The ups and downs of starting your buisness

I am a big fan of the great stuff that OCLF (Ottawa Community Loan Fund) is doing in the Ottawa. In fact I participate as a mentor in the CYBF (Canadian Youth Business Foundation) helping a young entrepreneur that is starting up their own business … not just a business plan but a real business creating real jobs. You have to like that.

OCLF is sponsoring an event at Algonquin College on June 23rd from 6pm to 9pm sign up:

Register HERE

Tony Bailetti from Carleton University, the chief instigator of Lead to Win and lots of other really great stuff will be the keynote speaker. Two Ottawa area entrepreneurs will also share their stories. This promises to be a great event and one that I will make some time for. Hope to see you there … details below.


Time is a scarce resource …

… And the one you have the most control over.

I was letting people into a training session this morning at TheCodeFactory. The board room is designed to hold 16 people. The trainer called me in and pointed out that there were only 2 extra seats and they were expecting 3 more people, shouldn’t I look to find another chair for when the 3 people arrived.

The response was “when the third person arrives I will find them a chair.” My thinking was that right now this isn’t a problem and I have other stuff to do. The risk is relatively low and I know where to find a chair, why solve a problem that doesn’t exist.

When managing time does a stitch in time save nine or is solving problems that don’t exist frittering away valuable resources on useless pursuits?

Time will tell.

Ian Graham


Learning Entrepreneurship in school …

… is a bit like learning to ski by reading a book on the beach.

I read this on one of the blogs I follow or on twitter within the past few weeks and just wanted to share with everyone. One last bit that goes so well with this:

“In theory there is no difference between practice and theory. But, in practice there is.”
Jan L. A. van de Snepscheut / Yogi Berra.

Best,

Ian Graham


New Early Stage Funding Models and Funds

You would think this was Montreal week at TheCodeFactory. First a blog post about the Habs and HARD Goals and now this post for an event featuring two Montreal Start-up Rock Stars Raymond and Mark. TON’s of great lessons to be learned here and some insights into what Montreal is doing in terms of early stage funding right from the source. Raymond is founder of FlowVentures and Mark is founder of the newly minted Founders Fuel.

Event Detail and Registration HERE
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Raymond Luk
Raymond is an entrepreneur and Angel investor based in Montreal. He runs Flow Ventures, a startup accelerator, and recently founded ArtAnywhere, an innovative art startup. He has built and managed a number of successful startups over the last decade and has been an executive of both private and public companies. Raymond is a well-known instigator of tech events including founding StartupDrinks Canada, the largest monthly networking event for startups in Canada. He is a Director of Symtext Corp., is the co-chair of the National Angel Capital Organization Summit for 2010, and a member of the Advisory Cabinet at Project Olympus, at Carnegie Mellon University.


Mark MacLeod
Mark MacLeod has been a CFO for numerous start-ups in the Montreal over the last 10 years, including most recently for Terapath, Tungle, Akoha and Status.net. He currently runs StartupCFO Enterprises – providing financial & strategic guidance and back office admin services for, you guessed it, start-ups, and he is one of the co-founders of Founder Fuel, a Montreal-based QC-government backed early stage opportunities fund.


