On March 13th, a workshop was held by the McGill Dobson Centre for Entrepreneurship in association with the Compass Start-up Legal Clinic; the topics being the different types of business organizations, how to incorporate, as well as how companies can protect their IP.
We had representatives from two companies in Montreal:
Jacqueline Rowniak – Associate at Dentons Canada LLP, a company that provides clients with legal services in common and civil law, in English and French.
Philippe-Olivier Daniel – Co-founder of Podlegal, a Montreal law firm that offers fixed-price and subscription-based legal services to entrepreneurs, SMEs and Start-ups.On the topic of business organizations;
What are the different types?
1. Sole Proprietorship
- An enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.
- It is simple, low cost (few legal fees) and involves the individual having full control.
- However, there are limited financing options, unlimited liability upon the owner, and interested parties may have trouble with the credibility of the organization.
- A legal form of business operation between two or more individuals who share management and profits. The federal government recognizes several types of partnerships. The two most common are general and limited partnerships.
- General – There is unlimited liability for each partner.
- Limited – There is unlimited liability for the general partner but limited liability for the limited partner. The limited partner cannot be active in the affairs of the business.
- A legal entity that is separate and distinct from its owners.
- There is limited liability for the shareholders and directors, tax benefits, and better access to financing opportunities.
- However, it is costly due to start-up and ongoing administrative fees, as well as losses cannot be claimed personally.
When incorporating, what are some things you should know?
1. It can be done Federally (Provides global access) or Provincially (local and limited protection).
2. There are different stakeholders for the business:
- Responsible for overall management and direction
- Legal and fiduciary duty of directors to act in best interests of the company
- Appointed by directors
- Responsible for day-to-day management of the business
- Owners of the company
- Elects directors
3. It will require a shareholders agreement:
- Agreement governing the relationship between the Corporation’s shareholders.
- Protect the rights of the various shareholders
- Restrict certain changes to the business, directors and officers
- Regulate the way capital is raised
- Resolutions can be disputed
- Costly to implement
- May be replaced if raising capital
- Disputes over interpretation
4. There are different ways to finance the business:
- Equity Financing
- Equity raised through sale of shares
- Convertible notes (Behaves as an “IOU” but debt can be converted to equity if not paid back.)
- Debt Financing
- Loans from banks/financial institutions, shareholders, friends and family
- Requires some security for the creditor
- Hypothec – immovable and movable – (Behaves similar to a mortgage)
What is it?
(uncountable) Any product of someone’s intellect that has commercial value: a piece of literature, a painting, an invention, a trademark, a trade secret, etc. Works protected under intellectual property law, and accorded intellectual property rights such as copyrights and patents.
(countable) Any individual work that is protected under intellectual property law.
What are the 4 main forms of IP?
- Copyright is a legal right, existing in many countries, that grants the creator of an original work exclusive rights to determine whether, and under what conditions, this original work may be used by others.
- Literary, musical, graphic, and sculptural works
- Motion pictures and other audio-visual works
- Derivatives of protected works, such as a sequel (i.e. the Star Wars movies)
- Distinctive design, graphics, logo, symbols, words, or any combination thereof that uniquely identifies a firm and/or its goods or services, guarantees the item’s genuineness, and gives it owner the legal rights to prevent the trademark’s unauthorized use.
- Symbol Trademark – The McDonald’s golden arch
- Character Trademark – Geico’s talking gecko
- Catchphrase Trademark – Donald Trump’s “You’re Fired” on The Apprentice
- A patent is granted by the government. It gives you the right to exclude others from making, using or selling your invention.
- Canadian patent applies within Canada for 20 years from the date you file the application.
- The patent application is available to the public 18 months after you file it.
- Patents cover new inventions (process, machine, product, composition of matter) or any new and useful improvement to an existing invention.
- Three key points:
- Must be new (not publicly available)
- Must be functional and working (show utility)
- Must not be obvious to someone skilled in the discipline
4. Trade secrets
- Trade secrets include any valuable business information that derives its value from the secrecy.
- Trade secrets can be very valuable to you whether you have developed new technology, designed original products, created the perfect recipe, or have a gold mine of customer data.
- One of the most famous trade secrets is the Coca Cola formula—a well-guarded secret for over 100 years. The business value of the formula is why the company goes to extremes to keep it confidential.
Remember: Owning all intellectual property helps credibility with investors.
For more detailed information on Intellectual Property, please check out the World Intellectual Property Organization:
Editor’s Note: Soula Chronopoulos is the president of Ellicom. Before that, she held strategic positions in national and international organizations in addition to founding two companies, one of which PROFIT magazine ranked 54th among the top 200 “Fastest Growing Technology Companies.” She also participated as a McGill Dobson Cup judge in 2019, in the semi-finals of the Health Sciences Track.Michaela Deneva (Dobson SET Ambassador)
In this article, our SET Ambassador Michaela Deneva interviews Soula about her entrepreneurial path and processes.
When did you know you wanted to take an entrepreneurial path?
Both my parents were entrepreneurs – from a young age I saw them building their businesses and going through the rough times. I’d say it’s part of my DNA. Although I didn’t know it at the time – while working in the med education sector, I got tired of listening to directions and embracing red tape. The bureaucracy and the stifling atmosphere pushed me further down into a box until I felt I had something to say. That stirred me to launch my own company. I firmly believed in what I was doing – I had a passion and drive to succeed. Obstacles let you down, but you should look at it as a pathway. Believe in what you’re doing and don’t give up!
What do you enjoy most about being an entrepreneur? What’s hardest about it?
The best thing – innovation! Watching customers light up when I show them something they’ve never seen before. The hardest thing – being challenged by everyone in a room full of naysayers. To stay afloat you have got to love that challenge! With that said, overcoming this psychological barrier is not easy. I’d say psychology is one of the biggest hurdles in entrepreneurship, not the finances and not building your product. Opportunities come with hard work – learn how to be your biggest cheerleader! Entrepreneurship is not for the faint of heart!
What have you taken from your student/ college experience to your startup career?
McGill gave me a great start on the long and exciting path of entrepreneurial research; how to find that “nugget” and come out of the rabbit hole. Researchers are innovators by nature. They are a big driving force – they listen and connect the dots. My mantra is to always look at everything as an opportunity. As a woman in tech I’ve learnt this the hard way – some wonder how I got to be a VP in a men’s industry. Despite the sexism which I’ve encountered, I was lucky to have managers who believed in my ideas. People propelled me. I always try to argue with myself on my ideas – something I’ve learnt from my mom. Her perseverance is very inspirational to me: she came here without speaking French or English, and managed to build a business and a reputation despite it all.
Do you have any systems or axioms for decision-making, learning, and execution?
Do your homework – you have got to be curious. Take the time to do some reading – investigate and learn. Sometimes situations aren’t the way they appear at first – read, read, read! Participate in what people are saying – cut through the marketing and ask questions. Everyone is just as vulnerable as you are – nobody has all the answers. I have done a lot of research in Alzheimer’s, specifically on one little protein which only manifests itself when you’ve incurred an injury. What I’m trying to say with this is that you shouldn’t look for the obvious but rather things that require “digging”.Soula Chronopoulos (left) was a McGill Dobson Cup judge in 2019, in the semi-finals of the Health Sciences Track.
Where do novice entrepreneurs waste the most time?
Many teams have a great idea with significant potential but what is going to make you unique is your ability to convince someone to invest money in it. One question I usually ask while mentoring at the Dobson Cup is: How big is your audience? Look for ideas that are going to make a difference in a population or an entire market. Speak with passion to convince people to invest – to me a good pitch is 50% the product and 50% the person. Investors choose to invest their money in the person who’s pitching them – it is up to you to convince them to believe in you.
As the President of Ellicom, what problem are you trying to solve? What are you most excited about at work right now?The 70-20-10 hypothesis is based on a survey that asked 200 executives to reflect on how they believed they learned.
What excites me the most is finding a more effective way to deliver a product that helps consumers without them even realizing that I’ve been involved. Of course, there’s the 70:20:10 model for learning and development which corresponds to a proportional breakdown of how people learn effectively, but at Ellicom, we focus on the behavior of the learner. I try to put myself in the learner’s shoes. My goal is to “insert”
myself in the places where they don’t even realize they’re learning and help them learn the same things as they would on a piece of paper. We strive to create an incredible experience – through emerging technologies, we aim to make learners effective and productive while having fun at the same time.
What advice would you give to entrepreneurs?
Never follow! It’s a common concern who your competition is. I personally prefer not to know. If you look at history and the market, you need vision and guts to know where you’re going. Question everything and always try to innovate and come up with new ways. Fearlessness is key – don’t be afraid to fail. Try everything, test it all – one of the 10 things that work may include the one that would be the big hit! Never let your entrepreneurial instinct subside; entrepreneurs at heart make the world go around, not the people that follow.
