Entrepreneurs Battle to Succeed
April 15, 2010
Edmonton, Alberta. Alberta’s best emerging entrepreneurs came with one mission, to be TEC Edmonton’s VenturePrize winners. The battle was won by Biolithic Corporation for the Fast Growth Award and Alberta Carbon for the Student Business Plan Award.
TEC Edmonton, through programs like VenturePrize, helps entrepreneurs build better businesses. The three startup finalists for the Fast Growth competition represented Alberta’s up-and-coming industries – life sciences and ICT. From a revolutionary diagnostic device to software to help emergency services planning and an online tool to manage volunteer groups – judging the best was no simple feat.
“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,” said Chris Lumb, CEO of TEC Edmonton. “The determination to build strong 
business plans through training, mentoring and finally pitching is what makes Alberta’s entrepreneurs stand above the rest.”
The prizes are appealing - over $150,000 in cash and in-kind services - but the value that resonates with participants is in the preparation for the final submission to the competition. Through a six-week business planning seminar series followed by professional feedback and networking, the TEC VenturePrize program shifts startups into high gear. In addition, the enhanced business profile that comes from being a TEC VenturePrize finalist opens up doors for growth opportunities.
The Student Business Plan Competition drew its top finalist from the northern (CEFE) and the southern (STIC) competitions. The life of a student can be consuming, but these finalists found the time and energy to build business plans on novel research such as turning petroleum coke into activated carbon and making nanotechnology experimentation more efficient. As a supporter of the Student Competition, Alberta Innovates Technology Futures can attest to the value of inspiring new entrepreneurs.
"They're the foundation for our future. They're going to build on our technology, commercialize innovative concepts and create prosperity for the benefit of all Albertans," says the Interim CEO for AITF, Gary Albach.
The third award - the Screeners Award of Merit (SAM) - went to Innovequity Inc. The SAM, sponsored by University Technologies International, is presented for a business plan submission that shows excellent promise; encouraging them to further develop their business plan for resubmission next year.
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CONTACT:
Nadia Andersen
Communications and Marketing Manager
TEC Edmonton
(780) 492-1865
nadia.andersen@TECedmonton.com
BACKGROUND:
TEC Edmonton helps inventors, entrepreneurs and investors transform high-tech discoveries into viable corporations. Through our business services, TEC Edmonton helps navigate the commercialization process providing assistance with technology evaluation, intellectual property protection, business plan development, marketing research, corporate management and funding preparation. A unique non-for-profit enterprise, TEC Edmonton is a joint venture between Edmonton Economic Development Corporation (EEDC) and the University of Alberta.
Fast Growth Finalists
Biolithic Corp. has developed a revolutionary rapid diagnostic device that enables consumers and healthcare professionals to rapidly confirm an infection, offering the opportunity to globally save millions of lives, hundreds of billions in healthcare costs, and prevent the spread of disease. Contact: Maziyar Khorasani at maziyar@biolithic.com
Darkhorse Emergency Services, a division of Darkhorse Analytics Inc., is an emergency services software developer and consultancy. Darkhorse’s focus is twofold: to bring the latest academic research to the emergency services planning process, and to create tools managers can use without a dedicated analyst. Contact: Dan Haight at dan@darkhorseanalytics.com
Firenest Innovations Inc. is a software startup that provides powerful online tools for the underserved market of small to medium nonprofits in Canada and the U.S. Founded by engineering graduates from the University of Alberta with tech backgrounds from Boston, Waterloo and Silicon Valley, Firenest connects nonprofits with their staff through a simple, secure, online portal. Contact: Eugene Chen at Eugene@firenest.com
Student Finalists
Alberta Carbon - Petroleum coke is an abundant by-product of oil sands upgrading and is currently being stockpiled in Northern Alberta since it has almost no commercial value. Alberta Carbon’s business will be to process petroleum coke using microwave technology and turn it into activated carbon. Activated carbon is a high demand resource used in water treatment, air purification and other industries. Contact: Tristan Willson at twillson@ualberta.ca
E² Technologies - The high cost of equipment associated with the micro and nano technology industry has limited its potential growth. The photolithography process, which is frequently used to construct micro and nano technology, requires a cleanroom to house four pieces of equipment. E² Technologies significantly reduces costs by combining the four pieces of equipment into one system. Contact: Tom Tran at tt7@ualberta.ca
Molecular Tetris Inc.’s goal is to become one of the first players on the nascent market, helping Canada take a step forward in productivity gains through innovation. The emerging niche in the field of interdisciplinary modeling and simulation services for research and development has applications in many industries. Molecular Tetris will provide rational experiments for customers to help them reduce costs significantly. Contact: Svetlana Sapelnikova at Svetlana.Sapelnikova@ualberta.ca
Screeners Award of Merit (SAM)
Innovequity Inc. is addressing a $20 billion Factory-Built Housing Industry (FBHI) in North America. Innovequity’s Geometric Construction Unit (GCU) is an emerging leader in the next generation of construction automation. The GCU automates the manufacturing of both closed walls and floors with integrated wiring, plumbing, insulation, and HVAC installed. A significant amount of manual labour will be eliminated through the utilization of the GCU thus significantly decreasing the cost to manufacture structures. The GCU will save the FBHI $20 per square feet. Innovequity estimates the annual cost savings for implementing the GCU to be at $350 million in Canada and $4.9 billion in the USA, annually. Contact: Louis Hui at lhui@innovequity.com