2003-02-10.20

Posted on Monday, February 10, 2003 11:32 AM -0500

Technology Venture Challenge turns students into entrepreneurs

Young innovators transform technology ideas into business opportunities

OTTAWA, Ontario, February 10, 2003 - The 3rd annual Student Technology Venture Challenge is today officially underway. The competition, open to students from Eastern Ontario universities and colleges, encourages innovation and entrepreneurship among the student community.

The Technology Venture Challenge (TVC), started in 1999 by volunteers from the educational and business communities, has a first place cash award of $10,000, with two runner up awards of $5,000 each. Entrants are asked tosubmit a proposal describing a commercial opportunity that can be addressed by a technology-related solution.

"The key differentiator between this competition and others is that thestudents aren't expected to come up with a full blown, 20-page business plan," said event organizer, Luc Lalande, director of the technology and research development office at Carleton University. "They simply have to come up with a technology-related idea that they believe has a valid commercial application and present that idea as a three-page proposal."

The TVC takes place over three rounds. The main round is currently underway and teams' initial proposals must be submitted by March 10, 2003, in order to be considered in the competition. Between eight and twelve semi-finalists will be jury-selected from the initial pool of entrants.

Each of the selected teams will be paired with a CEO from a local company who will act as mentor, supporting the teams with their entrepreneurial and business expertise. The semi-finalists will submit a more detailed five-page proposal and from this, judges will select the top three teams who will proceed to the final round.

The three finalists will go on to present their ideas to a panel of entrepreneurs, angel investors and venture capitalists on June 5, 2003, at the new Brookstreet Hotel in Kanata, Ontario.

"The mentoring by CEOs is one of the most exciting aspects of the challenge," said Coralie Lalonde, president of Katsura Investments. "It gives the teams a great chance to draw on the knowledge of an individual with a proven entrepreneurial record. This is an invaluable opportunity that will greatly benefit those who take advantage of it."

In its two previous years, both the TVC's final winners have gone on to form successful companies. The 2000 winners, a team from Carleton University led by Vinai Kashap, formed Kelsar Inc., a software management company now withlocations in the United States and India as well as Ottawa. Last year'swinner went on to form Ellistar Sensor Systems Inc., a microwave and antenna engineering firm.

"The fact that the competition has gone on to produce real companies is a testimonial to the quality of the event," said James Smith of Labarge Weinstein. "The current environment for early stage technology companies is extremely harsh, and it's great to see these teams going on to succeed in the marketplace, despite the odds."

Students who enter the competition will benefit from free events including workshops, mentoring, and other in-kind services associated with the competition. The TVC also provides students with an invaluable opportunity to develop their business skills and expand their network of business contacts in the community.

"The real gain comes from having learned so much about building a high-technology business," said Jim Pedersen, president and founder of Ellistar. "We could have been cut from the finals and still walked out with enough to launch our 2002 plan."

A series of lectures is currently underway, with experienced entrepreneursand business people providing valuable insight into some of the key areas of starting a new business. The interactive lectures offer students the opportunity to become involved in discussions and draw on the extensive knowledge and experience of their guest speakers. The series is free to attend and open to all entrants in the main round.

About the Technology Venture Challenge (TVC)
The TVC is a not-for-profit competition, run by volunteers from the educational and business community and is supported by sponsors including Skypoint Capital Corporation, Royal Bank, Business Development Bank of Canada, Katsura Investments, Bedarra, and the Ottawa Centre for Research and Innovation (OCRI), among others. For more information, visit: http://www.techvc.ca.

The TVC is open to teams from Algonquin College, Canadore College, Carleton University, La Cité Collégiale, University of Ottawa, Université du Québec en Outaouais, Queen's University, Royal Military College, St. Lawrence College, Loyalist College, Trent University and Sir Sanford Fleming College.

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