New Ventures BC » 2008 Competitors

2008 Competitor Primisyn acquired by Swiss banking software leader

NVBC Admin — Mon, 22 Aug 2011 21:37:58 +0000

2008 New Ventures BC Top 10 company Primisyn has been acquired by Temenos, a market-leading provider of banking software based in Geneva, Switzerland. The acquisition took place late last month and the price was not disclosed.

Based in Delta, BC, Primisyn provides business intelligence (BI) and profitability solutions and services to the Canadian credit union market. Primisyn’s Simplus Enterprise Suite provides credit unions with business critical information to facilitate informed decision making and streamline business processes in every department across the organisation including finance, marketing, operations, human resources, and risk management.

Temenos will integrate Simplus into its existing BI solution, Insight, extending the product offering into customer analytics and enhancing the operational intelligence functionality.

The total acquisition price consists of an up-front consideration and further payments contingent on Primisyn achieving performance criteria.

Todd Winship, co-founder of Primisyn said “This is a very exciting event for Primisyn. Our product has enjoyed a broad acceptance and strong growth in the Canadian market, with seven of British Columbia’s top 20 credit unions as our customers. By uniting with Temenos we will contribute to a larger, very dynamic BI solution, to the benefit of our mutual and future customers.”

CEO of Pulse Energy selected as 2011 Pivotal Leader

NVBC Admin — Wed, 25 May 2011 19:47:27 +0000

Pivotal Investments has announced the Pivotal Leaders for 2011 and the CEO of 2008 New Ventures BC competitor Pulse Energy made the list.

Two Canadian CEOs managed to make this year’s list, both of Vancouver companies. The first is Jonathan Rhone of Nexterra, and the second is David Helliwell of Pulse Energy.

The Pivotal Leaders Network, which launched last year, uses a community-nomination and peer-selection process to identify the most promising C-level business leaders who are likely to lead successful clean technology companies in the region over the next three to five years—seeking to stimulate investment and expand resources and ultimately help grow a sustainable economy in the Northwest.

The 2011 Pivotal Leaders will have opportunities throughout the year to connect with successful entrepreneurs, business and legal experts, potential investors and other resources to support their growth and success.

Pulse Energy and Rapid Electric Vehicles named to Ready to Rocket Cleantech list

Rob Lewis — Wed, 23 Feb 2011 00:37:39 +0000

Earlier today Rocket Builders released its first-ever Ready to Rocket list of B.C. clean technology companies and two former New Ventures BC competitors made the grade.

2008 2nd Place winner Pulse Energy and 2009 Top 10 finisher Rapid Electric Vehicles were included on the list of fifteen privately-held companies that “are positioned to capitalize on clean technology and industry trends that will lead them to rapid growth and investment”.

Congrats to Pulse Energy and Rapid Electric Vehicles on the achievement!

NVBC Alumni honoured at 28th Angel Forum

Rob Lewis — Wed, 20 Oct 2010 23:29:55 +0000

The 28th Angel Forum was yesterday in Vancouver and they announced their Investor Choice Awards (as chosen by the attending investors) during the wrap-up cocktail party last night.

Among the winners were two past New Ventures BC competitors.

The Best Presentation award went to Vancouver’s Rapid Electric Vehicles who placed in the Top 10 in 2009 and 2008 Top 10 finisher Dark Matter Labs of Victoria was named the Company Most Likely to be Acquired.

Congrats to all the winners and to Bob Chaworth-Musters on another great forum.

Regional Competition looks for next Adventure Engine

Rob Lewis — Fri, 08 Oct 2010 00:09:46 +0000

In 2008 Rossland, BC’s Adventure Engine made it to into the Top 10 of the New Ventures BC Competition.

While they didn’t leave the Awards ceremony in Vancouver with prize money for the trip home, the competition experience was well worth it.

Upon hearing of the launch of 2010 BCIC New Ventures Competition: Regional, Adventure Engine Co-founder Amber Hayes sent along this note:

As co owner of Adventure Engine I was lucky enough to go through the New Ventures Competition all the way to the top 10 final round. While we did not end up winning cash prizes that year we did gain incredible value through the networking, mentorship and education that NVBC provided. We made connections that continue to be of value today. As a company based in a non urban area of BC we were definitely the minority in the Vancouver competition and I am extremely pleased that NVBC has created the regional contest this year. There are some gems in the rural areas of BC and look forward to seeing them shine in the upcoming competition!

The 2010 BCIC New Ventures Competition: Regional is a great opportunity for businesses located outside of metro Vancouver to get involved now rather than waiting for the main competition.

BCIC — New Ventures: Regional is like a boot camp for business startups where competitors can learn from some of B.C.’s best business experts at our business-education seminars while networking with top professionals in business, law, finance, government and academia. Plus, competition winners will share $60,000 in prize money.

The competition is open to any B.C. person, resident or business located outside of metro Vancouver with a technology-focused idea that has not yet secured significant financing from external investors (i.e. investors other than friends, family and company founders). The $100 entry fee covers all of the BCIC-NVC: Regional business-education seminars and networking events.

Saltworks’ Sparrow to speak at CONNECT 2010

Rob Lewis — Mon, 06 Sep 2010 16:15:56 +0000

To promote BCIC’s upcoming CONNECT Conference, Techvibes is conducting a series of interviews with the lineup of speakers.

Last week Techvibes published an interview with Ben Sparrow of Saltworks Technologies, the winner of the New Ventures BC 2008 competition.

Sparrow will be participating in the Funding stream of the Lightning Lessons at CONNECT on Ocotber 12th and will share his experience in financing and building value in Cleantech.

When queried about the state of BC’s startup ecosystem, Sparrow noted that Vancouver is an excellent place to develop cleantech and that programs like the New Ventures BC Competition and its continued expansion with additional prizes encourage entrepreneurs and spur development.

If you’re interested in hearing more of Ben’s story, be sure to select the Funding session when registering for CONNECT online. Early-bird tickets are available now and a steal at $40.

GROW Conference attendees include NVBC Grads

Rob Lewis — Fri, 23 Jul 2010 16:15:18 +0000

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:

Adhack – 2008 Round 3 Company
AirG – 2001 Winner
Appsocial - 2010 Round 3 Company
FundRazr – 2009 Round 2 Company
Mobify – 2009 Top 10 Finalist

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

Rob Lewis — Wed, 30 Jun 2010 00:07:56 +0000

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

Rob Lewis — Thu, 17 Jun 2010 23:47:01 +0000

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

NVBC Admin — Wed, 02 Jun 2010 01:23:40 +0000

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.