Vancouver high-tech entrepreneurs have a new pool of funds to pitch for startup capital. More than nine venture capital and angel investors from across Canada and Silicon Valley have invested more than $2 million to launch GrowLab, a new Vancouver-based startup “boot camp” program for entrepreneurs.
Under the program, entrepreneurs can receive up to $25,000 in startup seed funding, along with four months of mentorship, free office space and the opportunity to pitch to investors at the end of the program for further follow-on funding.
Entrepreneurs, primarily from Vancouver, will have the chance to connect with mentors in Vancouver for the first three months of the program, and also connect with counterparts in Silicon Valley for one month.
The fund’s principals include a team of recognizable names in the B.C. tech sector, including:
- Boris Wertz, CEO of W Media Ventures;
- Leonard Brody, president of Clarity Digital and former CEO of NowPublic (both BIV Forty Under 40 recipients);
- Debbie Landa, creator of the GROW Conference; and
- Jason Bailey, founder of Super Rewards.
The fund will be headed by NowPublic founder Michael Tippett.
The Business Development Bank of Canada, iNovia Capital and Blackberry Partners Fund are the three key investors to the fund.
Jean-Rene Halde, president of the Business Development Bank of Canada, told BIV in an interview that the new program is a novel new approach to venture capital financing.
“People starting these companies have great technology, but the hope is that they will also learn how to market it properly and get the technology to solve a real issue with lots of mentoring from great entrepreneurs. It’s not just about giving a cheque.”
He noted Vancouver is an ideal place to launch the program, which is hoped to help accelerate the launch and growth of technology startups in B.C.
“Clearly, if this approach works, as we expect it will, then it’s something we, as the Business Development Bank of Canada, will consider replicating elsewhere. But it takes the right set of circumstances, the right entrepreneurs willing to give their time to do this, and the partners prepared to invest in this. But it looks like a wonderful concept with the right players and that’s why we’re part of it.”
Richard Chu
Twitter: @RichardChu_BIV