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REF NO.: 11
SUBJECT: Six companies graduate from Genesis’ Enterprise program
DATE: Nov. 4
Six companies graduated from Enterprise, Genesis’ flagship incubator program, this fall.
The three-year program has been an integral part of Memorial University’s startup incubator’s programming from early on.
Enterprise is designed to help technology startups grow their businesses and get to the product-market fit stage, or when their product satisfies a strong market demand.
Startups accepted to the program have access to a wide range of resources and programs, including office space, technical resources, mentorship, funding and more.
Cyno, MetricsFlow, PowerHV, Skizee, Seaformatics and SucSeed are moving on from the program as valued alumni and continued members of the Genesis community.
“The Genesis experience has had a tremendous impact on Seaformatics and our fellow Enterprise companies graduating today,” said Andrew Cook, founder and CEO, Seaformatics, a spin-out company from a research project at Memorial University.
“From validating our idea with the Evolution program, to accessing a wide range of supports with Enterprise, to working in the Co-working space – it’s been an amazing journey. We’re looking forward to keeping in touch with our Genesis network and growing our business even further in the next chapter.”
‘Hard work, dedication and ingenuity’
The fall 2020 graduating class represents one of Enterprise’s most diverse yet.
Two companies, SucSeed and Skizee were founded by women. Two others, PowerHV and MetricsFlow, were founded by immigrant entrepreneurs, both of whom successfully attained their permanent residency status through Startup Visa, a program that Genesis operates for the Government of Canada in Newfoundland and Labrador.
Dr. Vianne Timmons, president and vice-chancellor of Memorial University, says the university is proud to see the latest round of companies continue on their business journeys.
“During my tour of Genesis, I was fortunate to meet a few of the graduating companies and was inspired by their hard work, dedication and ingenuity,” Dr. Timmons said. “On behalf of the Memorial community, we offer our warmest congratulations and wish them the best of luck!”
Federal and provincial investment
Owned by Memorial, Genesis is open to entrepreneurs both within and outside the Memorial community. It is also generously supported by various government departments at the provincial and federal levels.
Andrew Parsons, minister, Industry, Energy and Technology, sent his congratulations to the graduating companies.
“Startup businesses are key to economic development and diversification in our province, particularly in high growth industries such as the technology sector,” Minister Parsons said. “We wish you every success as you further develop and expand your businesses.”
Gerry Byrne, minister, Immigration, Skills and Labour, also sent his good wishes to the Enterprise graduates.
“Your success is a testament to the incredible diversity and potential of the province’s thriving tech sector,” Minister Byrne said. “It is especially encouraging to see so many women and newcomer entrepreneurs, whose efforts will help create new opportunities, jobs and economic growth for all Newfoundlanders and Labradorians.”
The most recent graduating Enterprise companies are reflective of the changes that have been taking place at Genesis over the past couple of years, says Michelle Simms, president and CEO, Genesis.
“Companies founded by women and immigrant entrepreneurs are becoming more common; this is reflected in a tripling of the number of companies in our incubation program,” Ms. Simms said. “We are proud of these companies and all that they have accomplished to date and we are looking forward to their continued growth and success.”
About the graduates
Cyno specializes in early detection of employee health issues and provides companies with unique virtual health solutions. Their services include health evaluations and assessments, webinars, personal training, virtual clinics and employee engagement coaching.
MetricsFlow developed an online tool that uses machine learning in relation to tracking user engagement. The tool provides companies with valuable insight that is cost efficient and easy to use.
PowerHV is developing transformer bushings for the energy sector that are clean, smart and energy efficient. This generation of bushings will be able to reduce bushing losses by 80 per cent, while keeping costs at a minimum (i.e. 3.5 years in payback). In addition, PowerHV will develop an integrated tracking system to provide up-to-date maintenance to ensure safety and maintain operational efficiency.
Positioned as a hybrid vehicle between snowmobiles and skis, the Skizee is looking at the winter recreation market as its first target. Skizee is also working on tapping into the military market, as there is a need for better mobility options in Arctic conditions.
Seaformatics develops outdoors gadgets that use natural sources to generate energy. The company’s first product, the WaterLily, is a portable river turbine loved by paddlers, campers and off-gridders around the world. It charges phones, speakers, cameras, battery banks and even 12 volt devices by generating power from rivers and streams.
SucSeed empowers individuals to take control of their food security through the use of affordable hydroponic grow-tanks. Each grow tank is built by the hands of at-risk and homeless youth from St. John's, N.L. With increasing partnerships and growth, SucSeed is branching outward: the company is educating youth, providing work experience to at-risk teens and creating horticultural therapy programs for seniors. A portion of all profits go toward eliminating food insecurity in Canada's North.
Genesis, established in 1997, exists to help build amazing companies. Genesis clients and graduates have raised more than $620 million in private investment, generated more than $200 million in annual revenues and created more than 2,000 jobs. Genesis alumni are among some of the top companies in Canada, including Verafin, Rutter, Mysa, Virtual Marine and Genoa Design. To learn more about Genesis and its innovative programming, visit the website.
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