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Life Sciences Ontario publishes first substantial benchmarking data for sector’s performance

LSO Building Blocks

If you work in the life sciences in Ontario, your wages are approximately 26.5 per cent higher than those of the provincial average. On the other hand, if you’re a recent science graduate, you’re facing a challenging unemployment rate of 18.9 per cent.

These are only two of the data points described in the Life Sciences Ontario (LSO) Sector Report 2015, which is the first of its kind to provide well-defined data that clearly measure and report on the sector’s benchmarking and its economic contributions. It also gives policymakers evidence-based data to benchmark Ontario’s performance, such as approximately 83,000 highly skilled workers, against other North American jurisdictions.

MaRS Innovation is a member of the LSO, which has also published an infographic summarizing the 2015 sector report’s findings. This announcement was covered in BetaKit.

“In the past, making accurate comparisons was virtually impossible due to inconsistencies in both data and methodologies,” says Jason Field, LSO’s president and CEO. “As the voice for the life sciences community, it’s our role to research and publish a report that would substantially quantify and articulate the sector’s impact. We want to help Ontario’s life sciences sector reach its full economic and social potential, which will benefit all Ontarians. Producing a sector report to establish a baseline and help inform policy decisions is a key milestone in that process.”

Some of the report’s highlights include:

  • Ontario’s Life Sciences generates approximately $40 billion in annual revenues.
  • That revenue translates to approximately $38.5 billion in total contributions to Ontario’s Gross Domestic Product (GDP).
  • The life sciences employ approximately 83,000 highly-skilled workers at more than 5,600 establishments in Ontario.
  • Ontario’s sector ranks among the top clusters in North America (top ten by employment and top three by establishments).
  • The sector’s job growth outpaced the provincial average by nearly 10 per cent between 2001 and 2013, showing resilience during the 2008 economic downturn.
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MaRS Innovation Statement on 2014 Ontario Budget

TORONTO, ON (May 2, 2014) – MaRS Innovation congratulates the government’s deepened commitment to support the life sciences through research and innovation funding. In particular, the new $30 million Life Sciences Seed Venture Capital Fund will create a partnership between the Province of Ontario, the private sector and hospital foundations to finance Ontario-based life sciences companies.

Dr. Raphael Hofstein
Dr. Raphael Hofstein, president & CEO, MaRS Innovation.

“As co-designers of this venture capital fund and one of its many champions, MaRS Innovation welcomes this news,” says Dr. Raphael (Rafi) Hofstein, president and CEO. “We look forward to the strong collaborations it will foster with our colleagues in the Government of Ontario, private industry and the hospital community.”

“By their nature and the need for regulation, life sciences companies take considerable time to mature products and their underlying technologies. Expanding the funding available during this critical stage through this unique public-private partnership will give more Ontario start-ups emerging with disruptive technologies from the province’s academic institutions the financing they need to succeed and thrive,” says Hofstein.

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Slyce acquires YorkU computer vision technology for retail e-commerce

Deal led by MaRS Innovation and Innovation York to strengthen Slyce’s mobile image recognition application for retail e-commerce

York's technology will help Slyce in developing a mobile app that can be used to take pictures of a product in-store, enabling a user to purchase the item from the retailer immediately on his or her smartphone.
York’s technology will help Slyce in developing a mobile app that can be used to take pictures of a product in-store, enabling a user to purchase the item from the retailer immediately on his or her smartphone.

TORONTO, Feb. 4, 2014—Slyce today announced that it has acquired a computer vision technology developed at York University that quickly analyzes and aggregates similar images.

Through the acquisition, Slyce also hired former York PhD student, Dr. Ehsan Fazl-Ersi, to lead the integration of the intellectual property into Slyce’s Visual Search Platform as their new head of Research & Development.

Slyce is a premium provider of visual search technology for retailers, brands and publishers. Their platform allows customers to take a picture of real-world products with their smartphone and then find direct or close-matching products from the retailer’s catalogue, which they are able to purchase on the spot.

Slyce’s acquisition of York’s technology was covered in the Financial PostDx3 DigestBetaKitMobile Payments TodayGlobal University VenturingWorld News, Consumer Electronics Net and Retail Customer Experience. You can also read the York University announcement.

