Twelve semi-finalists have been chosen to move on to the finals in the Northern Angel Summit.
It's a new annual program aimed at driving innovation in the North by providing private capital to local businesses seeking to expand their reach.
The 10-week investment readiness program brought together 24 Northern businesses to compete for a chance to earn $100,000 in private capital from a group of 20 angel investors. The companies made pitches to the investors, who then narrowed the field down to 12.
The semi-finalists are:
- Design Time
- Edison Motors Ltd.
- Forefront Energy Ltd.
- Hope Innovations
- North Pacific Kelp Wild Foods Inc.
- Open Waters Design and Manufacturing Ltd.
- ProDelta Projects
- skiKrumb Trackers
- Sporalis Biotech
- Squiggly Things
- Tree Track Intelligence Inc.
- Trueleaf Petcare Inc.
Two of the 12 semi-finalists — Design Time, a local software company, and Open Waters Design and Manufacturing Ltd., which manufactures solar panels — are based in Prince George.
Mary Myytting, executive director of the Northern Innovation Network, spoke to The Citizen about what these businesses can expect as they prepare to pitch again to the angel investors on Sept. 8 and 9.
“In early September, the angels will get together with the founders and ask the burning questions they want answered,” said Myytting. “Sometimes it's difficult to understand: What’s the special sauce of this company? What’s going to make it successful? What’s going to give it market traction?”
Founders will have 10 minutes to pitch their ideas to the angel investors and explain how their businesses can bring jobs and economic growth to the North.
After the top six companies are selected, they will advance to the Summit Finale, a public gala to be held Sept. 25.
The public will also have the opportunity to vote for the People’s Choice Award, given to the crowd favourite during the gala.
Myytting said the Northern Angel Summit highlights how northern businesses are uniquely positioned to contribute to the region’s economic development.
“Northerners are generally hard workers, and we're innovative people,” she said. “But we don't necessarily commercialize some of the innovations that take place on the shop floor or in the field.
“By showcasing some of the innovative companies doing things in northern British Columbia, it's really a call to get other innovators to come out, talk about their ideas, and get support for their companies. We also want some of the students who come out of UNBC to remain here — which means having jobs they can move into.”
She added that the summit is also a chance for angel investors to build local business networks.
“We're trying to build a network so that when these innovative companies get started, we can come alongside them and invest in them,” said Myytting. “The angels are just people who care about the community. They might not be outrageously wealthy — they're people who want to see our region thrive.
“Some of our angels will say, ‘It doesn’t matter to me how much of my investment I get back, or even if I get a return. What matters is that we’re helping someone try to do something in our region.’”
