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Founders On A Bus

April 20, 2015 at 1:28 pm

Interested in coming to Demo Day on May 7th but you’re based in Waterloo, Toronto and Ottawa and it seems like a bit of a trek? We’ve got the perfect option for you! Hop on a bus with some of your fellow Founders. 

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On May 7th, FounderFuel and Real Ventures are inviting Founders on an epic bus ride to party, pitch judges and network with fellow Founders. The final destination is our Demo Day in Montreal! You’ll get to watch the companies from the Spring 2015 Cohort pitch and then network the evening away at our massive cocktail party (close to 1000 VC’s, Entrepreneurs, Community Members and Press attend).

This isn’t your Grade 3 field trip to the zoo. During the ride there will be lightning pitches with judges, Founder talks and a whole lot of geeking out. The top lightning pitch gets a guaranteed interview with FounderFuel for their Fall 2015 Cohort.

Hurry, seats are limited so RSVP quickly.

Register here.

 

Day 45: 3 Interesting Tidbits on the 3D Printing Space

April 9, 2015 at 2:22 pm

As you’ve probably read in our past blogs, we’ve got quite the wide ranging grouping of companies in the current FounderFuel Cohort. From aquaculture to 3D printing to transportation to education, we thought we’d start giving you some snapshots into the spaces that some of our companies are in.

Let’s begin with 3D printing. Check out some of the interesting tidbits they shared with us about the space.

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1) The buzz around 3D printing has finally worn off and people are starting to really to understand and appreciate the space. 3D printers are becoming the norm, no longer just a fancy product that 1 in every 1000 people might own.

2) Following on point 1, we’re now seeing 3D printers being sold at stores such as Home Depot and Staples. Which means that it’s no longer just early adopters but there’s mass consumer adoption. 

3) All of a sudden, not only is Canada being put on the map in terms of 3D printing but Quebec and Ontario are becoming major players on the scene with some huge Kickstarter and IndieGoG0 campaigns. Some examples are:
- The Tiko printer, which is what most are saying is the most affordable 3D printer to hit the market at just $179. With 20 days still left to go on their campaign they’ve raised $1,349,500 from a goal of $100,000. 
- ProtoCylcer, who has created a way to recycle waste plastic into 3D printer filament. They managed to successfully fund their campaign by 146%! 
- There’s a 3rd one who is expected to have a massively successful Kickstarter campaign but you’ll have to wait until Demo Day to find out who that is…

 Make sure you come to Demo Day so you can see our 3D printing company pitch on stage!

 


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Day 43: Founder Talk with Marc Gingras

April 8, 2015 at 4:54 pm

Marc Gringas, CEO of FoKo, stopped by FounderFuel to discuss FoKo, his fourth time around the block and how to build a sustainable product and company. 

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FoKo is Photo Sharing for Companies. Imagined as an ‘Instagram for business,’ it allows employees, customers and partners to share everything from mockups, to event snaps, to culture photos. 

Marc is a big believer in the idea that consumer behaviour will always become adopted – and so leveraged – by enterprises. It was with this premise in mind, paired with the prospect of working with a strong team, that Marc decided to work with FoKo rather than be just an investor in them. 

One of Marc’s tactics in building a sustainable company is creating a company’s own Hierarchy of Needs. One layer might be ‘generate revenue,’ another ‘invest in marketing.’ When you’ve completed the bottommost layer, you move up to the next one. When great new ideas are brought to the table, you wait until your company has reached the right layer to work on that idea. 

In discussing hiring, Marc describes his objective: he hires based on whether a person will have enough tools to leave FoKo after five years to start a business of their own. If that’s not the case, they need not be hired. 

Marc finishes by talking about ego. His parting words: “when you think you’re right because you’re right then you’re wrong – when you think you’re right because of facts, fight for it.” 

Thanks to Marc for stopping by, and stay tuned for next weeks FounderTalk! 

Vanhawks, Creators of the Bike of the Future

March 16, 2015 at 3:51 pm

[This is the second part in a series of profiles on Canadian co-founders making waves in the States. Here's part one.] 

Vanhawks is a rare beast: at just one year of age, it’s been accelerated by FounderFuel, is in the current Y Combinator batch, and has recently raised 1.6 million dollars.

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The startup’s evolution began with a carbon fibre hockey stick. Sohaib Zahid, co-founder and Chief Designer at Vanhawks, was in sports medicine when he designed the tech that mimics the human bone: virtually weightless yet difficult to break. It was after having developed the hockey stick that they asked themselves what could be done next. They decided to disrupt the biking industry, which they felt had been sitting in the past. From there they created the software layer to build the world’s first connected carbon fibre bicycle.

Their first bike, to be shipped this Spring, is called Valour. Valour is a connected bike for the urban commuter. It’s long list of features include app-connectedness, turn by turn navigation, blind spot navigation and ride tracking (recording metrics such as speed, distance, calories and time). Perhaps most noteworthy is the interconnected commuter network. In cases of theft, the Valour community is notified to look out for your bike. Furthermore, the more often you ride, the better informed others will be of road conditions in your area. It’s been speculated that the commuter information – rather than the hardware – will end up being the real product. While the team does see the powerful nature of this info, whether or not this is the real value of Vanhawks is, in their opinion, yet to be determined.