It is not easy to build a startup, you are creating something from nothing. From finessing your business plan, building your MVP, scaling with minimal means, attempting to raise funding: starting a business is not easy. Being a women founder does not make it easier, in many ways, the venture and startup ecosystem is still a boys’ club. However, with a strong support system, access to resources and mentorship, women-run startups have proven to produce more revenue.
According to a recent study conducted by Boston Consulting Group and MassChallenge, a US-based global network of accelerators, startups founded or cofounded by women performed better than male-founded startups over time. Despite being comparatively underfunded—and by a large margin—these businesses generated 10% more in cumulative revenue over a five-year period: $730,000, compared with $662,000 for the average male-led startup.
To mark and celebrate, International Women’s Day (March 8), we asked some of the most successful Dobson women founders to share their best advice for women seeking to launch their own venture.
You are the Expert in the Room
Being a woman entrepreneur is a challenge but if you really believe in your company’s potential to have a major impact or contribution to the society, you can overcome it! The beginning is always hard and unpredictable, so my best advice is to surround yourself with people with more experience than you that can help you to find the best path to the success. Do not get intimidated to pitch in a room full of men! You know your technology more than anyone else, be confident and always listen and learn from successful entrepreneurs! Accept criticisms and recommendations and is the only way to improve your company and yourself as entrepreneur!
Claudia Penafuerte-Diaz, CEO, CURA Therapeutics
If I would have to tell one advice to my colleagues women founders, it would be to trust yourself. Entrepreneurship is a learning journey and it is fine not to know everything. If you believe in your project, go out there, get surrounded by persons who share your vision and be persistant.
Anne-Julie Tessier, CEO, Keenoa
Nothing will work until you do
You get what you give. As an entrepreneur, you hold yourself accountable and are solely responsible for everything you do. It’s normal to not stay motivated 100% of the time. BUT, remind yourself that the more you do, the more you will get. Maya Angelou once said, “Nothing will work until you do”. I can choose to sit for three hours scrolling through social media, wondering why I am progressing so slow, or, I can spend the same three hours making cold calls and hit a potential partner.
Jamie Lee, Co-founder, reMIXed
On the importance of a clearly defined vision
Commit to a single, clearly defined vision. Defining what you are going to do is just as important as what you aren’t going to be doing (yet). A common mistake first-time founders make is that they try to invest in optionality (e.g. we are offering features A, B and C to see what resonates). It’s instinctive to cast a wide net when uncertain, however, this approach will drain your resources. It’s much more efficient to double down on single, clear vision (we are starting with feature A) and edit or pivot that vision as you get more feedback until you reach product-market fit.
Natasha Saviuk, CEO, Will + Zack
Look for that extra 20%
Shoot for the stars, land on the moon. Shoot for the moon, land on the ground. The idea is to always strive for more. I was always told to be hungry, look for that extra 20% and don’t be afraid of taking calculated risks to get there. While you may not always make it to the stars you’ll usually end up ahead of where you planned to be.
Amanda Riva, CEO, THP Creates
The ball is almost always in your court. If you want something, make it happen. Assert yourself and don’t worry too much about appearing aggressive or audacious – these are generally favorable features in entrepreneurs anyway. I’ve noticed many women will prematurely negotiate against themselves in fear of offending another party. I think historical gender norms have pushed self-moderation and shyness as a positive female trait – but that’s just not good for business.
Sonia Israel, Co-Founder & Chief Business Development Officer, Aifred Health
Entrepreneurship Isn’t One-Size-Fits-All
Do not try to fit the typical founder’s persona. Maybe you aren’t 20, maybe you have kids, maybe you need to pay your bills and can’t take a big financial risk by launching full-force into your venture with no back-up plan. Adapt your start-up to your reality. This will ensure that your journey will be steady and solid, and protect you from burning out.
Myriam Fournier-Tombs, Co-founder, Haven Hub
Secure the bag
“Go after women-founder grants and awards!”
Zoey Li – CEO, Co-Founder YUMi ORGANICS
Strength in diversity
Every person is different; they have a strength. Highlight that and use it to benefit the world.
Dr. Margaret Magdesian, CEO & Founder at ANANDA Devices
Ultimately, entrepreneurship is a leap of faith. In the wise words of Isabel Galiana, CEO of Saccade Analytics: Do not back down, trust your gut, get it done and be true to yourself. We have come a long way ladies, and while there is a lot more to be done in order to achieve gender equality; we are certainly heading in the right direction.
After 4 consecutive days of pitches in the Semi-Finals of the McGill Dobson Cup 2019 powered by National Bank, we’re excited to announce the 40 startup teams moving on to the FINALS on March 27, 2019.
Last week from February 19 to 22, 108 McGill teams pitched their startups to 48 judges who had the task of choosing the top ten Finalists for each Track: Health Sciences, Social Enterprise, Small & Medium Enterprise, and Innovation Driven Enterprise.
Over $200,000 in seed funding will be awarded to the winners of the McGill Dobson Cup 2019 from each track on April 4, 2019 at our Awards Ceremony.
Given the nature of the startup competition, we recognize that it is quite likely that some of the teams not moving on to the Finals of the McGill Dobson Cup 2019 will go on to create successful companies.
For some of the teams that are at a later stage, you may want to consider applying to the upcoming McGill X-1 Accelerator program this summer (Applications open on April 4, 2019). For those who are still exploring the early stages of their idea, the McGill Lean Startup Program in the Fall is also an option.
We wish all teams the best of luck in the next stage of the McGill Dobson Cup 2019!
Health Sciences Track 2019 Finalists
1. Axon: We’re building a $1000 portable brain imaging scanner for point-of-care diagnosis in ambulances, field hospitals, sports teams, and patient rooms.
2. BetaSense: We are a dynamic team that aims to tackle invasive problems in nuclear medicine and give them a Non-Invasive solution to enable personalized medicine in a greater number of clinics.
3. C-Marker: C-Marker is a composite disclosing agent that was developed at Professor Tamimi’s lab at the Faculty of Dentistry, McGill University. C-Marker is a new material that will help dentists identify the margins of white fillings and facilitate their complete removal without removing sound tooth structure.
4. Denovogen: Denovogen is a biomedical technology company focused on the design and commercialization of innovative medical devices. Our first product aims to improve communication and visualization in the surgical theatre.
5. Gynoteck: Gynoteck is a leading innovator in medical diagnostics, preventative, and treatment methods for women’s health. We aim to personalize medicine as every woman is different.
6. LFANT: LFANT is a company dedicated to the development of safe, reliable, and readily available commercial kits for the self-administered detection of STIs in the interest of public health and awareness.
7. MicroPredictome: MicroPredictome aims to create licensable AI algorithms to predict the risk of different gastrointestinal diseases based on sequencing data from the bacterial population of the human gut.
8. nplex biosciences: We are developing the next-generation of protein-based blood tests. Our platform promises to unlock unprecedented efficiencies in drug development, biomarker discovery, and ultimately, precision medicine.
9. Tracheo-Sure: Tracheo-Sure aims to revolutionize endotracheal intubation for airway management by creating a surgical device to improve speed, efficiency, and patient safety while reducing overall healthcare cost and improving medical education.
10. VitalTracer Ltd.: VitalTracer is a medical smartwatch that measures all vital signs continuously, including cuffless blood pressure. Our mission is to provide quality solutions that accurately capture vital signs to keep users alert and aware of their health at all times. Our solutions will revolutionize the relationship between patients and caregivers by creating an easy and accurate way to track, record and share all measured parameters.
Social Enterprise Track 2019 Finalists
11. Avantage Emploi: Avantage Emploi will address higher than average refugee and asylum seeker unemployment as well as Quebec’s severe labour shortage by matching these newcomers with employers and providing the necessary support.
12. B3D Performance Inc.: B3D Performance specializes in additive manufacturing (3D printing) using metal powders. We develop instrumentation to monitor the powder quality to reduce production costs and minimize the impact on the environment.
13. Liaisons: A multifaceted social enterprise providing consulting services to community organizations and SMEs. Our consultants are skilled professionals – mostly newcomers – with prolonged unemployment/underemployment who simultaneously participate in Liaisons integration programming.
14. Ma MobiClinique: Ma MobiClinique will be the first mobile and smart paediatric care unit in Montreal, Quebec, offering primary and secondary care to children.
15. Mini-Cycle: Mini-Cycle knows the value of durable and ethically made clothing. We sell new and preloved kids clothes and guarantee to buy it all back, thereby creating a closed-loop circular economy.
16. PDT Food Depot: PDT Food Depot redistributes surplus food from food producers to communities and organizations in need.
17. Rebicycle: Rebicycle is a social enterprise that sells custom upcycled bicycles. Through the sale of Rebicycles, we provide refugees with affordable transport and sustainability-oriented start-ups a venue for their promotion.
18. Turbodega: Turbodega is a software management tool that builds a network of small grocers in emerging countries and tracks their daily-sales in real time to provide them: 1) lower cost of goods, 2) access to fair working capital lines of credit, and 3) data-backed business advice.
