Archive for the ‘2008 Competitors’ Category

GROW Conference attendees include NVBC Grads

Friday, July 23rd, 2010

GROW 2010 is a technology conference that will bring together leading entrepreneurs, thinkers, influencers and investors from Silicon Valley and Canada to inspire innovation and entrepreneurship.

Day one of the three day conference is called ENGAGE and it’s an invite-only program that will bring together promising Canadian entrepreneurs with leading silicon valley founders, influencers, and investors to meet, discuss, and glean information for innovating in a web-fueled world.

Startups from across the country have applied and event organizers have shared a portion of that final list. On that list are a number of BC-based companies and even a few NVBC graduates:

Day one is invite-only, so if you’re interested in attending be sure to apply now before it is full.

Saltworks highlighted in Heintzman’s The New Entrepreneurs

Tuesday, June 29th, 2010

Last week the Globe and Mail reprinted a book excerpt from Andrew Heintzman’s The New Entrepreneurs: Building a Green Economy for the Future which profiles businesses that are developing “cutting-edge, high-profit, clean-tech products and systems” for export to the global market.

This section is from Chapter Two: Water, Water Everywhere and New Ventures BC 2008 Winner Saltworks is front and center.

“It’s a good thing they’re not in retail,” my friend commented, as we searched for Saltworks, a Vancouver–based desalination company.

The job of finding Saltworks’ headquarters was complicated by the fact that the office is situated in the docklands, which were in lockdown in anticipation of the 2010 Winter Olympics. Just to get to the street required passing a security check and showing photo ID. And once we’d made it through, finding the company proved to be no easy task.

After asking around, we were finally directed to an industrial building tucked away down a small alley near the water. A small homespun sign that read “Saltworks Receiving” greeted us at the door.

Despite the difficulty in finding them, for the last few months the world has been beating a path to Saltworks’ door. Ever since The Economist wrote a profile of their novel desalination technology, Saltworks has been the subject of attention from potential customers, investors, and the media. All of this interest is due to the fact that this little company tucked away in the docklands of Vancouver may just have a viable answer to the world’s water woes.

For many parts of the world where fresh water is scarce, desalination is viewed as an essential solution to shortages in clean drinking water. Currently desalination is used in more than 100 countries worldwide, and is expected to account for global expenditures of roughly $80 billion between 2005 and 2015. Many water-starved nations are already relying heavily on desalination, including countries in the Middle East, as well as Australia. And China and India will likely turn to desalination to provide water for their growing populations.

Today there are really only two commercial technologies for water desalination, and both have serious drawbacks. The first technology requires extremely high pressure to force seawater through membrane filters; the second technique uses evaporation and condensation. What they have in common is extremely high energy needs. This energy intensity adds significant electricity costs, and results in increased greenhouse gas emissions.

It’s ironic that the demand for these plants — driven in part by climate change, which is causing water deprivation — may in turn become a new source of greenhouse gas emissions. So for a number of reasons a race is on to find a more energy efficient way to desalinate water.

Saltworks’ founders Ben Sparrow and Joshua Zoshi met at Simon Fraser University. Sparrow had been a senior project manager at BC Hydro, where he oversaw power plant rehabilitation. But he had a secret passion for thermodynamics, which led him to come up with the idea of using thermo-ionic energy to create what he calls a “seawater battery.”

Sparrow decided to take a master’s in business administration at Simon Fraser University in part to hone his business skills to launch this new venture. There, he met Joshua Zoshi and the two began working together. A few years after graduating, the pair entered their business plan into the New Ventures BC competition in 2008, and won first prize overall as well as a sustainability prize. They received $160,000 in prize money, which provided the first capital investment for their new company.

The day I arrive, Sparrow is busy at his computer, fully immersed in his work. When he jumps up to meet me, I notice he looks the part of the young scientist, his boyish features accentuated by slightly dishevelled brown hair. The office looks to be part laboratory and part demo plant, which is basically what it is. The boardroom where I am given the company presentation is spare and undecorated; there is only a small wooden table and a couple of chairs. The rest of the office is equally simple and unadorned.

