Rogers Cybersecure Catalyst recently announced the release of the Catalyst Cyber Accelerator Report, a publication tracking the growth of 39 Canadian cybersecurity startups and scale-ups.
The Catalyst Cyber Accelerator, a program of Rogers Cybersecure Catalyst at Toronto Metropolitan University, is the foremost cybersecurity-focused business accelerator in Canada.
The program is designed to help early-stage cybersecurity companies grow into industry leaders, which in turn helps address Canada’s shortage of cybersecurity professionals.
“The Catalyst Cyber Accelerator has been focused on developing and guiding a program that can deliver value,” stated Sumit Bhatia, Director of Innovation and Policy at Rogers Cybersecure Catalyst.
Now, this new report “provides quantitative data on the health of the ecosystem, and insights that demonstrate and celebrate our country’s unique approach to cybersecurity innovation,” according to Bhatia.
The report tracks hiring, market traction, and fundraising data across program alumni from 2020 through 2022, providing a unique glimpse into the health of Canada’s cyber innovation ecosystem, and the extended nationwide community that supports it.
For example, the report shows that Catalyst-accelerated startups have created more than 300 new jobs, growing their workforces by an average of 72% after graduating.
And combined, they have fundraised more than $100 million in capital.
Alumni also hold nearly 40 granted patents across technology categories such as quantum computing, behavioural biometrics, and AI and machine learning algorithms.
“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.”
Graduates of Catalyst Cyber Accelerator include CycurID, Forward Security, and MergeBase, which first raised capital in 2020.
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.
“The development of new and innovative cybersecurity companies has been recognized by global leaders as critical to advancing both national security and economic growth,” the Scaling Cyber report reads, noting that “Canada has been struggling to keep up with its geopolitical peers when it comes to successfully bringing new cybersecurity products into the market.”
“Through our startup 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,” Bhatia added.
Supported by the Government of Canada, Rogers Communications, Royal Bank of Canada, and the City of Brampton, the 18-week Catalyst Cyber Accelerator program is free to join.
“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 startups, mentors and leaders from government, academia and industry,” stated Patrick Brown, Mayor of the City of Brampton, where the program is headquartered.
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