been reduced to serve only short term needs and has been validated by early feedback from the YEG Innovation Compass ZGM entrepreneur and community engagement on the innovation ecosystem

Investment Outcomes• Improve student talent retention by increasing the number of

student interactions 5000 –> 10,000 year

• Increase the # of tech-enabled startup companies being created 52 ->100 year

Expand Student Outreach

• Since 2013 Startup Edmonton has been the only organization focused on tech-enabled student engagement

• Talent retention & connection to tech startups

• 2018/2019 school term - 4000 interactions & 800 student members

• 2018 pilot partnership with eHub to provide on campus programming

• Increase our campus presence and events

Industry Themed Preflight Programming

• Foundational entrepreneur training is critical to company success

• Preflight: Lean canvas methodology - idea validation, minimum viable product, story telling

• Creation and implementation of industry-focused curriculum, programs and mentorship such as cannabis and AI

Space as a Program Enabler

• Mercer space requires renovation to allow for increased program delivery & capacity

• Offer free space as part of specific program cohorts

• Reduce coworking space revenue expectations

Announcements

3 minute updates

We’re Hiring

• Strategic Program Manager

• Community Coordinator

Rogers Ticket Draw

Tickets to join us in the box for the

Twenty One Pilots Concert

Wednesday, May 15th 7:00 p.m.

Next Meeting – June - TBD

Feedback is a gift. Please be generous and leave constructive suggestions on how we can continue to make these meetings better using the cards on your table.

Thank you.