Unlocking Potential: A Journey with Lab2Market Validate Health
The 2024 Lab2Market Validate winter health cohort, jointly delivered by Dalhousie University and the University of Toronto (UofT) in collaboration with the Health Innovation Hub (H2i), provided 22 research teams from across Canada with an opportunity to bridge the gap between health innovation and entrepreneurship.
Lab2Market, now in its fourth year of delivering programs, has been instrumental in supporting innovation across Canada. With 594 individuals benefiting from Lab2Market programs since its inception, and over 33 university partners in the Lab2Market network, its impact continues to grow. The Lab2Market Validate program aids participants in exploring and unlocking the business potential of their research ideas and empowers them to navigate the complexities of entrepreneurship with resilience and adaptability
The 16-week Validate winter health cohort ran from January to April 2024. The program offered $15,000 in funding to teams, as well as programming. The Validate program curriculum includes attending lectures, meeting with entrepreneurship mentors, participating in group sessions with cohort members, interviewing stakeholders, and iterating possible business models.
This year, H2i was pleased to support Lab2Market in nurturing the aspirations of the program participants. Further, H2i was proud to see 10 teams affiliated with UofT’s Temerty Faculty of Medicine participate in the cohort, led by: Alan Diaz, Daniel Singh, Fahim Mohammad Iqbal, Jessie Medeiros, Kyla Alsbury-Nealy, Maggie Chen, Marc Shenouda, Samantha McWhirter, Siobhan Wilson, and Sushant Singh. All teams showed incredible growth throughout the winter, strongly showcasing Temerty Medicine’s commitment to fostering innovation.
Over the course of the program, participants invested a remarkable number of hours into programming and mentoring sessions. With 1,328 interviews conducted and 3,745 insights generated, teams showed their commitment to thorough research and validation of their ideas. Additionally, the program’s influence extended beyond mere numbers. An impressive 79% of participants concluded that their product or solution held commercial potential, highlighting the transformative impact of Lab2Market. This not only reflects the program’s ability to cultivate entrepreneurial thinking, but also its capacity to identify and nurture viable business opportunities.
Moreover, the positive feedback received from participants highlights the program’s effectiveness in meeting and exceeding their predefined goals and objectives. Specifically, participants expressed appreciation for specific aspects of the program, especially the personalized guidance offered through one-on-one meetings with mentors and facilitators, a feature that H2i has long since recognized as being important. Furthermore, the emphasis on conducting customer discovery interviews provided teams with invaluable insights into market needs and preferences, reinforcing the practical relevance of their research endeavors.
Dr. Alan Diaz noted that for him, these insights and the rigorous program structure were key benefits. “L2M Validate is a transformative program that empowers early-career researchers to turn health research innovations into thriving startups and, ultimately, successful businesses. The heart of the program centered on conducting over 70 customer validation interviews with stakeholders in my technology’s field. This provided me with invaluable insights that are often unattainable in a traditional research setting,” Dr. Diaz shared with H2i.
Additionally, mentors noted significant advancements in participants’ ability to articulate and validate their value propositions, indicating substantial progress in their entrepreneurial journey.
After witnessing the diverse array of health ventures and the transformative journey experienced by participants, it’s clear that Lab2Market Validate is more than just a program—it’s a catalyst for innovation and entrepreneurial success. As we reflect on the achievements and potential unleashed during this cohort, it’s evident that the impact of Lab2Market Validate will resonate far beyond its program duration, with the venture’s capitalizing on resources coming from H2i and others. With each success story serving as inspiration and motivation, the future of entrepreneurship looks promising.
As we eagerly anticipate the next chapter in the journey of these aspiring entrepreneurs, one thing is certain: the momentum generated by Lab2Market Validate will continue to shape the landscape of innovation for years to come. H2i looks forward to continuing to partner in support of this incredible program as it continues to foster research translation and Canada’s next generations of health commercialization talent.