PROFOUND IMPACT™ CORPORATION OVERSUBSCRIBED, $3.1 MILLION PRE-SEED FUNDING ROUND
Company exceeded its second tranche target to fuel continued growth of its AI-powered platform that connects academic and industry researchers with grant opportunities
WATERLOO, ON | AUGUST 30, 2023 — Profound Impact™ Corporation announced today the successful close of $3.125 million pre-seed funding round, surpassing its second tranche target for its AI-powered platform that helps academic and industry researchers find and access grants. Female investors accounted for nearly all of Profound Impact’s second tranche, including many first-time angel investors.
“As the leader of a female-founded company, it is truly inspiring to see the rise of female investors in our community and across Canada,” says Dr. Sherry Shannon-Vanstone, Founder and CEO of Profound Impact. “When women invest, industries transform. It becomes a catalyst for innovation, inclusion and a future where everyone has a seat at the table.”
Profound Impact’s first tranche of financing saw female investors contribute more than $2.2 million in pre-seed funding. Their participation demonstrates significant progress for women in the investment space, challenging gender stereotypes while contributing to a more equitable distribution of wealth. These investors also offer diverse perspectives, experiences and insights that enhance Profound Impact’s long-term planning and strategic objectives for business growth.
“Investing is so much more than just providing capital,” says Dr. Deborah Rosati, Angel Investor and Chair of Profound Impact’s Board of Directors. “It is about infusing a company with innovative business ideas that align with its vision and objectives. With female investors on board, we can cultivate an environment where equality, empowerment and creativity flourish.”
Profound Impact, which operates in the Toronto-Waterloo technology corridor, offers Research Impact, an AI-powered platform that helps academic and industry researchers find the perfect funding match. This second tranche of financing will enable Profound Impact to expand into the United States.
While this funding announcement represents a significant milestone for both Profound Impact and women-led ventures across Canada, there are still major systemic challenges that hinder female entrepreneurs’ access to capital and support.
Profound Impact isn’t the only one noticing the impact of women investing in women. The51, a Canadian Financial FeministTM platform and venture capital fund, is on a mission to see gender parity in investing, entrepreneurship, on boards, as business leaders and economic decision-makers. They’ve even launched a non-profit, Movement51, to educate women and gender-diverse individuals on how to become investors as well as to teach women and gender-diverse founders how to prepare for investment.
The51 has compiled many stark statistics on their website including:
Only 11 per cent of decision-makers at Canadian venture capital (VC) firms are women
Roughly 85 per cent of all Canadian limited partner dollars are invested in funds with no women managing partners
Since 2011, all-female teams have only accounted for 1.8 to 2.7 per cent of VC dollars
Despite these alarming figures, research has shown that investing in female entrepreneurs results in high returns and more diversified, risk-averse portfolios. In fact, companies with female founders perform 63 per cent better than investments with all-male founding teams according to recent studies. Female entrepreneurs also provide access to untapped markets and new consumer segments, as their products and services more commonly address real-world needs that are often overlooked by male-dominated industries. This includes educational services, social assistance, women’s healthcare and environmental issues.
With the rate of female entrepreneurs in Canada increasing by 30 per cent over the past decade, it is imperative that we work towards closing gender gaps and encouraging greater investment in female entrepreneurs. Empowering women through economic opportunities will lead to a more equitable distribution of wealth, challenge gender stereotypes and set a positive example for future generations.
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ABOUT PROFOUND IMPACT CORPORATION
Based in the Toronto-Waterloo technology corridor, Profound Impact’s AI-powered platform – Research Impact – helps academic and industry researchers find the perfect funding match. With over $300 Billion in research funding opportunities, 100,000s industry partners and 8.8 million researchers globally, finding the optimal grant for academic and industry innovators is often overwhelming and unnecessarily time-consuming. More than just a search engine, Research Impact offers automatic, targeted and timely matching. Profound Impact’s customers include top North American research institutions, universities and industry partners. CEO and Founder Sherry Shannon-Vanstone is a serial technology entrepreneur with an unparalleled track record. She has had five successful start-ups and exits in Silicon Valley and Canada, including two IPOs and two acquisitions.
The Impactful Actions Awards recognize leaders making a profound impactin communities globally
WATERLOO, ON | AUGUST 16, 2023 — Profound Impact is proud to announce the finalists for this year’s Impactful Actions Awards.
Presented annually, the Impactful Actions Awards recognize leaders who are making a profound impact on communities globally by inspiring collaborative solutions to difficult problems. The award launched in 2021 and has now grown to include two categories (Young Leader and Lifetime Achievement) to attract and honour a diverse range of nominees.
“We were inspired by this year’s impressive nominees and are excited to recognize two recipients of the Impactful Actions Awards,” says Sherry Shannon-Vanstone, Founder and CEO of Profound Impact. “It’s never an easy decision to narrow down our finalists and winners, but our judges feel confident in our choices this year.”
The finalists in the Young Leaders category are as follows (in alphabetical order):
Leigh Zachary Bursey, an activist, journalist, former three-term politician, singer-songwriter, recording artist and author.
Hui Huang Hoe, the founder of elerGreen, a cleantech startup recovering polymers, metals and chemicals and medical waste.