It reminds me that despite all of the international attention the company has received, it’s less than two years old. But for a company like Saltworks, none of that really matters.

What does matter is the complicated science experiment of pipes and plastic containers that takes up much of the floor space. This is their first pilot plant, which is expected to produce 1,000 litres of desalinated water a day. It’s an important step to developing their first commercial plant, which they plan to open later this year.

Sparrow leads me through the process with pride. The pilot plant represents years of theoretical work coming to fruition, and he is clearly excited. Using what they call a “thermo-ionic energy conversion system,” Saltworks claims to be able to reduce the use of electrical energy by 80 per cent compared to other commercial desalination technologies.

The process evaporates seawater by spraying the water onto a black surface that naturally captures solar energy. This creates a highly concentrated stream of salt water with roughly 18-per-cent salinity, as opposed to regular seawater, which has a salinity of 3.5 per cent.

The highly concentrated stream of water is then pumped into a chamber along with three units of regular seawater, then separated from two vessels of regular seawater by a material made fundamentally from treated polystyrene, which acts as an “ion bridge.” The ion bridge allows positively charged ions to pass through one vessel and negatively charged ions to pass through the other.

Because salt is made up of two ions — sodium, which is positively charged, and chlorine, which is negatively charged — the highly concentrated water thus equilibrates its two neighbouring vessels of water, sending positive ions to one and negative ions to another.

The resulting two chambers are then exposed again to regular salt water with an ion bridge, which draws out sodium and chlorine, thus reducing the salinity of the resulting stream of seawater.

The beauty of the process is that it requires very little external energy and no chemicals, resulting in lower operating costs. The main energy source comes from dry air — evaporating salt water to produce the concentrated saltwater fuel. And because the system is low pressure, they can replace expensive stainless steel, which is used in most desalination plants, for cheaper plastic parts, thus reducing capital costs and making these plants more affordable to build.

The next step for the company is to scale the plant to 5,000 litres a day, and then build a larger plant that can produce 20,000 litres or more of desalinated water.

If they succeed, the name Saltworks will be a lot better known in the future, and Ben Sparrow and Joshua Zoshi will have found a solution to one of the greatest challenges humanity faces today.

Excerpted from The New Entrepreneurs: Building a Green Economy for the Future , by Andrew Heintzman (House of Anansi Press, 2010), in bookstores June 26th. Mr. Heintzman is president of Investeco Capital Corp., a private equity company that invests in for-profit environmental businesses.

Octothorpe Software adds transparency to NVBC Judging

Thursday, June 17th, 2010

Vancouver-based Octothorpe Software has come a long way in two short years.

In 2008 they entered the New Ventures BC Competition but did not progress past the second round. This year they have been engaged by the competition to assist with decision analytics as well as continuing to improve New Ventures BC’s decision process.

Does this mean that decisions on what companies advance in the competition will be made by software systems?

Not quite. As Octothorpe Software founder and CEO Peter Tingling explained during a phone interview, “software doesn’t make decisions, people do.”

New Ventures BC Executive Director Bob de Wit explains the role of Octothorpe in this year’s competition best. “At New Ventures BC it’s critical that our jury process be transparent and defensible so that the companies entering our competition know where they stand relative to other companies at their stage of corporate development. Over the past few years the number of companies — and the judges required to review them — has more than doubled and the jury process has become more complicated. Octothorpe has dramatically improved our ability to deal with uncertainty, reduce the impact of biases between judges, and most importantly, provided more information to the companies entering our competition by more clearly identifying their strengths and weaknesses.”

To expand on that, Octothorpe’s role this year has been two-fold.

First, they conducted workshops with this year’s judges to educate them on the potential biases that creep into decision making. According to Tingling, there are a large number of biases that people bring to the table without even realizing it and the goal was to reduce or mitigate these biases upfront.

