Cyclica receives CAD$2.4M grant for a multi-targeted drug discovery program to advance non-hormonal contraceptive medicines

news source:https://cyclicarx.com/press-releases/cyclica-receives-grant-to-advance-non-hormonal-contraceptives/

Cyclica receives a grant from the Bill & Melinda Gates Foundation to apply its AI-enabled drug discovery platform to discover new therapeutic options for multiple low-data biological targets with the goal of expanding the range of accessible non-hormonal contraceptive choices for women in developing countries.

TORONTO, CANADA — November 15, 2022: Cyclica Inc., a neo-biotech that is unlocking the protein universe to discover the medicines of tomorrow, is developing new, non-hormonal contraceptives for low-data biological protein targets with support from a grant from the Bill & Melinda Gates Foundation.

The CAD$2.4M grant enables Cyclica to apply its validated, AI-enabled drug discovery platform towards the discovery of expanded contraceptive options that can give women and girls the ability to better plan their families and their futures.

Historically, hormone-based contraceptives are known to cause wide-ranging side effects that reduce their appeal. A widely available non-hormonal contraceptive would provide an additional safe, effective choice for women and girls looking to take charge of their reproductive health. The grant from the Bill & Melinda Gates Foundation supports Cyclica in enabling women to make informed choices about contraception.

To date, research on discovering non-hormonal contraceptive agents has been hindered by a dearth of validated and enabled drug targets. While there are a small set of targets with sufficient supporting biological data and technical feasibility to warrant substantial investment, there are a set of less mature and emerging targets where the availability of new chemical starting points would enable novel robust target assessment and biological investigation. Here, Cyclica aims to have a dramatic impact, since its platform is optimized for drug discovery against low-data drug targets.

“While Cyclica builds and advances a commercial portfolio of drug discovery programs, it is part of our corporate ethos to work alongside nonprofit organizations to advance research for unmet medical needs,” said Naheed Kurji, CEO of Cyclica. “Among women who want to delay or avoid pregnancy, concerns about side effects are the most common reason they give for not using modern contraception. We are honored to have received support from the Bill & Melinda Gates Foundation to work towards discovering new, hormone-free contraceptives that will expand the range of contraceptive options available to women and girls.”

“Cyclica has a track record of success in the low-data target area for unmet clinical needs. We have the experience needed to tackle this currently undrugged, high-need opportunity, and progress it to the clinic on a faster and less costly trajectory than that offered by traditional methods,” said Mike Palovich, chief science officer of Cyclica. “I’m impressed by the level of domain expertise within the BMGF scientific team, and we’re looking forward to collaborating with them toward this shared goal.”

ACTO Recognized as “Life Sciences Commercial Analytics and AI Trailblazer” by Everest Group

news source:https://acto.com/news/press-releases/acto-recognized-as-life-sciences-commercial-analytics-and-ai-trailblazer-by-everest-group/

Toronto, October 26, 2022ACTO, the #1 learning platform in Life Sciences, has been recognized as a Trailblazer in Life Sciences Commercial Analytics and Artificial Intelligence (AI) by Everest Group, a leading global research firm focused exclusively on strategic IT, business process, and engineering services.

In its  “Start-ups Creating Buzz in the Life Sciences Commercial Technology” 2022 market report,  Everest Group analyzed 47 technology start-ups offering proprietary Life Sciences Commercial Analytics & AI solutions focusing on their core capabilities and market impact. After a comprehensive evaluation, Everest Group shortlisted 17 vendors as high-potential start-ups. Of this group, only seven were recognized as Trailblazers, including ACTO – selected as a leader in the transformation of commercial operations in pharmaceutical and medical device organizations providing a Life Sciences-focused learning platform with built-in analytics and AI solutions.

“We are honored to be recognized by Everest Group for our innovation in Life Sciences software and as the only learning platform provider named a Trailblazer in this report,” says Parth Khanna, CEO ACTO. “This is an important acknowledgment of ACTO’s investments in analytics and AI, which include our recently launched AI-powered conversational assistant that helps pharma reps learn in the flow of work and our deep analytics that tie training to field rep performance.”

Analytics & AI solutions have immense potential to support sales and marketing teams analyze large-scale unstructured data, providing a much more comprehensive and impactful view. Commercial operations can also harness its capabilities to get real-time insights into improving the productivity of field sales, adapting to customer needs, and managing the changing market.

