Fundica helps accelerate the online funding search for entrepreneurs in Canada. Once a year they take their mission offline and organize the country's only Funding Roadshow. In 2015, the SoftLayer Catalyst startup program partnered with Fundica to take the Roadshow to 11 cities across the country where they listened to over 200 entrepreneurs pitch their tech startups to panels of funders.
I recently sat down with Lana Tayara from the Funding Roadshow.
So, tell us about the purpose behind organizing the Funding Roadshow.
The mission of the event is to better facilitate connections between entrepreneurs, funders from private and public sectors, and startup community leaders across Canada. The event aims to fulfill its purpose though a series of events, planned in 11 cities across Canada, by providing educational content designed to help early-stage technology based companies either start and/or grow their business. The one-day event is split into two streams throughout the course of the day. The first one allows up to 20 selected tech companies to present their business in a private room to a panel of investors, mentors, and service providers and get candid feedback to help them validate their business model. The second stream is open to all participants, comprised of all company stages, community developers, investors, and services providers, to listen to great presentations provided by industry leaders that will cover a wide range of topics designed to help them succeed with their business.
To maximize engagement in each city, the Funding Roadshow collaborates with local pro-entrepreneurship groups (accelerators, incubators, universities). In turn, this allows us to better connect our national partners with the local entrepreneurial community and its facilitators. Our national partners get the opportunity to network with each community, gain visibility nationally in the startup scene, and raise awareness about the resources they can offer to Canadian businesses.
What were your 2015 Funding Roadshow goals?
The goals of the 2015 Funding Roadshow were to establish new partnerships with key players of the entrepreneurial community across Canada that would engage participants in each city to generate relevant connections, opportunities, and resources to each person present in the event.
In the 2015 Funding Roadshow, based on a follow-up survey conducted three months later, 31.6 percent of entrepreneurs were offered funding and 33.3 percent of funders funded entrepreneurs. With respect to the funding aspect of our event, our selection criteria for pitching companies were stricter, and presentation guidelines were shared with companies as to increase the quality of pitches and funding probability for 2015.
Lastly, we also offered a wider range of educational topics such as funding, growth models, legal guidance, bookkeeping, storytelling, and other resources available to help startups with their success. We would like to share the value with business owners using technology such as financial management software, online banking, cloud hosting, and secure cloud-based document storage, which can help increase efficiency and productivity within their organization.
What do you think the 2015 Funding Roadshow accomplished?
The 2015 Funding Roadshow travelled through 11 cities from Halifax to Victoria. In each city, up to 20 selected technology-based companies pitched to a panel of eight funders. The initiative was put together with 59 partners, and provided over 96 educational presentations, and engaged 1,147 participants coast-to-coast. The Funding Roadshow was very proud to be able to form new partnerships with two of the most influential hubs in Canada, MaRS and Ryerson DMZ, both of which welcomed the event into their space as exclusive hosting partners in downtown Toronto.
Based on on-site feedback forms we collected from participants across Canada, we received excellent responses:
- 100 percent of participants who took the survey (funders, pitchers, community members, and general attendees) would participate in the next Funding Roadshow. (Based on a 19 percent participation response.)
- 94 percent of all participants who answered the survey were satisfied to very satisfied.
We are already in talks with returning sponsors who have reached out to express interest in the next edition of the Funding Roadshow.
Please relate some highlights from across this year's Roadshow. Any themes which emerged amongst all the pitching and networking?
- Canadian VCs (venture capitalists) are investing more in early-stage companies.
- There is an increase in interest from U.S. investors in mid to later stage companies.
- Angel investment in technology companies has increased in comparison to previous years.
- Emerging accelerators and collaboration between them.
- Government funding varies significantly between provinces.
- Early stage companies are still struggling with funding identification.
Overall the Funding Roadshow was a great success, and we can’t wait for 2016. SoftLayer will be there. Will you?