“According to a new study of the Ontario Cross-border Technology Innovation Ecosystem, there’s a direct correlation between the size of a startup company’s social networks – measured by the networks of the company’s key players – and the amount of startup funding that company receives. The bigger the social network, the more funding. ”
The Globe and Mail, Nov. 3, 2011
The OCTIE study depends on open innovation and collaboration, so we would like to thank the community for the positive feedback that we are receiving for combining established social capital measurement methods and social network analysis to develop insights and recommendations that can be acted upon by individuals, organisations and at the policy level.
Thank you to TechVibes and itbusiness.ca for covering our story. Awareness of the study is needed to encourage participation of our next phase. If you have interest in or may make introductions for additional coverage, we would be happy to connect you with our team.
Thanks also for these comments from our participating stakeholders:
“In addition to capital, Angel investors bring operational expertise and connections that can help start-ups in their early stages. This research shows how Angels should orient themselves for open innovation and collaboration that can be key to follow on success.” – Maple Leaf Angels Founding Board Member and Managing Director of Click Capital, Craig Hayashi.
“The OCTIE study is very informative and beneficial to early-stage companies and investors. We know that access to capital is a big issue for startups and domestic VCs. We need to change how we network to better position our local community for international success.” – OMERS Ventures CEO, John Ruffolo
“We definitely see the value in this study. In the past the value of social media and networking was completely underestimated and many people still underestimate it’s power. Social media’s not a buzzword anymore. If you’re not involved with it in one way or another within the business context, you will quickly become irrelevant.” – MediaMiser CEO, Brett Serjeantson.
“TIE was founded to build connections between Indian entrepreneurs globally and Toronto’s most promising start-ups,” says Suresh Madan, President of TiE Toronto. “It is great to see new research methods like the Innovation Network Analysis developed for OCTIE, that can bring about the local cultural changes we need to compete globally.”
“Interesting findings. This will be useful for the entire community.” – Startup Canada Campaign Community Builder, Victoria Lennox.
“As facilitators of innovation communities internationally and domestic, this is the first research approach where I have seen a combination of established social capital measurement and social network analysis that can focus players on the value we deliver at events like the Canadian Innovation Exchange (CIX)” – says Achilles Media Ltd. CEO, Robert Montgomery.
“The more you reach out the better your chances of finding someone who can help you with funding and maybe buy your product as well,” says Brian Forbes Executive Director of Coral CEA. He adds, “Socializing your ideas enables better more focused targeting so that entrepreneurs align with capitalists that better understand their value — which results in better valuations. Social networking enables an entrepreneur to reach people they could not have by other means.”
“The OCTIE study is a valuable tool for sharing best practices and assisting local entrepreneurs to succeed on a global basis – important features that contribute to the Ontario Venture Capital Fund’s (“OVCF”) goal of promoting the development of a profitable, globally competitive and self-sustaining domestic venture capital industry” – OVCF/Northleaf Capital Partners Managing Director, Melissa McJannet.