The BCIC-New Ventures Competition gives early-stage tech entrepreneurs education, mentorship, and exposure to help build a successful venture. Participants attend 12 educational and networking events, work with mentors, and compete in four successive, and increasingly complex, rounds. Competitors are eliminated after each round until only 10 remain in play to win over $300,000 in prize packages.
This year, some Accelerate Okanagan clients have seen much success as the second round comes to a close. WTFast has made it straight to round 3 after winning over the judges with their written responses to questions about their business model. Soil Mate has been shortlisted to round 2.5 where they will make a presentation to make it to the top 25 in round 3.
WTFast CEO Rob Bartlett (left)
In order to make it to this point, the competitors have had to make it past rounds 1 and 2:
Round 1
Companies registered in the competition and described their idea in brief. This round was to establish eligibility only; feedback and scores were not provided and all eligible teams advanced.
Round 2
They then submitted a 5-page response to specific questions about their business idea to convince the jury that the idea is feasible. Judges chose the 15 best ideas to advance directly to Round 3. An additional 25 competitors have been paired with a mentor to prepare a presentation to be made before a jury (Round 2.5). Ten of these 25 will be selected to move on, making a total of 25 competitors in Round 3. Competitors eliminated at this stage have the option of presenting to a mentor panel in order to get feedback on their pitch.
In pursuance of the $300,000 in prize money, the companies will have to be successful in rounds 3 and 4:
Round 3
Participants are paired with a mentor team who helps them expand their idea into a condensed business plan—an eight-page response to specific questions.
Round 4
Ten finalists will make an in-person pitch to the jury. Judges will then select winners for all of the prize packages.
In addition to WTFast, metabridge top 15 companies Postach.io and Thinkific have also made it to Round 3 of the New Ventures Competition and are in the top 15 selected to directly advance. In the same category as Soil Mate, Accelerate Okanagan alumni Perked! and Edukaans have advanced to Round 2.5 where they will compete to make it into the top 25.
Congratulations to all of the companies! We wish you all the best of luck moving forward.
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