Start-up Salary Assistance

This is a guest post by Elizabeth Lance of Team Lance Consulting. Elizabeth has been kind enough to capture some of the salary assistance programs available to start-ups in Ontario. Well worth a read if you are looking to hire in the near future.
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Coming up with the funds required for the first few salaries can be a challenge for a small company, especially if you’re a bootstrapping entrepreneur. You dig into your own savings. You beg the bank for a loan. You search for the elusive investors you’ve heard so much about. You worry how you’re going to manage with an employee, as well as how you’re going to manage without one.
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Below are a few useful programs that can make things a little easier on your account balance and help get you on your way.
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NRC IRAP – Youth Employment Strategy.
Most technology companies will be familiar with this one – if you’re not, start reading up! The subsidies of up to $30,000 through the Youth Employment Strategy can go towards the wages of recently graduated post-secondary student who is hired to work on technology related projects. The queue for this program is usually quite long, be sure to apply soon.
Click here for more information.
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Skills Link
For those looking to hire energetic under-30s, this $25,000 subsidy is available for up 52 weeks. Offered by the government of Canada, this program seeks to help youth facing employment barriers to secure job positions. Examples of demographics eligible for this program are single parents, Aboriginal youth, young persons with disabilities, recent immigrants, youth living in rural and remote areas and high school dropouts.
For more information, visit Service Canada’s website.
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The Targeted Wage Subsidies Program
This subsidy is available for a maximum of 78 weeks and subsidizes up to 60% of an eligible employee’s wages. Designed to assist those who are eligible, or have recently been eligible for Employment Insurance in obtaining work, this provincially administered program is geared towards businesses, non-profit organizations, municipalities, First Nations councils, public health and educational institutions can apply for subsidization through this program.
Click here for more information.
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Small Business Internship Program
Finally, my favourite program: the Small Business Internship Program (SBIP). You can receive up to $10,000 to hire a current student for up to 12 weeks. The student need only be studying in a program where information technology (IT) knowledge and skills are important (e.g. business, e-commerce studies, computer science). Employers need only contribute 25% of the wages. Federally administered, this program is specifically geared towards helping companies develop the e-business component of the enterprise. No more excuses for not having a social media plan and getting involved with LinkedIn!
Visit Industry Canada’s website for more information.
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While not all the programs are easy to navigate, they are definitely worth any hassle! We’ve strategically used them in house and made countless recommendations to check out these programs. If you’d like to hear first-hand stories about these programs or to learn more, feel free to get in touch.
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Thank you Elizabeth!


HARD Goals

This is a guest post by Jamie Chapman whose newsletter I receive on a weekly basis. There are seems real gems in Jamie’s newsletter and he has agreed to share this one with everyone. I really like the idea of HARD goals. Here is this weeks note on HARD Goals.

After last nights game (6-0 for Philly over Montreal) some might question the choice of picture. However, both the Habs last two series started out the same way. Winning the Stanley Cup has got to be one of the hardest goals there is. ON that note here is today’s guest post.

When setting goals, instead of measuring them against SMART criteria, evaluate them against the following criteria:

• Is your goal dynamic – is it open to changing circumstances?
• Does the goal reflect the most important needs, as opposed to responding to standard expectations?
• What will be the impact on the organization if the goal is not achieved?
• Can the goal withstand failure?
• Will pursuing this goal conflict with other important goals?
• Will you and your team experience pride and personal satisfaction when you achieve the goal?

HARD goals are:
Heartfelt: My goals will enrich the lives of somebody besides me.
Animated: I can vividly picture how great it will feel when I achieve my goals.
Required: My goals are absolutely necessary to help this organization
Difficult: I will have to learn new skills and leave my comfort zone to achieve my goals.

If it was too easy anyone could do it. “Go Habs Go!”

Thank you Jamie!


Entrepreneurship Series from “The Road Less Travelled”.

This is the overall summary of the presentation I gave at O’Rielly Ignite Ottawa. The series was quite a lot of fun to write and draws on my experiences and those of other entrepreneurs I have meet along the road less traveled.

I have likened starting a business to going into a dark tunnel that slopes down. When you first start the journey all you see is the pitch blackness at the bottom of the tunnel. Eventually after lots of hard work when you are just about ready to give up you reach that low point at the apex of the bottom. Looking up you see there is light at the other side of the tunnel.

On that note lets begin the Entrepreneurship series.

