New Ventures BC

Vancouver technology entrepreneur and angel investor Bob de Wit has been appointed as the first Executive Director of the New Ventures BC competition.

Now in our tenth year, the technology business idea competition has grown to the point where it needs full-time leadership, says board chair Steven Lukas.  “Last year we had 180 competitors vying for $300,000 in prizes. We want to continue to build on our past success and reach more regional entrepreneurs.”

de Wit previously was an NVBC director and served as jury chair and mentor ‘wrangler’ for the competition’s 100-plus business mentors. As executive director he will oversee and implement the organization’s future vision as it moves into its second decade.

A founder and director of Greenangel Energy Corp., de Wit also runs the SFU Venture Connection entrepreneur-in-residence program. He is an SFU alumnus with an MA in economics. de Wit’s executive experience includes corporate development, corporate finance and competitive market intelligence. He is an active member of the VANTEC angel network and the WUTIF angel fund.

“Bob is an ideal choice to lead New Ventures BC into the next decade,” says Lukas. “With his entrepreneurial background, he truly understands the dedication, sacrifice and persistence that aspiring entrepreneurs bring to our competition.”

The provinces of Ontario and British Columbia have agreed to implement the harmonized sales tax (HST), which would replace existing provincial sales taxes and the federal goods and services tax in those provinces beginning July 1, 2010 and would be administered by the Canada Revenue Agency. The Canada Revenue Agency is offering a number of informative seminars to help ensure that businesses receive the information they need for the transition to the federal administration of the harmonized sales tax in Ontario and British Columbia.

Seminars are being conducted in downtown Vancouver through Small Business BC at 601 West Cordova Street at the following times:

• Thursday, February 11, 2010 from 9:00 a.m. to 12:30 p.m.
• Thursday, March 4, 2010 from 1:00 p.m. to 4:30 p.m.
• Friday, March 26, 2010 from 9:00 a.m. to 12:30 p.m.

For a full list of seminars across British Columbia, visit the Canada Revenue Agency website. There is no charge for any of the harmonized sales tax seminars.

Are you an investor or entrepreneur looking for an exit strategy from  a private technology company?

Be sure to check out the Angel Forum’s Exit Strategies workshop in Vancouver on March 29th but first ask yourself:

1. What is my exit strategy and why do I need one before or after I invest or look for investors?
2. What type of investor or company best matches my exit strategy and capital/investment requirements?
3. What are the four major steps I should be taking now to plan for a successful exit?
4. What about the timeline, valuation and legal process?

Vancouver’s best experts on exits including: Basil Peters,  Axel Christiansen, Steven Lukas, and Thane Stenner will lead this practical real world workshop.

Register online – the first 20 seats are $285 – a savings of $50 of the regular price.

GreenAngel Energy Corporation announced today that they have entered into a Memorandum of Understanding with 2009 NVBC Top 10 Finalist Rapid Electric Vehicles Inc. (REV) to raise up to $5 Million in several tranches during 2010.

Under the terms of the MOU, GreenAngel will raise capital for REV using a special purpose Venture Capital Corporation as defined under the B.C. Small Business Venture Capital Act, namely REV Technologies (VCC) Inc. B.C. investors can receive a 30% refundable tax credit and also hold their shares within an RRSP or TFSA account for further tax deductions.

According to GreenAngel CEO Michael Volker, using a VCC to offer shares will allow REV to attract a much broader base of investors rather than limiting itself to angel investors as it has in the past (REV CEO Jay Giraud presented last week at the Canadian Financing Forum). In additon, the use of the 30% Provincial Tax credits and the Federal RRSP deduction will give investors substantial leverage and reduce their at-risk capital outlay.

REV will be hosting a number of investor presentations over the coming weeks, just in time for the 2009 RRSP contribution deadline.

REV will use the proceeds to continue the development and commercialization of its MDS technology – modular drive and energy storage systems – that transform a wide variety of automotive platforms into zero-emission, 100% electric vehicles. Its initial market thrust is the electrification of SUV and half-ton pickup trucks typically used in commercial fleet operations.

The BC Innovation Council (BCIC) is offering six BC-based Cleantech startups the opportunity to gain international exposure at the upcoming Globe 2010 Conference on March 24-26th in Vancouver.

Six startups will be awarded exhibition space at Globe 2010 in the BCIC showcase and have an opportunity to work with the BCIC to prepare an action plan that will position them for successful commercialization.

BCIC is asking companies to express their interest in participating at Globe 2010 no later than February 5th. The companies that BCIC will select for participation will qualify under the following criteria.

• Early stage company focused on innovation in Cleantech with the ability to fulfill orders generated by clients at Globe 2010
• Company plans to grow and sell products/solutions on the domestic, local & international markets
• Company would not participate at Globe 2010 had it not been for this opportunity
• Company representative(s) will be present at Globe 2010
• Company will contribute $750 towards the cost of the overall participation at Globe 2010
• Company will participate in confidential follow-up surveys on the outcomes of this initiative

Intested companies should express interest by completing this company profile and submitting it to BCIC Programs at programs@bcic.ca.