19. UsToo: UsToo.Care anonymously and securely matches survivors of sexual violence based on aggressor or location. Survivors can collaboratively work with legal representation or police investigators, and access mental health professionals.
20. Yonja: Poor sanitation is a major setback to development. Yonja is here to provide the missing link between waste management service delivery companies and households for efficient, affordable and quality services.
Small Medium Enterprise Track 2019 Finalists
21. 2ndHelp: Transport newly purchased second hand items hassle-free.
22. CHK PLZ: CHK PLZ is a mobile payment application that streamlines the billing process at bars and restaurants, allowing customers to split items and pay the bill directly from their smartphone.
23. GEEK-it: We are an online community platform and a geek culture convention dedicated to bring local communities to the web. Our core service is to enable unique retailers and artists to showcase their products to the public online and offline.
24. Mache: Mache is an innovative catering company that provides corporate events with food from local restaurants and producers, offering a unique service to guests and organizers.
25. Out of the Box: For parents, who are eager to bring their children’s development to full potential, the “Out of the Box” is a set of 14 scientifically designed, interchangeable, early development toys.
26. ShuttleControl: ShuttleControl is a Software-as-a-Service designed to revolutionize the way courtesy shuttle services are offered around the world. We offer an all-in-one solution to increase customer satisfaction and make shuttle operations easy.
27. Storage Fellows: Storage Fellows offers affordable and bespoke full-service storage for students, including pick-up and drop-off, by leveraging volume-based pricing and a student workforce.
28. Underwear Worker: Traditional job hunting is pooped. Work is now everywhere, anywhere, especially in one’s underwear. Join this remote movement. Become hired by the best. Find your worldwide calling.
29. Vins Prose: Vins Prose plans to develop, import, package and market a range of canned wines for distribution in Quebec grocery and convenience stores.
30. Yuma: Yuma is a service that offers meal plans at your work. When you need personalized meals delivered to your workplace at the best price, Yuma doesn’t take it as a joke.
Innovation Driven Enterprise Track 2019 Finalists
31. Cannafish: Cannafish aims to work with fish farmers, valorizing their waste using a unique bioreactor technology and worms to produce a biological hydroponic solution to grow a wide variety of crops.
32. Chatler Technologies Inc: Chatler is on a mission to innovate the way we interact and buy from businesses on mobile devices. Using chatbot technology, Chatler brings the conversation into mobile commerce.
33. ChitoDry: ChitoDry makes novel biodegradable environmentally compatible materials from crustacean waste, creating with Nature in mind for a better tomorrow.
34. Dispersa: Dispersa focuses on developing novel technology that harnesses the power of oil-degrading bacteria to present an efficient, 100% biodegradable, and low-cost solution to address oil contamination.
35. First Mark: First Mark creates software for film sets to run digitally, safely, and with less effort, so that production teams focus on what matters – making great films, series, commercials, and shows.
36. Galdun Green: Galdun Greens’ initial target market will consist primarily of dairy farmers within the Quebec region. The health condition of cattle, and the other factors which influence either dairy production or growth, are usually assessed visually by farmers. Major issues with this approach is that they’re relatively subjective process, and the efficiency of keeping tracking of a large herd is difficult.
37. Interius Farms: Offering a solution to stabilize volatile Canadian produce prices and make the Canadian food system more sustainable, Interius Farms uses novel vertical farming techniques to grow on-site with clients year-round.
38. Lightbeans Technologies inc.: Lightbeans Technologies Inc. (“Lightbeans”) is a Quebec City-based tech startup specialized in the field of 3D product visualization. Through its advanced technologies, Lightbeans allows manufacturers, distributors, retailers, designers, and architects to present their products or projects remotely on the web, in augmented and virtual reality, with an enhanced level of realism.
39. Observe Agriculture: Observe Agriculture is a Montreal-based AgriTech startup founded by students from McGill University. Our first product is a modular crop quality sensor. To learn more, visit us at http://www.observeagriculture.com
40. SCBY: At SCBY, we are the catalyst promoting Change Champions for sustainability by manufacturing and supplying a cruelty-free leather alternative.
Health Sciences Semi-Finals Judges 2019(Back Row L-R): Soula Chronopolous, Charles Martin, Mark Maciw, Isabel Galiana, Daniel Cohen
(Front Row L-R): Ines Hasanbasic, Amy Pack, Brittany Sigler
Social Enterprise Semi-Finals Judges 2019(Back Row L-R): Hugo Steben, Emmanuel Verrier-Choquette, Alain Spitzer, Mohamed Shaheen, Joe Sasson
(Front Row L-R): Jake Wildman-Sisk, Niamh Leonard, Chloe Chow, Raphael Bouskila, Thierry Lindor
Small Medium Enterprise Semi-Finals Judges 2019(Back Row L-R): Robert Heckler, Mitchell Weiss, Sharon Stern
(Front Row L-R): Peter Alessi, Mergen Davaapil
***(L-R): Avery Rueb, Edith Cinq-Mars, Mohamed Hammad
***(L-R) Jill Selick, Laurent Marien, Debbie Zakaib, Chris Magnone
***(L-R): Marc St-Arnaud, Andrea Courey, Yves Grou, Marc Felgar
Innovation Driven Enterprise Semi-Finals Judges 2019(L-R): Julia Shuchat, Jean Amiouny, François Lamoureux, Sahar Ansary
***(Back Row L-R): Samantha Rouphael, Pasquale Di Pierro, Daphne Demetry
(Front Row L-R): Phil Keezer, Arach Tchoupani
***(Back Row L-R): Sabine Landolt, Mark Goldenberg, Olivia Li
(Front Row L-R): Phillip Cutler, Mark Weber
Editor’s Note: While there’s no secret formula to success in life, there are a few common elements and attributes from a financial point of view to predict the likelihood of a successful start-up. This presentation, presented by National Bank, focuses on helping start-ups improving your chances of getting the appropriate funding goals for your specific needs and giving you tips to increase your start-up net value.
This is an event recap by Khánh Hà Lê (Ambassador – Student Exec Team), and she’ll walk you through a clear summary of what to keep in mind as you raise money for your startup.
Presenters: Victor Morgado, Jonathan Theriault, and Khouloud Haddaoui
The first important thing is to define your business model. You can do this by answering questions in regards to all sides of your company such as service/product offered, competition, and team. Having a clear business model is a tool you should refer to throughout your strategic planning process because if you are an expert in your field and your business, investors will be more interested in you than someone who just has an interesting idea.
Take customer service for example: If your company is reaching clients by phone, investors will ask what you would do if you cannot reach them. If you are starting a business with no reference, investors will see about the kind of plan you have, your financial model, and your assumptions. To evaluate the value of your company, you should know the value of the current market, or at leasts similar markets. It is common to have a different estimation of your company and market from the investors.
After having a detailed business model, you should start the process of forecasting, to transfer your idea into money. It is always more complicated to forecast with start-ups than with established businesses. To better forecast your business, you need to know the value of your market. Of course, it is good to target the world, but it is better to establish a primary target to aim for and how to reach them. Then, you must know your resources such as your capital, the kind of team you want to build, your potential barriers and how to overcome them. Most importantly, at the end of the day, investors care about at what rate they can get their money back.
This brings us to the topic of growth. Growing fast is a double edge sword because the more money your business makes, the more expenses you will have. Forecasting will be extremely beneficial when you reach this stage of massive growth. Forecasting expenses and spotting potential issues ahead of time is as important as forecasting revenues because there are always expenses you have not thought about. You should also pay attention to your cash flow to make sure you stay afloat with the right amount of equity and debt and have enough cash coming in to manage and pay for expenses and suppliers. As a matter of fact, most of the time, when you borrow money for your business to grow, banks would ask for equity instead of debt and your financial statement.
The basics of financial statements for startups
There are 3 forms of financial statements: notice to reader, review and audit. For start-ups, reader is all you need. This financial statement has three sections: income statement, balance sheet and cash flow statement. The income statement (revenues, expenses, taxes, etc) will give investors a good idea of how well your business is doing. It is coming to operate on deficits in the first few stages as you are growing, and you need the money to grow. The second section, balance sheet, indicates what you have versus what you owe. Ideally, of course, what you have must be more than what you owe. If it is now, you may need to see what can be liquidated to cash within 12 months. Lastly, cashflow statement, the most underestimated part of a financial statement, explains the ins and outs of cash within our operation.
After you have established all points above, let’s look into your options to raise money, capital, available to you. One crucial concept in raising capital is cost of capital, which is the money or the financing the company uses to fund its operations and purchase assets. If you have a sizable asset, bankers will go for a smaller line of credit. If you’re going for loans and buying equipment, they will go for collateral for debt financing.
Early stage companies rarely have sizable assets to present as a collateral for debt financing, so equity financing becomes a viable option. Financing capital also depend on your business’ lifecycle. The first and most popular stage of a business cycle is the valley of death wherein you pitch money in by micro financing, love money, and personal money. After that, in the development stage you start to generate revenues. This is where you can start to find incubators, angels, grants, and subsidies. In the growth stage, bigger funds, provided by bank loans, venture capitalists, are needed to invest in the business operation.
