BCIC New Ventures Competition

New Ventures CompetitionThe BCIC New Venture Competition kicked off last week with 118 eligible entrants. My newest client was among one of these.

 About The New Ventures Competition:

The BCIC New Ventures Competition is an annual contest that awards cash & service prizes to new business ventures. The competition has been running since 2001, and this year’s prize pool is bigger than ever. The competition is sponsored by local businesses with the goal of encouraging entrepreneurship in B.C.’s technology sector.

The Real Prize:

Mentoring 1Although the contestants have their eye on the prize packages, the real value in my opinion, is what we stand to gain along the way. More than 150 B.C. Business Leaders; Entrepreneurs, Venture Capitalists, Angel Investors, Academics, and Professionals, donate their time and expertise as mentors and judges. Access to these resources is well worth the $200 entry fee.

An hour with any one of these professionals is worth the cost of entry. Not only do you get advice and mentoring, you also have the opportunity to build long term relationships. How many of us would like 15 minutes in front of an Angle Investors or Venture Capitalist? How priceless is that.

The Path To The Prize:

Maze 1The New Ventures Competition is structured as a four stage process with eliminations at each stage.

Round 1 is really a screening process based on eligibility.

Round 2 sees the field brought down to 25 contestants based on a feasibility submission. Mentoring is available during this round to assist entrants who need it

Round 3 is the meat and potatoes of the competition with mentors assisting the contestants with the development of a condensed business plan.

In Round 4, ten finalists will make their presentation to the judges who will award the prizes.

Time Line:

calendarThe New Ventures Competition runs until mid September with winners announced at the Annual BCIC New Ventures Competition Awards Ceremony.

I’ll be keeping you posted along the way with updates on the competition in general, as well as how our team is doing.

 

© 2014 Creator Consulting

 

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