Tabatha Laverty, the VP of Marketing and External Relations at the Accelerator Centre, and a non-profit leader with a passion for equity and inclusion.
These are the Lifetime Achievement finalists (in alphabetical order):
Mike Farwell, host of The Mike Farwell Show on CityNews 570 and leader of the Farwell4Hire campaign, which has raised over $1.25 million in funds to support Canadians living with cystic fibrosis.
Lynn Smith, a proud member of the Peavine Métis Settlement who is leading her northern community through a significant change to take control over monitoring the impact of climate change on their land and waterways.
Stephanie Thompson, the founder of STEM by Steph and a passionate engineer and community leader who is always pursuing new and innovative ways to promote science, technology and learning in the Niagara area.
“These finalists showcase what it means to make a profound impact in the world, and we are honoured to share their stories of impact,” Shannon-Vanstone says. “Thank you to everyone who took the time to nominate someone for the Impactful Actions Awards this year.”
The inaugural Impactful Actions Award was presented to Dr. Feridun Hamdullahpur, former President & Vice-Chancellor (2010-2021) and Professor of Mechanical and Mechatronics Engineering at the University of Waterloo, in 2021. In 2022, Profound Impact presented the Impactful Actions Award to Kehkashan Basu, M.S.M., who is the Founder and President of the Green Hope Foundation.
The 2023 Impactful Actions Awards winners will be announced during the Profound Impact Day virtual event on September 14, 2023.
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ABOUT PROFOUND IMPACT CORPORATION
Based in the Toronto-Waterloo technology corridor, Profound Impact’s AI-powered tool – Research Impact – helps academic and industry researchers find the perfect funding match. With over $300 Billion in research funding opportunities, 100,000s industry partners and 8.8 Million researchers globally, finding the optimal grant for academic and industry innovators is often overwhelming and unnecessarily time-consuming. More than just a search engine, Research Impact offers automatic, targeted and timely matching. Profound Impact’s customers include top North American research institutions, universities and industry partners. CEO and Founder Sherry Shannon-Vanstone is a serial technology entrepreneur with an unparalleled track record. She has had five successful start-ups and exits in Silicon Valley and Canada, including two IPOs and acquisitions.
The Profound Impact team is proud to announce the finalists for this year’s Impactful Actions Awards. We were inspired by this year’s nominees and are excited to recognize two recipients for the first time this year (listed below in alphabetical order).
The finalists in the Young Leaders category are:
Leigh Zachary Bursey
Hui Huang Hoe
Tabatha Laverty
The three Lifetime Achievement finalists are:
Mike Farwell
Lynn Smith
Stephanie Thompson
Thank you to everyone who submitted nominations. The winner from each category will be announced on Profound Impact Day on September 14.
Canada is renowned for having brought important innovations to the world, including Banting and Best’s discovery of insulin at the University of Toronto, the development of the IMAX camera projector, and the Canadarm robotic arm used in space shuttle orbiters. Less known is Canada’s fundamental role in the development and evolution of computer animation and visual effects. This month’s Impact Story introduces you to Marceli Wein, who came to Canada in 1952 after surviving Nazi Germany as a hidden child, became an “accidental graduate student” at McGill University, and, with his colleague Nestor Burtnyk and director Peter Foldes, created the first fully computer-animated film in 1974.
Canada’s computer science departments and software companies are responsible for much of the technology behind the computer animation and special effects seen on today’s screens. You’ll read about those contributions, including the pioneering researchers and software developers whose work is used in major studios around the world, in this issue’s Research Spotlight. And in the Researcher Spotlight you’ll meet Mark Jones, the educator, producer, and writer who has spent more than two decades working to train many of those award-winning artists.
This issue also features results from the survey of polytechnics, colleges, and universities across Canada conducted by Profound Impact to gather feedback on information sharing between partners, understanding grant funding and partnership opportunities, and helping build grant partnerships.
Thank you for connecting with us and the Profound Impact community!
Toy Story. Up. Monsters Inc. Shrek. Finding Nemo. WALL-E. Ice Age. The Incredibles. Ratatouille. Cars. Frozen. Inside Out. These fully computer-animated feature films have been nominated for and won Academy Awards and have transformed animation from a medium previously reserved for Saturday morning cartoons to one used by filmmakers to tell stories for people of all ages. Canadian researchers and software companies have played a significant role in developing the tools used by animators to tell those stories. Many of those animators are graduates of renowned computer animation programs from colleges and universities across Canada.
Canadian Firsts
As noted in this month’s Impact Story, the first fully computer-animated film was not produced by a Hollywood studio, but by the National Film Board of Canada. Hunger/La Faim was directed by Hungarian-born Peter Foldes using technology invented by two Canadians: Nestor Burtnyk, an electrical engineer and Dr. Marceli Wein, a physicist. After its release in 1974, Hunger/La Faim was nominated for an Academy Award, in the Animated Shorts category and received many other international film awards including the Prix du Jury at the Cannes Film Festival. In 1997, Wein and Burtnyk received Technical Academy Awards in recognition of the impact of their work on computer animation in the film industry.
