BC Tech Annual Business Competition

BRITISH COLUMBIA (September 23, 2011) - Six months of competition came to an end last night as the winners of the 11th annual BCIC-New Ventures Competition were announced in Vancouver. From this year's 178 applicants, top prizes were awarded to a polyurethane waste recycling system, a universal consumer loyalty network for the mobile age and a mineral sensing technology developed for the mining industry.

"Each year the quality of the companies that enter the competition goes up, making the decision for our jury a very difficult one," said Bob de Wit, Executive Director of the New Ventures BC Society. "This year's competition was the closest ever and we know that all of the finalists will take what they have learned from the educational series, events and mentorship and make rapid strides in their corporate development."

BC's technology industry provides about 84,000 jobs around the province, with salaries roughly 1 ½ times the average wage for British Columbia workers. The sector supports BC's entire economy by helping other industries become more innovative, productive and globally competitive.

"British Columbia has a wealth of innovators with great ideas, and the potential to become leaders in their fields," said Dr. Moira Stilwell, Parliamentary Secretary for Industry, Research and Innovation. "We congratulate the BCIC-New Ventures Competition for increasing the odds of these early-stage companies making the most of their potential - and creating jobs throughout BC."

The 2011 BCIC New Ventures competition winners are:

• $130,000 BCIC first-prize - Polymer Research Technologies
  Polymer Research Technologies takes polyurethane waste destined for landfills and turns it into a recycled polyol that can be reused by the manufacturers to make more polyurethane.
• $70,000 BCIC second-prize and $10,000 Plug-n-Play Tech Centre prize - RewardLoop
  RewardLoop's patent-pending customer loyalty technology prints secure, transaction-identifying rewards program barcodes (QR codes) on bills and receipts and can measurably increase revenue 5% or more for merchants.
• $40,000 BCIC third-prize - MineSense Technologies Ltd
  MineSense has developed the mining industry's first mineral-specific sensor technology to accurately detect and reject barren waste rock from low-grade nickel and copper ores, reducing energy and costs, while increasing metal recovery and profitability at the mine.
• $40,000 BC Hydro Sustainability prize - Awesense Wireless Inc
  The Awesense system consists of mobile wireless smart sensors that can be quickly deployed within the distribution grid to help identify key areas of electrical loss.
• $20,000 BC Bioenergy Network prize - Diacarbon Energy Inc
  Diacarbon's technology converts waste biomass into value added products in small to medium sized renewable energy plants, called Biomass Refineries.
• $15,000 Vancity Social Venture prize - FundRazr
  FundRazr provides an easy way for anyone to create a personalized fundraising campaign that can shared using social media. Thanks to FundRazr's partnership with PayPal, users are able to collect donations directly through PayPal's secure online platform.
• $30,000 Shildroth Agritech Innovation first prize - GreenScene AgriTek Inc
  GreenScene AgriTek is cleaning up used horse bedding with a new technology that reclaims the bedding's wood component so that it can be reused as eco-friendly bedding.
• $20,000 Shildroth Agritech Innovation second prize winners - Diacarbon Energy Inc and KOK Technologies(Due to a tie, each company will receive $10,000 each)
  • Diacarbon's technology converts waste biomass into value added products in small to medium sized renewable energy plants, called Biomass Refineries.
  • KOK Technologies develops "green" innovative processing technologies for the production of alternative natural rubber and latex from annual rubber-bearing plants.

"Congratulations to all 15 finalists for advancing to the final round of this year's BCIC-New Ventures Competition," said Mark Payne, Acting CEO of BCIC. "These companies join an impressive list of more than 1,200 program alumni who collectively have raised over $100 million in financing and created in excess of 600 jobs for British Columbians. We look forward to seeing these businesses grow and continue to contribute to BC's economy."

Last week the New Ventures BC Society launched the 2nd annual BCIC-New Ventures Competition: Regional, a four-month, three-round competition for tech startups located outside Metro Vancouver.

Article courtesy of BCIC.