New Ventures BC Competition
Highlights
The New Ventures BC Competition is an excellent opportunity for your business to grow and thrive. By participating, you gain access to $250,000 in cash and prizes, which can significantly boost your startup. The competition offers education from top-notch speakers, mentorship from industry experts, and networking opportunities with potential investors and fellow startups. These resources can help you refine your business plan, improve your pitch, and gain valuable feedback.
What's in it for you?
- Cash prizes: Up to $110,000 for the first prize, $60,000 for the second, and $35,000 for the third.
- In-kind services: Legal, accounting, and video services to support your business.
- Specialty prizes: Additional $10,000 awards for SaaS startups, sustainability efforts, regional impact, and women-led ventures.
Being approved for this program can elevate your business by providing essential resources and recognition. The competition is designed to be accessible, with a straightforward application process and multiple rounds to showcase your business. This is a unique chance to gain visibility, connect with the tech ecosystem, and secure funding to take your startup to the next level.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Business development costs.
- Marketing and promotional activities.
- Research and development.
- Equipment and technology purchases.
- Operational expenses directly related to the project.
Ineligible Expenses:
- Personal expenses.
- Debt repayment.
- Real estate purchases.
- Salaries not directly tied to the project.
Fees:
- No application fees.
- No administrative fees.
Qualifications
- Must be a BC resident, team, or business.
- Must have an innovative technology product or service.
- Must be involved in any type of tech.
- Must have raised less than $1,000,000 of non-grant funding from any source.
- Must be less than 5 years old.
- Incorporation is not required.
- Must pay a $200 entry fee.
Description
The New Ventures BC Competition offers your business a chance to win over $250,000 in cash and prizes. This program is designed to help startups grow by providing essential education, mentorship, and networking opportunities.
Education: Learn the fundamentals of entrepreneurship through free seminars and workshops led by industry experts.
Mentorship: If you reach the top 25, you'll receive a dedicated mentorship team, along with pitch practice and feedback.
Networking: Connect with other startups, mentors, and potential investors at various events.
Feedback: Submit your business plan and pitch to a jury of experts for constructive feedback.
Recognition: Making it to the top 25 means your venture is one to watch.
Prizes: The competition offers significant cash prizes and in-kind services. The first-prize package includes $80,000 in cash and access to valuable services from top firms. Second and third prizes also offer substantial cash and services. Specialty prizes are available for standout startups in various categories, such as sustainability and regional impact.
Participating in this competition can elevate your business by providing the resources and connections needed to succeed.
Program Steps
Register for the Competition:
- Visit the New Ventures BC website.
- Complete the online registration form.
- Pay the $200 entry fee.
Submit Your Business Idea:
- Prepare a concise description of your business idea.
- Submit this description by April 11, 11:59 pm.
Prepare Required Documentation:
- Gather the following documents:
- Business plan
- Financial statements
- Market research data
- Pitch deck
- Ensure all documents are up-to-date and accurate.
- Gather the following documents:
Submit Feasibility Test:
- Answer the provided questions about your business idea.
- Prepare a 5-page response.
- Submit your response by May 1, 5 pm.
Pitch Your Business:
- If selected, prepare a pitch presentation.
- Participate in Pitch Day on June 14.
- Present your pitch to the jury.
Develop a Condensed Venture Plan:
- Work with your assigned mentor team.
- Expand your idea into an 8-page condensed venture plan.
- Submit the plan by July 31, 5 pm.
Final Pitch:
- If you advance to the Top 10, prepare for the final pitch.
- Present your pitch to the jury on September 12 & 13.
Attend the Awards Ceremony:
- Winners will be announced in October.
- Attend the ceremony to receive any prizes awarded to your business.