After building up a team of fifteen, setting up shop in downtown Toronto, and raising 8x their goal through a Kickstarter campaign (the most successful in Canada), the startup applied to Y-Combinator. Ali Zahid, co-founder and COO of Vanhawks, describes Y-Combinator and FounderFuel as representative of two entirely different niches. Ali credits a lot of Vanhawks’ success to FounderFuel, saying that they “would be nothing and nowhere without FF.” The team had moved from Ontario into the same apartment in Montreal to eat, sleep and breathe Vanhawks. FF, for Ali, was a family. While it teaches the fundamentals of entrepreneurship, YC has more of a hand’s off focus on constant growth. Further, YC’s vast network has been invaluable to Vanhawks. Ultimately, Ali describes Vanhawks in Montreal as feeling like a big fish in a small pond. In San Francisco, on the other hand, they’re just getting started in a huge body of water. 

When asked about the difference in living and working in San Francisco versus downtown Toronto, Ali describes two very distinct lifestyles. Tech employees in the valley work 16-18 hours per day; they exercise, eat every meal and do their laundry at work. On the other hand, Torontonians in tech find more of a work/life balance. Ali maintains that Toronto has a “secret sauce that these guys just don’t have.” While they wish to maintain very close ties in SF, they don’t plan on leaving TO any time soon.

One ingredient in the Vanhawks secret sauce is company culture. In looking to create something that outlives them, the team wants never to stray from their core values. As they evolve – bringing in more personalities and more ideas – they place importance on always remembering the consumer. The community of people seem to be what makes up Vanhawks, exemplified in the fact that two of the four co-founders are brothers. This is further exemplified in the friendship that runs throughout the four person co-founding team. The remaining two co-founders are Niv Yahel, CTO and Adil Aftab Iqbal, CMO. Niv is the brains behind the tech, working behind the scenes to both produce the best product possible and to create a successful (and growing) tech team. Adil has been running manufacturing since day one, spending most of his time abroad to ensure smooth operation from the first prototype to the shipping of the product. With this in mind, their greatest challenge to date has been finding the right people for their company. They’re constantly looking for passionate, dedicated and intelligent individuals who are flexible and willing to take risks. They only hire the best of the best – those who would follow both their product and their consumer to the end of the world.

Although the team is proud of the intensity of their growth, they want to move faster. With no regrets – because “the everyday mistakes are necessary in order to learn” – they’re looking towards the future. Up next is shipping out Valour, prepping for YC’s Demo Day, and getting back into the Toronto community by hosting events. When starting at YC, Paul Graham told the team that someone has to do what they’re doing – the question is whether that someone will be Vanhawks. They realize the power of what they’re building and “believe in it like crazy.” The Vanhawks team is hustling to create something massive and it’s safe to say that they’re well on their way.  

Stay tuned for next week’s profile on Spoil, a personalized gift concierge service. 

-Ella Sibio 

Day 19: 1 year later, Vanhawks is on a roll!

March 5, 2015 at 10:57 am

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We’re coming up on the 1 year anniversary of Vanhawks launching their Valour Kickstarter campaign, the most successful one in Canada, during their 3 month stint at FounderFuel. To celebrate this we couldn’t be more excited for the 2 major announcements Vanhawks made yesterday.

They announced through TechCrunch that:

- They have raised $1.6 million from Real VenturesOlympic triathlon gold medallist Simon Whitfield and Brenda Irwin of Relentless Pursuit Partners

- They joined the Winter 2015 Y Combinator class in San Francisco and have been making major strides there.

The future is limitless for Vanhawks. Co-Founder & COO Ali Zahid confirmed this in their TechCrunch article. “The vision is a lot bigger than just making bikes,” Zahid explains. “Think of us as the software layer for the bike industry of the future. Everyone says that software is eating the world, and we see that in the bike industry, too, which has been sitting in the past.”

We can’t wait to see what comes next for Vanhawks! 

Day 13: Mentor Day!

February 25, 2015 at 4:59 pm

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Mentor Day

This year Mentor Day was held at home, in Notman House, for the first time ever. It was a successful event with over 80 mentors present. Following the teams pitches, Mentors broke up into tables based on expertise: technology, marketing, business development, customer acquisition, fundraising, operations/strategy and product management. Teams then rotated through the room, having a focused discussion of their business at each table. 

For some teams, today was their first shot at a public pitch.  Thank you to our amazing mentors for their presence and guidance. If you’d like to get involved in the FounderFuel Mentor Program please contact us here: info@founderfuel.com. 

Now, after a long and exciting day, it’s time for drinks! Stay tuned for pictures from the 5 à 7 in the next few days! 

