Charitable contributions from BCIC, UBC alumni and others help UBC startups bridge their journey toward additional outside investment
VANCOUVER, BC (November 20, 2014) – entrepreneurship@UBC announced today that its seed fund has made nine investments, each ranging between $25,000 and $200,000, in several different venture teams, who have subsequently raised an additional $11 million of outside funding. The e@UBC Seed Fund investments include: Aspect Biosystems Ltd., Clinicbook, ELIX Wireless, Encepta Corp., Kairama Inc., Target Tape Inc., and Terramera Inc.
Created through generous charitable contributions from BCIC, UBC alumni and others, the e@UBC Seed Fund is available to startups founded by UBC students, alumni, faculty and staff. This initial capital is a key differentiator of UBC’s entrepreneurship programs and can pay off in terms of maximizing the success rate among businesses
from the UBC community and ultimately stimulating economic growth in BC.
The seed fund provides a tax-efficient vehicle for donations from BC residents and corporations. Donors purchase e@UBC seed fund shares and then donate the shares to the UBC Foundation. The donor receives a 30% BC tax credit in respect of the purchase of the e@UBC VCC shares and then receives a charitable gift tax receipt in respect of the donation of those shares to the UBC Foundation.
“Securing early stage funding is a major milestone for young ventures,” says Todd Farrell, chief acceleration officer at the University of British Columbia. “By accurately identifying UBC ventures that have key elements for success, we can provide a small amount of initial capital in order to accelerate their development and maximize the chance that a venture will reach its next stage of growth.”
Target Tape was the first company to receive funding through the e@UBC Seed Fund.
“In our early days, we knew we had a great technology, but we needed to put building blocks in place for business success,” says Target Tape co-founder Nick Seto. “UBC not only provided very early investment, but also invaluable assistance in terms of connections and resources.”
About Target Tape
Target Tape has developed a unique disposable, adhesive patch for use by surgeons. The product assists surgeons to improve the accuracy of their surgical incisions and procedures by depositing location markings on the patient that correspond to identical markings that appear in the patient’s x-ray medical images. Learn more about Target Tape at www.target-tape.com or hear more about Target Tape’s progress so far, including interview with co-founder Nick Seto in this Sauder article.
entrepreneurship@UBC (e@UBC) is a unique program that delivers an unprecedented combination of education, venture creation, and seed funding to maximize the number of successful ventures coming out of The University of British Columbia. e@UBC’s mission is to “inspire and encourage entrepreneurial thinking to create innovative
commercial and social ventures.” The university created the e@UBC program to increase knowledge mobilization within and across all educational disciplines and to advance the impact of research in business and society. For more information, please visit http://entrepreneurship.ubc.ca.