Dragon’s Den-style academic venture enjoys successful first run

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This article was published 13/11/2024 (322 days ago), so information in it may no longer be current.

Business, academic research and philanthropy come together in a new University of Winnipeg Foundation initiative organizers are touting as the first of its kind by a charitable organization in Manitoba.

In September, the foundation launched the Venture Fund Group. Graduate students and faculty members who are working on cutting-edge research met with a group of five investors to pitch their work for a chance to receive funding for their projects.

Each investor could pledge up to $5,000 of their own capital toward the group’s pool of funds, which the foundation would match dollar for dollar. The investors recently met and decided to fully fund the four projects they heard about. The projects will receive a total of $46,494.

The initiative is a way to engage a younger generation of donors, said Javier Schwersensky, foundation president. “I saw an opportunity to essentially empower donors to make decisions but, at the same time, promote something that is often overlooked when you think about the University of Winnipeg, which is the outstanding research capacity the university produces.”

During the pitches, the investors heard about alternative methods for testing chemical toxicity in the Canadian Arctic, as well as the effect Indigenous police forces have on improving relations with Indigenous communities.

A biology professor shared her research on the health benefits of early life maternal diets in infants and the link it shares with later-life health outcomes. An English professor talked about his work analyzing the discourse surrounding African migration to Western countries and the attitudes held within these diasporas toward their new home and former country.

After each presentation, investors had the chance to engage the researchers and ask questions.

Liz Simmie, co-founder of Honeytree Investment Management in Toronto, said she expected the presentations to play out like an episode of Dragons’ Den, the long-running CBC television reality show. What she got was so much more.

“It was kind of like going back to school and doing a master’s degree, except in every subject,” said Simmie, whose father is an alumnus of United College, which became the U of W in 1967.

“We got a full view of where (the presenters) came from, where their research came from and where their research is going. … It was a great way to absorb the information and help us make decisions.”

Vinay Iyer, an account executive at Amazon Web Services in Toronto, was eager to get involved when Schwersensky asked him to be an investor.

“It was an immediate yes for me,” said Iyer, who graduated from the U of W in 2010 with a computer science degree. “I’ve always been finding various ways to get back in touch with the University of Winnipeg.”

Iyer previously worked at the university under the vice-president of research and innovation, so he understands how difficult it can be to get funding for academic research.

“Now, I’m hearing directly what people are working on and it was truly amazing to hear,” he said. “The variety and range of things that people are working on is pretty cool.”

Chathuri Mudalige, who is pursuing a master of science in environmental and social change, describes the $17,500 in funding she received as rewarding and inspiring.

Mudalige is an international student from Sri Lanka who already holds a master of science in biotechnology. Her research focuses on assessing the impact of Arctic contaminants. She takes human cells that have been grown in a laboratory and analyzes how they respond to different chemicals.

The funding will enable her to apply advanced techniques like RNA sequencing to assess chemical toxicity more effectively.

“This support will be instrumental in gathering information on a larger number of genes … providing deeper insights into the biological pathways impacted by contaminants,” Mudalige said. “These findings have the potential to drive real-world impact, enhancing our understanding of how chemicals affect human health and wildlife.

“Ultimately, this work could lead to meaningful advancements in how we manage and regulate these contaminants, contributing to safer environments for all.”

Schwersensky said the Venture Fund Group has exceeded his expectations. If the foundation can successfully bring investors back and recruit new investors, it plans to reconvene the group annually in September.

“The commitment is two meetings and the financial commitment,” Schwersensky said. “People have very busy lives so we try to make this as straightforward and simple as possible.”

Simmie believes it’s a strong initiative. “The University of Winnipeg is a unique school that has to approach these things in a unique way, and I think this is something that can be done and repeated for a long time.”

The group is a valuable way to engage alumni and donors, she added.

“Engagement activities sometimes waste the time of folks, but I don’t think this one did,” she said. “It was a good use of resources.”

The University of Winnipeg Foundation has operated since April 2003. The market value of the foundation’s endowment fund is around $95 million.

aaron.epp@freepress.mb.ca