NOVEMBER 2017 • COUNTRY LIFE IN BC
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Persistence is the key to success: innovation Mission forum says financing is a must for start-ups moving from ideas to profits
Stories by RONDA PAYNE
MISSION – Agriculture is one of the key elements of the Fraser Valley tech sector and it was well represented at the inaugural Fraser Valley Regional Tech Forum in Mission on October 10. Organized by the Sumas
What investors want A fundraising panel at the Fraser Valley
Regional Tech Forum in Mission on October 10 offered several useful tips for start-ups seeking funding. Panelists Michael McGee, managing
Regional Consortium for High Tech (SRCTec) in partnership with a number of regional stakeholders, the forum brought together people to discuss the challenges and successes within the Fraser Valley’s tech sector. Presentations and panels included start-up war stories, growth within unique talent pools in the Fraser Valley, customer experience, pitches of new technology ideas and fundraising. Pete Scales, owner and president of ACI Foods, a
director of Calgary-based Avrio Capital Inc., Sarah Applebaum, an associate in the Vancouver office of Pangea Ventures Ltd., and David O’Leary, managing partner with REDDS Venture Investment Partners of California, offered the following tips to help those seeking to pitch to investors. • A great presentation doesn’t need to be fancy, but needs to be serious, professional, clear and show commitment. No spelling errors. • Answer the essential questions about what the product is and what it does,
hemp processor in Abbotsford, spoke on the start- up war stories panel about the importance of early- stage funding. “We had no venture capital at all,” he says. “We had to deal with the traditional banking system.” He feels the traditional banking system doesn’t understand small business. “We were underfunded for the first three years,” he explains. “The moment we left traditional banking and went with the credit union system, doors opened for us.” Besides credit unions, Business Development
along with who will buy it. • Be honest about the type of business you’re building. Know what the potential is and know what type of funding is right – venture capital, angel investors, or debt capital.
• Get to know what the investment firm/investor wants: each is different, including different sector/focus, stage of business desired and management styles.
• If “no” is the answer, ask what would be needed for a “yes” – then make the changes and pitch again.
• When an investor says “yes,” it’s the start of journey together. But personal and financial interests aren’t always in sync, so know what you want from the start.
Bank of Canada, Farm Credit Canada and private investment firms are all good options in Scales’ books. Michael McGee, managing director of Avrio
Capital Inc., a Calgary firm that specializes in venture capital financing for agri-food businesses, sat on the fundraising panel and notes how bumpy the road to obtaining funding can be. “Clearly, you’ve got to be prepared to take no and
take no gracefully and be prepared to come back,” he says. “We like companies that have some intellectual property … as a [guarantee] against the competition, but it isn’t always necessary.” Avrio is an investor in Delta greenhouse grower
SunSelect Produce Inc., Enterra Feed Corp. of Vancouver, and previously invested in Brookside Foods Ltd., now part of Hershey. Avrio focuses on the
agri-food sector because of its significant contribution to Canada’s economy. “Canada has been blessed with an abundance of productive farm land, with the agri-food system accounting for approximately 6.5% of GDP,” McGee says. “Accelerating the growth of the sector as an economic driver benefits all Canadians and can only be accomplished by ensuring the talented and hardworking business people active in this industry have access to the risk capital required to grow their businesses, both domestically
but increasingly in foreign markets.” McGee says agritech entrepreneurs who want to be successful must be ready to invest significant amounts of time and energy to understand and develop all facets of their projects. They must be able to communicate the information succinctly to an investor to prove the project makes financial sense. While agri-food businesses can move from a mere idea to a profitable business, McGee said it takes time, dedication and the right partners. Or, as SRCTec board chairman and CEO Raymond Szabada said in his opening remarks to the forum: “Silicon Valley is not just a place, it’s a mindset.”
BC Young Farmers Thank Our 2017 Sponsors
www.bcyf.ca
The BC Young Farmers (BCYF) would like to thank our 2017 sponsors. Your support and generosity is building the next generation of farmers in BC. Through your support, BCYF held several events for farmers aged 18 to 40 in 2017. These events provided educational material in a social setting – BCYF members learn important business principles that we incorporated into the management of the family farm. BCYF events provide important networking opportunities for BCYF members as we meet with fellow young farmers, business leaders, and educators. Without your generous support BCYF would not have been able to hold events for our members.
On behalf of BCYF Directors and members we thank you and look forward to working with you in 2018 as we continue to provide educational and networking opportunities for BCYF members – the next generation of BC’s farmers.
Our program in 2017 included:
A booth at the Pacific Agriculture Show – an opportunity to promote the work that BCYF does and recruit new members.
Sending BCYF members to Ottawa to attend the national Canadian Young Farmers Forum. An event that exposed BCYF Directors and
future BCYF directors to national agricultural issues and world-class networking and education opportunities.
Farm tours – BCYF toured local agri-businesses providing educational and networking opportunities. This year we held five different tours in
Abbotsford, Agassiz, Delta, Richmond, and the Okanagan.
Farm Fest – a one day event with top notch educational sessions. This year’s event focuses on financial forecasts and market trends in
agriculture, the Agricultural Land Reserve and public trust in agriculture.
Farm Fest 2017
Saturday, November 18th UFV Chilliwack Campus
5579 Tyson Road |Trades and Technology Center Rivers Dining Room. Doors open at 3:00pm
Program starts at 3:30pm Join fellow young farmers for an
afternoon of educational sessions & networking. Stay for a social & buffet dinner, followed by entertainment by our keynote Marty Seymour from FCC speaking on public trust in agriculture.
The event is free, but space is limited. Please visit our website for more information and to register.
www.bcyf.ca
The Happy Hoofer
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