“Identifying and classifying an object captured within a scene is difficult due to the effects of background clutter, lighting variations and viewpoint changes on the object’s appearance,” says Fazl-Ersi, who designed and developed the technology with his PhD supervisor, Dr. John K. Tsotsos, a professor in the Lassonde School of Engineering’s Department of Electrical Engineering and Computer Science, and a member and former director of York’s Centre for Vision Research.

“This is a much bigger problem for mobile applications where the algorithm’s speed and efficiency are the difference between losing a consumer or making a sale,” says Fazl-Ersi. “Our technology will provide higher accuracy when quickly identifying retail items so that consumers can choose among similar items according to style, colour or pattern using a mobile device.”

YorkUTheme PNGThe researchers partnered with MaRS Innovation and Innovation York, York’s commercialization office, to file patent protection on the initial technology, develop a commercialization plan, secure grant funding, facilitate business development meetings and negotiate the resulting transaction.

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Dr. Hofstein’s Op-Ed for The Hill-Times, “Biotechnology research: A knowledge economy”

This op-ed on Canadian biotechnology and the knowledge economy appeared in The Hill-Times (subscription required), Canada’s politics and government newsweekly, September 9:

Obesity, cancer, heart disease and stroke, diabetes, Parkinson’s disease, Alzheimer’s, or the more general stresses of an aging population: no matter which area of concern holds our collective gaze from moment to moment, improving health outcomes and healthcare is the No. 1 challenge for the world’s economy.

Canada has the holistic approach and translational research necessary to address health care’s pervasive challenges, with particular strengths in biotechnology.

In 2007, the Government of Canada made advancing translational research a top priority through the Science and Technology Strategy, with emphasis on cancer, metabolic disorders and, most recently, neurology, as part of the government’s response to the burdensome realities of neurodegenerative disorders.

Scientific research has made significant progress in unraveling the underlying causes of disorders such as Parkinson’s disease and Alzheimer’s disease, but translating these findings into useful clinical treatments is the key to attaining meaningful accomplishments. Only clinical treatment successes will alleviate pressure on the economy.

Transformational research is the essential first step in this process, but even more importantly, it needs to be put in the hands of those who can translate it into realistic and useful outcomes for patients in particular and society in general.

Thanks to research analytics that capture publications, citations, and other significant metrics, we know Canadian researchers punch above their weight, particularly in medical research. Canada’s challenge is not the quality or quantity of our research ideas but our ability to commercialize those ideas and translate them into market-ready products.

Aware of and concerned by this gap between fundamental basic research and useful patient, social, and economic outcomes, the Canadian government established the Centres of Excellence for Commercialization and Research (CECR) program in 2007. Part of the internationally-recognized Networks of Centres of Excellence suite of programs, the CECR program is a unique collaboration between the three federal granting agencies (the Canadian Institutes of Health Research, Natural Sciences and Engineering Research Council, and Social Sciences and Humanities Research Council), along with Industry Canada, and Health Canada.

Designed to bridge the challenging gap between innovation and commercialization, the CECR program matches clusters of research expertise with the business community to share the knowledge and resources that bring innovations to market faster.

MaRS Innovation was among the first CECRs to be created in 2008, largely based on the founding belief of its members that Toronto is a fertile research land for precisely this kind of translational activity.

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Raphael Hofstein’s guest blog for the Ontario Ministry of Economic Development and Innovation

Raphael Hofstein's guest blog post for MEDI websiteAt the 2012 BIO International Convention in Boston this week, MaRS Innovation, The Québec Consortium for Drug Discovery (CQDM), the Ontario Brain Institute and the Ontario Centres of Excellence announced we are launching a new life sciences funding program within the Ontario-Québec Corridor.

The Ontario-Québec Life Sciences Corridor was itself announced at the 2011 BIO International Convention. Shortly thereafter, Max Felhmann, president and CEO of CQDM, and Raphael Hofstein, president and CEO of MaRS Innovation, decided to collaborate on a joint pilot project, which has produced Encycle Therapeutics.

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