BCIC-New Ventures Competition is driving innovation in BC
Monday, February 4, 2013
New Ventures BC releases economic impact and entrepreneurial research study
BRITISH COLUMBIA – It may have been the prize money that attracted more than 1,400 new ventures to participate in the BCIC-New Ventures Competition since its inception in 2001, but according to a newly released economic impact study undertaken by a team of researchers at SFU’s Beedie School of Business, it’s the business tools, perfecting their business pitch, mentorship and the relationships imparted throughout the process that make this competition so valuable for BC entrepreneurs.
“I’m excited to see the scope of talent among participants, and hope they are able to make the most of their time in the BCIC-New Ventures Competition,” said John Yap, Minister of Advanced Education, Innovation and Technology. “The experience and confidence they gain will help them build the crucial skills they’ll need to be competitive in their chosen area of the technology sector.”
“Many participants enter the competition with a technology background and little or no experience in business, management or working as part of a startup,” said Angie Schick, the competition’s Program Manager. “They benefit most from understanding the process of turning their technology into a product and creating a valuable business model. Those also accepting of training from their mentors and who are willing to reach out to their business community for support are more likely to succeed.”
With 12 years of experience benefiting technology startup companies in British Columbia, the BCIC-New Ventures Competition has a reputation second to none when it comes to moving the needle on innovation in BC. Phase I of the study identified 295 unique companies that advanced to the 3rd round of competition from 2001 to 2011. An investigation of these companies found that:
Phase II of the same study involved sending a survey to the competitions’ 295 Round 3 companies. With response from founders or senior leaders at 84 or 29% of these companies, the following findings emerged:
“BCIC is proud to support the BCIC-New Venture Competition, showcasing BC entrepreneurs and the breadth of innovative new businesses created right here in BC,” said John Jacobson, President and CEO of BCIC. “Their talent, energy and tenacity are inspiring and we look forward to tracking the successes of these companies.”
For more information, please contact Angie at email@example.com.
About the BCIC-New Ventures Competition