In 1984, The Adventures of André & Wally B., a computer-animated short produced by the Lucasfilm Computer Graphics Project, the predecessor of Pixar, was released at the annual SIGGRAPH computer graphics conference and sparked the film industry’s interest in computer-generated films. The technical lead for the film was Bill Reeves, a founding member of Pixar and a graduate of the Faculty of Mathematics at the University of Waterloo and the Dynamic Graphics Project at the University of Toronto.
Groundbreaking research and technology
The Computer Graphics Lab at the University of Waterloo and the Dynamic Graphics Project at the University of Toronto are two of the most influential computer graphics research laboratories in Canada.
Kellogg S. (Kelly) Booth joined the Computer Science Department at the University of Waterloo in 1977 and John Beatty in 1978, and in 1979, they began a research group in Computer Graphics and Interaction. Together with Richard Bartels who joined the department in 1981, they formed the Computer Graphics Laboratory (CGL), one of the first in Canada. Marceli Wein was an adjunct professor of computer science in the lab.
Graduates of CGL, including Rob Krieger and Paul Breslin, would go on to win Academy Awards.
The Dynamic Graphic Project (DGP) at the University of Toronto was founded in 1967 by Leslie Mezei. In 1972, He was joined by Ron Baecker, who coined the name Dynamic Graphics Project in 1974. DGP’s alumni are now on faculty at top universities around the world and at major industrial research labs, and, like Bill Reeves, have won Academy Awards for their ground-breaking work.
Tony de Peltrie, the first computer graphics animated character with synchronized speech, was first shown at the SIGGRAPH conference in 1985. The short film, which was produced by four young programmers at the University of Montreal, shows the first animated human character to express emotion through facial expressions and body movements and received more than 20 international awards. John Lasseter said about the film, “Years from now Tony de Peltrie will be looked upon as the landmark piece, where real, fleshy characters were first animated by computer.”
Daniel Langlois, one of the creators of Tony de Peltrie, was an artist and programmer trained as a designer and computer animator for film. After the completion of the film, Langlois founded the company Softimage in Montreal. Softimage’s 3D animation package became an industry-standard in the 1990s, used by major visual effects studios and in films including The Matrix and Jurassic Park. Softimage was also used extensively in the computer gaming industry and the company, along with Tony de Peltrie, is credited as one of the reasons Montreal has become one of the global centers of the computer gaming industry.
Recognition of the quality of computer animation by the film industry first came in 1988, when Pixar’s Tin Toy, became the first computer-animated film to receive an Academy Award. And history was made again in 1991 when computer-generated image (CGI) backgrounds were fully integrated with hand-drawn animated characters using software from Toronto’s Alias Research in the ballroom scene in Beauty and the Beast.
Alias Research was founded by Stephen Bingham, Nigel McGrath, Susan McKenna and David Springer in 1983 with initial funding from scientific research tax credits, the founders’ personal funds, and a $61,000 grant from Canada’s National Research Council. Alias 1, the company’s first software package, was released in 1985 and in 1989, Alias 2 was used to produce The Abyss, which won the Academy Award for Best Visual Effects. In 1990, Alias’ PowerAnimator software was used to produce Terminator 2: Judgment Day, which won the Academy Award for Best Visual Effects in 1991. Alias’ industry standard product, the 3D modeling and animation package, Maya, was delivered in 1998 and is recognized as the world’s premier 3D animation software, used on every film winning the Best Visual Effects Academy Award since 1997.
Toronto is also home to Side Effects Software (SideFX), founded by Kim Davidson and Greg Hermanovic. Davidson and Hermanovic joined Omnibus, a pioneering company in the then-emerging world of computer graphics, in 1985 and immersed themselves in production by writing their own software and creating visual effects.
They founded SideFX in 1987 and released the PRISMS software package, which was succeeded by Houdini 3D animation software. Houdini is used by major visual effects companies and film studios for the creation of visual effects for films including Fantasia 2000, Frozen, Zootopia and Rio.
SideFX technology and developers, including Kim Davison, Greg Hermanovic, Paul Breslin and Mark Elendt, have been recognized by the Academy of Motion Pictures, Arts and Sciences five times for Houdini and its technology, in 1998, 2003, 2012, and in 2019, where SideFX received the Award of Merit. In 2019, SideFX was awarded a Technology & Engineering Emmy Award.
Developing the next generation of animators
In addition to producing award-winning films and industry-standard 3D animation software, Canadian colleges are renowned for their work in graduating some of the best practitioners in the visual effects and computer animation business.
Sheridan College in Ontario houses the Faculty of Animation, Arts & Design (FAAD), Canada’s largest art school. Sheridan animation alumni have a long history of success at the Academy Awards, including Domee Shi, the first female director of the Pixar short, Bao, which received the award for Best Animated Short in 2019.
The Ian Gillespie Faculty of Design + Dynamic Media at Emily Carr University of Art + Design (ECU) in British Columbia offers the Bachelor of Media Arts (BMA) Program with two animation streams: 2D + Experimental Animation and 3D Computer Animation. Graduates of these Animation BMA Programs have been recruited by major studios and organizations including DreamWorks Animation, Pixar, Industrial Light and Magic (ILM), Universal, and the National Film Board of Canada.
The Faculty of Art at Ontario College of Art and Design (OCAD U) in Toronto features an Experimental Animation Program that combines Contemporary Art with Augmented and Virtual Reality (AR/VR), 2D and 3D, Digital Compositing, and Stop Motion.
