Tait Labs awarded an National Research Council $25k ENGAGE grant to collaborate with the laboratory of Dr. David D. Kitts in the Department of Land & Food Systems at the University of British Columbia
Source: https://www.nserc-crsng.gc.ca/professors-professeurs/rpp-pp/engage-engagement_eng.asp
Source: https://biv.com/article/2014/08/how-i-did-it-andrew-tait
How I did it: Andrew Tait
Entrepreneur takes western-science approach to eastern medicine
August 3, 2014, 11:00pm
Chinese remedy inspired Tait Laboratories founder Andrew Tait to develop digestive supplement
Business in Vancouver’s “How I Did It” feature asks business leaders to explain in their own words how they achieved a business goal in the face of significant entrepreneurial challenges. In this week’s issue, Andrew Tait talks about how he brought a scientific approach to herbal medicine and how he managed to leverage grants to get his new business off the ground.
“I was formally trained as a scientist. I came to Vancouver to do my PhD in chemistry in August of 2004 at the University of British Columbia. I was studying proteins from a virus related to multiple sclerosis.
“I had some insights into possible mechanisms of action for some Chinese medicine for multiple sclerosis. Mandarin orange peel has been used in traditional Chinese medicine for digestive health. There are labs around the world that are working on this that connect good digestion to good brain health. So we’re looking at gut inflammation and connecting that with neural inflammation.
“I started the company a few months before I defended my PhD thesis. The plan was that we could take possible botanical sources to market for multiple sclerosis. That was the original plan.
“But looking at the regulatory space – understanding how botanical drugs are regulated in Canada and the U.S. – we realized that our path to market might be severely hindered. It’s a polytherapy approach, where it’s an herbal or botanical source. But if you’re not identifying one active molecule, it becomes really difficult for that drug to be approved.
“There’s only a handful of botanical drugs that have been approved on the market and nothing yet for multiple sclerosis. So I said, maybe we could find a drug out of it, but in the meantime, I know that natural health-care practitioners would probably want to give mandarin orange peel to their patients, if they have multiple sclerosis.
“People with multiple sclerosis, 80% use alternative therapies. They use it in connection with prescription drugs. It was just supposed to be something to bring in cash on the side – not a mainstay. As a chemist, I realized we can definitely improve the yields of what we believe are the active ingredients.
“I figured if we see about supporting the science for neurological functions, what mandarin orange peel can do for the brain, maybe we can get some government funding for this.
“All I needed to start with was $4,500. That $4,500 I used to leverage financing from the Canadian Youth Business Foundation for $15,000 and follow-on financing from the Business Development Bank of Canada for $35,000. Then we managed to land $81,000 in IRAP [Industrial Research Assistance Program].
“With that funding we were able to do our R&D for the high-yield extract of the mandarin orange peel; we managed to file our IP and present at several conferences.
“We have two strains that we’re exploring. There’s the retail side of things – the finished dietary supplement, and that’s been approved by Health Canada for digestive health. On the other side, because of the high solubility for additives, we have the food and beverage side.
“We’ve just started our commercialization (of Mandarin Skin Plus). We’ve just launched into 12 stores locally.”
Source: https://kast.com/meet-the-bc-food-processor-associations-path-to-commercialization-program/
Rising Star awarded to Andrew Tait by the BC Food Processors Association
Meet the BC Food Processor Association’s Path to Commercialization Program
BCFPAThe BC Food Processor Association (BCFPA) is thrilled to announce two more offerings of its popular Path to Commercialization program this fall thanks to the support of Growing Forward 2. Path to Commercialization targets BC based up and coming companies needing assistance with business planning, human resources, operations, regulatory processes and/or sales and marketing. It is designed to help increase the success rate of entrepreneurs – both new entrants and those in early growth stage – in the food, functional food, and natural health product sector.
A survey of recent graduates found that the ten companies plan on hiring up to 65 new employees within two years of completing the Path to Commercialization program and collectively expect sales to increase by $340,000 in the next year! Andrew Tait, founder and president of Tait Labs, a natural health product manufacturer and graduate of the first Path to Commercialization program, won the Rising Star Award at FoodProWest 2014. Other top nominees were Catherine Anderson of Hidden Garden Foods / Trugs Gourmet and Tracy Lydiatt of Great Bear Enterprises – both also graduates of Path to Commercialization.
The Path to Commercialization program includes tailoring assistance to companies’ needs, educational networking events, providing one on one business coaching and mentoring by seasoned professionals. The six month program includes two workshops in Burnaby – a half day introductory workshop and a closing full day workshop that includes marketing feedback on participant presentations, networking, and an expert panel. Coaching sessions are arranged between coaches and participants. BCFPA also provides on-going resources to Path to Commercialization graduates.
Companies from all over British Columbia can participate in the program. Each intake is limited to ten companies and each company can have up to two participants in the program. There is a $500 fee per company.
This fall the first intake will target food and beverage companies. The introductory workshop took place on October 6th in Burnaby. A second intake targeting functional food and natural health product entrepreneurs will start on November 14th. Warren Brander of Thera Wise will be guest speaker at the November 14th introductory workshop.
