The McGill Innovation Fund was created to fill a big gap in early-stage research funding and help promising ideas make the leap from the lab into the real world. In this episode, Senior Communications Advisor Junji Nishihata shares the story of how the fund came about in 2021, just as McGill University was marking its 200th anniversary, and why it’s different from other campus competitions. 

Instead of focusing on general entrepreneurship, the MIF is tied directly to research through a formal report of invention. With three funding tiers ranging from $25,000 to $100,000 and a yearly budget of up to $350,000, it offers serious support to faculty, startups, and researchers looking to license their work.

But money is only part of the equation. Junji talks about the year-long support program that comes with every award bringing together alumni advisors, targeted mentorship, and practical workshops on everything from market strategy to regulatory pathways. The alumni network plays a huge role here, offering time, connections, and hard-won experience to help teams move forward.

We also get an inside look at success stories like cleantech startup Altiro Energy and biotech company DendroTEK, plus a peek at what’s ahead for the fund. From themed competitions in AI and clean tech to a possible high-profile pitch day, the MIF is working to break down the “ivory tower” perception of academic research and show its real-world value.

In This Episode:

[01:15] The McGill Innovation Fund started when McGill University was looking forward to its 200th anniversary in 2021. They were looking for big moonshot ideas that they could use to excite alumni around the world.

[02:05] At first they thought about making an investment fund, then they decided to focus on funding for early stage ideas.

[02:50] Eligibility criteria include a report of invention because it's based on research. They declare what the concept is and then the technology transfer team examines it in detail. Is it novel? Is it patentable?

[04:06] The objective of the innovation fund is to get stuff out of the lab and into the real world where it can make a difference.

[06:07] The MIF is divided into three different prize tiers: the Discover at $25,000, the Develop at $50,000, and the Deploy at $100,000.

[06:53] The yearly funding of a significant sum of money shows the university's commitment to innovation.

[07:27] The initial funding came from royalties collected from past Innovation successes.

[08:21] This shows that the university is serious about inventors and technology.

[09:02] They are moving towards donor and corporate support.

[10:16] The McGill Alumni Network is tremendous and has a lot of successful people who are willing to give back.

[11:11] Junji shares more about the award tiers. 

[12:28] The McGill AMR Center or Antimicrobial Resistance Center offers a $75,000 top off in addition to the original award.

[14:05] How the fund has created transformations. Altiro energy came to them in the development stage and became successful and moved on.

[15:29] We learn about the support that is offered as well as funding. The big value comes in the support that follows the award. They develop a road map in conjunction with their alumni experts. They also have a series of Advisory board meetings every two months.

[17:45] They also have the McGillConnect platform.

[18:22] Tony Falco is a mentor that has started three companies. He's been in the trenches and knows how to help the teams.

[19:34] They have about 75 alumni that they reach out to.

[20:11] We learn about the success of DendroTEK.

[21:26] We talk about what is next for the fund and future ideas. He would like to grow it into something similar to Shark Tank and raise the profile of the alumni.

[22:36] He wants to show people the value that is created for society.

Resources: 

Junji Nishihata - McGill University

Junji Nishihata - LinkedIn

Junji Nishihata - Instagram

McGill Innovation Fund

McGillConnect Platform