Université Laval in Quebec is home to the Faculty of Planning, Architecture, Art and Design (FAAAD), which houses the School of Design, where two courses of animation study include the Bachelor of Animated Arts and Science (BASA) and the Certificate in the Art and Science of Animation (CASA).
The School of the Arts, Media, Performance, and Design (AMPD) and Lassonde School of Engineering at York University in Toronto offer a Digital Media Arts (DMA) Program. Digital Media Arts is Ontario’s only degree program that integrates Art, Engineering, and Computer Science.
The School of Creative Arts & Animation at Seneca Polytechnic has several paths to study animation including the Animation Diploma and Graduate Certificates in 3D Animation and Game Art & Animation.
Moviegoers and animation lovers everywhere benefit from the ground-breaking accomplishments of award-winning Canadian computer scientists, artists, educators, and animators. Canada has made major contributions to the field of computer animation. From the production of the revolutionary Hunger/La Faim, to innovative research conducted in computer graphics labs in universities across the country, and software used by visual effects and film studios around the world, Canada is truly a major player in the world of computer animation.
Researcher Spotlight: Mark Jones
Mark Jones Digital Technology Educator, Writer and Producer Photo Credit: David Goldman
As a teenager in suburban Toronto in the 1980s, Mark Jones spent his evenings participating in rehearsals for school plays and musicals or avoiding homework by programming video games on his Atari 800 computer. Today, Mark is an award-winning 25-year veteran of the creative communications and digital technologies industries who has worked as a college teacher and administrator, producer, artist, and writer. And those high school interests have endured as themes in both his education and career paths.
Mark enrolled in the Theatre Program at York University, but left after two years when he understood that his future didn’t include a career as an actor. He joined Addison-Wesley, a publisher of textbooks and computer literature, where he received training in sales, customer service, marketing, and publicity. Mark also learned how to publish, which led to the launch of CyberStage Communications, a consumer arts magazine that he founded in 1994. CyberStage evolved from a printed publication, that Mark’s parents helped to place in bookstores across Toronto, to an internationally-available digital publication that featured original material that focussed on the intersection between art and technology.
In 2000, Mark shifted his focus to digital arts education in his role as Executive Director of OnTarget, an Ontario-wide initiative that provided career development and education support programs for the digital technologies industries. He also continued his studies by completing his undergraduate degree at York University and earning an M.A. in Communication and Culture from Toronto Metropolitan and York Universities.
Through OnTarget’s partnerships with colleges, Mark started to teach courses on Interactive Media Business and Interface Design on a part-time basis at Seneca College in 2001. Mark’s background and experience in education, media, animation, and digital content and his focus on the connection between art and technology led to positions as Coordinator of the school’s Animation Centre, Associate Chair, and now Chair of the School of Creative Arts and Animation, overseeing programs in animation, new media, graphic design, photography, acting and music.
Seneca’s program features a cross-disciplinary model that recognizes the changing conditions in the industry, with a focus on developing student ability in animation art for anyspecialization rather than for a specific type of production. Under Mark’s direction, Seneca has worked with industry to understand the need for graduates to have traditional art skills as their foundation. The School of Creative Arts and Animation at Seneca operates as art school that teaches animation using technology as appropriate rather than a school that teaches animation software. In addition to his role as Chair of the School of Creative Arts and Animation, Mark was also integral in founding and is Director of the Seneca Film Institute (SFI), which operates within Seneca’s Faculty of Communication, Art & Design. SFI will work with students across more than 30 programs, providing them with the skills and experiences that will allow them to thrive in Canada’s film industry.
From his participation in theatre and computer gaming as a high school student, to his studies in and writing about culture and communication, his work at OnTarget, and his successful career at Seneca as a teacher, producer, and administrator, Mark has been immersed in the digital media industry for decades. He is a founding board member of The Toronto Animation Arts Festival International (TAAFI) and was an executive producer of the animated short Subconscious Password, which won several awards including the Grand Prix at Annecy in 2013 and the Canadian Screen Award in 2014 for Best Animated Short. His work has been recognized by industry awards including the ITAC Hero of the Year Award and the Canadian New Media Award as Industry Advocate of the Year.
Mark is most proud of Seneca’s happy, successful students who talk about their experience at Seneca as delivering high-quality education, and, as importantly, a supportive community. Through his work at Seneca, he has played an extraordinary role in training animation and special effects professionals working around the world, including alumni who have worked on films including Coco, The Shape of Water, Toy Story 4,and Spider-Man: Into the Spider-Verse – all of which have won Academy Awards for animation or special effects.
Mark will continue his work in education in his new position as Dean of the Faculty of Animation, Arts & Design (FAAD), effective Aug. 28. Sheridan College, Canada’s largest art school, is internationally recognized for outstanding programs that train performers, animators, filmmakers, designers, and artists and Mark looks forward to working with the students, faculty, and staff in this role.
Mark’s career path and his experience working with students lead him to provide advice regarding careers in the digital arts. “If you’re a parent, and your son or daughter is expressing an interest in a career related to media, design, or art, support it and discover it with them. The most persistent job myth in Canada today is that a career in these industries is not a route to prosperity.”