Currently, technologies in the commercial space lack real-time or data integration capabilities specific to the Life Sciences domain, making it difficult for organizations to get insights to attain the highest return on their commercialization efforts.

“Focus on delivering hyper-personalized customer experience is pushing Life Sciences enterprises to transform their commercial technology landscape. Interestingly, start-ups and niche commercial technology vendors are starting to gain significant mindshare with life sciences enterprises as they make targeted bets to address whitespaces in the commercial technology domain with their unique domain and experience-centric IP and value proposition,” according to Chunky Satija, Vice President, Everest Group. “ACTO offers a SaaS platform specific for Life Sciences commercial stakeholder training and learning management, focusing on intelligent content management capabilities and conversational assistant for learning support, thus getting featured as a Trailblazer in Life Sciences Commercial Analytics & AI Trailblazers assessment.”

AI and analytics have become imperative for competitiveness and effectiveness in commercial operations. The only way to overcome the challenge of managing colossal data is through harnessing the power of AI, which can lead to collecting valuable data and insights.

About ACTO:

ACTO, the #1 learning platform for Life Sciences, helps educate and engage learners through unified touch points and journeys, which reduces risk, improves efficiency and boosts the effectiveness. With ACTO, commercial and clinical leaders can draw deep, powerful insights to improve performance by consolidating learning into an omnichannel experience.

China-Canada Science and Technology Enterprises Exchange and Innovation MatchmakingConference Successfully Held

Gather innovative resources and link the industrial development of China and Canada. On October 27, the third event of the Canadian Station of the 2022 Overseas Mass Entrepreneurship and Innovation Week — The China-Canada Technology Enterprise Exchange and Innovation Matchmaking Conference was jointly held in Beijing, Nanjing, China and Toronto, Canada. As an important part of the 2022 Overseas Entrepreneurship and Innovation Week.It aims to build a bridge for exchanges and cooperation between Chinese and Canadian scientific and technological innovation enterprises and the government, embassies, investment institutions and industrial research institutes, pragmatically promote China-Canada scientific and technological innovation cooperation,entrepreneurial culture exchanges, promote and implement the smooth implementation of international projects.

Du Xinfeng, Director of Achievement Transformation Service Department of Science and Technology Communication Center of China Association for Science and Technology; Yu Honghai, Deputy Director of Gulou District Government of Nanjing; Luo Benjin, Chief Scientist of National Technology Innovation Center of Yangtze River Delta; Cheng Yong, Director of International Department of Nanjing Association for Science and Technology;Wang Tong, Co founder of China Canada Angel Alliance, Mao Hai, Secretary General of the Angel Hundred The trade commissioner of the Canadian Embassy in China and the commercial commissioner of the Canadian Embassy in China in Beijing, Ontario, and other guests attended the meeting, together with representatives of Chinese and Canadian innovative technology enterprises, investment institutions, enterprises in the Yangtze River Delta, and government parks. The event included many links such as the roadshow of China Canada scientific and technological innovation enterprises, the sharing of opportunities and challenges of China Canada scientific and technological cooperation, and presented a feast of China Canada innovation and entrepreneurship cooperation for the audience.

The Pictures: Beijing Special Session, Nanjing Special Session and Online Participants

Du Xinfeng said in his speech that since 2017, the Overseas Mass Entrepreneurship and Innovation Week has successfully held more than 290 events in nearly 100 innovative countries, regions and cities around the world, with tens of millions of people being publicized and influenced. The China Association for Science and Technology has been actively carrying out international non-governmental scientific and cultural exchanges for a long time, promoting scientific and technological innovation to play an important role in promoting social and economic development. The Science and Technology Communication Center of the Chinese Association for Science and Technology, as a directly affiliated institution of the Chinese Association for Science and Technology that undertakes important functions such as the dissemination of scientific spirit, the dissemination of technological achievements and the dissemination of innovative culture, is responsible for the construction and operation of the National Science and Technology Communication Center, and will also provide assistance and services for more international scientific and technological innovation exchanges and cooperation in the future. We hope to take this opportunity to promote China Canada scientific and technological innovation and entrepreneurship cooperation in a pragmatic way, and look forward to greater creative vitality and more innovative achievements through deeper, broader and stronger exchanges and mutual learning.

The picture: Du Xinfeng, Director of Achievement Transformation Service Department of Science and Technology Communication Center of China Association for Science and Technology, delivered a speech online. 

