Applications for annual New Ventures BC Competition open, with $250,000 in cash and prizes

Are you B.C.’s best tech startup?

For almost two decades, the New Ventures BC Competition has been seeking out the province’s most innovative companies, and awarding them with some impressive cash prizes. Now, the application window is open.

The New Ventures BC Competition isn’t just a pitch contest. Rather than standing up in front of a room of judges, Apprentice-style, and trying to sell an idea, the process is much more enriching and vigorous. The competition takes 150 new B.C. tech businesses through a six month startup bootcamp, staffed by a roster of high-profile mentors. More than just reward the top companies with its wealthy prize purse, the competition is geared towards helping them grow with complementary seminars, workshops, and advice.

“The New Ventures BC Competition is recognized as a training ground for tech startups that are serious about getting their business ideas in front of experts,” says Angie Schick, executive director of New Ventures BC. “The community the competition connects you to is invaluable. It provides the opportunity to interact with people who are truly interested in your business means you might meet your next sales hire, your next product expert, or your next investor.” 

The barriers to entry are low. The company must be based in B.C., and offer an innovative technology product or service. It needs to be less than five years old, and have raised under $1 million of non-grant funding. The organization doesn’t have to be incorporated, and any kind of tech can be represented. The entry fee to the contest is just $200.

Applicants will pass through four rounds over the course of the six month contest. First, participants must submit their registration and describe their business idea. All of those who are eligible will advance to round two. Next comes the feasibility test, where organizations submit a six-page response to questions about their concept. Of those, 25 companies will move on to next stage automatically, and an additional 15 will win a spot through pitching. Round three is comprised of a condensed venture plan, where businesses are paired with a mentor team to expand their idea into an eight-page roadmap. Finally, the top 10 finalists make an in-person pitch to the jury.

The prizes are significant. The first placed company will take home $105,000 courtesy of Innovate BC, with the runner up netting $60,000 and third place claiming $35,000. In addition, the BC Resource Industry will be giving out a $20,000 prize package, and Vancity Social Ventures has committed $17,000. Innovate BC is responsible for another $10,000 regional startup prize, and the BC Tech Association has pledged $6,000 to reward a fast-growing organization.

Last year, 48 competition alumni were named to Rocketbuilder’s Ready to Rocket list, which recognizes B.C. tech companies with the highest growth potential. For Byron Thom, Principal of Vancouver’s Framework Venture Partners—and long-time competition mentor, former competitor, and investor in the competition—there’s a good reason for that success.

“The profile and recognition earned through the New Ventures BC Competition puts winners onto the radar of angel investors,” he says. “Lots of participating startups, whether winners or not, have gone on to raise significant rounds of financing from both local and international venture capital funds.”

B.C.’s tech sector is one of the fastest growing industries in the province, supporting over 106,000 high-paying jobs as part of 10,200 businesses. Since 2001, the New Ventures BC Competition has helped companies in the region raise more than $300 million in financing, generate $200 million in revenue, and create close to 4,000 new employment positions.

The application window closes on April 10, at 11 p.m. Teams or businesses interested in entering are invited to a free seminar on March 27 and networking event on April 3, prior to the online application deadline. More information on the competition can be found here.

Kate Wilson is the Technology Editor at the Georgia Straight. Follow her on Twitter @KateWilsonSays