May 2007 ISSUE
winners
Picomole Wins Top Award in VenturePrize
By Gail Helgason
Freelance Writer
A pitch has succeeded for a firm that’s created
an ultra-sensitive, clinical diagnostics device.
Picomole receives $108,000 in prizes for coming up with the competition’s
top business plan — money that will help it get LifeSens to market
With only a breath of air, an Edmonton firm’s gas analysis device can
diagnose certain ailments.
The company has been named the winner of the fifth annual VenturePrize Business
Plan Competition, after delivering a solid “elevator pitch” to a
panel of judges and an audience made up of Edmonton’s business community
at the Shaw Conference Centre.
Picomole Instruments Inc. won the fast-growth category of VenturePrize, earning the company $108,000 in cash and in-kind prizes of support and services. Prizes cover such areas as legal, management, marketing, commercialization, prototyping and business development.
“This is a fantastic culmination of two years of work,” Dr. John Cormier, CEO of Picomole, said in a VenturePrize news release. “The company developed LifeSens for the growing point-of-care clinical market for breath analysis diagnostics.
“A few months ago, I would have never thought we would make it this far. But the VenturePrize Program was great for forcing us to focus on a solid business plan and for the deadline it made us work towards. Now, this prize will help us finish the prototype and push ahead.”
The VenturePrize Program was created in 2002 by Edmonton Economic Development Corp. to stimulate technology entrepreneurialism in the region and provide an opportunity for experienced entrepreneurs to assist new ventures. VenturePrize became a program managed by TEC Edmonton when the joint venture of EEDC and the University of Alberta was formed in 2004.
Two other finalists also delivered a one-minute pitch at the lunch, securing each of the entrepreneurs over $38,000 in cash and in-kind prizes. Runners up are
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Business Infusions Inc. – a veterinary hospital practice management software application that was developed in conjunction with the largest equine veterinary hospital in Canada
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Nirix Technology – a company that develops and delivers a wide spectrum of innovative, effective, affordable, and advanced utility based IP services to businesses around the world.
“These companies are excellent examples of Alberta’s growing knowledge-based economy,” said David Cox, CEO of TEC Edmonton. “They tackled the high-stakes ‘elevator pitch’ faced every day by entrepreneurs seeking investors to grow great ideas into competitive firms. Now these, and most of the 131 participants who joined this year’s VenturePrize program, are ready to bring innovations to the marketplace.”
The first-ever VenturePrize Alberta Student Business Plan Competition award was also presented at the May 3 luncheon. Refuel Biodiesel Corp., a company created by Justin Duban of the University of Lethbridge, received a $6,000 cash prize and additional in-kind support for his business. It manages all stages of development for turning waste vegetable oil into retail quality biodiesel and other value-added products.
Two runners-up in the student category each receive $2,000 in cash.
Edmonton Centre MP Laurie Hawn joined Peter Hackett, president and CEO of Alberta Ingenuity, in presenting the award.
Combined with an award of merit for most promising emerging business plan, over $200,000 in prizes were announced at the luncheon.
The keynote speaker at the luncheon, Leonard Brody, challenged the audience to examine the facts about Canada’s potential as an economic powerhouse for technology ventures.
Story of the Stats
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131 individuals took part in the seminar series, submitted business plans in Edmonton and Calgary locations, or did both
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32 participants received advice from mentors (participants could go to more than one mentor)
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29 business plans were submitted in the fast-growth category (up from 22 in 2005-06)
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31 organizations supported the VenturePrize Program
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54 mentors, screeners and judges – made up of financing and business professionals – volunteered to support VenturePrize
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A total of $200,000 in cash and in-kind prizes were distributed in two categories and an award of merit. An additional $20,000 was distributed to winners in the run-up regional Student Business Plan Competitions.