If you, or someone you know, need help getting product to market, the Path to Commercialization Program might be just what you are looking for …
For more information visit bcfpa.ca/path-to-commercialization or contact Debra at debra@bcfpa.ca
Source: https://financialpost.com/entrepreneur/business-strategies-staying-on-top-of-finances-is-in-the-details?r
Business strategies: Staying on top of finances is in the detailsAndrew Tait’s story is pretty typical of a startup. The founder of Tait Labs in Vancouver started his company three years ago fresh out of university with a goal to develop natural ingredient products for brain health. While he has some background in sales and business, time was not on his side when it came to finances. That’s when he decided to get some help.
Author of the article: Denise DeveauPublishing date:May 14, 2014 • May 14, 2014 • 3 minute read • Join the conversation
Andrew Tait’s story is pretty typical of a startup. The founder of Tait Labs in Vancouver started his company three years ago fresh out of university with a goal to develop natural ingredient products for brain health.
It started off basically as a glorified science project,” he says.
While he admits to having some background in sales and business, time was not on his side when it came to finances. “When I took over a small office I had no viable business plan. But you have to know how you plan to raise money and what to do with the proceeds. Every penny needs to be accounted for.”
He decided some help was in order. “I didn’t have any difficulty with the basic concepts of finances. My first part-time job when I was in Montreal was filing tax returns for an accountant. I just wanted to focus on other things.”
After applying to the Canadian Youth Business Foundation for the Financial Bridge Builders program, he was linked to Elaine Morgan of BalanceSheets.ca, a bookkeeping service in Ottawa, to get a grounding in what financial statements are, how to bill clients, recording transactions, and tax obligations, among other basics.
“When businesses take off, there’s often a spiral where they’re running as fast they can to produce products and services, but they don’t have the proper bookkeeping and accounting infrastructure in place,” Ms. Morgan says. “Or they may have made a start but end up going down the wrong road.”
Mr.l Tait says that’s exactly what happened to him. “We were facing an extreme backlog. We had everything, but it was a matter of having someone show me how to put things together.”
There’s more to managing the books than recording sales and invoicing Ms. Morgan notes. “If you have a loan payment for example, what part goes to principal or to interest? How do you enter fiscal expenses? Are there deposits or expense outlays that don’t add up in your statement? Those things sound mundane, but it’s really a matter of making sure everything is going to the right places.”
Many small companies make the mistake that money in the bank equals profitability, says Wayne Weskin, president and chief executive of Premium Bookkeeping Services in Calgary.
“They very often rely on their bank statements, without considering they may owe thousands of dollars to the government and other people. They won’t see it all if they don’t keep the books properly, so just start withdrawing money for whatever reason. I’ve seen people go broke because of this.”
Another common mistake is the tendency to combine personal and business accounts and credit cards, making things even more challenging, he adds. “Their groceries and Staples order may end up on the same credit card. Or they put their family vacation on their business card. But you need to treat these things differently.”
While accountants offer the big picture with tax strategies in mind, bookkeepers are all about the management side, Mr. Weskin says. One of his main functions is generating regular management reports that include information such as sales, cash flow forecasts, and performance comparisons to previous months/years.
“Reviewing them monthly will show exactly how your business is going and if you’re heading in the right direction so you can make fixes as you go along. If you leave things to the end of year, it might be too late.”
When seeking out a bookkeeping service, he strongly advises checking references and experience, including experience in your industry. Also ensure the bookkeeper has a contingency plan if he or she is unavailable. “If your bookkeeper goes away for four weeks, that’s a problem if they have no backup,” Mr. Weskin says.
There are also plenty of educational resources available, including business incubator communities and government agencies.
Cloud accounting offers an easy and simple way for small businesses to keep their ducks in a row, Ms. Morgan says.
“With all the new technologies and cloud accounting software, you can just ‘pop in’ when you have a question. If you stay on top of things throughout the year and record everything properly, you will have a good set of financial statements to work from by the time you go to your accountant to do your taxes,” she adds.
Tait Labs wins Discovery Parks’ Generator Challenge to join cohort 4.0 for the 2014-2015 year
https://www.discoveryparks.com/alumni
Tait Labs selected to pitch at Nutrition Capital Network Ingredients & Technology Investor Meeting in Las Vegas
Companies and investors looking for the best innovations in nutrition science & technology are invited to register for the annual investment and partnering meeting, co-located with SupplySide West in Las Vegas.
This event will feature presenters at the leading edge of nutrition science and ingredient tech, in a hybrid event carefully designed to meet the needs of growth companies. Apply now for your chance to present your company in front of our network of active, qualified investors.
Our events are uniquely designed to launch lasting relationships with some of the most well-known investors and mentors in our industry.
Credit: https://www.nutritioncapital.com/ingredient-technology-investor-meeting/
Tait Labs awarded support from NRC-IRAP, Bank of Development of Canada and Futurpreneur (formerly CYBF), totalling over $125k
Oct 2012: Andrew Tait wins Innovation Challenge Award
Andrew Tait
Andrew Tait’s research has led to a better understanding of the role of the protein U24 in myelin degradation—a key factor in neurodegenerative conditions, such as multiple sclerosis. As a result of this research, he has established a company—Tait Laboratories Inc.—to develop and market plant-based extracts found in traditional Chinese medicine that may potentially help many people suffering from neurodegenerative disease associated with aging and multiple sclerosis.
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Credit: https://www.nserc-crsng.gc.ca/Prizes-Prix/Ica-Pdi/Profiles-Profils/AndrewTait_eng.asp
mISUBC Chemistry Alumni Dr. Andrew Tait wins 2012 Innovation Challenge Award | UBC Chemistry