1. Entrepreneurship
1.1. The Ugly, the bad, the good and the great.
1.2. The Road Less Traveled
1.3. The Bungee Metaphor

2. The Ugly
2.1. The only thing to be feared is fear itself
2.2. Fear of the dark
2.3. Fear of pain
2.4. Fear of Failure
2.5. If fear is the disease, Passion is the cure

3. The Bad
3.1. If passion is driving the cart reason better be holding the reins.
3.2. Fear and Faith (demons from within)
3.3. External pressures (demons from without)
3.4. Persistence

4. The Good
4.1. The harder I work … the luckier I get
4.2. Hard work
4.3. Small victories

5. The Great
5.1. Those who think they can change the world … are often the ones who do.
5.2. I love what I do!
5.3. People

6. In conclusion

7. Enjoy the ride


Armand on “did u”

Armand is a regualr at Team Camp and some of the other events here at TheCodeFactory. Like most budding entrepreneurs he has ideas that he wants to turn into products. What sepreates Armand from most is that he has actually done something about it and released his own app “Did U“.

Tell us a bit about yourself.
I’m a mechanical engineering graduate from Montreal. I currently hold a full time engineer position at Canada Post, improving mail tracking through barcode technology. I have to say I’m a traveller, having spent most of my life in Africa, Europe and now North America. This diverse upbringing gives me a broadview of the world and an open mind, which both allow me to see the “big picture” in projects. I draw a lot of parallel between my life and the tech world. It’s not just one thing. For me, it’s not just tech. It’s also marketing, communication, graphics and originality. innovation is by definition always new. Just like art – actually art takes a huge part of my life (writting and dancing principally).

What is the inspiration for “did u”?
As I said, I was a “montrealer”. So I’m used to spend a lot of weekends there visiting friends and family. I’ve noticed I tend to forget basics things, such as the key to my brother appartment, or deodorant, because my mind is so focussed on my projects. Then one Friday evening, before closing my bag when packing, I thought “you need something that asks you if you did take everything before you close this bag!”. I was tired questionning myself in the bus: “is the frig closed?”, “what am I missing?”, etc. Now since apps are so popular today, it was suddenly natural an app would address my problem, and not just a “classic” to-do or checklist app. No! But rather one that you trigger in action, upon need, and that pops up and ask you the right questions. A real companion! Finally, one day at work, I heard a colleague ask another one “did u… ?”. I thought, it’s really panicking hearing those simple two words from a boss when you can hardly keep track of your tasks. Bingo! I had THE name.

How did you go about developing “did u”?
First, I thought it over, wondering if it was worth it. They are already a lot of to-do and checklists. It’s crowded. But after a couple of days, I realized “did u?” was missing in the landscape because it’s not a “to do” but rather just “did u?”. You use it mostly after in the process to validate dynamically your actions. I’ve talked to some friends and most of them really liked the concept. So I turned to Code Factory and Cocoa Heads who led me to a developer. The guy had already an app selling well, so I was comfortable trusting him. Also, my brother Regis (who’s graphic designer and film animator) got involved and created the GUI and the logo. It took February and March to have a beta. We tweaked it a little afterwards and submitted it by mid-April. It got approved by Apple in only 3 working days! With a crew in Montreal, I worked on putting together the demo you can see on “did u?” website (www.diduapp.com). I even composed the music myself. Marketing is so important. You have never done enough! So “did u?” has been selling since April 19.

Getting an app in the app store is quite a bit of work, what is your biggest lesson learned?
It is sure a lot of work but only a start! The hardest is to make your app popular and stand out in the app store among the other 200,000 ones. So the lesson learned is simple: Don’t think an app will create a buzz by itself! People have to know about it, address one of their problems with it and understand it! Achieving these 3 objectives with a fun app will get people to download and more importantly, like it! So you have to keep all these objectives in mind from day one and any action you accomplish HAS to serve them. If not, don’t take that action!

For your next app what would you do differently?
My next app is really the next versions of “did u?”. More is to come. But in general, I would say, with honesty: Reduce my early great expectations! It’s quite a challenge to give traction to your app. The concept, even when good, is not enough. Not that people don’t like “did u?”. A lot of those who see it, love it. No, the challenge is really about getting them to SEE it in the first place. This is where the work is once you’ve launched it (or even before). Now I’m more aware of that, so I’m planning the next phases of this ride accordingly. It is indeed a ride. Think “long term” here. If success comes sooner, bonus! Do you want to build an app? Do you want it to sale? Do you want it to have traction? Give yourself time and don’t discourage.

