The multi-institution commercialisation unit has a new name to underscore its commitment to building companies on the back of its members’ research.
Mars Innovation, the commercialisation firm aligned with multiple Canadian universities and research institutions, was rechristened Toronto Innovation Acceleration Partners (TIAP) yesterday.
Founded in 2008, TIAP is a non-profit body representing 14 academic research institutions in Ontario. The rebranding is meant to reflect a tighter focus on forging businesses from its members’ research, within its traditional remit of health sciences technology commercialisation.
The organisation allocates its members approximately C$1.5bn ($1.1bn) in competitive research funding each year and collaborates with a number of pharmaceutical industry partners including GlaxoSmithKline, Johnson & Johnson and Pfizer.
TIAP claims it is on-track to become financially self-sustaining, having previously been funded by the Canadian government and its Centres for Excellence and Research Program.
The body’s portfolio has more than 60 early-stage health sciences businesses at present, in areas including therapeutics, medical devices and health IT.
Businesses backed by TIAP have collectively raised more than $300m in funding to date, leading to the generation of more than 1,000 Canadian jobs in science, technology, engineering and mathematics.
Rafi Hofstein, president and chief executive of TIAP, said: “By changing our name we are developing a strong identity that more effectively represents our committed focus as venture builders of our member’s assets.
“A refreshed brand will dovetail nicely with our future strategic direction for bringing health science technologies to the marketplace.”
