National Post (National Edition)
Moving Solution-Driven Inventions Forward Through Innovation@UCalgary
There’s no shortage of great ideas, but many never see the light of day because of a lack of expertise and a clear path forward. The need for better outcomes was recognized by the establishment of Innovation@ UCalgary, an ecosystem that supports solution-driven innovations by bridging their transition from discovery to introduction into the marketplace. It’s a program that brings together thought leaders, University of Calgary faculty members, government, and industry — all with the same goal, namely, to foster partnerships and map out a road to success for start-ups.
The university’s Integrated Management Platform to Accelerate Clinical Trials (IMPACT) Clinical Trials Accelerator plays a key role. It focuses on new ventures in the life sciences or biomedical industries that seek to commercialize health-related inventions, conduct clinical trials, and secure regulatory approval. Dr. Derek Exner, a Calgary cardiologist with 25 years of experience with clinical trials, created IMPACT through a partnership with Dr. Chen Fong, a pioneer in the medical technology space in Canada and a founder of Creative Destruction Lab. They were able to secure grant funding and support through the University of Calgary.
Partnerships push innovation forward
“IMPACT was created to engage with university faculty and external entrepreneurs,” says Dr. Exner, “to create products to improve health. We provide the expertise and resources to guide them through the complex and challenging aspects of getting their product to market. We provide a one-stop shop that starts with linking companies with expert clinical faculty to provide guidance through all the various steps required to get their product to market.”
The IMPACT program is unique not just within Canada but the world, Dr. Exner notes. “There’s nothing quite like it in terms of what we’ve established. There are certainly pieces of it elsewhere, but the overall program is a game -changer for small start-ups. Within the University of Calgary framework, it really dovetails well within what we want to do in terms of some of our top priorities: creating innovation and fostering entrepreneurship at the university.”
The one-stop shop approach was badly needed to streamline a complex process that has caused some start-up companies to abandon projects before they’re brought to fruition. “You need an idea, and clearly, you need a vision and a lot of hard work to get your product to market,” says Dr. Exner. “But if you don’t have access to the tools or contacts you need and don’t have an ability to move a concept forward efficiently, then you end up potentially bankrupting a company before it ever has a product.”
Game-changing benefits of a supportive ecosystem
Some companies give up in Canada and decide to go to the U.S. to move ahead with their innovations. “There’s a lot of money spent every year developing different things, and it’s a real shame when companies created in Canada go elsewhere to do their research,” says Dr.Exner. “The potential economic benefits are lost.”
Fortunately, that didn’t happen with Zennea Technologies, a B.C. company started by Rachel Chase and Oliver Luo that’s creating a clinically-proven medical device for chronic snoring and mild obstructive sleep apnea. “Their company is full of very bright, hard-working entrepreneurs who have had challenges accessing physicians to do the research needed,” says Dr. Exner. “Through our processes, we were able to get them to a stage where they were able to start their human trials in Calgary rather than the U.S. Being able to work with them is a huge win.”
Access to faculty members at the University of Calgary, its students, and partners like Creative Destruction Lab, which has a great deal of knowledge around the business side of developing new technologies, has allowed IMPACT to become a true game-changer on many fronts. Two examples are IMPACT’s ability to be a more cost-effective option for companies and the speed at which innovations can be introduced. “It can take two and a half to three years of working with Health Canada or the U.S. Food and Drug Administration to get approval of the results of your research,” Dr. Exner notes. “Now, we can shorten that time to 12 months.”
That’s concrete proof that IMPACT is working and making a difference.
We provide a one-stop shop that starts with linking companies with expert clinical faculty to provide guidance through all the various steps required to get their product to market.