Early stage financing options
The most common instrument to raise money in venture capitalist and angel communities in seed and pre-seed stages are SAFE notes and convertible notes. When you meet with investors, make sure to be be familiar with the lingo – start here.
If you’re not comfortable with venture capital now, you can start off by looking at programs like Futurpreneur, Program Jeunes Promoteurs, PME Montreal, Investissement QC, Fondation Montreal, Crowdfunding, National Bank, Business Development Bank of Canada. The good thing is that all these companies/programs can be combined and you can apply for all those. For a complete list, you can go to National Bank’s directory of resources. If you are a technology company, you should also look up the provincial and federal government for tax credits for scientific research and experimental development costs.
Traps to avoid
Thinking better rates and amortization automatically means a better deal – instead, find a good bank and investors.
Searching for financing when it’s too late or when you’re in trouble: at some points you will have to decline clients because there’s no way for you to keep up with the obligations.
Being under-prepared when meeting with investors and creditors: You have to educate investors on your market, which involves having a deep understanding of it yourself.
Not maintaining personal finances: having a personal good credit score and savings gives you more bargaining power in deals.
Hiding info from investors and creditors: as soon as they find something you’re hiding, trust will be lost
Editor’s Note: This is an event recap by Caroline Veilleux-Foppiano from last week’s workshop on how to pitch your startup. She’ll walk you through a clear summary of what the Dos and Don’ts are when it comes to pitching, including examples. If you want the slides from the event, go here. If you want Guillaume’s checklist for pitches, go here.
This week Guillaume Racine held a pitching workshop for the semi-finalist Dobson Cup teams. Guillaume is the co-founder of Return Magic, a startup providing return software to ecommerce merchants, which has been bought by Shopify. He is also an angel investor, allowing him to share knowledge from both sides of the entrepreneurship world. For this workshop he shared the does and don’ts of pitching and his insights on the importance of the Q&A period.The Dos and Don’ts of Pitching:
- Be a line and not a dot: Build a relationship with an investor before asking for something: let them know who you are and your idea. Early on, Return Magic compiled a list of possible investors and emailed them a monthly update, including their accomplishments and progress. This allowed investors to see their evolution over time, which they appreciated – and it showed that they were actually improving.
- Do your research: Know your investor so that you can cater your pitch to them.
- Love the game: You must be fully present and engaged with the process of developing your startup. Showing genuine passion and confidence for your project, will help you.
- Roll with the punches: Rejections can be hard to deal with, but every pitch is a battle. You won’t win every time, but you must keep your composure and keep improving.
- Mind the timing: There are many things you can’t control, like when you will find the perfect co-founder. But you can control when you choose to go to market or when to ask for something. By waiting you allow yourself to tell the best story of you and your startup. Wait for your story be tight and have the metrics to back you up.
- Show your magic: Lead with what has made you successful and special. Maybe it’s your team, or your large achievements using a small amount of resources.
- Eat, sleep, repeat: Repeat your pitch 40 to 50 times before you present, it should be second nature which will allow you to read the room and focus on the audience.
- Don’t have all the answers: You don’t need to have an answer for every question. Never make up an answer, just say you don’t know but will follow up.
- Do follow up: After a pitch, follow up and thank your audience for their time and answer a question they had that you might not have been able to answer. Showing your hustle and persistence by sharing progress and how you are working with their feedback, is how you make an impression.
The Q&A Period:
This period is more important than most think, since it’s when the judges will make their decisions. A long answer will waste time that could be used answering more questions. So, when answering the questions be very straight to the point. You can achieve this by thinking of a headline for your answer and using that. Allowing the judges to inquire more if they would like and showing you have clear thinking around your idea. If your pitch is good, the judges will be curious to learn more and will try to poke holes in your idea. If you can stay strong during the questions, it will show the strength of your startup. To prepare for this, find someone to listen to your pitch and play devil’s advocate. Have them ask harsh and tough questions so you are ready for them.
Guillaume shared his experiences from being both an entrepreneur and an angel investor to the workshop which allowed for a great learning experience for everyone attending the workshop. The last thing he shared was to bring who you are and be yourself during your pitch. It will shine through and speak to your audience.
The 11th edition of the McGill Dobson Centre for Entrepreneurship’s annual flagship startup competition – the McGill Dobson Cup powered by National Bank, will feature a new prize totaling an amount of $23,000: the Mastercard Foundation-Dobson Startup Awards, focusing on Social Enterprise.
The Mastercard Foundation (MCF) Scholars Program at McGill is proud to be a new partner of the Dobson Cup competition. We are excited to award 3 prizes to scholars who will present social entrepreneurship projects that will contribute to improving lives of others.” – Pauline L’Écuyer, McGill’s Director of International Student Services and The MasterCard Foundation Scholars Program.
Established under the Mastercard Foundation Scholars Program at McGill University, the MCF-Dobson Startup Awards supports ventures competing in the Social Enterprise track of the McGill Dobson Cup. The awards will be offered to viable, sustainable, and scalable social ventures and community projects that create economic opportunities for others.
Valued at a total of $23,000, this award will be given to three deserving teams competing in this year’s startup competition, who demonstrate innovative ideas in the areas of social entrepreneurship. The award will be divided as follows: First prize at $15,000, Second prize at $5,000 and third prize at $3,000.
To be eligible for the MCF-Dobson Startup Awards in the McGill Dobson Cup, at least one team member must have an affiliation with the Mastercard Foundation Scholars Program (i.e. current Scholar or MCF Alumni). Since 2006, the Mastercard Foundation has been tackling poverty reduction, youth employment to help build a better future in the world’s youngest continent: Africa.
Beyond the funding, exposure, and mentorship from world-class entrepreneurs, industry experts, and thought leaders that startup teams will receive, this is a truly invaluable experience to grow their businesses. We are proud to work with the Mastercard Foundation Scholars Program at McGill University to power the next generation of social entrepreneurs.” – Renjie Butalid, Associate Director of the McGill Dobson Centre, and battle-tested social entrepreneur.
The Mastercard Foundation-Dobson Startup Awards in this year’s McGill Dobson Cup 2019 powered by National Bank is part of a series of additional prizes in this year’s startup competition, including the McGill EngInE Prize ($5,000) sponsored by the McGill Faculty of Engineering, and the Food and Agribusiness Convergent Innovation Prize ($5,000) sponsored by the McGill Faculty of Agricultural and Environmental Sciences (FAES), the McGill Centre for the Convergence of Health and Economics (MCCHE), and Trussbridge.
Editor’s Note: This is an event recap by Michaela Deneva from an event we hosted in collaboration with Le Wagon earlier this school year.
She’ll walk you through the basics you need to understand about coding your own landing page, including sample code and screenshots.
Qu’est-ce que Le Wagon? Le Wagon is a coding school..for entrepreneurs! Their mission? Bringing technical skills to creative people.
⦁ Interested in starting your own startup?
⦁ Thinking of changing your career?
If you answered YES to either of those questions, then the 9-week coding program offered by Le Wagon might be THE challenge to embrace! What’s in it for you? A unique opportunity to create a product, code it from just an idea and pitch two weeks later.
During a 2-hour workshop, Victor from Le Wagon introduced us to the basics of HTML and CSS, and showed us just how fun it can be to code your own landing page. The online presence of a startup is an essential marketing and advertising tool. When it comes to creating your landing page – the face of your business and the first page customers are exposed to on your website – it is important to employ the 4 C’s: Clear value proposition. Clean design. Call-to-Action. CRM first milestone.
Not all of those are necessarily achieved through coding. There’s a variety of tools that business owners can use instead, such as LaunchRock, Strikingly, Squarespace, Unbounce, etc. In fact, it is difficult to code a landing page for many different platforms and ensure the same quality for each. For example, a tablet vs a laptop version. In terms of setup, Google Chrome and Sublime are the recommended basics to build your page from scratch.
The skeleton of a landing page using all three languages looks the following:
<!– html code –>
<!– Stuff to display–>
<!– end of file –>
Precise indentation of the HTML code is recommended to facilitate the correct distribution of displayed content. Syntax-wise the core has four elements:
In the content attribute, a paragraph can be added with <p> or </p>. Emphasis is shown with <strong> or <em>. A list is added with <li>, and an image needs to reference the specific name:
As already mentioned, employing CSS helps us choose the right font and color for our content. Typical CSS vocabulary is:
When it comes to colors, each one has a specific color reference. Black is 0, and white is 255. The desired color shade can be achieved by playing around with the numbers. Fonts can have many characteristics, some of them are:
We have all experienced it ourselves or at least heard of the way AirBnB operates, and more specifically its website. There is a series of pictures with info underneath and customers can select the desired picture which hyperlinks to an accommodation listing. This “hyperlink” option is also called a div. The div & box model is just what it sounds like: an image with a margin in a bordered box. The box itself can be designed differently. The border can be solid, dashed or dotted. The shadow can be in different pixels or blue. And where do we get the perfect pictures from? We don’t want .png or .jpg files. We need a font of icons which we can easily find at Fontawesome.