The first fully computer-animated film was not produced by a Hollywood studio but by the National Film Board of Canada. Hunger/La Faim was directed by Hungarian-born Peter Foldes using technology invented by two Canadians: Nestor Burtnyk, an electrical engineer and Dr. Marceli Wein, a physicist. Marceli’s journey from WWII Poland, where he was a Holocaust hidden child, to a Los Angeles stage in 1997, where he and Burtnyk were presented with Academy Awards for technical achievement, is one that he credits to good luck and the opportunities presented to him along the way.
Marceli was born into a Jewish family in Krakow, Poland. A 4-year-old when World War II started in 1939, he and his family were forced by the Nazis to move to a walled-in ghetto. In 1943, Marceli was sent to a ghetto hospital to be treated for scarlet fever. When his father learned that the hospital would be shut down and all patients killed, he smuggled 9-year-old Marceli out in a blanket and delivered him to a woman who changed his name and hid him, first in a flat in Krakow and subsequently in Warsaw. He was later devastated to learn that his brother, Jerzy, had been shot and that the ghetto his family lived in was liquidated. Both of Marceli’s parents were sent to concentration camps. Only his father survived. Marceli was raised as a Roman Catholic. He still has photos from his First Communion.
Marceli reunited with his father after the war ended and lived with him and his stepmother and step-brother in Poland and later in Germany. During this time, Marceli learned German while going to school and English by listening to the U.S Armed Forces Radio Network and through tutoring by a Polish soldier who had served in the British army.
Marceli and his family received permission to travel abroad and spent two years as refugees in Munich. Germany. “Canada accepted us”, says Marceli. Another stroke of good luck, as was choosing Montreal as their new home, where they landed in 1952. Marceli finished high school there and, although his marks in English and History were poor because of his basic English language skills, his high marks in Science and Mathematics resulted in scholarships to McGill University. He graduated in 1958 with a degree in engineering physics with honours in electrical engineering.
His first job was at Marconi, where he worked with magnetrons used in rockets and radar and later designed television sets. Marceli’s run of good luck continued when he went to McGill one June afternoon in 1959 to ask a friend to lunch and instead, ran into one of his physics professors who thought Marceli was there to see him. Marceli received a tour of the Stormy Weather Group and, by the end of the afternoon, was accepted into the M.Sc. program. “I accidentally became a graduate student”. It was while completing his Master’s and Ph.D. degrees that he worked on transferring images to film – critical to his later pioneering work in computer animation.
After completing his PhD, Marceli accepted a job as a Research Officer in computing at the National Research Council (NRC). It was here that he met colleagues Nestor Burnyk and Ken Pulfer and worked with them on interactive computer graphics, with a focus on how non-technical people worked with computers. In 1969, Burtnyk attended a conference in Los Angeles where one of the speakers was a Disney animator who suggested that computers could be used to generate the cels in between those produced by animators for use in filmmaking. Upon his return to Ottawa from the conference, Burtnyk wrote a program that generated the in-between frames for beginning and ending two-dimensional images drawn on a tablet.
Rene Jodoin from the French Animation Section of the National Film Board of Canada, who was visiting NRC, thought that this technology was suitable for a script that had been submitted by Peter Foldes, an animator in France who had submitted a script for Hunger/La Faim to the Film Board in Montreal. Foldes traveled regularly to Ottawa to collaborate with Marceli and Burtnyk and with Jodoin at the National Film Board.
Hunger/La Faim, which was about greed and gluttony, was made in 18 months, cost $38,893 ($240,747 in 2023 dollars) and was released in 1974. It became the first computer-animated movie to be nominated for an Academy Award, in the Animated Shorts category, and received many other international film awards including the Prix du Jury at the Cannes Film Festival.
Hunger/La Faim was an inspiration for a new generation of Canadian computer animators, leading to the formation of research and training programs in computer graphics and animation and new production companies across Canada and internationally. At the 1996 Festival of Computer Animation at the Ontario Science Centre, Burtnyk and Marceli were recognized for their individual contributions and were each designated as a Father of Computer Animation Technology in Canada.
Toy Story, the first computer-animated feature film, was released by Pixar Animation Studios in November 1995. Ed Catmull, then president of Pixar, nominated Burtnyk and Marceli for a Technical Academy Award to recognize the impact of their work on computer animation in the film industry. And so, two years after his retirement, Marceli and Burtnyk were called to the podium by Helen Hunt to be awarded Technical Academy Award for their pioneering roles in developing computer animation.
Although Marceli trained and worked as a scientist, his advice to young people is to learn to write in order to tell stories. “The current emphasis on STEM education neglects the need to be able to write and to communicate”.
The computer animation industry and film lovers everywhere benefit from the luck and opportunities that allowed Marceli Wein to survive the Holocaust, emigrate to Canada, complete his studies at McGill, and collaborate with outstanding colleagues at the National Research Council and the National Film Board of Canada.
You can see more of Marceli’s impact in the visualizations below.
Do you have an Impact Story to share? Reach out to us at connections@profoundimpact.com for a chance to have your story featured in an upcoming newsletter!
