MaRS, which bills itself as North America’s largest urban innovation hub, has announced the ventures that make up its current Momentum portfolio, a multi-sector program designed to support high-growth Canadian companies on their way to reaching $100 million in revenue in the next five years.
Momentum companies operate in a range of sectors, MaRS said in a release.
“For example, Hydrostor, GreenMantra and CarbonCure are making environmental sustainability a reality. Borrowell is advancing financial inclusion and BioConnect is helping companies keep their buildings and data secure.
“The companies we have selected are being built on Canadian values,” said Krista Jones, Momentum’s founding executive. “They are growing in sustainable, profitable ways, solving urgent issues and creating the kind of good jobs Canada needs.”
Momentum, which is funded by FedDev Ontario, helps high-potential companies grow into global powerhouses that will build jobs and intellectual property in Canada, while exporting Canadian innovations around the world, the release said.
It added that “if these companies maintain a 20% annual growth rate for the next five years, they will add approximately 9,000 new high-paying jobs to Canada’s economy.
“Canada excels in advanced manufacturing, robotics, blockchain and artificial intelligence. These were coming to the fore before COVID-19, but the pandemic is almost certain to accelerate the shift toward automation that these technologies enable.”
Jones, meanwhile, said conditions are right for Canadian companies to take the next step and scale rapidly.”
Momentum by the numbers:
- 9,000: The number of new jobs Momentum companies will create by 2025 if they maintain a 20 percent growth rate over the next five years.
- 15%: Companies in Momentum that grew their businesses to more than $10 million in annual revenue each with little or no outside investment.
- 44%: Companies in Momentum with women in roles of senior vice president or higher.
- $7.9 Billion: Estimated revenue of the Momentum portfolio after five years with a 20 percent annual growth rate. At that time, more than 20 companies are likely to have surpassed the $100 million annual revenue mark.
- 100%:All 17 of the U.N.’s Sustainable Development Goals are addressed by the business operations of companies in the Momentum portfolio.
Additional information is available at www.marsdd.com