Next is the grid system. In other words, how is your landing page distributed and viewed on different platforms. It is necessary to build a solid framework to ensure the same quality on each screen. To do so, you need to create a “box” called a container which contains several rows. Then the rows are filled by cols (an abbreviation for columns), or also called the elementary blocks. There are four media definitions:
Each screen can only accommodate a certain number of rows and cols. For example, a 4-col layout can be represented as follows on a phone and a tablet:
Enjoyed reading about the basics of designing your own landing page? For detailed steps on how to start coding your own, please visit Le Wagon’s GitHub. If you wish to go even further, check out Le Wagon Montreal! Happy coding, everyone, and remember..no structure equals no design!
(or just search for “Made At McGill” on your phone’s podcast app)
Everybody likes good food. Not everybody has access to it. And not all good food is good for the planet, or the people preparing it.
That’s why McGill MBA alum Natasha Alani and chef Aaron Fetherston started Kiffin. They’re on a mission to make real food accessible to real people. And they’re doing it while running an operation that’s sustainable and ethical every step of the way.
This heroic journey spans across several chapters. It involves moving from San Francisco to Montreal, a building burning down, and an ominous letter As you read between the lines and see the pattern of Kiffin getting up every time they fall, you’ll see there’s more to it than a series of hardships.
It’s a story of resilience and renewal. Like a phoenix rising from the ashes of its predecessor, Kiffin has gotten up every time it has fallen. And not only did they get up, they got stronger.
The McGill Dobson Centre for Entrepreneurship is pleased to announce the teams moving on to the Semi-Finals of the McGill Dobson Cup 2019 powered by National Bank. After much deliberation and a thorough application review process, the Dobson review panel has selected 108 teams to move on to the next stage of the competition: CONGRATULATIONS!
Competing within four tracks: Health Sciences (15 teams), Social Enterprise (35 teams), Small Medium Enterprise (34 teams) and Innovation Driven Enterprise (24 teams), the selected startup teams will have the opportunity to pitch in front of world-class judges and mentors.
McGill Dobson Cup 2019 Semi-Finals Pitches:
- February 19, 2019 – Health Sciences Track
- February 20, 2019 – Social Enterprise Track
- February 21, 2019 – Small & Medium Enterprise Track
- February 22, 2019 – Innovation Driven Enterprise Track
The teams that make it past the Semi-Finals will be invited to the Finals round of the competition, scheduled to take place on March 27th, 2019. The competition will culminate with the McGill Dobson Cup 2019 Awards Ceremony, taking place on April 4th, 2019, where over $150,000 in seed funding will be awarded to the most promising startups.
Get your tickets for the Awards Ceremony now to find out who wins – tickets sell out fast!
The McGill Dobson Centre for Entrepreneurship would like to thank everyone who took the time to submit their business plans. Thank you for your support and hard work… and don’t worry, even if you were not able to compete in this year’s McGill Dobson Cup, there are plenty of opportunities to pursue your entrepreneurial endeavours!
*For teams competing in the McGill Dobson Cup 2019, we highly encourage you to attend the following workshops listed below. The workshops are free to attend, however registration is required as spaces are limited. Watch your email inbox for additional information.
- For those who missed it, don’t forget to review: “What it takes to win the McGill Dobson Cup (19 tips)”
- February 7, 2019 – McGill Dobson Cup Workshop #1 – How to pitch your startup
- February 14, 2019 – McGill Dobson Cup Workshop #2 – Startups Financials & How to Raise Money
Health Sciences Track – February 19, 2019
1. Arkangel AI: Arkangel is a health guardian design to prevent chronic diseases. It’s like Siri for health. We use AI to automate a medical program developed at the US. Center for Disease Control to prevent diabetes.
2. Axon: We’re building a $1000 portable brain imaging scanner for point-of-care diagnosis in ambulances, field hospitals, sports teams, and patient rooms.
3. BetaSense: We are a dynamic team that aims to tackle invasive problems in nuclear medicine and give them a Non-Invasive solution to enable personalized medicine in a greater number of clinics.
4. C-Marker: C-Marker is a composite disclosing agent that was developed at Professor Tamimi’s lab at the Faculty of Dentistry, McGill University. C-Marker is a new material that will help dentists identify the margins of white fillings and facilitate their complete removal without removing sound tooth structure.
5. Compos Mentis: We are an AI-powered digital platform aiming to improve recovery outcomes of people living with mental illnesses.
6. Denovogen: Denovogen is a biomedical technology company focused on the design and commercialization of innovative medical devices. Our first product aims to improve communication and visualization in the surgical theatre.
7. eRA Rehab: Harnessing the power of smartphones to create a strong ecosystem between customers and clinicians to enhance the recovery process.
8. FluoID Inc.: FlůID Inc. is dedicated to developing non-ionizing molecular imaging methods (without radioactivity) reducing the time and costs associated with advancing potential clinical candidates to studies in man.
9. Gynoteck: Gynoteck is a leading innovator in medical diagnostics, preventative, and treatment methods for women’s health. We aim to personalize medicine as every woman is different.
10. LFANT: LFANT is a company dedicated to the development of safe, reliable, and readily available commercial kits for the self-administered detection of STIs in the interest of public health and awareness.
11. MicroPredictome: MicroPredictome aims to create licensable AI algorithms to predict the risk of different gastrointestinal diseases based on sequencing data from the bacterial population of the human gut.
12. Modus Inc.: Modus Inc would be a cutting-edge facility capable of developing and validating affordable blood-based biomarkers for brain diseases (much like Ancestry.ca tests saliva for DNA) and provide a report on the degree to which one is destined for AD – Yes, No and how much. Continuing to research methods, discoveries or techniques from Life Sciences to bring to commercial markets.
13. nplex biosciences: We are developing the next-generation of protein-based blood tests. Our platform promises to unlock unprecedented efficiencies in drug development, biomarker discovery, and ultimately, precision medicine.
14. Tracheo-Sure: Tracheo-Sure aims to revolutionize endotracheal intubation for airway management by creating a surgical device to improve speed, efficiency, and patient safety while reducing overall healthcare cost and improving medical education.
15. VitalTracer Ltd.: VitalTracer is a medical smartwatch that measures all vital signs continuously, including cuffless blood pressure. Our mission is to provide quality solutions that accurately capture vital signs to keep users alert and aware of their health at all times. Our solutions will revolutionize the relationship between patients and caregivers by creating an easy and accurate way to track, record and share all measured parameters.
Social Enterprise Track – February 20, 2019
1. 3.D.E: 3.D.E is an additive manufacturing company that focuses on applying 3D printing technology to address challenges of affordability, availability, and accessibility of prosthetics and educational model kits in low resource settings in Zimbabwe.
2. Avantage Emploi: Avantage Emploi will address higher than average refugee and asylum seeker unemployment as well as Quebec’s severe labour shortage by matching these newcomers with employers and providing the necessary support.
3. Avocadeau: “Grubhub for home-chefs! And we are ecologically friendly!” For health-conscious and green consumers who want to save time and maintain a healthy diet. We provide an online catering marketplace where users order from nutritional supported home chefs!
4. B3D Performance Inc.: B3D Performance specializes in additive manufacturing (3D printing) using metal powders. We develop instrumentation to monitor the powder quality to reduce production costs and minimize the impact on the environment.
5. Buy Your Own Bulk: Buy Your Own Bulk (BYOB) is a non-profit organization which goal is to provide affordable organic or fair trade dry foods to the McGill University community while reducing waste production.
6. Canadian Peer Support Network (CPSN): The CPSN is a non-profit organization aiming to implement Peer Support Centres across Canada to improve the mental health services available on university campuses by empowering students to help their fellow peers.
7. Collectif Commun’Art: Collectif Commun’art is a Non-Profit Organization promoting young promising artists and donating all funds to a special art therapy program, “Espace Transition”, created by the Ste-Justine Hospital for children affected by different mental illnesses. We host an annual silent auction of photographs, sculptures, paintings and digital art.
8. CommunityConnect: An app that addresses the resource disparity of donatable goods by connecting the general public with vulnerable members of the local community.
9. Educational Mentorship and Scholarship Forum (EMSoF): EMSoF provides firsthand and reliable information that helps Nigerian students secure scholarships in reputable foreign institutions of learning, thereby achieving their academic dreams.
10. Farmarvest: Farmarvest is an agriculture-focused start-up that leverages crowdfunding to allow anyone from anywhere to choose rural farmers to partner with and profitably invest in agricultural projects in rural Africa.
11. HAi-Bridge: HAi-Bridge advances knowledge and innovation by investing in the youth. It accomplishes this by providing a conducive learning and research environment that forge change-makers
12. KayaCare: Kaya ChildCare was set up to provide the hardworking Kayayoo mother with the option to get the needed development for her infant in the critical formative years of a child’s life; from age 0 to 5.