Yu Honghai, Deputy Governor of the Gulou District Government of Nanjing introduced the basic economic and social situation of Gulou District, the development situation of scientific and technological innovation and the policy of scientific and technological innovation and talked about:  With less than 1% of the city’s land area contributing nearly 12% of the total economic volume, Gulou District has formed a “three major and four special” industrial system led by “high-end commerce and trade, software information, cultural tourism” and featured by “shipping, science and technology, finance, and intellectual services”, which has been developing continuously.  Since 2018, Nanjing Municipal Government has issued “Innovation No. 1 Document” for four consecutive years, striving to build a leading national innovative city.  We hope that through this event, Canadian entrepreneurs will learn more about the Drum Tower and Nanjing, and be willing to come to Nanjing and visit the Drum Tower.

The picture: Yu Haihai, Deputy Governor of Gulou District Government, Nanjing, delivers a speech

At the event, Wang Tong, co-founder of the China-Canada Angel Alliance, Luo Benjin, chief scientist of the National Technology Innovation Center of the Yangtze River Delta/Jiangsu Industrial Technology Research Institute, shared the theme of “Opportunities and Challenges of China-Canada Science and Technology Cooperation in the Post-COVID-19 Era” and “Agglomeration and Cooperation of Overseas Innovation Resources for the Yangtze River Delta” respectively. Representatives of Canadian science and technology enterprises came to China for exchange.  Ms. Luna Yu, founder and CEO of Genecis, shared a discussion on “New Opportunities and new Directions for Canadian Enterprises brought by growing Chinese technology Companies”.

Wang Tong said: At present, major threats to mankind, such as hunger and disease, are being overcome. The fields of artificial intelligence, life science, gene editing, material technology, space exploration and other fields have shown unprecedented scientific and technological strength. The trend of globalization is irreversible. We need to understand and tolerate each other, and we need to work together, learn from each other’s strengths, and cooperate for win-win results. Both China and Canada are one of the innovation centers in the world today, with many complementary advantages. China has a huge market, strong manufacturing capacity, and relatively sufficient capital. Canada has a lot of talents, technology and scientific research, has a good innovation system, and the two sides have a very good foundation for cooperation. China Canada Angel Alliance has worked hard in Canada for 7 years, invested more than 40 Canadian high-tech enterprises, and now has a Unicorn company with a valuation of 4 billion Canadian dollars. We hope to be a builder of cross-border ecology, and also hope to be an accelerator for innovative enterprises to move towards Canada or Canadian enterprises to move towards China. Looking forward to the future: First, we will continue to invest in innovative companies and help them grow. Second, we hope to build an innovative bridge of reliable mutual trust between China and Canada. Third, attract more partners to join the whole ecosystem.

The picture : co-founder of China Canada Angel Alliance Wang Tong shares for the event

Luo Benjin gave a detailed introduction to the construction background of the center and the functional positioning of the industrial technology innovation system of the Yangtze River Delta. He also said that the center is committed to introducing international innovation resources into the Yangtze River Delta by building two Bridges, namely “the bridge between science and industry” and “the bridge between the world and the Yangtze River Delta”.  At present, CCIAC has set up a system of CCIAC research institutes in Jiangsu, Shanghai and other places, with 22 affiliated research institutes, 47 new R&D carriers and 15 R&D and transformation functional platforms. In addition, CCIAC has established joint innovation centers with more than 220 leading enterprises.  Luo Benjin also introduced oversea cooperation modes and cases such as international cooperation capital pool plan and project manager plan of CCIAC in detail. Up to now, CCIAC has established strategic cooperation with more than 60 domestic first-class universities and institutions, and carried out extensive cooperation in joint research and development, talent training, technology achievement transfer and transformation, and in-depth cooperation with more than 70 overseas universities and institutions.  And set up 7 overseas incubators and representative offices.

Photo and text: Luo Benjin, Chief Scientist of Yangtze River Delta National Technology Innovation Center/Jiangsu Industrial Technology Research Institute

Yu Luna introduced her feelings of exchange and cooperation in China and said: “In the past two months, I have deeply felt China’s advantages in innovation introduction, innovation service efficiency and growth rate, especially in big data, artificial intelligence, biological science and other fields. I have also personally seen that many foreign enterprises have good development in China. For example, some foreign enterprises can go from conceptual design of products to the final market in six months. From cooperation, China has a strong supply chain Ying Chain, a vast market, a large number of scientific research institutes, and entrepreneurs from China and Canada can make mutual achievements in the market, means of production, and research and development. It is hoped that bioengineering enterprises like Genecis can quickly enter the market with the help of Chinese resources and channels in the future.

