Three young Canadian companies have won the second quarterly IncMind Ready for Funding Competition, sponsored by Cognition LLP and BDO. They are Altranex, an innovator in sustainable bio-chemicals, Eve Medical, an innovator in medical testing devices, and Managing Life, makers of an award-winning pain management app. The three firms have each won a one-hour investment pitch meeting with one or more appropriate investors, including OMERS Ventures, two private family offices, and a high net worth angel investor.
According to Kamal Hassan, CEO of IncMind, “our goal in running the competition is twofold. We want the companies to understand what it will take to get them funded. We also want the entrepreneurs, judges and investors to experience the power of the IncMind platform.”
The judges played an important role in helping the entrepreneurs understand the funding process. According to one judge, Peter Matutat of BDO, “the winners especially were coachable, responsive to feedback, and improved significantly between the two rounds of judging”. The other members of the judging panel were Valerie Copland of Futurpreneur, Wendy Robertson of Mediagenic and Rod Weir, an experienced entrepreneur.
The winners appreciated the depth and candid nature of the feedback. According to Tahir Janmohamed of ManagingLife, “the detailed feedback has helped us shape and refine the way we present our company to potential partners and investors”. Martin Ochwat, whose company was eliminated in the first round of judging, said: “your [feedback and] questions helped us to think about the business in ways we haven’t done so in the past. It really helped us to ‘put the nail in the coffin’ for this business. We are now looking at ideas in more attractive markets”.
Thanks to the success of the first two rounds, IncMind has decided to turn this into a quarterly competition. According to Kamal, “to simplify things, rather than charging separate fees for the competition and for membership, we have decided to combine the two.” The competition will now be offered as a free benefit to all paid members of IncMind.
The next Ready For Funding competition is now open, with an application deadline of July 20th. Interested participants can apply by creating an account on IncMind.com; upgrade your account ( ‘Account’ tab) to paid service; and invite judges (under ‘Followers’ tab) as one user with email: firstname.lastname@example.org.
IncMind (.com): is an online platform with 10 tools for small businesses to ‘help others understand your business’. This lets companies get more service for less fees from service providers, raise funds from investors more easily, and get more support from their network, with less time invested.
Cognition LLP (.com). is Canada’s first lean law firm that has revolutionized the delivery of legal advice. They have re-engineered the law firm to strip away overhead in order to provide practical legal advice at more reasonable rates. Cognition has over thirty lawyers based in Toronto, Ottawa and Calgary.
BDO LLP (.ca): is one of the leading accounting and advisory firms in Canada. Known for their entrepreneurial culture, BDO understands how Technology and Life Science (TLS) organizations must think and act to be competitive and grow.
OMERS Ventures (.com) is the venture capital investment arm of OMERS. As both an institutional angel investor and a later-stage investor, OMERS Ventu res is looking for successful companies with significant growth potential and market opportunities.