Profound Impact’s founder and CEO, Sherry Shannon-Vanstone, participated in a conversation with host Vincent Turner in the July 9th Shape the System podcast. Shape the System features conversations with inspiring people who are rethinking society’s solutions to global problems.
The focus of the podcast was how Profound Impact, through Research Impact, works to connect resources and capital in the form of research partnerships and funding to great people who are doing great things. While Profound Impact’s genesis was to articulate and visualize the impact of individuals within an organization, Sherry noted that the company listened to customers to understand their challenges and pivoted to develop the Research Impact product to meet those needs.
The $300 billion in global research funding available annually for 8.8 million researchers and hundreds of thousands of industry partners around the world can be seen as either a problem, if that funding is difficult to access, or an opportunity for conducting fundamental and breakthrough research. Research Impact’s use of AI and machine learning ensures that funding is used efficiently by the right people by connecting researchers to the funding programs most appropriate to their work. The automation of the matching process done by Research Impact means that researchers can focus on their ground-breaking work and research administrators can do their jobs more efficiently and accurately.
Shape the System aims to inspire more people to follow their purpose, deepen their resolve and have a bigger impact. The conversation with Sherry illustrated how her experience as a mathematician, cryptographer, technology sales executive and serial entrepreneur led to the founding of Profound Impact to meet that same goal by providing tools that allow researchers to make the greatest impact by solving issues of global importance.
June has been an exciting and busy month for Profound Impact!
I am thrilled and grateful to welcome a group of female investors, including many who are first-time investors, into our network as part of our latest funding round. Women need opportunities to invest and grow their portfolios, and I’m proud that so many made the decision to make their first-time investment in Profound Impact, sending a clear message of confidence in the company’s vision and the team’s leadership!
We are also pleased to announce the launch of Profound Impact’s inaugural Board of Directors, composed of distinguished business leaders with a wealth of skills and diverse backgrounds. Joining me, as founder, president and CEO of Profound Impact, this experienced board, which will help guide the company toward its next phase of growth and success, includes:
Board Chair – Deborah Rosati, FCPA, FCA, ICD.D, GCB.D, CCB.D: An award-winning corporate director and entrepreneur and founder of Women Get On Board.
Board Director – Sharon Castelino, MBA, LLM, ICD.D: An award-winning financial services executive and corporate director with three decades of experience in multiple sectors and across global jurisdictions.
Corporate Secretary – Kasia Malz, CPA, CA, MAcc.: In addition to her role as CFO, Kasia will serve as corporate secretary for the board of directors.
We were excited to present and demonstrate our Research Impact product at Collision in Toronto from June 26 to 29. As this conference brings together global technology leaders and companies, high-potential start-ups and top journalists to participate in more than 20 content tracks, Collision was the ideal venue for showcasing Research Impact’s capacity to serve as a matchmaker for collaborators and researchers to connect with industry partners and government granting agencies. In addition to demonstrations in our booth, I was pleased to present the benefits of Research Impact along with Deloitte partner Jigna Shah on the AWS StartUp Loft Theatre stage. You can learn more about Research Impact and our participation in Collision in this newsletter.
This month’s Impact Story profiles Shann McGrail, Chief Executive Officer of the Haltech Regional Innovation Centre. You’ll learn how Shann uses both her extensive experience in the technology sector and her improv skills to lead Haltech in its mission to serve as a strategic connector and educator for start-ups in Halton and across Ontario.
Finally, we have received impressive nominations for the Impactful Action Awards. Thanks to all who let us know about incredible people around the world making a great impact!
Thank you for connecting with us and the Profound Impact community!
Profound Impact Presents Research Impact at Collision 2023
This month’s Research Spotlight focuses on Research Impact, Profound Impact’s research matchmaking product. As the company that connects great people to do great things, Profound Impact was proud to present and demonstrate our Research Impact product at Collision in Toronto on June 26 – 29, 2023. The annual Collision conference brings together global technology leaders and companies, high-potential start-ups and top journalists to participate in more than 20 content tracks that cover topics including corporate innovation, health, finance, sustainability, start-ups, venture capital and the future of work.
Profound Impact had the opportunity to participate in the Alpha Startup Program which connects early-stage companies with outstanding potential to the world’s most influential people and companies. Our CEO, Sherry Shannon-Vanstone, was selected to participate in the PITCH competition and was chosen to advance to the top ten from over 500 startups! Sherry also teamed up with Deloitte partner Jigna Shah on the AWS Collision stage to present the benefits of using Research Impact to meet the challenges of making those connections.
Profound Impact launched as a data and analytics company to work with universities to empower their alumni and students on their career journeys. Research Impact was developed to help those universities connect with industry partners and government granting agencies. Connections between industry and universities are essential as researchers seek industry partners for research programs and industry looks to researchers for insight into long-term research directions to develop strategic development road maps. On average, it takes 17 years for fundamental research to move to commercial practice. Global issues like climate change, water contamination, public health, energy, food insecurity and cybersecurity can’t wait more than a decade for the application of groundbreaking research results. A different approach, featuring collaboration between researchers and industry, is required to accelerate innovation.
Over $300 billion in global research funding is available annually for 8.8 million researchers and hundreds of thousands of industry partners around the world. But there are challenges in making connections between researchers and industry partners, knowing where to look for the right funding programs and understanding eligibility requirements.
