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The University of Toronto’s entrepreneurship ecosystem, as well as the talent and networks in the Toronto region, plays a key role in generating and nurturing startup companies&�Բ�����;– but challenges remain when it comes to scaling those startups into global players. 

That was among the takeaways from a recent policy forum hosted by U of T’s Government Relations Office and Munk School of Global Affairs & Public Policy. 

The forum, part of the New Frontiers for Policymakers series, brought together decision-makers and ��������οresearchers to discuss how ��������οstartups’ experience can help inform programs that support companies to grow and scale.

“��������οis inarguably a startup creation engine in Ontario,” said Leah Cowen, U of T’s vice-president, research and innovation, and strategic initiatives. “Over the past decade, ��������οresearchers, clinicians and students have launched over 650 startups and created 10,000 jobs.

“Our researchers are commercializing research at the frontiers of knowledge – from AI and medical devices to legal services and materials discovery. These companies are improving lives, creating jobs and supporting Ontario’s economic growth.” 

Yet, while the ��������οecosystem has created some of Ontario’s fastest-growing companies, as ranked on lists such as MaRS Momentum and , Canada continues to face challenges when it comes to scaling up companies into global leaders.

Shiri Breznitz, a professor and director of research a the Munk School of Global Affairs & Public Policy in the Faculty of Arts & Science, moderated the conversation between startup and innovation leaders.  

An expert in entrepreneurship, innovation and technology, Breznitz said that despite Ontario’s talent, research and startup generation prowess, investments in research and development, and competitiveness in export markets remain barriers to company growth. 

“Achieving scale-up requires a diverse policy approach,” she said. 

The panellists – which included ��������οalumni Aman Thind, who co-founded medical device-maker , and Deepak Ramachandran, who co-founded AI-powered invoice-financing platform &�Բ�����;– discussed the supports that startups need in order to grow while identifying several barriers to scaling up businesses in Ontario.

They include:

• Procurement: For medical device companies, it is often difficult to get their product into the health-care system due to regulatory barriers and risk-aversion. By becoming a first or early adopter of homegrown technologies, government and the broader public sector can help local companies grow and stay in Ontario. For example, U of T’s  allows ��������οentities to become the first buyer of products or services developed by new ��������οstartups at a discounted price.
• Access to capital: It can be challenging for startups to secure sufficient capital in Ontario, prompting many founders to pursue funding opportunities in the United States. Some of these firms eventually relocate south of the border. For its part, ��������οprovides founders with exposure to funding and top tier investors through events like “Demo Days,” the  during  and the investor-focused  newsletter. 
• Access to resources and networks: Navigating government programs and funding opportunities is challenging for startups. Organizations such as MaRS play a valuable role by helping founders identify relevant supports and a path to reach their next milestone. U of T’s  provides founders across U of T’s three campuses with a variety of supports, including go-to-market strategies, mentorship, networking events and incubation spaces. 
• Access to a diverse set of skills: Talent is key to ensuring technology firms remain competitive. And for startups looking to scale, hiring individuals who previously scaled a company and possess strong sales and marketing skills is important. To this end, the university’s  helps startups in the ��������οcommunity connect with the talent they need to grow.  

“In recent years, we’ve seen a growing number of students who want to pursue entrepreneurship as a career path,” said Derek Newton, assistant vice-president, innovation, partnerships and entrepreneurship.

��������οoffers 200 entrepreneurship-related courses, as well as a free , noted Newton, who heads the university’s Innovations & Partnerships Office (IPO), a leader in patenting that files 75 priority patents applications and executing over 40 licensing and option agreements every year.

With support from partners, the university is also investing in more spaces for future entrepreneurs, including the ,  and &�Բ�����;– U of T’s first wet lab incubator.  

“��������οis committed to seeing these companies survive and thrive. Understanding what drives successful startup growth has huge implications for Ontario and Canada’s economy,” said Cowen. “This is why we are working to learn from our entrepreneurs and their experiences.”