Daanaa Resolution Inc developed a chip-based system that eliminates the need for cables and connectors. The company took the Innovate BC Second Prize package in last year’s Competition.
We interviewed Udi Daon, CEO of Daanaa and longstanding NVBC mentor, on their experience, what’s new since claiming their prize, and any advice they have for this year’s crop of competitors.
Why did Daanaa enter the New Ventures BC Competition?
We entered for three main reasons:
- The process is good — it’s a wonderful process to align the team around.
- The progression is good
- The focus that it provides is good
Overall, the Competition fit our timeline for developing our business– it worked as an accountability mechanism for the things I needed to do anyway. The goal to make it to the top 10 was great for the team.
I’d say winning money is a side benefit. I wanted to get the recognition and the feel good aspect that my team would have in getting to the Top 10. Since it’s merit based, you have to earn it–it’s a well deserved right
What was the most impactful part of going through the process?
It’s literally going through the process–it’s actually doing it and taking it seriously, not just ticking the boxes.
It’s the journey of going through it: you have to submit something, The minute you submit a document and get the evaluation–all those interactions with others, the mentors–these are what make it meaningful.
You were a competitor before entering with Daanaa, what did you learn along the way?
Yes, I’m a second time participant and second time winner, plus 6th or 7th time mentor. Being in the Competition is basically what I’m doing anyway in my business: focusing on the problem and not on the technology.
It’s easy to focus on the technology. The important thing, though, is the problem that you’re solving in the marketplace
The Competition offers an opportunity to entrepreneurs to step back from their tech to truly focus on the problem in the marketplace.
What’s the best piece of advice received from your mentors?
Focus on the problem.
The first time that I won, my tech didn’t yet exist, but the problem was so well-defined. We knew what we’d do in the marketplace. This time around it’s the same thing–focus on the problem and make it clear.
What’s new since winning the Innovate BC Second Prize package?
We’ve sent our first chip for production, which is a major milestone.
In this current market, major factories are shutting down worldwide because they can’t get product. For us to be accepted by those giants to be producing our product–that is a huge milestone, and is hugely impactful.
The Competition also helped me close some later arrivals to my seed round. The recognition we received as winners meant people approached me about investment aftwards. That was fun!
Any advice for this year’s group of competitors?
Check your ego at the door.
Focus on the problem, and listen. If you do that, you’ll be fine as a business, regardless of the Competition or where you place.
And that’s the point.