The Picture : Yu Luna, founder and CEO of Genecis shares

The meeting specially introduced 4 Canadian hard technology enterprises that are willing to land in the field, including Agri-Neo, a new generation of agricultural product safety exterminate technology company, TeTechS, a sensor platform based on terahertz technology, applied to the whole manufacturing process of plastic packaging industry, and MemPore, a new nano filtration membrane technology project applied to high viscosity materials such as oil.  DDS, a new sensor project that provides digital output without analog signal conversion.

Most roadshow enterprises have strong R&D teams and continuous R&D capabilities. For example, Agri Neo uses organic active mixtures to eliminate pathogens, viruses, molds, yeast and other microorganisms and other harmful organisms, while maintaining the natural and prosperous nutrition and quality of food; MemPore core technology was developed by Oleh Kutowy, a former senior scientist of the National Research Council of Canada (NRC), commercialized the nano osmosis membrane technology that has been researched and developed for more than 30 years, and established a set of systematic production lines for waste oil regeneration; TeTechS can save resin for enterprises in real time during the production process and automate the quality control process to reduce production waste and improve labor productivity; DDS eliminates the traditional analog output conversion circuit mode, provides “direct to digital” output, makes the sensor category cheaper, requires no calibration, uses almost zero power and is very robust.

The Pictures: Group photo of guests at Beijing and Nanjing venues

In the future, the China Canada Angel Alliance and China-Canada Joint Venture Camp will cooperate with our partners to regularly organize docking activities for Canadian science and technology enterprises, so as to build a bridge between the government and industrial research institutes for overseas outstanding enterprises to land in China, and promote overseas enterprises to enter the Chinese market more quickly. 

Co-Development Agreement using AI Drug Discovery between Samjin Pharm. and Cyclica

news source:https://cyclicarx.com/press-releases/co-development-agreement-using-ai-drug-discovery-between-samjin-pharm-and-cyclica/

Seoul, South Korea and Toronto, Canada – Samjin Pharmaceuticals Co., Ltd. (“Samjin”; CEO, Yong Ju Choi) a pharmaceutical company devoted to develop innovative drugs to treat diseases with high unmet medical needs, and Cyclica Inc. (“Cyclica”), a neo-biotech with the vision to advance arobust and sustainable drug discovery pipeline announced today a co-development agreement for drug discovery.

Under the co-development agreement, Samjin will propose novel protein targets for drug discovery to Cyclica, and Cyclica will work to discover drug candidates to the proposed targets using its proprietary, AI-enabled, drug discovery platform. Samjin will carry out the experimental validation and take the lead in further developing/commercializing the most promising drug candidate compounds.

Photo: Samjin-Cyclica Collaboration Agreement for AI Drug Discovery; Left) Naheed Kurji (CEO of Cyclica), Right) Soo Min Lee (Head of Samjin Pharm Research Center)

Soo Min Lee PhD, Head of Samjin Pharm Research Center, said “We can rapidly expand our drug research pipelines and lower the cost and time required to develop a new drug by utilizing Cyclica’s AI-based drug discovery platforms from this research collaboration. We will continue expanding our network of research collaboration with other companies or research institutes in order to develop innovative drugs efficiently.

“Cyclica’s unique ability to advance drug discovery programs for targets across the entire proteome, in combination with Samjin’s expertise in proposing novel targets, has tremendous potential. We look forward to progressing this exciting collaboration, collectively working to drug the undruggable” says Naheed Kurji, CEO, Co-Founder and President of Cyclica.

Cyclica has partnered with multiple biotech and pharma companies worldwide and have recently been named by Business Insider as a top biotech company set to take off in 2022.

InventionShare Announces Partnership with IPR Inc.

news source:https://www.inventionshare.com/news/inventionshare-announces-partnership-with-ipr-inc

InventionShare announces a new partnership with Innovative Products Resources Inc. (IPR) located in Montreal, Canada. IPR is an R&D incubator specializing in mechanical & electrical engineering projects. InventionShare will provide monetization services for two classes of invention from IPR. The first is “Direct-to-Digital Sensing” which is a revolutionary new approach to strain, force, pressure and vibration sensor design. The second is a family of Structural Health Monitoring devices, or SHM, which is a category of sensing technology that is capable of monitoring and assessing the loading history and fatigue damage in aircraft, buildings, bridges machinery and vessels. “IPR is a world leader in the area of ultra power-efficient, small-size sensor technology” said Greg Waite, CEO of InventionShare. “We are very pleased to be partnering with IPR to increase the structural safety of products, public infrastructure and transportation systems” said Mr. Waite.