13. Liaisons: A multifaceted social enterprise providing consulting services to community organizations and SMEs. Our consultants are skilled professionals – mostly newcomers – with prolonged unemployment/underemployment who simultaneously participate in Liaisons integration programming.
14. LocalThreads: LocalThreads is a B2B web services that strives to provide a streamlined medium for connecting five main takeholders of the creative process in fashion: designers, retailers, manufacturers, wholesalers and suppliers.
15. Ma MobiClinique: Ma MobiClinique will be the first mobile and smart paediatric care unit in Montreal, Quebec, offering primary and secondary care to children.
16. MealCare: MealCare decreased food waste and food insecurity by diverting surplus food from food vendors, and delivering it community organizations through a volunteer-led, low-cost and sustainable model.
17. Mechtech App: Mechtech is an app that was conceived with the aim to connect large-scale and small-scale farmers whilst solving problems both parties encounter in the agricultural sector in Africa.
18. Mini-Cycle: Mini-Cycle knows the value of durable and ethically made clothing. We sell new and preloved kids clothes and guarantee to buy it all back, thereby creating a closed-loop circular economy.
19. Monstrash: Monstrash is a creative augmented reality app that unifies masses of eco-friendly pedestrians into an avid litter pickup task force through tangible environmental impacts and an exciting gameplay experience.
20. Panthalida Technologies Limited: Panthalida Technologies Limited was established in July 2018 in Kenya with the goal of leveraging Information and Communication Technology to provide services that support businesses and efficient farming practices.
21. PDT Food Depot: PDT food depot redistributes surplus food from food producers to communities and organizations in need.
22. Photizo Language Services: Photizo English Services is an English tutoring company that partners with international Japanese companies to offer English tutorials to over 1500 employees over the course of 3 years.
23. Photofund: Photofund provides creative services to the Montreal community. We generate opportunities for students to gain practical experience in photography, videography, and design, while also providing financial donations to local charities.
24. Piccles: Piccles is a collaborative coloring experience that lowers anxiety, relieves boredom, and fosters connection by engaging people in the cathartic act of coloring.
25. Portail Residences: Portail Residences is an Airbnb type web platform for privately owned senior homes. Its main mission is to facilitate access to health care lodging resources for elderly people.
26. Rebicycle: Rebicycle is a social enterprise that sells custom upcycled bicycles. Through the sale of Rebicycles, we provide refugees with affordable transport and sustainability-oriented start-ups a venue for their promotion.
27. Safe Kasupe Limited: Water is not the source of life, it is life. At Safe Kasupe Ltd, we provide affordable clean water to eradicate negative social and health consequences of using unclean water.
28. SokoMtaani: SokoMtaani leverages mobile technology to create a digital marketplace that revolutionizes how local farmers connect with city markets.
29. Solergy Systems: Solergy Systems is specialized in the implementation of solar energy projects on remote locations and off-grid sites. We want to use solar power to build and support a better world.
30. SURIV: We are reinventing the way people donate by making in fast, gratifying and by maximizing the impact of your donations where it matter most to you. The best thing is that you can track your impact along the way and see how you and the community are making a difference!
31. Thriving Age: Our mission is to help retirement homes become thriving communities where residents realize their greatest human potential through intergenerational experiences, continuous personal development, and community building.
32. Turbodega: Turbodega is a software management tool that builds a network of small grocers in emerging countries and tracks their daily-sales in real time to provide them: 1) lower cost of goods, 2) access to fair working capital lines of credit, and 3) data-backed business advice.
33. UsToo: UsToo.Care anonymously and securely matches survivors of sexual violence based on aggressor or location. Curvivors can collaboratively work with legal representation or police investigators, and access mental health professionals.
34. Vehx: Vehx provides student art talents with portfolio showcase, professional networking and peer learning services. From traditional arts to digital designs, Vehx is your number one choice for highly customized artworks.
35. Yonja: Poor sanitation is a major setback to development. Yonja is here to provide the missing link between waste management service delivery companies and households for efficient, affordable and quality services.
Small Medium Enterprise Track – February 21, 2019
1. 2ndHelp: Transport newly purchased second hand items hassle-free
2. Antemode: Antemode is an ethical and sustainable fashion e-commerce platform, bringing all the best conscious fashion brands in one integrated shopping experience. Finally, shop according to your values.
3. BumpN: An integrated platform enabling Bars & Nightclubs to engage with their customers, providing the customers with many experience enhancing features and venues with highly actionable insights on their customers.
4. Casa 88: Casa 88 is a meal service business based in Montreal. It provides home-cooked food using our unique recipes. We offer 8 meals per week for a price of $65-$72
5. CHK PLZ: CHK PLZ is a mobile payment application that streamlines the billing process at bars and restaurants, allowing customers to split items and pay the bill directly from their smartphone.
6. DawaSwift Technologies Inc.: DawaSwift is a web and mobile-app based software platform that offers real-time, on-demand and pre-scheduled pharmaceutical product delivery to customers whenever they need them from wherever they are by connecting them to local pharmacies and local drivers. From within the platform, customers can choose non-prescription items from a pharmacy or upload their prescriptions to the pharmacies’ ‘inboxes’ after which they choose to accept or reject an automatically generated bill from the pharmacy, then DawaSwift drivers pick up the product at the pharmacy and deliver the product to customers
7. E-Meks: E-Meks provides an inexpensive functional food product in different processed forms to rural households in Nigeria.
8. Eco Discuss: Eco Discuss is a software Startup providing smart and evolutive chatbots to green companies helping them gain more efficiency in their processes and increase their sells.
9. foodscout: With foodscout, users can discover a wealth of culinary experiences and order and pay ahead for pickup or from their table for sit down meals.
10. FYT: FYT is a content creation platform for fitness influencers that allows their users to participate in monthly challenges involving live or on demand workouts through a mobile app.
11. GEEK-it: We are an online community platform and a geek culture convention dedicated to bring local communities to the web. Our core service is to enable unique retailers and artists to showcase their products to the public online and offline.
12. Hearth: Hearth aims to improve student life and experiences by providing them with services to find their perfect housing and roommates. This simple application will strive to make housing search easy.
13. Host a Pet: Host A Pet is a marketplace that connects pet owners with certified Hosts that can offer up to six services. Our goal is to generate trust in our clients and good relationships to nourish a community and create a second family for these pets.
14. Khaos: At Khaos, we are dedicated to helping companies and creators tell stories. To start, we are building fully functional turnkey rentable studio spaces for podcasting, video recording and livestreams.
15. Luna: Luna is a nightlife social media mobile application that allows users to know what their friends are up to and discover all the excitements that their city has to offer.
16. Mache: Mache is an innovative catering company that provides corporate events with food from local restaurants and producers, offering a unique service to guests and organizers.
17. Maxime Black: Maxime Black is a creation studio for ready-to-wear menswear clothing. It aims to create technical, practical and comfortable clothing embellished by our craftsmanship and use of exclusive fabrics.
18. MiNutrition: We are a nutrition company developing an easily accessible online app that provides a subscription service to a platform which connects competitive athletes as well as recreationally active individuals with our team of certified sports nutritionists.
19. NoteBinge: NoteBinge is an eCommerce marketplace that provides economic opportunities for students, while bettering the academic experience of others, by delivering top-tier quality lecture notes to its subscribers at student-friendly prices.
20. Out of the Box: For parents, who are eager to bring their children’s development to full potential, the “Out of the Box” is a set of 14 scientifically designed, interchangeable, early development toys.
21. Quokka Reward Limited: Quokka is an employee’s recognition and rewards platform tackling high staff turnover, low motivation at job in business by offering perks, recognition badges, loyalty program, milestones and challenges embedded in blockchain-based network
22. Restoply: Restoply is a marketplace that enables hungry consumers to save money on food by taking advantage of restaurants’ slow times.
23. ShuttleControl: ShuttleControl is a Software-as-a-Service designed to revolutionize the way courtesy shuttle services are offered around the world. We offer an all-in-one solution to increase customer satisfaction and make shuttle operations easy.
24. Slickk: Slickk is a platform that directs its users to hairstyles that are likely to suit them given their physical characteristics, along with the information and products necessary for them to achieve these styles.
25. Starting Blox: Starting Blox is the perfect snack energize you. With its innovative ingredients, this layered block covered in decadent carob chocolate will win your heart and help you win your day.
26. Storage Fellows: Storage Fellows offers affordable and bespoke full-service storage for students, including pick-up and drop-off, by leveraging volume-based pricing and a student workforce.
27. UBI Beef Inspection: UBI is a unique meat inspectors network for international meat trade that assures quality, tackles down Food Waste and improves Food Safety, working at half the price of competitors.
28. Ugly Harvest: Ugly Harvest produces nutritious and delicious dehydrated soups using ugly and non-conforming produce to tackle the issue of food waste.
