tomorrow at the anniversary digital transformation conferenceJim Love, Chief Information Officer, IT World Canada, sits down with Matt Skinner, Chief Operating Officer, Markham, Ontario-based Innovation Hub venturelab To discuss the challenges faced by startups.
Skinner explained that startups, especially the hardware companies that have been a main focus of VentureLab over the past four years, take a long time to commercialize their technologies because they struggle for access to funding, equipment, software and talent. Are.
bluemind For example, there is a local semiconductor startup that participated in VentureLab. Hardware Catalyst Initiative, which gave them free access to the expensive software, test equipment, and servers needed to develop their technology. This initiative helps them get their products to market faster, Skinner said.
VentureLab matches startups and venture capitalists (VCs) with regard to funding capital investment programWith the aim that companies are able to build relationships with VCs and secure funding opportunities.
The key is to “be prepared,” Skinner told attendees, “put together your story or your pitch” when approaching VCs, including information about your products and finances.
Skinner said that attracting and retaining talent is also a big challenge for startups, especially in this competitive space. VentureLab either connects startups to a diverse talent base in the York region, or it attracts companies to that area.
Diversity, he said, brings innovation and can propel a company forward, and it feeds into the culture a startup can create to retain talent. A strong, engaging culture is one that is authentic and reflects what the founders truly believe in.
“I always say, the enemy of culture is hypocrisy. If leadership doesn’t walk the talk, it will fail,” he said. “So helping those startups develop that culture is really important for them to be successful going forward.”
Skinner said that over the years, VentureLab has worked with more than 3500 companies that have jointly raised more than C$300 million and hired about 5000 workers.
He advised startups to “be innovative, be agile, be resourceful and find ways to get things done, because startups look for programs like this where they can profit from taking their time to market.”
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