Recap: TEC VenturePrize 2011

By Mack D. Male · April 27, 2011 at 10:32pm

The annual TEC VenturePrize awards luncheon was held at the Westin Edmonton today, and I was fortunate enough to attend as a guest of TEC Edmonton. The Alberta-wide business plan competition is one of the ways that TEC Edmonton helps entrepreneurs access mentorship, networking, and exposure opportunities in our province. Some of the recent success stories from VenturePrize include Yardstick Software and Seek Your Own Proof.

The competition is broken into two categories: fast growth, and student. Finalists in the fast growth category compete for over $150,000 in cash and in-kind services, while finalists in the student competition compete for $10,000 cash.

Ryan Jespersen once again hosted the festivities, and I thought he did a really great job of incorporating tweets into the program. Lots of people in the audience were tweeting about the event and their favorite companies using the #ventureprize hashtag. Part of that online interest might have been due to the fact that the awards luncheon was streamed online for the first time this year.

Ryan kicked things off with a sit-down interview on stage with the three finalists in the student category:

GizmoBooks.com (Gezim Hoxha, University of Lethbridge)
Website offering students an easy way to buy and sell textbooks and save money.
Nougat Software Entertainment (Tyrel Schick, University of Lethbridge) (archive)
Video game development company designing/creating innovative, full scale games for a wide range of platforms.
AltaCap Energy Solutions (Trina Salvisberg & team, University of Alberta) (archive)
Focused on the development, production, and marketing of ultracapacitors that feature cutting edge electrode technology.

I don’t think the interview approach has ever been done before, and I thought it worked well. It was great to feature the students more prominently in the program.

Next we had introductory remarks from TEC Edmonton CEO Chris Lumb and Mayor Stephen Mandel, and then it was time to meet the finalists in the fast growth category. Each finalist had the opportunity to deliver a one minute elevator pitch, followed by a three minute video describing their product and/or business.

CAD Crowd (Calgary)

CAD Crowd helps firms hire CAD staff globally enabling the effective sourcing of CAD work through their relationships with quality-certified partners and an enterprise project management software tailored specifically to manage and facilitate CAD projects.

lightPower (Edmonton)

lightPower builds flexible plastic solar panels with long-term stability which can be integrated in consumer electronic products or used as stand-alone battery chargers. Flexible plastic solar panels are fabricated through roll-to-roll printing techniques, enabling high throughout, low-cost manufacturing.

VibeDX (Edmonton)

VibeDX is a patent-pending medical device for diagnosis of injuries, pathologies and fitness of the back and spine. With a 99+% accuracy in diagnosing disc damage that holds promise to improve long term outcomes and quality of life for millions of back pain sufferers.

Rant: You’ll note that CAD Crowd and GizmoBooks are the only two with links to actual company websites. If the others have websites, I can’t find them. You would think that in 2011 this wouldn’t be an issue, but it is. If I can’t type your name into Google and find you, you’re doing something wrong, I don’t care what industry you’re in. And yes, I recognize that these entrepreneurs are focusing on product development, but seriously, not even a simple landing page?! Come on.

After all the pitches were complete, Ryan quickly described how the judging process works, and the judges made a show of leaving the room for their final deliberations. I was surprised to see them return just a few minutes later – usually it takes longer, so I figured they must really have had a favorite! Judges in the fast growth category included Warren Bergen from Webbco International Inc., Rod Charko from Alberta Enterprise Fund, Roy Homyshin from TSX Venture Exchange, Mike Scarth from Alberta WaterSMART, and Shawn Abbott from iNovia Capital. Judges in the student category included Colin Christensen from Signa Venture Development, Troy Deck from Meyers Norris Penny, Don Riep from Yardstick Software Inc., and Jim Spiers from Right Field Marketing. In addition to the judges there were twelve screeners, whose job it was to select the finalists from the many resume submissions. This year, the Screeners’ Award of Merit went to Inspectacar, for their business focused on delivering “nothing but accurate vehicle inspections”.

