McGill is North America's best university at creating startup companies

McGill University launched 28 research-based startup companies last year, more than any other university in North America, according to a new national survey.

The newly formed companies are all headquartered in Quebec, and their founders represent a diverse cross-section of the McGill community. Most are involved in medical technology (32 per cent) or life sciences (29 per cent).

Not only did McGill launch the most startups among North American universities, but the most ever recorded in Canada by AUTM, which today published its Canadian Licensing Activity Survey for 2023. AUTM is a US-based international organization supporting the development of academic research and its subsequent transfer to commercial partners.

“This is a historic result for McGill University and resounding proof that we are a leader in the Canadian and Quebec innovation ecosystems,” said Dominique Bérubé, McGill’s Vice-President, Research and Innovation. “It is the outcome of our institution’s increasing focus on innovation, and further underlines the excellence and quality of our research community, without whom none of this would have been possible.”

Success based on ‘careful planning and a consistent strategy’

Mark Weber, Director, Innovation + Partnerships, described McGill University as being in a pivotal position as a source of innovative research and of entrepreneurs, both of which can help drive economic activity in Quebec.

He highlighted the role played by the McGill Innovation Fund (MIF). Established in 2021, the MIF has quickly risen to become one of the largest entrepreneurial funding programs in Canada. Since its inception, it has awarded a total of over $1 million to 25 teams. Other hubs of entrepreneurial activity at McGill are the McGill Engine, the Dobson Centre for Entrepreneurship (which awards the Dobson Cup), NeuroSphere and the McGill Clinical Innovation Competition.

“McGill has long been active in the area of entrepreneurship,” Weber said. “The MIF has helped spur the creation of 10 new spinoff companies and has been a catalyst for driving interest in startups not just at McGill but within the Montreal ecosystem.”

Added Benoit Boulet, Associate Vice-President, Innovation + Partnerships, McGill University: “This number is not some kind of overnight success, but the result of years of hard work, careful planning and a consistent strategy of partnering with researchers to put their technologies on the best possible footing for growth.”