The second Road Show for China-Canada Technology Enterprise Exchange and Innovation was successfully held

Gather innovative resources and link the industrial development of China and Canada. On September 1, the Canadian leg of the 2022 Overseas Mass Entrepreneurship and Innovation Week — The second China-Canada Technology Enterprise Exchange and Innovation Road Show docking activity was successfully held.

The second Road Show for China-Canada Technology Enterprise Exchange and Innovation was successfully held

The event includes the offline venue in Nanjing, the online venue in Toronto and the online venue in Beijing, aiming to introduce the innovation and entrepreneurship policies of Nanjing Gulou District and the general situation of the National Technology Innovation Center in the Yangtze River Delta, and promote the effectiveness of the joint construction of the overseas collaborative innovation Center between China and Canada.

Online and offline special events in Nanjing

Zhang Li, Director of the Science and Technology Bureau of Gulou District, Nanjing, Wang Liang, Deputy Director of the Overseas Cooperation Department of the Yangtze River Delta National Technology Innovation Center/Jiangsu Industrial Technology Research Institute, Wang Tong, founding partner of Zhongguancun Dahe Capital, China Canada Angel Alliance, Mao Hai, Secretary General of the Angel Hundred People’s Association, and other guests attended, together with relevant representatives of the Canadian Embassy in China, representatives of Canadian innovative technology enterprises, representatives of domestic and foreign investment institutions, and representatives of enterprises in the Yangtze River Delta, Representatives of government parks and others participated.

Zhang Li, Director of the Science and Technology Bureau of Gulou District, Nanjing, introduced the basic economic and social situation, scientific and technological innovation development and scientific and technological innovation policies of Gulou District. Zhang Li said that Gulou District contributes nearly 12% of the total economy with less than 1% of the city’s land area. Since 2018, Nanjing Municipal Party Committee and Government have issued the “Innovation No. 1 Document” for four consecutive years, striving to build a leading national innovative city. Zhang Li focused on the resource endowment, innovation strength, global innovation and the layout of building urban silicon lanes in Gulou District, and introduced the “Zijin Mountain Talent Pioneer Plan – High level Innovation and Entrepreneurship Talent Project” to overseas entrepreneurs in combination with this activity.

Zhang Li, Director of Science and Technology Bureau of Gulou District, Nanjing

Wang Liang, Deputy Director of the Overseas Cooperation Department of the Yangtze River Delta National Technology Innovation Center/Jiangsu Industrial Technology Research Institute, introduced the Center and the Institute and said that, up to now, the Yangtze River Delta National Technology Innovation Center has more than 70 overseas research partners and representative offices in the world, and four are located in Canada. In Canada, the National Innovation Center has reached more than 10 cooperation with relevant Canadian organizations and teams, and has helped many North American technology companies and teams, including Canada, successfully settle down and develop in China. In the future, more advanced technology enterprises are welcome to cooperate and develop here.

Wang Liang, Deputy Director of the Overseas Cooperation Department of the Yangtze River Delta National Technology Innovation Center/Jiangsu Industrial Technology Research Institute

The second China Canada science and technology enterprise exchange and innovation activity introduced four Canadian hard science and technology enterprises with the intention of landing. It includes Halion, an advanced enterprise of low power consumption and color changeable nano ink materials, MG, a camera based hand tracking and gesture recognition software project, Mosaic, a leader in new generation 3D printing applications, and Qidni Labs, the world’s smallest and most advanced hemodialysis equipment.

Mosaic, a leader in new generation 3D printing applications, and Qidni Labs, the world’s smallest and most advanced hemodialysis equipment.

Most roadshow enterprises have strong R&D teams and continuous R&D capabilities, extensive application scenarios, and have established cooperative relationships with many internationally renowned enterprises. For example, the gesture recognition enterprise MG has cooperated with OEMs in more than 25 industries, including automotive, digital signage, electrical appliances, mobile, retail, healthcare, home automation and other fields, including Bosch, Samsung, Toyota, Hyundai, LG and other internationally renowned enterprises. For example, Mosaic, a 3D printing company, launched its SEME patented technology in 2014 to achieve multi material 3D printing at affordable prices. Now it has become the most widely used multi material technology in the market.