Our keynote speaker was up next – Evan Chrapko, an entrepreneur currently focused on Highmark Renewables. Evan shared a few stories from his experiences as an entrepreneur, and hammered home the theme of “persistence pays”. I wrote about Evan’s transition into Highmark back in 2007, and he’s still at it, so he obviously practices what he preaches. Evan left the audience with five pieces of advice:

Know thyself, and know your timespan (how much time you can actually devote).
Know thy business partner (consider legal advice up front, even if it seems costly).
Trust your instincts.
Network with others (he encouraged everyone to leave with ten other business cards).
Persistence pays.

Finally, it was time for the announcement of the winners. Annette Trimbee from Alberta Advanced Education & Technology presented the awards for the student category, with Trina’s team at AltaCap taking the top prize!

Chris Lumb presented the awards for the fast growth competition, with the win going to VibeDX!

It definitely seemed like VibeDX was the favorite. I have to admit that I really love the concept behind their technology – taking an approach used in other industries (such as stress-testing an airplane wing) and applying it to the human body. Their video was also quite impressive, as it had at least five doctors offering either testimonials or rosy predictions for the technology. Here’s a video describing how VibeDX works:

Congrats to all of the participants and finalists this year, and of course to the winners! You can see more photos from today’s event here.

If you’re interested in participating in next year’s VenturePrize, check the website this fall for registration details. You can also follow @TECVenturePrize on Twitter.

Recap: TEC VenturePrize 2010

By Mack D. Male · April 15, 2010 at 3:15pm

Today was the awards luncheon for the 2010 edition of TEC VenturePrize, an Alberta-wide business plan competition. The competition is a great way for entrepreneurs to access professional mentorship, networking, and also provides an opportunity to get some exposure. And speaking as a participant (back in 2006) I can honestly say that you learn so much in such a short period of time!

Today’s host was Ryan Jespersen of Citytv, and our special guests included Annette Trimbee, Deputy Minister, Alberta Advanced Education and Technology, and Mayor Stephen Mandel. Chris Lumb, CEO of TEC Edmonton, also brought greetings. In a statement he said:

“Innovators come first at TEC Edmonton. The cailbre of talent that was showcased today is a reflection of the creativity taking place in our province. The determination to build strong business plans through training, mentoring and finally pitching is what makes Alberta’s entrepreneurs stand above the rest.”

We also heard from Duncan Stewart from Deloitte, and last year’s fast growth winner, Ken Bautista of Seek Your Own Proof. Duncan shared some technology predictions and trends with us, while Ken provided an update on the success that his company has had since winning the competition.

Dozens of entrepreneurs and students from around the province participated, and it was up to the judges to narrow the field down to three finalists in each category (Fast Growth and Student). The finalists in the fast growth category were:

Biolithic Corporation, which has developed a rapid diagnostic device for diagnosing infection.
Darkhorse Analytics Inc., which has developed software to help plan emergency services.
Firenest Innovations Inc., which has developed online management tools for non-profits.

And in the student category:

Alberta Carbon
E² Technologies
Molecular Tetris Inc.

The winner of the Screeners’ Award of Merit, for a business plan that shows excellent promise, was Innovequity Inc. The winner of the Student Business Plan Award was Alberta Carbon. And the grand prize winner of the Fast Growth Award was Biolithic Corporation. You can read the official announcement of the winners here.

I had the opportunity to work with Firenest a little on their presentation and elevator pitch, so I was definitely cheering for them. I still think they did a fantastic job. Congratulations to the winners and to all the participants!

You can see the rest of my photos from the event here.

2010 TEC VenturePrize Awards Luncheon

By Mack D. Male · March 16, 2010 at 9:25pm

As longtime readers will know, I was one of the finalists in the VenturePrize business plan competition back in 2006 (along with Yardstick Software). It was a great experience, and I learned a lot. I also know how much effort goes into it, so I have great respect for all the competitors who came after me!