How do companies navigate the challenges of finding academic research partners and applying for grants? How do researchers find all of the funding programs relevant to their areas of expertise? Without effective tools, many hours are spent researching available funding programs, attempting to reach out to funding agencies and submitting applications for grants in programs that are oversubscribed and competitive without necessarily meeting eligibility requirements.
What if there was an automatic way to match academic and industry researchers to each other and to funding programs? Research Impact combines private and public data using Al and data analytic tools to optimize research funding opportunities.
As demonstrated by the Profound Research team at our booth at Collision, Research Impact features an easy-to-use dashboard that manages researcher areas of focus, funding opportunities, grant deadlines, historical funding matches and industry projects. The tool’s automatic loading of grant programs and researcher profiles, streamlined and targeted communication with researchers and the use of AI and machine learning to make appropriate matches greatly simplifies the process for applying for research funding. The increased efficiency and resulting additional access to funding opportunities can save as much as 80% of the time previously spent by academics, university funding offices and industry researchers.
Profound Impact’s presentations of Research Impact’s power to provide research organizations and industry partners with an increased share of grant funding and a resulting boost in institutional rankings were met with great interest and enthusiasm by Collision’s national and international audience. We look forward to working with universities, research institutions, industry researchers and funding partners to deploy Research Impact in their organizations.
Shann McGrail Chief Executive Officer, Haltech Regional Innovation Centre
As Chief Executive Officer of the Haltech Regional Innovation Centre, the go-to strategic connector and educator for start-ups in Halton and across Ontario, Shann McGrail’s job is to grow opportunities for technology innovators and entrepreneurs and to harness the immense and growing opportunities in the region. Shann’s understanding of the power of partnership and mentorship was developed through her career in technology enterprise sales, where she helped companies educate customers and tell their stories.
Shann grew up in Amherstburg, Ontario, a small town outside of Windsor, as one of two daughters. Her mother always worked outside the home, providing a powerful role model for her daughters. Her father bought Bobby Orr lunchboxes for Shann and her sister and taught them to play hockey. He also encouraged them to thoughtfully and effectively express their opinions when he challenged them with statements about what women couldn’t do. The communications training and professional development Shann received throughout her career sharpened these skills, leading her father to comment that she was really getting good at debate.
Shann graduated from the University of Windsor with a major in Commerce and a minor in French. Although she had no intention of starting a business – entrepreneurship was not a focus in university curricula at the time – she believed that business and commerce were good platforms for a new graduate. Shann launched her career with a position in sales at Digital Equipment Canada, a major hardware manufacturer, and soon realized that enterprise sales provided valuable training, including opportunities to understand how business works and to work and communicate with clients to solve problems and bring about innovation.
Prior to joining Haltech in 2018, Shann worked in the technology industry for over 25 years, including 17 years at Microsoft. She and a partner founded, and continue to operate Devreve, a consulting firm that works with technology companies to develop and implement strategic programs and solutions that drive business results.
But the skills that Shann brings to Haltech result from more than her business experience. When her job at Microsoft relocated her to Toronto, she found that she missed the teamwork, camaraderie and creative outlet she had experienced through her participation in community theatre in Ottawa. She enrolled in a series of improv classes, met people and participated in performances – all of which led her to appreciate the value of improv skills to business and other aspects of life. Shann notes that improv sharpens observational skills and is about empathy, listening, responding and communication with freedom from the inner self-critic. The “yes, and” premise of improv provides opportunities for business people to enter discussions with the mindset of listening to people and their ideas. And, as Shann points out, “Our job at Haltech is to make sure we find and provide the supports for our clients. Sometimes that means just listening.”
With offices in Burlington and Milton, Haltech helps companies, from start-ups to large global corporations, advance their technology-based innovations to market or scale up their business. Halton Region’s population and client base have both grown exponentially over the last several years. Technology companies continue to move to the region and expand. Post-secondary partners, including Sheridan College, Wilfrid Laurier University and Brock University all are established in or are in the process of expanding their campuses to Halton. This growth of client base, combined with a population that includes both young people and executives, 75% of whom have a post-secondary degree and 20% of which are STEM-based, creates immense opportunity for technology innovators and entrepreneurs.
Shann is a champion of supporting women entrepreneurs. Under her management, the percentage of women-owned businesses working with Haltech has grown from 10% to over 40%. Much of this growth is due to Shann’s involvement with the Women’s Entrepreneurship Strategy, run by the federal government to increase women-owned businesses’ access to the financing, talent, networks and expertise they need to start up, scale up and access new markets.
Shann reflects that it was during high school that she first understood the lack of equal opportunities for women. She can pinpoint the first time she addressed that injustice as when she challenged her French teacher, who also served as the golf coach, about the unfairness of the lack of a women’s golf team at the school. He responded by creating a women’s team on the spot, with Shann as the organizer. She recruited four friends to establish the team and points out that this experience taught her two important lessons:
Don’t issue a challenge unless you’re willing to do something about it.
Rely on like-minded people to help make things happen.