Subsequently, the China Canada Angel Alliance and the China Canada Joint Venture Camp will cooperate with China Canada partners to regularly organize Canadian science and technology enterprise roadshows and docking activities, build a bridge between the government and industrial research institutes for overseas excellent enterprises to land in China, and promote overseas enterprises to enter the Chinese market more quickly.

GENECIS RAISES US$10 MILLION IN FUNDING TO COMMERCIALIZE BIODEGRADABLE PLASTIC PRODUCTS

news source:https://genecis.co/genecis-raises-us10-million-in-funding-to-commercialize-biodegradable-plastic-products/

TORONTO, ONTARIO, August 4, 2022 – Genecis Bioindustries Inc. (“Genecis“) announced that it has raised US$7 million in Series A funding led by Khosla Ventures and BDC Capital’s Cleantech Practice. The round includes participation from Gullspang Re:food, with returning investors such as AME Cloud Ventures, IT Farm, and Heinz Group.Genecis has also secured a US$3 million credit facility from Silicon Valley Bank, subject to customary closing conditions.

Genecis is a biotechnology company making compostable plastics from waste materials. PHAs (polyhydroxyalkanoates) are recognized as the only biodegradable polymers that can mimic the useful functional properties of petroleum plastics. Genecis’ unique approach to biomanufacturing PHAs with alternative feedstocks is low-cost, widely applicable, and rapidly scalable. Their recombinant bacteria platform converts zero-cost food waste into tunable PHAs, and piggy-backs onto the existing infrastructure of biogas plants. Genecis is a graduate of the Y Combinator incubator program in Silicon Valley, and has won multiple international awards, including 1st place in the 2020 Extreme Tech Challenge.

The investment is expected to accelerate the launch of Genecis’ 1st set of products onto the market with their partners, while completing the 1st integration of their technology with the StormFisher biogas plant in London, Canada. Together these milestones will allow Genecis to secure key market vantage points in the sustainable materials market.

“We are thrilled to welcome Khosla and BDC Capital as our newest investors and appreciate their confidence in our mission to accelerate the world’s transition to sustainable plastics.” said Luna Yu, CEO of Genecis. “The funding will allow us to advance in our commercialization efforts and bring forth the next generation of sustainable plastics.”

About Genecis Bioindustries Inc.

Genecis is a Canadian biotechnology company developing microbes and a fermentation process to upcycle waste into high-value materials, such as bioplastics. Genecis’ biological processes convert food waste and carbon sources destined for landfill into valuable materials. Genecis is on a mission to drive the world towards a circular economy, where major brands utilize eco-friendly PHA plastics in packaging, food services, agriculture, textiles and many other areas to reduce the 18 billion pounds of plastic polluting oceans every year.

Our partners leverage our technology and team to benefit the planet, and their bottom line.

Cyclica listed by Business Insider as one of the top biotech startups set to take off in the next 12 months

news source:https://cyclicarx.com/press-releases/cyclica-listed-by-business-insider-as-one-of-the-top-biotech-startups/

In their annual edition, Business Insider named Cyclica among one of the “Top Biotech Startups set to take off in the next 12 months.”

The nomination came from Chris Garabedian, venture portfolio manager at Perceptive Advisors, who indicates, “Cyclica could wind up becoming best-in-class in this field, despite the fact that others have received a lot more attention and capital.”

Read the full story on Business Insider →


Credit Sesame Personal Finance and Credit Survey Reveals America’s Credit Use is Rising at the Wrong Time

news source:https://www.creditsesame.com/about/press/credit-sesame-personal-finance-and-credit-survey-reveals-americas-credit-use-is-rising-at-the-wrong-time/

Credit habit

SAN FRANCISCO, Calif. (June 29, 2022) — Financial wellness platform Credit Sesame conducted a Personal Finance and Credit survey designed to assess the effect of inflation on Americans and their credit in the past year. Survey results show that Americans are relying on credit cards more than ever to cope with the rising cost of goods and services, with more people preferring credit cards over debit cards, an increase from May 2021. The percentage of Americans using over half their credit limit has also increased 9 percentage points from this time last year.