The  2010 Canadian Financing Forum took place today at the Hyatt Regency in downtown Vancouver and four previous New Ventures BC Competitors were chosen to present the Venture Capitalist audience.

• Aquavive Technologies – 2009 Top 30 Company
• Rapid Electric Vehicles Inc. (REV) – 2009 Top 10 Finalist
• Etalim – 2nd place in 2009
• Genologics Life Sciences Software – 2nd Place in 2003

The Forum wrapped up tonight with a reception to announce the Forum Favorites and Best Early Stage award winners. Iain Black, Minister of Small Business, Technology and Economic Development, was in attendance and presented the Best Early Stage Cleantech award to Burnaby’s Etalim.

Etalim’s new solar-power technology inexpensively converts the sun’s heat into emission-free electricity. This new technology uniquely combines thermodynamics, high-amplitude acoustics, mechanical resonance and material science to generate electricity not only from the sun, but from any heat source. An Etalim power plant can capture the sunlight falling on an area of land the size of a football field to power 500 homes without creating any CO2 emissions.

Etalim was founded and incorporated in March 2006. Former Creo CEO Amos Michelson is Etalim’s Chairman and experienced tech entrepreneur Ron Klopfer was named CEO in June 2009.

Vancouver’s Rocket Builders announced their eighth annual Ready to Rocket 25 list yesterday naming 25 privately held BC companies that are “best positioned to capitalize on the 2010 technology sector trends that will lead them to faster growth than their peers”. The annual Ready to Rocket 25 list aims to predict the companies that will likely experience significant revenue growth, venture capital investment or acquisition by a major player in the coming year.

19 of the companies on the 2010 list are repeat Ready to Rocket recipients with 6 new companies being tagged as “Ready to Rocket” for the first time. Two former New Ventures BC Competitors made the list. 2003 2nd Place Finisher  Genologics Life Sciences Software was named to the Ready to Rocket list for the second time and 2008 2nd Place Finisher Pulse Energy, Inc (formerly Small Energy Group) was named for the first time.

In addition to the Ready to Rocket 25, Rocket Builders also announced its 2010 lists of “Emerging Rockets” which includes a number of New Ventures BC past competitors:

• LightIntegra Technology Inc. – 1st place in 2009
• Etalim – 2nd place in 2009
• Rapid Electric Vehicles Inc. (REV) – 2009 Top 10 Finalist
• Veridae – 2009 Top 10 Finalist
• Vineyard Networks – 2009 Top 10 Finalist
• Saltworks Technology – 2008 Winner
• Clarity Accounting – 2008 Competitor

The Vancouver Enterprise Forum is presenting a panel discussion on the outlook for venture capital financing in 2010 this Tuesday, January 26th.

After a couple of quarters of reduced investing, the VC market in BC has some good news with new funds being introduced and new partners for the BC Renaissance Fund.

Is the economic crisis affecting the technology sector and venture capital financing or are recent exits in the US a sign that the market is turning around? But against this backdrop, everyone knows that great companies and great returns emerge from troubled financial times.

Is the venture capital market poised to rebound? Are angels going to be more active? What can companies do to increase their chance of raising money? What creative financing strategies are emerging on both sides of the border?

The evening session will be moderated by Andrew Lugsdin of BDC Venture Capital and panelists include John Albright of JLA Ventures, Ping Li of Accel Partners, and Mike Walkinshaw of Chrysalix.

The event takes place at the Vancity Theatre and tickets are $45 each.

BC Hydro and Pulse Energy announced yesterday that they have launched an online Venue Energy Tracker to monitor energy consumption for 2010 Winter Olympic Games sites within the cities of Vancouver and Richmond, the Resort Municipality of Whistler and Whistler Blackcomb. Pulse Energy was the 2008 New Ventures BC Competition second prize winner and originally called Small Energy Group.

Pulse Energy’s online Venue Energy Tracker marks the first time Olympic venues have collected and publicly reported on energy consumption during Games time. Each participating site will have a dashboard monitoring real-time energy consumption. The dashboard will help venue managers to make smarter choices about how and when to use electricity.

Olympic venues participating in the project include the Richmond Olympic Oval, General Motors Place, Vancouver Olympic/Paralympic Centre, South East False Creek Community Centre, Whistler Blackcomb Roundhouse Lodge and Snowmaking Facilities and the Athletes Villages in Vancouver and Whistler.

Look for a live dashboard in real-time of the sites’ energy consumption at various Live Sites in February and at BC Hydro’s Power Smart Village or check out www.VenueEnergyTracker.com.

If you’re an emerging start-up in the BC technology community, getting exposure and validation for your company is important to your success.

The upcoming  BCTIA Technology Impact Awards celebrate the successes of the tech industry and the companies, people and innovation that put BC on the map. Winning an award for the Most Promising Start-up or the Most Promising Pre-Commercial Technology will provide you with the year round exposure, recognition and opportunities you may be seeking.

You don’t have to be a BCTIA member to apply to the TIAs, but if you are you can submit to as many award categories as you wish with no fees.

Submit your application online by March 17th.