The platform will capture and track growth metrics for Canadian companies and provide effective tool resource-strapped startups and scale-ups with an effective tool that will help them find programs and funding opportunities in less time than it takes now.
The platform is also intended to make it easier for accelerators to identify startups that meet their program parameters and to provide provincial and federal governments with requisite detailed metrics.
Bytown Consulting was engaged by the Lazaridis Institute to create the logic and analysis framework for their Scale-Up Program which guides what data are collected, which metrics are important, how the collected data are analysed into meaningful results, and how those results are tracked and reported over time.
Bardish Chagger, Leader of the Government in the House of Commons and Minister for Small Business and Tourism, and Member of Parliament for Waterloo, announced today that the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), through a non-repayable contribution, will provide funding of up to $2.5 million to the Lazaridis Institute for the national data scale-up platform.
“In addition to creating over 150 jobs in our communities, the platform will help provide entrepreneurs across Canada with the tools they need to reach their full potential, become investment-ready, and compete on the global stage,” said Chagger.
“For the first time, it will be possible to obtain a comprehensive picture of the evolution of Canadian companies from early to late stages, giving Canada a world-leading competitive advantage in innovation, and invaluable insights into why companies fail or succeed,” said Kim Morouney, executive director of the Lazaridis Institute and associate dean of the Lazaridis School of Business & Economics. “By standardizing the collection and tracking of data across every incubator and accelerator, the platform will provide normalized data over the long term.”
“Our solution has already been adopted by top funders wanting insight into their portfolio companies,” said Raymond Luk, founder, and CEO of Hockeystick. “With this initiative, the Lazaridis Institute has enabled every innovation organization to do the same. This will have far-reaching benefits to enable innovation and growth in Canada.”
The Lazaridis Institute is focused on helping Canadian technology companies grow through programs like its Scale-Up Program, through front-line training like its Tech Sales Apprenticeship program, and through a global network of business and technology experts who provide mentorship and networking opportunities.
Hockeystick’s financial data network connects a company’s financial data directly to the venture capital, private equity, and innovation ecosystems. The network is used by fund managers and analysts use to track, compare and predict company performance. Top Canadian funders and over 12,000 companies already use Hockeystick’s software.
The platform will capture comprehensive, standardized data that will facilitate the selection and reporting processes for a wide variety of programs. It will provide a direct feedback loop to its users over a secure network.
Users will have the option to share private data in order to gain visibility with potential sources of support and investment with no added cost in time or effort.
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