There's a new competition for Canadian startups to enter if they're looking for funding.
Different than other competitions out there, the VentureLynx Ready for Funding Competition, sponsored by Cognition LLP and MNP LLP, is designed to help entrepreneurs learn how to get funding.
“I’d much rather get an hour with a serious investor who wants to write a $200,000 to $500,000 cheque, than get an award for my mantelpiece,” Kamal Hassan, serial entrepreneur and CEO of VentureLynx, says of the competition.
Confirmed investors range from OMERS Ventures to two secretive high net worth families.
“Between them, our investors are interested in anything from small manufacturing or service businesses through to high growth tech companies," explains Kamal. He continues. He is still recruiting more investors.
To take part in the contest, businesses must pay a $25 application fee and load their pitch documents onto VentureLynx.com. After review, each participating business will get personalized feedback on its materials. According to VentureLynx, the businesses whose materials are deemed most "ready to pitch" will be judged by a panel, who will select finalists.
“We wanted all finalists to benefit from legal, accounting and business advice, so we chose sponsors suitable for small businesses," says Kamal. Each finalist will receive two hours of free services from Cognition LLP and MNP LLP.