29. Underwear Worker: Traditional job hunting is pooped. Work is now everywhere, anywhere, especially in one’s underwear. Join this remote movement. Become hired by the best. Find your worldwide calling.
30. Upward Pets: Upward Pets is the first upcycled pet food business on the Canadian market. We help conscious consumers nourish their pets and the planet with sustainable treats made from upcycled food.
31. Vins Prose: Vins Prose plans to develop, import, package and market a range of canned wines for distribution in Quebec grocery and convenience stores.
32. Way with Words: Way With Words as a lifestyle boutique agency provides young Chinese-speaking communities with a one-stop online platform that accesses to various local activities and events.
33. YourCourses: YourCourses aims to provide university students an open platform to share their experience on courses they took and thus help future course-takers to better prepare for their courses.
34. Yuma: Yuma is a service that offers meal plans at your work. When you need personalized meals delivered to your workplace at the best price, Yuma doesn’t take it as a joke.
Innovation Driven Enterprise Track – February 22, 2019
1. 2ship: 2ship is an innovative way to simplify the shipping process for businesses by eliminating the 3PLs and making the process two-party based, while increasing transparency and reducing market inefficiencies.
2. Biots: A company that produces alga rich in organic essential amino acids.
3. Cannafish: Cannafish aims to work with fish farmers, valorizing their waste using a unique bioreactor technology and worms to produce a biological hydroponic solution to grow a wide variety of crops.
4. Chatler Technologies Inc: Chatler is on a mission to innovate the way we interact and buy from businesses on mobile devices. Using chatbot technology, Chatler brings the conversation into mobile commerce.
5. ChitoDry: ChitoDry makes novel biodegradable environmentally compatible materials from crustacean waste, creating with Nature in mind for a better tomorrow.
6. CoTeacher: CoTeacher is an AI-Powered content generation engine for the E-Learning industry
7. Cupp: Cupp is an AI powered question & answer platform for retaining company knowledge and accelerating employee onboarding. Ask a question, we send it to the right people in your organization. Answer a question, we reward you.
8. Current: Current is a predictive hiring analytics tool that leverages organizational and individual employee data to help companies build better cultures and hire better employees.
9. DigiAdChain: For advertisers and publishers, who look for a secure, fast, and transparent marketplace to trade directly, DigiAdChain is a reliable, efficient, and anti-fraud marketplace that bypasses middlemen using AI-Blockchain Technology.
10. Dispersa: Dispersa focuses on developing novel technology that harnesses the power of oil-degrading bacteria to present an efficient, 100% biodegradable, and low-cost solution to address oil contamination.
11. First Mark: First Mark creates software for film sets to run digitally, safely, and with less effort, so that production teams focus on what matters – making great films, series, commercials, and shows.
12. Galdun Green: Galdun Greens’ initial target market will consist primarily of dairy farmers within the Quebec region. The health condition of cattle, and the other factors which influence either dairy production or growth, are usually assessed visually by farmers. Major issues with this approach is that they’re relatively subjective process, and the efficiency of keeping tracking of a large herd is difficult.
13. Interius Farms: Offering a solution to stabilize volatile Canadian produce prices and make the Canadian food system more sustainable, Interius Farms uses novel vertical farming techniques to grow on-site with clients year-round.
14. Lab Practice VR: A program that teaches laboratory experiments in virtual reality. This aims to equip students with adequate knowledge of an experiment via an interactive walkthrough designed for lab courses and programs.
15. Lightbeans Technologies inc.: Lightbeans Technologies Inc. (“Lightbeans”) is a Quebec City-based tech startup specialized in the field of 3D product visualization. Through its advanced technologies, Lightbeans allows manufacturers, distributors, retailers, designers, and architects to present their products or projects remotely on the web, in augmented and virtual reality, with an enhanced level of realism.
16. LitView: LitView aims to be the starting point for every academic project by offering the most efficient online literature-review platform. We want students to search ideas – not keywords.
17. MIXONSET Inc.: At MIXONSET, we are changing the way people listen to music with innovation… our Robot DJ app lets listeners create personalized high-quality music mixes automatically.
18. Next Up: Next Up revolutionizes the shareholder engagement process by offering a forum-based platform where stakeholders can discuss, ask questions, organize and act on issues concerning corporations.
19. Observe Agriculture: Observe Agriculture is a Montreal-based AgriTech startup founded by students from McGill University. Our first product is a modular crop quality sensor. To learn more, visit us at http://www.observeagriculture.com
20. OneSpot: OneSpot is an IOS application that gives users a retrospective view of their lives by recording and analyzing every possible moment no matter the significance, because often times the moments that are forgotten were those most worth remembering.
21. Rokulo – Connected Mining Technologies: We create innovative machine learning and drone technologies to help mining companies of all sizes attain the next level of production efficiency, and transition into a more digital, connected and lower-carbon future.
22. SCBY: At SCBY, we are the catalyst promoting Change Champions for sustainability by manufacturing and supplying a cruelty-free leather alternative.
23. Spentra: Spentra is a cleantech company that creates innovative, proprietary processes for the sustainable and affordable manufacturing of bioplastics.
24. Yellow Co.: The infamous magic internet money, Bitcoin, is spawning a truly open financial system for everyone, anywhere. Finally, we have the easy way to buy bitcoins, and store them securely for future rainy days. Hop on!
***McGill Dobson Cup powered by National Bank and hosted by the McGill Dobson Centre for Entrepreneurship
Editor’s Note: Our writer Grayce Zhu sat down with Ben Attal (Co-Founder, COO) from Nimbus Tutoring to understand their vision, their challenges, and their story.
The Nimbus Tutoring app is dedicated to delivering the most convenient way for students to connect with the best tutors for in-person, course specific lessons at the university level. If you’re interested in being or hiring a tutor, get Nimbus on the App Store or Google Play.
What does Nimbus do?
Nimbus is focused on connectivity and accessibility in student tutoring. In a lot of ways, it’s something that’s been difficult or expensive to get. We saw the value of a peer support system backed up by technology. We can also provide students who are willing to work during the year with a job that fits around their university schedule. When you think of a student job, it’s working as a cashier or a waiter and those are great but they’re not necessarily the most intellectually stimulating. They’re definitely a burden on your life because you can’t just easily schedule and reschedule. Nimbus provides a unique opportunity for students to find work that is interesting and less overwhelming.
Why did you decide to join Nimbus?
I heard about it through one of my friends, Abdul, the CMO of Nimbus. Abdul is one of those people who always has a million projects going on. We had worked together before but this project just stood out to me. This is something that’s missing in the world and something that I think I can have a really positive impact on. At that point, I was looking for something to be interested in outside of school. I’ve always had stimulating jobs in the summer but that fulfillment you get from working on something interesting and enjoyable everyday is missing in the school year. I heard about this opportunity so I simply signed up.
What was your role when you first joined the company?
In the beginning, I did anything I could to help. I spent the beginning of my time at Nimbus
doing tons of class announcements and handing out fliers. I was fulfilling the most basic functions. Luckily, I soon developed a good relationship with Will. We work really well together. With more responsibilities, I was promoted to the position that I am in now.
How do you balance your studies with your work at Nimbus?
I’m studying mathematics at McGill. I have six courses left in total. I’m trying to balance school and work but honestly, the balance is skewed in one direction right now. I don’t do much for school. It’s pretty much Nimbus all the time, but I can’t complain. I really enjoy it.
What has been the most difficult challenge in getting Nimbus off the ground?
In the beginning, the most difficult challenge is building credibility. When you first talk to people about this app, they think it’s cool but not something that is professional enough for them to want to pay for and use. We spent a lot of time going out and talking to people, people who would be our first customers. We explained the research and the work we put in. This is not something we’re just doing for fun. It’s useful. It was difficult because we had to put in a lot of our own time and effort into this first step, but it’s not something that we would look back on and call a tough time. It was exciting.Nimbus Tutoring won 2nd place at the McGill Dobson Cup 2018 powered by National Bank (SME Track)
What is the most difficult challenge in running Nimbus?
What’s difficult, especially in technology startups, is balancing the different timelines of the different sectors of the company. From an operations or marketing perspective, it’s best to let people know what we’re doing as soon as possible but at the same time, we have to take into account that building an app takes a long time. For example, we launched a new version of the app this year that was fully reworked over the summer. We anticipated completion in August, but that got pushed to September, then October, then to the end of October. We had made decisions in planning based on the initial expected completion date of the app but the plans weren’t possible because the new version of the app wasn’t working to the extent that it was expected to. It’s difficult to keep marketing teams motivated without a product to market.
How did you overcome this challenge?
We’re still figuring that out right now. What we’ve done to keep people motivated is to focus on the fact that, at the end of the day, we’re not worried. We’re not worried that we’re a little behind on what we projected in revenue. The solution is not to panic. We’re going to get there. We do everything we can to prepare for when everything is ready. We do things that, although off from the original timeline, will definitely help for the future. Never tell yourself that just because things don’t go according to plan, that it can’t be done. It’s about just doing things that are always helping, always building, always moving forward.