Anything else you would like to share?
I think we are going through a revolution here. We should not overlook it because gadgets don’t “look” has serious as PC’s or Macs. They will replace them for most of the tasks in the future though. The apps will even extend the usage of these gadgets far more than we expect. It has started. Each week I’m stunned by discovering new capabilities with another app. Look at “Augmented Reality” for instance. Today, if you know about building apps, it is a lot like if you knew HTML in 1994! I mean you’re still early in the game. A lot of startups in 1995 got succesful (and bought) by simply building websites for clients. In 1999/2000 on the other hand, the landscape competition was everywhere, there was a lot more to know about and money had become scarce. Today is the right time for apps even though it’s hard to earn money. But if you can manage to sustain and play for the long term, opportunities will come and hopefully success!

Ian Graham


Chris on being an Intra-preneur / Entrepreneur

This is the second guest post by Chris Schmitt lead instigator for Team Camp.

For me, one of the biggest revelations that came from reading Seth Godin’s book Linchpin is that getting a better job doesn’t mean quitting.
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In the fall of 1997 I returned to work refreshed and energized after a year long sabbatical. I was (and still am) eager as hell to execute my vision of bringing telecommunications into the 21st century; in particular, moving a traditional telecommunications company toward a more collaborative, innovative, agile and open environment; one that partners with it’s suppliers and customers to build a better service.

Technically speaking, I’m not in a position of power within my company to actually do any of those things. I’m basically middle management. I started TeamCamp in the fall of 2008 because I was quite frankly bored with the content and seemingly glacial progress I was making at work. I decided to take the matter into my own hands and find other like-minded people that were interested in building web apps and learning about what it takes to be an entrepreneur.

A funny thing happened. Not only did I learn about starting my own business, agile development, minimum viable product, open source, etc., I also got better at my day job: I took more risks, I aggressively pushed my peers, my staff and management to think “outside the box”. I pushed the IT department to modernize the development process, I pushed Marketing to become more customer-focussed, I pushed our Technology team to become more agile, I pushed HR to introduce a better learning and development environment.

Still, I was afraid that if I pushed too hard I was going to piss somebody off and get myself fired. It didn’t happen. I started getting more challenging projects and more recognition.

Then I started pushing more; I cautiously started telling folks at the office about TeamCamp. Again, initially I was concerned that telling my boss and other key executives that I run a group that turns good ideas into startups might end up getting me the ‘boot’. It didn’t happen. Instead, I got put on a team to develop my company’s 2020 vision and strategy.

Suddenly, I feel like I’m beginning to achieve the vision I that had when I first returned to work in 2007. In doing so, I feel good about myself, and I believe I’ve become more valuable. I can also say that I’m proud to work for my employer, MTS Allstream.

The lesson I learned is this: If you’re unhappy with your job then for God’s sake do something about it. If you think there’s a better way to do something: learn about it. Write a proposal. Ask to try something new. If you think you can do something better yourself then try it. Only good things will come of it. Do these things and you will become a linchpin, and you’ll be a hell of a lot happier with yourself.

- Chris


Entrepreneurship Series – enjoy the ride

This is the last post in the 20 part series made from the Entrepreneurship slide deck presentation I gave at O’Rielly Ignite Ottawa back in the fall of 2009. I hope you have enjoyed the series it has been fun to write. If you did want to leave a comment on your thoughts that would be awesome and sincerely appreciated.
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The most common metaphor I have heard for entrepreneurship is the roller coaster. This is a great metaphor because based on my personal experiences many of the entrepreneurs I chat with on a daily basis and a whole host of events I have attended echo the same up and down sentiment. It is a fun ride with exhilarating highs and devastating lows. The best thought I can offer is a quote from an unlikely source on entrepreneurship, Johnny Depp:

“I think the thing to do is to enjoy the ride while you’re on it.”

Next post – the series summary.

Ian Graham


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