Survey indicates Americans’ credit use has increased from this time last year, rising inflation and interest rates makes credit use more expensive

Late payments on credit cards increased by 50% in the past year, from 10% in 2021 to 15% in 2022. This fact combined with the Federal Reserve raising interest rates by 0.75%, the most since 1994, means Americans are not only feeling the pinch from inflation but also having to pay more just to use their credit cards to make ends meet.

Additionally, the survey found that many Americans are misinformed or uninformed about credit and their individual credit scores. Results showed that approximately 1 in 6 Americans do not know their credit scores, and 40% of respondents didn’t know that lenders use credit scores to evaluate ability to repay loans.

Other select findings from the survey include:

  • The number of people spending over 90% of their paycheck for month-to-month expenses doubled from 17% in 2021 to 34% in 2022
  • The number of people spending over 100% of their paycheck almost doubled from 6% in 2021 to 11% in 2022
  • 1 in 6 Americans saw their credit scores decrease May 2021 to May 2022

Perhaps unsurprisingly, the number of people worrying about money in 2022 is greatest in the “very poor to poor” credit score range (74%) compared to 49% in the “fair to good” range and 28% in the “very good to exceptional” range, but is not restricted to lower income individuals –  people making between $100k and $150k are three times more likely to worry about money in 2022. This is in part due to the fact that only 7% of Americans had pay raises that exceed the rate of inflation.

Inflation and economic adjustments affect us all, but understanding, and improving your credit score can protect against these rising costs and interest rates,” says Adrian Nazari, CEO of Credit Sesame. “The results of this survey prove how important it is for Americans to take care of their credit health to stave off the negative impact of any economic downturn.”

Survey methodology

The Credit Sesame Personal Finance and Credit May 2022 was designed and executed by Credit Sesame using the Momentive Inc. survey tool. General population data was collected online May 20-21, 2022. The survey sample comprised 1,222 U.S. residents aged 18 to 99 years balanced for age and gender using U.S. Census data. The sample data is accurate to within +/- 2.888 percentage points using a 95% confidence level.

About Credit Sesame

Credit Sesame is a financial wellness platform, leveraging the latest technology, AI and analytics to help consumers achieve better financial health and stability and create better opportunities for themselves and their families. Credit Sesame has helped millions of consumers improve their credit scores, increase their approval odds, lower their cost of credit and save money. Strong credit health leads to better financial health and stability, and with Sesame Cash, Credit Sesame helps accelerate consumers’ credit and financial wellness in one place. Credit Sesame is funded by leading institutional and strategic investors. It currently operates in the U.S. and Canada. For more information on Credit Sesame, visit www.creditsesame.com and follow on FacebookTwitter and LinkedIn.

The first roadshow for China-Canada technology Enterprise Exchange and Innovation was successfully held to promote the efficient docking of resources between China and Canada

Gather innovation resources and link the industrial development of China and Canada. On June 23, Canada Station of 2022 Overseas Mass Entrepreneurship and Innovation Week – the first docking activity of China Canada science and technology enterprises exchange and innovation was successfully held.

The activities include offline venues in Nanjing, online venues in Toronto and online venues in Beijing, aiming to promote the innovation and entrepreneurship policies in Gulou District of Nanjing and the overall situation of Jiangsu Industrial Technology Research Institute/Yangtze River Delta National Innovation Center, and promote the effectiveness of the joint construction of China Canada overseas collaborative innovation centers.

Wang Lijuan, Deputy District Head of the People’s Government of Gulou District, Nanjing City, heads of the Science and Technology Bureau, the Commerce Bureau and the Management Committee of Gulou District, Nanjing City, Dr. Luo Benjin, Chief Scientist of the Yangtze River Delta National Technology Innovation Center/Jiangsu Institute of Industrial Technology, Dr. Song Yijun, representative of the provincial government in China and commercial counselor of the Canadian Embassy in China, Mao Hai, Secretary General of the Angel Hundred, and Wang Tong, founding partner of the CCAA China Canada Angel Alliance, were present, Cooperate with representatives of Canadian innovative technology enterprises, representatives of domestic and foreign investment institutions, representatives of enterprises in the Yangtze River Delta, representatives of government parks, etc.

Wang Lijuan, Deputy District Head of the People’s Government of Gulou District, Nanjing, made a detailed introduction to the basic economic and social situation, scientific and technological innovation development and scientific and technological innovation policies of Gulou District, Nanjing.