I’ve been able to attend the awards luncheon the last few years thanks to Chris & Don from Yardstick, which has allowed me to meet some really interesting individuals and companies. I’ll be attending again this year, thanks to TEC Edmonton. I’m really excited, for a few reasons:

I know a couple of the teams competing this year quite well, and was able to act as an advisor/mentor a little bit. I’m pulling for them!
There’s always an interesting keynote speaker and lots of great people to meet.
Ken Bautista will be there!

Here’s the description for this year’s luncheon:

Now in its 8th year, this province-wide business plan competition provides budding entrepreneurs with training and guidance as well as an opportunity to win a share of over $150,000 in prizes!

The keynote speaker will be Duncan Stewart, currently Director of Deloitte Canada Research: Technology, Media & Telecommunications, Life Sciences and GreenTech. He has over 20 years experience working in capital markets, helping raise and invest more than $2 billion.

In addition, Ken Bautista will provide an update on the successes of his startup, CIE: Seek Your Own Proof, since winning the grand prize in last year’s TEC VenturePrize Business Plan Competition!

The event takes place at the Westin Hotel on Thursday, April 15 from 11:30am until 2:00pm (on ShareEdmonton). As of last week, tickets were already 60% sold, so if you want to attend you better get yours soon. Hope to see you there!

Podcast Spot: What would I have done differently?

By Mack D. Male · October 23, 2008 at 11:06pm

podcast spot Last night I presented in the VenturePrize Seminar Series with James Matsuba of IdleTime. The seminars are meant as a primer for this year’s competitors on business plans, building a company, and pitching ideas to investors (and judges). When I attended the seminars back in 2006, I found the most useful part was getting to hear the experiences of other entrepreneurs.

For that reason, I have been more than happy to go back and share my own experiences from the competition and beyond. Last night I talked about the VenturePrize process and making it to the finals, and James talked about his experience last year in the student competition and gave his presentation from the finals too.

As a presenter, I think the most enjoyable part is the question and answer period. Both James and I answered a ton of questions last night, but one stuck with me. After I had explained that we were shutting Podcast Spot down, someone asked what I would have done differently.

I didn’t have to think about it for very long, probably because Dickson and I have talked through this a number of times. There’s a ton of things I might have done differently, but two things in particular:

I would have avoided using the word “podcast” in the name of our service.
I would have focused on sharing audio and video for a specific niche.

I personally have nothing against the word podcast. I don’t think we hitched our wagon to the wrong horse or anything, because the underlying technology is sound and in use by millions of people around the world. The word itself has always been confusing and misleading, however. I’ve written many times that podcasting is just a word, but unfortunately most people don’t see it that way.

I also think it would have been a good idea to target our service to a specific group of people. As a service for anyone and everyone to share audio and video, we were a little too much like a YouTube clone (even though our feature set was quite a bit different). I think we could have executed more effectively with a smaller target customer base.

The follow-up question is, of course, why didn’t we do those two things? That question is much more difficult to answer!

TEC VenturePrize 2008

By Mack D. Male · April 30, 2008 at 3:46pm

tec ventureprize Like last year, I was once again lucky enough to attend the VenturePrize Awards Luncheon today with Dickson, and Chris, Don and their team from ProTraining. I hadn’t paid the competition much attention this year until recently, but it was good to see some familiar faces and meet new ones at today’s event. I’m also really happy it was once again in Hall D, easily one of our city’s nicest venues.

The grand prize winner for 2008 was DataGardens, a company that hopes to help companies manage their IT infrastructure more effectively. At first glance, they strike me as somewhat similar to one of last year’s finalists, Nirix. I wrote a bit more about the event (and the new TEC VenturePrize branding) at Techvibes, so check that out if you’re interested.