While there are more than 3 dozen identified biases that can be reduced using specific techniques, Tingling gives an example that American Idol fans will be familiar with – the Simon Cowell problem. “The basic problem is this: You have a group of judges. One is a “tough” judge. They tend to give average candidates a low rating and “good” candidates a rating equal to other judges average ratings. The net result is that when multiple judging is used that ranking can become inverted. Good cases are excluded and poor cases can advance. It is equivalent to working for a tough boss who rewards the top 5% of their employees while easier bosses reward a weaker 10%.”

Second, they’re analyzing the judges data on this year’s competitors and providing feedback to both the competition organizers as well as the competitors themselves.

According to their website, Octothorpe is a Decision Sciences Company. Octothorpe’s intellectual property is in decision theory and they pride themselves in incorporating leading edge research and industrial best practices. They have a US patent on their unique approach and several PhDs in decision theory on staff that have conducted award-winning research on decision processes.

Octothorpe’s founders have decades of experience working with Fortune 500, government, pharmaceutical, games and sport organizations. Their most recent accolade was for their study tracking the role of wealth in innovation in the National Hockey League which was presented last month at the Administrative Sciences Association of Canada 2010 conference and was awarded Best Paper in the Sports and Tourism Division.

As with any competition where there is money at stake, transparency around the judging process is imperative.  Octothorpe is in the business of better decisions and there is no doubt that this year’s competitors will be better off for it.

Where are they now? Singular Software

Tuesday, June 1st, 2010

Singular Software Catches Eye of Video Editors

Singular Software finished in the top 10 in the 2008 NVBC competition and then began selling its digital video-editing product to video editors. Called PluralEyes, it’s a plug-in for existing video-editing programs. It overcomes the difficulty of synchronizing multi-camera shots and audio clips of the same event, turning these arduous and time-consuming edits into a quick task.

The company has since launched three more similar products, including DualEyes, which won a Mario award for ‘most promising technology’ from TV Technology magazine in April 2010. PluralEyes also won the DV Magazine ’Best of Show’ award and was placed in the EventDV ‘Winners Circle’ for the NAB Show 2010.

Founder and CEO Bruce Sharpe says sales have grown rapidly since he began selling the first product online in May 2009. He has since hired six employees and expects to add more this year.

The company remains self-financed and is already profitable. “Everyone who uses the product loves it,” says Sharpe. This year he plans to capture far more of the approximately seven million prospects worldwide who use editing software compatible with his plug-ins.

Where are they now? 2008 first-prize winner Saltworks goes to market

Thursday, April 1st, 2010

After two rounds of financing that raised more than $1 million, 2008 winner Saltworks Technology has begun commercializing its innovative saltwater desalination technology into global markets.

CEO Ben Sparrow says the firm’s Thermo-Ionic™ energy-conversion system is more energy-efficient than other leading desalination technologies because it uses up to 80 per cent less electrical/mechanical energy. It is also ideally suited for treating waste saltwater from other desalination plants, an important feature for inland desalination.

BC Hydro’s Powertech Labs proof-tested the technology and the company is currently operating a seawater pilot plant on the Vancouver harbour. This project was supported by the National Research Council of Canada and Sustainable Development Technology Canada. With support from the BC Innovative Clean Energy Fund, Saltworks has also built and tested a solar thermal plant near Penticton, B.C. to confirm its thermo-ionic process with low-grade solar thermal energy.

Saltworks, headquartered in Vancouver, has grown from two employees to 10 and plans to hire an additional six employees this year. The firm’s core technology is manufactured in Vancouver.

Highlights over the past two years:

  • Employee growth:  2 to 10
  • Investment: more than $1 million
  • Market value: 10- to 15-fold growth

NVBC Alumni named to Ready to Rocket 25

Wednesday, January 27th, 2010

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:

Pulse Energy to track energy consumption at 2010 Winter Games

Friday, January 22nd, 2010

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.

