You have an early-stage tech idea or venture. You’ve been working on it for a month, a year or maybe longer. Now you’re wondering: should I enter the competition? And, how does it all work, anyways? Here are some popular questions and answers.
What do you mean by early stage?
We’re looking for early-stage technology companies—it can be a startup or a startup idea. Your business cannot have raised over $1,000,000 in financing and be less than five years old.
Do I have a technology company?
We have a broad definition of technology. Your product or service could fall under a wide-range of technology types, such as mechanical, software, biomedical, etc. The most important aspect is that your business is defined by innovation—it can be a product or service.
Can I be in a venture accelerator program at the same time?
Yes, you can. The one exception to this rule is that you can’t be in the current cohort (Spring 2017) of the New Ventures Acceleration Program.
Do I have to be in the competition to attend NVBC events?
You don’t. All of the events in our Business Education Series are free for anyone to attend. It’s a great opportunity to prepare yourself for participating in a future competition.
Who are the mentors and jurors?
The mentors and jurors are top business professionals, angel investors, and entrepreneurs. They have either raised money for their ventures, are corporate finance experts or have 10+ years of domain experience.
The jury is comprised of angel investors, venture capitalists, and entrepreneurs.
What type of mentorship can I get?
Mentorship is available to everyone who makes the top 40 (Round 2.5).
If you make it to the top 40, you’ll get coaching from the Executives in Residence at the BC TECH Association, our sponsor and partner, focused on accelerated startups.
If you get into our top 25, you will be assigned 2-3 individual team mentors.
How many companies enter the competition?
We get about 140 entries per year. That goes down to 40 in Round 2.5, then 25 in Round 3. Finally, down to 10 in the final round.
Are there prizes for companies outside of the top 3?
Yes! In addition to our top prizes, we have a number of industry specific and sector prizes. These are awarded to companies who fit the categories of bioenergy, cleantech, social venture, city innovation, and more.
Where are the winners now?
Our past winners represent lots of great BC success stories. Even though companies in the top 10 and 25, don’t get prize money, many have found investors or advisors or co-founders just through the experience.
We are a proven program: our numbers show that to date, more than 2200 aspiring BC entrepreneurs have entered the competition.
Most winners have continued on to form viable companies. Surveyed Round 3 companies have raised more than $350 million in financing and created more than 3700 jobs in BC.
All about the journey
Keep in mind: the competition is all about the journey. No matter how far you get, you can still make the most of the education workshops and networking events. And if you make it to the top 40, you will benefit from mentorship.
More information
For more information about entering the 2017 BCIC-New Ventures Competition, check out our website or contact us.