The event was once again hosted by Citytv’s Paul Mennier, and he did a great job. The guest speaker was Jim Carroll, a futurist and trends & innovation expert. He’s a great speaker and kept my attention throughout his presentation, but I have to say I didn’t enjoy him as much as Leonard Brody last year. Jim also got a few things wrong – he described Guitar Hero as a Nintendo innovation, and he claimed that we’re insulated from the rising energy prices here in Alberta. The latter remark was made off-the-cuff (“Hey, I’m in Alberta, let’s make it relevant”), and I think he probably feels pretty embarrassed about it now.

Lunch was similar to last year, though I don’t think I enjoyed it as much this time around. We started with Romaine Lettuce and Spinach Leaves with Grapefruit Dressing. The main course was Seared Thai Chicken Breast served with Tomato-Chili Jam, Coconut Rice, and Seasonal Vegetables. Dessert was Lime Meringue Pie with Fresh Berries and Raspberry Coulis.

The competitor videos this year all rocked, in my opinion, so kudos to whichever company helped to put those together. The music they played as the winners were announced was just a bit odd, though. Something to improve upon for next year!

Thanks again Chris & Don!

VenturePrize 2007 with Leonard Brody

By Mack D. Male · May 3, 2007 at 5:52pm

Earlier today, Dickson and I attended the luncheon and awards ceremony for the 2007 VenturePrize business plan competition. As you probably know, we competed last year and narrowly missed out to ProExams (now ProTraining). The ProTraining guys invited us to join them at their table this year, and we happily accepted!

First of all, congratulations to the grand prize winner, Picomole Instruments, and to their competition – Business Infusions Inc. and Nirix Technology (I was pulling for Nirix as I had met and talked with CEO Steven Hsu in the past and was following their progress though the semi-finals). All of the elevator pitches and videos were very well done. In fact, I’d say the videos this year were far better than any of the videos created last year. Much flashier! The other big observation was that this year’s event seemed much smaller and a little more low-key than last year. I suspect this is because last year was extra special with the grand opening of Hall D.

The guest speaker today was Leonard Brody, who talked about Canada and entrepreneurship. Leonard is currently a director of NowPublic, a partner at Growthworks Capital, and has advised many of our country’s politicians. When he started his presentation, I wasn’t sure if it was going to be that good. That’s just the initial impression I got, perhaps because he was so distracted by the lapel microphone.

When he finally got things rolling though, I was impressed. He’s a great speaker and he’s obviously done his homework. Instead of sharing experiences however, Leonard chose to focus on statistics from recent research. Of course, statistics can be manipulated, so I took everything he said with a grain of salt. That said, he was pretty much preaching to the converted (at least with me). Some of the ideas he talked about:

In recent years, Canada is an economic wonder.
We need to do a better job of telling our story as Canadians.
Mobile phones are going to be huge.
My generation spends more time on media than work. And we have to multitask.
“Smart” is irrelevant.
Continuous partial attention (related to the multitasking).

Basically, the Gen-Yers and Millenials are taking over and they don’t do things the same way as previous generations. The workplace isn’t ready for them. And you should join Facebook (okay he didn’t say that exactly).

I’d say his presentation was the highlight of the afternoon for me. Like Dickson remarked, they needed “victory music” or something in the background when they announced the winner of the competition! The loud applause followed by silence was somewhat off-putting.

One final remark on the afternoon – lunch was delicious! And I actually ate it this year (too anxious last year to eat). The main course was Achiote Marinated Chicken Breast, Black Bean Orange Salsa, Basmati Rice, and Seasonal Vegetables. Dessert was good too: Mini Citrus Cheesecake on Rosemary Crust, topped with Brambleberry Compote and Orange Sour Cream Drizzle.

Congrats to Picomole, and thanks again to ProTraining for the invite.

Read: VenturePrize

TEC Connector 2006

By Mack D. Male · October 18, 2006 at 8:41pm

This afternoon was TEC Edmonton’s annual TEC Connector networking event, and for the second year in a row, Dickson and I decided to go. We were actually invited to setup a booth for Paramagnus, but we opted to just mingle instead. The TEC Connector is kind of an important event for me, because I consider it the start of our adventure with VenturePrize.