How do you build a good team?
This is something we thought about a lot. One of the guest speakers from the McGill X-1 accelerator over the summer was telling the story of how he built his company. His name is Rubin Gruber, one of McGill’s most successful alumni. He said that your most important job as an early startup is to make sure that you are hiring great people.
We have a recruitment process where everyone currently in the company in a decision-making capacity has to approve every new hire. Instead of making a decision after one interview, we will have three or four interviews. Sometimes even after a long discussion, three of us will say yes and one will say no. In those cases, we don’t move forward with the candidate. It’s important to have everyone on the same page. There are so many amazing people out there and so many of those people are looking for this type of position. If you are patient, you will find the right person.
Everything is relative to scale. We can’t worry about a one-week delay right now if it’s someone we’ll be working with for, hopefully, three years or more. You don’t want to make the wrong decision long-term based on a short-term goal.Ben Attal (COO) and William Liu (CEO) of Nimbus Tutoring, pitching at McGill’s Boston Demo Day.
What makes a good team member?
I think the people that ask the most questions are people who we want to work with the most. We don’t know everything. They don’t know everything. If we keep asking questions, that’s how we best move forward.
How do you manage your team?
It’s important not to micromanage and it’s important not to overwhelm someone with too many jobs. I’ve found that it’s best to clearly define the goal we have as a company, how we’re planning to reach those goals, and the minimum requirements we expect. This way, people are thinking for themselves.
What are you most excited about moving forward?
Right now, I’m excited for people to see the new version of the app that our development team put thousands of hours of work into.
Moving forward, I’m excited about being in a period where we have teams everywhere who we can trust to do the work we want. We are able to go back to when our only focus is to be creative and think big. The most rewarding part of being in a startup is when there are just three of you around a white board talking about a specific issue and how to plan for it over the course of the next year. I’m excited to figure out what our real next steps are.
What are the next steps for the company?
We’re thinking about how we’re going to bring Nimbus to different levels of education. Right now, it’s a peer-to-peer platform for universities but middle schools, high schools, and CEGEPs also need tutoring. For those levels of education, there isn’t yet a reliable means to find tutors at affordable prices. Being able to cater to the whole range of education is something we’re really looking forward to.The Nimbus Tutoring app is dedicated to delivering the most convenient way for students to connect with the best tutors for in-person, course specific lessons at the university level. If you’re interested in being or hiring a tutor, get Nimbus on the App Store or Google Play.
Editor’s Note: For those that missed it, here are the slides from the December info session on the Dobson Cup: https://www.slideshare.net/dobsoncentre/dobson-cup-2019-info-session
On January 10th, our program manager Jihane led a presentation on what it takes to win the McGill Dobson Cup 2019 presented by National Bank. We also brought in some past winners from the competition, including the teams from Nimbus Tutoring and Cura Therapeutics, who won prizes the year before. There was plenty of time for audience Q&A, where the founders were able to provide detailed, tailored advice to all the new applicants. We’ve distilled some of that advice so that you can apply it to your business.
1. Pick the right Track
When you pick which track your startup goes into, you need to be thinking about what kind of help you want to get from the judges and mentors. Do you need feedback in the medical field or do you need something with more innovation driven experience and guidance? Narrow down which track your company fits into and then go from there.
2. Know everything about your company and the industry
During the pitches, if you seem like you don’t know your industry, your judges (who are experts in the industry) will call you out on it. Knowing everything about your industry gives you credibility in front of the judges, which gives you a better chance of winning.
This includes: market research at a macro level, market research at a micro level (through customer interviews), the biggest roadblocks that other companies are facing, and why your product can overcome them.
3. Demonstrate and highlight your progress
Being accepted into the McGill Dobson Cup is just the first step of this competition. Making and showing progress is what makes you win. Once your team gets to the Semi-Finals, your judges will be looking for major progress when you approach the Finals. You will need to provide them with a Minimal Viable Product (MVP). The judges need to see that you are working and committed to your company. Show the judges traction, however small it may be, and this will make you stand out.
4. Think long term
It’s great to have an idea and even greater if you are able to go forth and win the McGill Dobson Cup. However, you also need to be thinking about how you are going to take the experience of the McGill Dobson Cup and the potential funding you might get to help build into a long-term goal of the company. The McGill Dobson Cup is a stepping stone towards a bigger journey.
5. The key to success = commitment
The company that you are about to create, or have already created, has to be one of your top priorities in life. You need to be working on this company as hard as you possibly can and the judges need to see this.
6. Assemble an All-Star team
Product is important, but ultimately you need to have the people who have the specialized skills necessary to build that product.
7. Know what you’re being judged on
Judges will look at the feasibility, growth potential and innovation, as presented by the teams. Specifically for the Social Enterprise Track, social impact will be assessed.
8. Make progress between the Semi-Finals and the Finals
If you can show that you’re actively working on your business and that you’ve taken feedback and used it to learn, you’re that much better off when you’re presenting to the judges in the Finals.
9. Show that you are all in
When you’re speaking during the pitch or the Q&A, find a way to demonstrate that you are obsessed with your vision and that you are dedicated to seeing this through.
10. Tell a story
Judges will hear up to 10 pitches a day, so using emotional stories to differentiate your pitch will make their job easier and make your company more memorable.
11. Show your prototype
Bring samples, frameworks, products, or some kind of tangible Minimum Viable Product. You know how it’s said that a picture is worth 1000 words? Well a prototype is said to be worth 1000 meetings – bring one!
12. Talk about early traction
Even a few thousand dollars of revenue or letters of intent are useful. Judges are constantly judging whether or not you’re solving a problem. And the best way to do that, is by showing that people want and are using, what you’re building.
13. Make the most of it by keeping an open mind
Talk to the other teams and ask the judges questions! This competition is meant to embody experiential learning and provides students with invaluable feedback, mentorship and networking opportunities.
14. Don’t be afraid to ask questions
Recall that you have 20 minutes in total: 5 to pitch, and 15 for Q&A. The Q&A is TWO-SIDED! You can ask for specific advice, or even introductions. And bring a small notepad to take notes – it’s practically useful and signals your dedication.
15. Use the competition as a FIRST STEP
Don’t get too attached to winning – ultimately, entrepreneurship is a marathon not a sprint. The most valuable things in the competition are the lessons learnt, the feedback you get, the people you meet, and the confidence you build. Focus on those!
16. Don’t be on time, be early
If you’re even a few minutes late, we will have whichever team is ready take your place. Our competition is scheduled in multiple locations at precise times – we don’t have the capacity to accommodate everyone’s schedule.
17. Re-evaluate your business between the Semi-Finals and Finals
If your financials change, or you uncover a new insight that could change the course of your business, that’s okay. In fact, that’s the kind of learning that happens in any successful business and is a reflection of progress. You may send in updated business plans that we’ll hand off to the judges.
18. If you’re a solo founder, find a co-founder: going into business alone is hard
Sign up for McGill Dobson Match, ask your friends, and go to networking events. But don’t rush into an equity split, you want to take your time while judging what they can bring to the table as well as their character and energy.
19. You don’t have to have a tech company
Roughly 1 out of 3 companies that go through the McGill Dobson Cup have a tech component in their business: apps, patented medical breakthroughs, physical feats of engineering, and unique algorithms. However, there are plenty of businesses that are not technological in nature – ultimately, you will be judged on the value you bring to other people’s lives, whatever form that takes.
Get your tickets for the Awards Ceremony now to find out who wins – tickets sell out fast!
Editor’s Note: The McGill Lean Startup Program is a 10-week hands-on program that immerses early-stage McGill startup teams by having them test their business ideas and hypotheses outside the classroom. Inside the classroom, we deliberately trade off lecture time for students/teaching team interaction.
Since the end of September, 9 early-stage McGill teams have been going through the build-measure-learn customer development process and have been working on their pitches in preparation for this event. On December 3rd, we had them pitch in front of over 100 people including several judges to show the city what they’ve been up to. There was also a brief Q&A after each pitch.
Also note that applications for the McGill Dobson Cup 2019 powered by National Bank, are now open – click here to apply. Deadline: Wednesday January 16, 11:59PM EST.Intro video The pitches Arkangel: Uses AI to prevent chronic diseases Ugly Harvest: Turns “ugly” harvest and waste food into vegan and gluten-free produce Fofo: Video-only social media app that allows you to film and post your videos instantly with no time constraint HOST: Provides office space and tech consulting for healthcare professionals Observe Agriculture: Handheld instrument that measures active constituents in a given crop Turbodega: Helps small grocery stores improve their competitiveness by digitizing their sales and procurement operations CHK PLZ: Mobile app that streamlines the billing process at bars and restaurants Motek: Uses innovative material to enhance the efficiency of air-drying technologies PDT Food Depot: Food bank in China that redistributes surplus food from farms and bakeries to communities in need What’s next? The McGill Dobson Cup powered by National Bank of course – applications are now open, just click here!