Wang Lijuan said that since 2018, Nanjing Municipal Government has issued “Innovation No. 1 Document” for four consecutive years, striving to build a leading national innovative city. Wang Lijuan mainly introduced Gulou District’s resource endowment, innovation strength, all-domain innovation and the layout of creating urban silicon alley. Combined with this activity, she introduced to overseas entrepreneurs the “Zijinshan Talented Pioneer Plan — High-level innovative and entrepreneurial Talents Project” which will be applied soon. Wang Lijuan talked about: We will continue to strengthen the docking and communication with Jiangsu Industrial Technology Research Institute, China-Canada Angel Alliance and the Committee of 100 Angels. Based on the advantages of Drum Tower and the platform of Nanjing (Canada) Overseas Collaborative Innovation Center, we will simultaneously promote enterprises to “go global” and projects to “bring in”, continue to promote friendly exchanges between China and Canada, and write a new chapter of openness, integration and mutual benefit.

Dr. Luo Benjin, the chief scientist of the Yangtze River Delta National Technology Innovation Center/Jiangsu Industrial Technology Research Institute, introduced the situation of the Yangtze River Delta National Technology Innovation Center/Jiangsu Industrial Technology Research Institute in detail.

Luo Benjin gave a detailed introduction to the functional positioning of the National Innovation Center’s “Science and Technology System Reform Pilot Field”, “Innovation Resource Allocation Hub”, “Major Technology Collaborative Tackling Platform”, and “High quality Industrial Development Booster”. Luo Benjin said that the Center is committed to introducing international innovation resources into the Yangtze River Delta by building two bridges: “the bridge between science and industry” and “the bridge between the world and the Yangtze River Delta”. As of May 2022, Guochuang Center has established cooperation with a total of 72 overseas institutions, and set up 7 overseas incubators and representative offices. At the same time, the Center has set up R&D carriers in Jiangsu, Shanghai and other places. At present, there are more than 10000 R&D personnel, more than 1000 enterprises have been incubated, more than 5500 technologies have been transformed, and 18000 enterprises have been served.

Mao Hai, secretary-general of the Angel 100 Society, introduced the specific situation of the Angel 100 Society. As the first alliance angel investment organization registered by the national civil affairs department in China, the Hundred Angels Association has more than 100 certified members and member institutions, mainly composed of professional investment institutions with rich industrial capital and entrepreneurs with rich industrial resources who have been engaged in nearly 20 years of deep cultivation, and dabbled in TMT, AI, ICT, education, medical care and general health. Mao Hai said that he was very happy to communicate with Gulou District, Nanjing City, Jiangsu Industrial Technology Research Institute and our excellent enterprises in Canada and hoped to strengthen cooperation in the future to jointly promote innovation between China and Canada.

This China-Canada technology Enterprise Exchange and Innovation activity specially introduced 4 Canadian hard technology enterprises with the intention of landing in Canada. Including the new nanomaterial project NNT with world-class biomaterials technology; MARI, an advanced robot workstation project dedicated to complex surface processing and flexible automatic processing applications; It has won many technical awards in the industry and won the kitchen waste treatment project Genecis recognized by world-class well-known enterprises; It is currently developing Mech Solutions, a revolutionary AI-driven 3D printing cloud management platform.

Most roadshow enterprises have strong R&D teams and continuous R&D capabilities, have many years of relevant experience in related fields, and maintain in-depth R&D cooperation with world-class institutions, including the University of Toronto, and national laboratories.

As a bridge for the construction of China Canada innovation ecology, the China Canada Angel Alliance and the China Canada Joint Venture Camp have been committed to building a cross-border investment ecosystem for early innovation and entrepreneurship enterprises in Canada, and take China, the world’s largest and fastest growing consumer market, as a platform to provide broader development space for outstanding overseas projects. Over the seven years since its establishment, it has provided more than 20 million Canadian dollars of financing for more than 40 start-ups in Ontario, and has found partners or co founded companies for 16 enterprises in China. Even under the influence of the COVID-19, the China Canada Joint Venture Camp helped its student enterprises achieve several hundred million Canadian dollars of financing.

Subsequently, the China Canada Angel Alliance and the China Canada Joint Venture Camp will cooperate with the China Canada partners to organize the Canadian science and technology enterprise roadshow docking activities on a quarterly basis, build a bridge between the government and the industrial research institute for overseas excellent enterprises to land in China, and promote overseas enterprises to enter the Chinese market more quickly.