Day 12: Culture, the PasswordBox Way

February 24, 2015 at 4:01 pm

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Yesterday afternoon we had a visit from 4 core members of the PasswordBox team. They came to chat with the current Cohort about team culture, how you instill it and how you can maintain it through growth and acquisition by Intel Security. On the panel were Marc-Antoine Ross (Co-Founder & Director of Data Engineering), Greg Whiteside (Employee #1 & Director Engineering), Olivier Beaulieu (Employe #8 & Technical Team Lead) and Ian Jeffrey (Employee #32 & VP Product Marketing). 

Some of the key topics covered were:

1) Hiring
- Always hang-out with a potential employee before hiring them.  Would you want to have a beer with them on a Friday night after a long week of work? 
- Always hire people who are smarter than you. If you feel dumb in the interview, that’s a good sign!
- PasswordBox has instilled a culture of attracting great people to the company and spending time with them before hiring them.
- Everyone should have options. 

2) Transparency
- PasswordBox has a culture of transparency. This is key in building a strong culture. Every employee is always aware of everything going on, from potential investors to potential acquirers and deals on the table. 
- Set a weekly time to meet with the entire company, Monday works great because everyone is pumped up for the week. At PasswordBox they do all hands lunches every Monday where Dan gives the updates on the company and every team goes over what they’re working on. 

3) Firing
- If after one week you aren’t convinced about someone, you should let them go. After 1 week it gets harder and harder to fire someone.
- The biggest mistake is trying to keep someone who you know isn’t a good fit

Here are some of the tidbits shared with the Cohort:

“Invest in the culture of people, not in the space you work in”
“Dan comes in every morning and fist bumps every single employee, he did it when we were 3, 8 and now we’re 50+ and he still does it.”
“Culture creates retention.”
“When does culture start? It starts day 1, when you meet someone and want to work together and build something. From there, it grows organically.”
“Every morning when I show up to work, my colleagues are genuinely happy to see me and greet me with high-fives, it’s like one huge family.”
“We’re 50+ employees and I honestly can’t imagine PasswordBox without any of them. They’re all part of who we are. That’s when you know you have a strong culture.”

 

Day 4: Alumni Meet-up!

February 12, 2015 at 7:10 pm

 

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The room is silent as our Alumni Meet-up panel kicks off.

Ty Danco (Director at Techstars Boston), Thiago Da Costa (CEO at Lagoa) and Lee Silverstone (CEO at GymTrack) make up our panel on fundraising and acquisitions. The conversation quickly evolves into a candid discussion about all things startups.

Ty, Thiago and Lee touch on choosing investors wisely, the importance of delegation, what they would have done differently, the surprises involved in growing a business and even tips on maintaining personal relationships through the stresses of scaling a business.

While tonight is an amazing opportunity for our newest cohort to soak up open and honest advice, it’s also about much more. Tonight is a manifestation of one of the most important aspects of the FounderFuel program. We pride ourselves on the networks that we make available to each team that walks through our doors. This event is meant to introduce the newest additions of the FounderFuel family to an amazing network: our Alumni! 

Stay tuned for news on Show & Tell tomorrow!  

7 Startups for our 7th Cohort

February 6, 2015 at 4:10 pm

“Success is focusing the full power of all you are on what you have a burning desire to achieve.” 
- William Peterson

FounderFuel is gearing up to welcome its Spring 2015 cohort on Monday, February 9th. 7 companies will comprise our 7th batch of startups. This time around, we’re trying something new.

After a deep-dive re-evaluating the past 6 cohorts, we’ve altered the structure of the program in order to capitalize on our strengths and improve upon our weaknesses. We want to more accurately reflect our purpose: to offer an in-depth and mentor-driven acceleration of your startup.

This is why this cohort will see a refocusing of the program, oriented even more towards the specific needs of the entrepreneur, and towards providing them with what will satisfy those needs. We want to have a higher impact upon the outcome and success of each startup embarking on this journey with us.

Stay tuned for more changes to come.

To remain up-to-date on the progress of FounderFuel and the 7 companies within its 7th cohort, follow us here:

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Vote for Vanhawks as Accelerator Graduate of the Year!!

January 6, 2015 at 10:21 am

Startup Awards

The finalists for the 2014 Canadian Startup Awards have just been announced and our very own Vanhawks (Spring 2014) has been nominated as Accelerator Graduate of the Year! 

Vanhawks’s mission is to make connected bikes for the urban commuter to encourage bike rides for greener and less congested cities with the best experience possible. The Vanhawks Valour, is the first Bluetooth connected bike built from carbon fibre, giving riders safety,comfort and insight for every ride. 

Vanhawks came into the FounderFuel program with a big idea and were in the early stages of manufacturing their prototype. They then went one to raise the most amount of money in crowdfunding in Canada through Kickstarter which was 820k, have attracted major media attention, made key hires and have a lot more exciting news on the way!  2015 is going to be a big year for Vanhawks! Let’s start it off right by helping them win Accelerator Graduate of the Year! 

Vote here!  

And help us spread the word!

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