There seemed to be more people this year, and also unlike last year, we actually knew a few of them this time! It was nice to reconnect with some of the very smart and very interesting people we have met over the last year. These kinds of networking events are funny in a way, because you can meet some great people, but they also show just how small Edmonton can be. There are more familiar faces than unfamiliar ones.

There was some talk today about VenturePrize and the new student category that has been launched. I think it’s great that the program is expanding! Dickson and I will be one of the featured presenters in this year’s VenturePrize seminar series, an opportunity I am really looking forward to. We’ll be sharing our story with this year’s participants on November 1st.

Read: TEC Edmonton

Paramagnus in AlbertaVenture

By Mack D. Male · July 12, 2006 at 8:45pm

If you pick up a copy of the July/August issue of AlbertaVenture magazine, you’ll find an article titled Entrepreneurial Idol, which is all about VenturePrize. While I think that title is better suited to the upcoming Dragon’s Den on CBC, the article is still really good. Indeed one of my favorite memories from the entire VenturePrize experience was talking with Marina. She has a knack for asking the right questions.

Here are a few notable quotes related to Paramagnus from the article:

“Sitting in the front row of Steier’s class are Mack Male and Dickson Wong, 22-year-olds who look like they’ve walked into the wrong classroom. But looks are deceiving; these whiz-kid computer undergrads at the U of A have already raised a hundred grand to fund their baby, Paramagnus Developments.”

“Last to go is Paramagnus which, because of Male and Wong’s youth, is the judges’ sentimental favourite.”

Marina ends the article with a quote from yours truly:

“I can’t believe how far we, and our business model, have evolved since day one of this competition. We’re going to go all the way.”

That sentiment is still true, even today. The story isn’t over yet though, not by a long shot. We’re inching closer and closer with each passing day to releasing Podcast Spot. And when that happens, we’ll really have something to be proud of!

VenturePrize Mentor Breakfast

By Mack D. Male · May 12, 2006 at 10:39am

I just got back from the VenturePrize Mentor Breakfast presented by MacEwan, which I mentioned we were attending in my previous post. Fortunately, we called one of our mentors this morning to find out where it was, so we made it on time, and everything worked out okay. Dickson and I were invited to speak at this event by the MacEwan organizers, to share our experience with and thoughts on the mentorship program that comes as part of VenturePrize. To sum up our presentation:

A mentor’s only obligation is to provide honest, altruistic advice regarding the business plan to the business team they work with during the competition. In our experience, the business team ends up receiving much more than just advice in the mentorship program – they essentially gain another team member – making it a truly invaluable resource. As far as we’re concerned, VenturePrize simply wouldn’t be the same without the mentorship process that comes from the business plan screening, judging, and presenting, the seminar series, and of course, the mentors themselves. We’re truly grateful we were able to take part!

The breakfast this morning was quite good, both the food and the people! We sat with and spoke after Grant MacEwan College CEO and President Dr. Paul Byrne, as well as TEC Edmonton CEO Dr. David Cox. Talk about some tough acts to follow! Both of them are excellent speakers, extremely well-versed in what they do. It probably sounds kind of corny, but events like the breakfast today are all part of that mentorship process we talked about, and we keep learning more and more with each event.

VenturePrize Finals Complete

By Mack D. Male · March 22, 2006 at 3:52pm

We just got back from the final event, and unfortunately, we didn’t win. We’re really proud that we made it to the finals of VenturePrize however, and we have our sights set on the Wes Nicol competition tomorrow in Ottawa. Congratulations to Chris and Don at Leading Edge Technologies for winning this year’s competition.

We’ve got lots of pictures and stuff to post, and we’ll do that slowly over the next few days. Our flight to Ottawa leaves in about five hours, so we’re getting ready for that. We’re a little disappointed about VenturePrize obviously, but we’re going to take what we’ve learned and do our best tomorrow evening.

You can read my post on today’s event at our VenturePrize blog.

Read: VenturePrize Experience