Start-up companies need lots of support, from our friends and family who understand why we are working late and always on the phone, to the incredibly valuable advice offered to young entrepreneurs. This week, The XY Hemp Corporation is meeting and working with start-up accelerators in Victoria and Edmonton for additional support.
The Innovation Centre for Entrepreneurs (ICE) at the University of Victoria has been an excellent resource during the development of our business plan. After an initial intake meeting, we were directed towards Lean Stack, an online platform that helps entrepreneurs define their products and markets more clearly. These one-page descriptions of our products and customers are perfect for showcasing where we are now, and where we want to be in five years.
We are participating in a few pitch and plan competitions through ICE this spring. My video submission for PitchIt! is online now, so please watch it and give me a little “heart” so The XY Hemp Corporation can win $500. I will be presenting the elevator pitch live for a panel of judges on March 31st, for another cash prize of $300. These funds will help C and I travel to Saskatchewan this summer to work with Breadroot Farms.
ICE entrepreneur coach, Robin Milne, has been absolutely amazing. He has helped get my pitch and plan together by providing advice, resources, and letting me just talk things out. Recently, he helped to edit a short company description to submit to TEC Edmonton. The submission was successful and we have an initial meeting with TEC Edmonton Thursday March 19. The XY Hemp Corporation is looking to access the support of a larger start-up accelerator, and TEC Edmonton is the best in Canada!
TEC Edmonton was named the number one start-up incubator in Canada and the number three university business incubator in North America in 2014. We are most interested in the services provided by the business development, technology management and entrepreneur education teams. TEC Edmonton is an ideal partner as we move beyond the pilot and expanded production phase and into processing industrial hemp. The TEC Venture prize is also an amazing opportunity for start-ups to access capital for expansion, and we hope to be able to compete in that competition after we have solidified our processing goals.
We are extremely grateful for the support we have already received, from Breadroot Farms, Larry Marshall and ICE, just to name a few! With their help we have developed a viable business case for 2015 that will be presented at the ICE PlanIt! competition on April 2nd. If we are successful in that competition, The XY Hemp Corporation will win $5000, which will contribute to our input costs and the transportation of hemp seeds to the commercial buyer. Farming is uncertain and more capital will give us more flexibility when responding to growing conditions this summer. We are very excited to work with ICE to pitch it and plan it, and hope to work with TEC Edmonton in the future to build our dream.
P.S. link to PitchIt! video is: http://uvicpitchitonline.hscampaigns.com/ . Remember to click the little heart!