People the best resource

Hey there, time traveller!
This article was published 25/06/2010 (5865 days ago), so information in it may no longer be current.

The winner of this year’s Manitoba Venture Challenge says the experience was about much more than money.

“I think the most important part of the process was that I got to meet potential future investors and people who I might be able to draw on to get to the next level of financing for the company,” said Terry Davidson, founder and proprietor of Global Office Software.

The six-year-old company developed and sells an Internet-based private-clinic management software system.

Davidson delivered the most polished presentation to judges at the annual event that first puts entrepreneurs through the paces at a two-day boot camp, and then makes them sweat it out in a Dragons’ Den-style investor’s pitch to a panel of no-nonsense judges, which took place Thursday.

Although this year’s version of the event includes modest cash prizes ($5,000 for the winner, $2,500 for second and $1,500 for third place) rather than the promise of an equity investment, the process is designed to provide experience to entrepreneurs looking to take their business to the next level.

In addition to the cash prize, the top three finishers will be invited to attend the boot camp at the Banff Venture Forum, the premier technology company financing event in Canada, as well as receiving in-kind legal and accounting services from Thompson Dorfman Sweatman and KPMG.

Mark Elrick, executive director of the Banff Venture Forum, was part of a panel of four judges who heard pitches from six finalists Thursday.

“I was impressed with the quality of businesses that presented,” Elrick said.

Ostensibly, the Manitoba Venture Challenge (MVC) format helps new entrepreneurs hone their skills in presenting their business cases in the most advantageous way so as to attract investment capital.

“There are a number of pain points that new entrepreneurs need to negotiate and the point that gains the most attention is access to capital,” Elrick said. “No. 2 on the list would be access to human capital.”

Elrick’s point is there is always money out there in the wings, but to get ahead, a new company with a good business model and committed leader needs to have a solid advisory board or mentors on hand.

“I always say that a great business strategy is to build a strong advisory board,” said Elrick. “At the end of the day, the money follows the people.”

On that score, Davidson boasts a solid team of management and advisers including senior Winnipeg business consultants Bob Swain and Cam Thompson of CB4 Consulting Inc.

“They were working the room way better than I ever could,” said Davidson, after the winners were announced after lunch on Thursday.

The MVC is co-sponsored by the provincial department of Entrepreneurship, Training and Trade and the Asper School of Business at the U of M, with support from the National Research Council, GrowthWorks, Thompson Dorfman Sweatman and KPMG.

The program has shifted from one that tried to hook participants up with angel investors in the past to a more educational focus.

martin.cash@freepress.mb.ca

Manitoba Venture Challenge winners

Global Office Software — first place.

Owner — Terry Davidson.

Type of business — private clinic management software.

Competitive advantage — Internet-based system ideally suited for new requirements that exist in many jurisdictions for clinics to submit invoices electronically to health insurance payers.

Special feature — the business has been running for six years, has seven employees, a solid advisory board and a legitimate aspirations to expand into the U.S.

Challenges — there is plenty of competition including from larger, more established players.

360 Replays — second place.

Owner — Jane Brown, along with husband Larry Brown and son Michael Brown.

Type of business — a broadcast television technology system that captures 360-degree live-action images designed to enhance the television broadcast of sports events.

Competitive advantage — in the era of wall-to-wall sports television coverage, 360 Replays’ system of multi-camera mounts provides a unique, full 360-degree view of every moment of action.

Special feature — has already turned heads with real-time NHL and NBA demonstrations.

Challenges — the company is still working on developing its high-definition version.

Canadian Prairie Garden Purée Products Inc. — third place.

Owner — Kelly Beaulieu along with Harvey Pollack and Martin Pollack.

Type of business — high-quality fruit and vegetable purées to enter the food ingredient market.

Competitive advantage — the company has developed proprietary technology to produce the purée.

Special feature — much of the current purée bought as ingredients by large food companies is frozen while Beaulieu’s company will produce and sell fresh, premium-quality purée made from high-quality Manitoba produce.

Challenges — significant capital investment has already been made with more required to be able to compete in a marketplace dominated by large multinationals.