2008 Winner Saltworks profiled in BIV

Wednesday, December 9th, 2009

Business in Vancouver’s Curt Cherewayko profiled 2008 New Ventures BC Winner Saltworks Technologies in this week’s issue. In an article titled Vancouver company hopes desalination technology will generate liquid assets, Chereyayko learns more about Saltworks’ desalination process from Founder Ben Sparrow.

Ben Sparrow’s eureka moment occurred in the middle of the night in 2005 in a train-station bathroom while he was travelling from Beijing to Shanghai.

He was on a backpacking trip during a break from studies at Simon Fraser University (SFU) and had spent the night on a train mulling over how to use a thermodynamics law, in which the tension between two different concentrations of the same solution converts energy.

He applied the law to salt water and realized that the voltage from the ions of a hyper-saline solution could pull salt from a third water stream as the ions naturally move from a high to low concentration of salt water.

Four years later, Sparrow and his seven-person team at Vancouver-based Saltworks Technologies Inc. are making the final adjustments on a saltwater-powered battery that can desalinate water at a cost that the company says is up to 80% less than that of existing processes.

Read the rest of the article here.

Saltworks is in discussions with its first potential customers and has survived to date on roughly $2 Million in grants from provincial and federal technology-focused agencies, including B.C.’s Innovative Clean Energy (ICE) Fund and the New Ventures BC Competition Grand Prize in 2008.

Accorsing tothe article, Saltworks is looking to close a minimum $5 Million financing round in the next six months.

Start-ups that are Built to Last

Monday, November 2nd, 2009

This month’s BCTIA Impact event is full of New Ventures BC connections – not really a surprise considering the topic: Start-ups that are Built to Last.

Even after identifying a unique business opportunity and commercializing a product, a lot of dedication and talent is required for an organization to secure its future.

Our guest speakers Janice Cheam, President and Co-founder of Energy Aware Technology Inc., David Helliwell, Co-founder of Pulse Energy, and Jonathan Bixby, President and CEO of Strangeloop Networks Inc. have demonstrated significant potential in their early stage companies for sustainable long-term growth.

Come hear how they got to where they are today and how they plan to lay a path of success well into the future.

The Impact monthly speaker series features the winners and finalists from the the BCTIA’s 2009 Technology Impact Award (TIAs). This month features the winner and finalist of the “Most Promising Start-up” award category.

threelogos

Both Energy Aware (2006) and Pulse Energy (2008) were past  New Ventures BC competitors and Jonathan Bixby sits on the final jury.

Start-ups that are Built to Last is on November 17th from 5:00pm to 7:30pm at the SFU Segal Graduate School of Business. Register online.

2008 Winner Saltworks covered by the Economist

Thursday, October 29th, 2009

2008 New Ventures BC Winner Saltworks Technologies is the subject of an article in the Economist this week titled Cheaper desalination: Current Thinking. The online and offline piece takes a closer look at Saltworks‘ fresh way to take the salt out of seawater.

EconomistonSaltworksTHERE is a lot of water on Earth, but more than 97% of it is salty and over half of the remainder is frozen at the poles or in glaciers. Meanwhile, around a fifth of the world’s population suffers from a shortage of drinking water and that fraction is expected to grow. One answer is desalination—but it is an expensive answer because it requires a lot of energy. Now, though, a pair of Canadian engineers have come up with an ingenious way of using the heat of the sun to drive the process. Such heat, in many places that have a shortage of fresh water, is one thing that is in abundant supply.

Ben Sparrow and Joshua Zoshi met at Simon Fraser University in Vancouver, while completing their MBAs. Their company, Saltworks Technologies, has set up a test plant beside the sea in Vancouver and will open for business in November.

Read the rest of the article online. Congrats to Sparrow and Zoshi on the amazing International coverage.