A GENERATION OF GENESIS

IN 1997, when Genesis was first established at Memorial University, few people could have predicted what was to come. Newfoundland and Labrador’s technology sector was still new and relatively undeveloped, but the signs of its impending growth were promising. With one program and a handful of clients, Genesis set out with the mandate to support early-stage technology ventures as a way to create wealth for the province.

Fast forward twenty-five years, and Genesis clients have gone on to make global headlines, set Canadian records and become a cherished community. If there’s one element that has defined this time period, it is that enduring sense of community. Unlike many other ecosystems, members of the technology sector in this province thrive on helping one another and cheering on each other’s successes. A rising tide lifts all boats.

The numbers are staggering – Genesis companies have collectively created 2,500+ jobs, generated $220M in annual revenues, attracted over $500M in private capital and exited with $6B in acquisitions. The numbers signify something a bit harder to quantify, but even more important: each job represents a worker having the option to stay in the province, buy a home and raise their family.

Each dollar of revenue or investment is money flowing into the province that ultimately pays taxes that support healthcare, education and public services. A great tech company delivers value to its customers, and to the wider region it chooses to call home. It makes its community more resilient.

Today Genesis boasts five distinct programs, two locations, fifteen employees and has worked with hundreds of ventures, which sell to clients in almost every location in the world (except Antarctica, but we’re sure someone’s working on that!). Clients like Seaformatics (Enterprise grad 2020) have been featured in the New York Times’ best outdoor gadgets list. Mysa’s (Enterprise grad 2018) smart thermostat has gone toe-to-toe with Google products in worldwide “Best Thermostats” roundups. Verafin’s (Enterprise grad 2006) $2.75B acquisition by Nasdaq was the largest private acquisition in Canadian history at the time. Genesis clients prove each day that Newfoundland and Labrador companies can not only compete globally, but be the best in their field. Not bad for a little province in the middle of the North Atlantic!

So what’s next for Genesis? If the past 25 years have been any indication, it will be more growth and exciting announcements. We’ve now seen that markets are truly devoid of boundaries, and our province can attract some of the world’s best ventures and talent.

Michelle Simms (BBA’00), president and CEO of Genesis, has a special connection to Genesis as a long-time team member, and she envisions even more great things to come.

“Genesis will evolve and grow as the startup community continues to expand in this province. Genesis will remain focused on client success, on ensuring startups have the resources they need to grow and on efforts to increase diversity, equity and inclusion in the startup community,” she remarked.

After all, we’re a unique destination full of natural beauty, a close-knit support system and a warm, welcoming culture. Genesis hopes to become ground zero for launching the best tech companies in the world, while giving back to the amazing province we all call home.