Mentorship is a key element of Shann’s work in promoting opportunities for women in business. She worked on WCT’s (Women in Communications and Technology) National Mentorship Program and founded the WCT Protégé Project, Canada’s only cross-sector career sponsorship program that matches influential, powerfully positioned C-suite executive champions with senior female protégés to support protégés to move into even more senior leadership positions. Shann notes, “I was lucky to have great sponsors and supporters throughout my career. I focus on women entrepreneurs to ensure that everyone can have the same opportunities.”
When asked what’s on the horizon, Shann points to growing and harnessing the immense opportunities in the Halton Region. Technology companies continue to locate in Halton to take advantage of proximity to key strengths in the region, including advanced manufacturing and proximity to the US border and to Pearson International Airport. In addition, 20% of Haltech’s clients are located outside of Halton and have joined to work with one of the organization’s programs or advisors.
Shann’s advice to young people at the start of their careers is to learn to listen to and trust your gut. “Pay attention to your instincts,” she says. “They almost never are wrong.” She also notes the importance of being responsible and engaged with the mentors in your life. “Don’t neglect the opportunities presented to you.”
When asked about measuring the success of Haltech, Shann says, “A client will tell you what you’re there to do.” She points to a conversation with a client that had leveraged the services at Haltech, making it possible to expand their business, pivot and hire 20 new people. The hires were new Canadians and the jobs provided their first work experience in Canada and the opportunity to develop their language skills. “Haltech helped connect the dots and that’s changing lives.”
You can see more of Shann’s impact in the visualizations below.
Do you have an Impact Story to share? Reach out to us at connections@profoundimpact.com for a chance to have your story featured in an upcoming newsletter!
PROFOUND IMPACT™ CORPORATION EXCEEDS FIRST TRANCHE OF FINANCING ROUND LED BY FEMALE INVESTORS
The company on target to close the second tranche of the $3 million round in August
WATERLOO, ON | June 15, 2023— A group of female investors, including many who are first-time investors, is leading the way for Profound Impact™ Corporation’s latest funding round.
The first round of financing closed on May 5, 2023 and included more than $2.2 million in seed funding for the company. The participation of first-time female investors sends a clear message of confidence in Profound Impact’s vision and the team’s leadership. The company will be closing the remainder of the $3 million when the second tranche closes on Aug. 4, 2023.
“As the leader of a female-founded company, I am thrilled and grateful to welcome these investors into our network,” says Sherry Shannon-Vanstone, Founder and CEO of Profound Impact. “Women need opportunities to invest and grow their portfolios, and I’m proud that so many made the decision to make their first-time investment in Profound Impact.”
Profound Impact is poised to continue its growth in the Canadian market, and this latest funding will allow the company to expand into the United States and internationally.
“Congratulations to Sherry and Profound Impact on this closing. As an angel investor in women-led ventures, I’m excited to see more women invest at the seed level. Women founders in North America face many systemic barriers in pre-seed, seed and venture finance. I firmly believe that raising awareness of the opportunities for women to invest in women-led ventures is key to helping us remove those barriers,” says Lara Zink, President & CEO, Women in Capital Markets.
“We are excited to see female investors committed to growing their portfolios and unlocking financial opportunities in the innovation sector,” says Ken Grewal, Founder and CEO, Forthlane Partners. “It is vitally important that financial education and opportunities are available to women and all investors interested in growing their portfolios.”
“It is gratifying to finally see so many women stepping up to steer their financial futures. Investments by women for women in Canada’s female-founded companies not only bridges identified funding gaps, but also builds a future for female entrepreneurs,” says Anne-Marie Canning, cultural entrepreneur and investor in Profound Impact.
“Many women want to invest in the tech sector, but face difficulties in taking the first steps into the investment space. Connecting female investors to female entrepreneurs helps empower women across the tech industry to find success,” says Claudette McGowan, Co-founder of The Firehood. “I was pleased to support Profound Impact in this funding round and will follow along closely as their company continues to grow.”
Profound Impact, which operates out of the Toronto-Waterloo technology corridor, offers Research Impact, an AI-powered tool that helps academic and industry researchers find the perfect funding match. More than just a search engine, Research Impact offers automatic, targeted and timely grant matching.
“As a serial entrepreneur, I admire Sherry’s strong vision of ‘connecting great people to great things,’” says Deborah Rosati, Chair of Profound Impact’s Board of Directors. “I invested in the company and believe that my experience in technology start-ups/scale-ups, commitment to good governance, financial expertise, and venture capital experience will bring value to the company as it scales.”
This female-led investment sends a strong message to the investment community that women will step up to support and invest in women-founded and led companies.
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ABOUT PROFOUND IMPACT CORPORATION
Based in the Toronto-Waterloo technology corridor, Profound Impact’s AI-powered tool – Research Impact – helps academic and industry researchers find the perfect funding match. With over $300 Billion in research funding opportunities, 100,000s industry partners and 8.8 Million researchers globally, finding the optimal grant for academic and industry innovators is often overwhelming and unnecessarily time-consuming. More than just a search engine, Research Impact offers automatic, targeted and timely matching. Profound Impact’s customers include top North American research institutions, universities and industry partners. CEO and Founder Sherry Shannon-Vanstone is a serial technology entrepreneur with an unparalleled track record. She has had five successful start-ups and exits in Silicon Valley and Canada, including two IPOs and acquisitions.
