REPORT: Canadian Cybersecurity Start-ups Collectively Grew Workforce by 72 Per Cent and Fundraised $100 million Amid Global Headwinds
Early-stage founders leveraged unique growth approach to drive technological innovation, market access and revenue generation
BRAMPTON, ON, March 29, 2023 /CNW/ - Rogers Cybersecure Catalyst today announced the release of the Catalyst Cyber Accelerator Report, a benchmark publication tracking the growth of thirty-nine Canadian cybersecurity start-ups and scale-ups.
The Catalyst Cyber Accelerator, a program of Rogers Cybersecure Catalyst at Toronto Metropolitan University, is the first and foremost cybersecurity-focused business accelerator, designed to help early-stage cybersecurity companies grow into industry leaders. The companies and founders featured in the report graduated from Rogers Cybersecure Catalyst's Cyber Accelerator program between 2020-2022. The report tracks hiring, market traction, and fundraising data across program alumni, providing a unique glimpse into the health of Canada's cyber innovation ecosystem, and the extended nationwide community that supports it.
The report builds upon Scaling Cyber: Advancing Canada's Cybersecurity Start-ups, a recent report published by the Catalyst Cyber Accelerator in partnership with Cybersecure Policy Exchange, which evaluated the state of the Canadian Cybersecurity Startup ecosystem.
"Until now the Catalyst Cyber Accelerator has been focused on developing and guiding a program that can deliver value," said Sumit Bhatia, Director of Innovation and Policy at Rogers Cybersecure Catalyst. "As a community, ensuring a coherent, connected, focused and aligned cyber ecosystem is mission-critical. This report provides quantitative data on the health of the ecosystem, and insights that demonstrate and celebrate our country's unique approach to cybersecurity innovation. Through our start-up policy report we've also identified the challenges that we as a country should address in order to ensure the continued success of this growing ecosystem."
Report findings note:
Hiring momentum — Program participants collectively created 351 jobs and reported 72 per cent workforce growth post-program participation.
Innovation and commercialization —Alumni hold 36 granted patents in technology categories including quantum computing, secure message exchanges, behavioural biometrics and AI and machine learning algorithms.
Leadership diversity — Five participating companies identified as female-founded, representing 13 per cent of all founder alumni (versus a reported industry average of 2.4 per cent ).
Fundraising traction — Alumni fundraised $100M CAD and reported 68 per cent increase in non-dilutive and 67 pre cent increase in dilutive fund sources.
Revenue growth — Pre to post-program revenue growth increased 245 per cent on average across program graduates.
"Being a part of the larger Catalyst ecosystem offers us a unique advantage compared to traditional incubator or accelerator programs," said Bhatia. "The Catalyst Cyber Accelerator takes a curated approach to supporting our Founders with programming and mentorship while also providing access to resources, talent, research partnerships, and a seat at our policy table."
Supported by the Government of Canada, Rogers Communications, Royal Bank of Canada, and the City of Brampton, the three-and-a-half-month Catalyst Cyber Accelerator program is free to join. Company founders gain access to workshops from industry experts, mentorship from leading companies and entrepreneurs, peer engagement and access to the Catalyst's growing network of cybersecurity investors.
"We are always so proud to see the continuous success and growth of the Catalyst Cyber Accelerator as they expand operations and provide a platform that unites cybersecurity start-ups, mentors and leaders from government, academia and industry," said Patrick Brown, Mayor of the City of Brampton. "The Catalyst Cyber Accelerator embodies mentorship and collaboration to foster tangible growth in cybersecurity innovation here in Brampton — the fastest growing big city in Canada, and centre of Canada's Innovation Corridor, North America's second largest technology ecosystem."
Conducted by Rogers Cybersecure Catalyst, this study includes responses and aggregate data provided by Catalyst Cyber Accelerator alumni from 2020 to 2022 inclusive. To access the Catalyst Cyber Accelerator Report please visit: https://cybersecurecatalyst.ca/catalyst-cyber-accelerator-2020-2022-report/
About Rogers Cybersecure Catalyst
Rogers Cybersecure Catalyst is Toronto Metropolitan University's national centre for training, innovation and collaboration in cybersecurity. Headquartered in Brampton, Ontario, the Catalyst empowers individuals and organizations to seize the opportunities and tackle the challenges of cybersecurity.
Through its groundbreaking training and certification programs; unique commercial accelerator for cybersecurity start-ups and scale-ups; first-of-its-kind cyber range; wide-ranging public education programs; and influential policy development platform, the Catalyst helps drive Canada's global competitiveness in cybersecurity. To learn more visit https://cybersecurecatalyst.ca/
About Catalyst Cyber Accelerator
The Catalyst Cyber Accelerator is the first and foremost cybersecurity-focused business accelerator, designed to help early-stage cybersecurity companies grow into industry leaders. The Catalyst Cyber Accelerator is a member of GAN: powered by Morrow, a highly curated global community of accelerators, partners and investors. For more information visit: https://cybersecurecatalyst.ca/catalyst-cyber-accelerator/
SOURCE Rogers Cybersecure Catalyst at Toronto Metropolitan University
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