In 2020, Dalhousie University partnered with Toronto Metropolitan University to pilot Lab2Market.
Over the four-year pilot, Lab2Market delivered the program to participants from every province, reaching over 1,000 participants from 40 academic institutions across Canada, with more than 125 companies started by participants after completing the program.
Post-pilot, Lab2Market has been awarded more than $32 million over the next five years from the Government of Canada, an official announcement this week revealed.
The funds, to be administered by the Natural Sciences and Engineering Research Council of Canada, the Canadian Institutes of Health Research, and the Social Sciences and Humanities Research Council, will support the continued advancement of Lab2Market.
Lab2Market provides a national network for innovation, commercialization, and entrepreneurship skills training of students and researchers, providing them with tools to transform academic research into market opportunities and impact.
“Lab to Market grants bridge the gap between research ideas and their translation into economic and social innovation,” explains Professor Alejandro Adem, President of the Natural Sciences and Engineering Research Council of Canada.
Moving forward, the national network will function across four main hubs throughout Canada, including one based in B.C.—the L2M Pacific Hub.
“The four impressive networks will collectively offer tools and resources for researchers at all levels across the country to develop the skills they need to translate their great ideas into innovations for the benefit of Canadians,” Adem stated.
Simon Fraser University and the University of British Columbia will co-lead the L2M Pacific Hub.
“The venture building journey is complex and nuanced, and the Lab2Market Pacific Hub will enable academic institutions such as UBC and SFU to help bridge critical gaps researchers face in commercializing their inventions,” stated Dr. Sean Lumb, who serves as Associate Director of Innovation UBC. “What I find most inspiring is connecting with the hubs across the country in an effort to move the dial on Canada’s innovation outcomes.”
Building on previous Lab2Market collaborations, SFU and UBC have been fostering innovation and entrepreneurship across the region since 2023, by way of Pacifican and Mitacs funding for a national L2M pilot.
To date, the two institutions have supported over 100 participants across four cohorts.
“We are thrilled to continue delivering Lab2Market in partnership with UBC to support BC’s leading academic institutions, whose world-class research and innovation are at the forefront of driving positive change through transformative research into real-world solutions for Canadians,” remarked Dr. Lesley Esford, Executive Director of SFU VentureLabs.
Lab2Market is “poised to become Canada’s leading program for research commercialization and venture creation,” says Jeff Larsen, CEO of Lab2Market.
“We’re thrilled to have the Government of Canada’s support to engage more master’s and PhD students, as well as post-doctoral fellows, equipping them with the innovation and entrepreneurship skills needed during the critical early stages of transitioning academic research into commercialization and real-world impact,” he stated.
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