"All the companies have some common threads – mainly, the management teams are becoming quite a bit more mature," says Michelle Scarborough, vice-president of investment and commercialization at OCRI.
"They've been plugging away at this stuff for a while and they're taking a more mature approach to how they're going to build their business, whether it's scaling through organic growth or scaling through investment," she says.
Many local startups formed during the initial dark days of the past recession are starting to bear serious fruit, she says.
"What we're seeing is a lot of early companies formed two years ago or so, and now they're looking to scale and looking to get energized," says Ms. Scarborough.
That's good news for the more than 15 firms presenting at this year's summit, including OBJ Startup to Watch in 2010 and e-commerce firm Gazaro (founded 2008), OBJ Startup to Watch in 2009 You I Labs (founded 2008) and Lead To Win prodigy Zeebu Mobile (founded 2009).
Venture capital levels across Canada – and particularly in Ottawa – have taken a beating since the heady days of the tech bubble, though recently the Ontario market has come back somewhat. VC levels in the province jumped 56 per cent year-over-year in the second quarter of 2010.
Deals done over the summer by Plasco ($110 million), Energate ($7.2 million Series B round) and Sidense ($5 million) have helped boost confidence in Ottawa's shattered VC marketplace, but many local startup entrepreneurs will tell you they've temporarily foregone the VC market in favour of smaller – and less prohibitive – angel, government or friends and family funding rounds, alongside bootstrapped organic growth.
Ms. Scarborough says OCRI has recently started a capital angel network in response to increased demand on the angel front, an organization she says is "an evolution of the Ottawa Angel Alliance."
The group has already held a couple of meetings, she adds. "What we've suggested to the angel community is let's bring people together who are like-minded, and looking to invest.
"And there is a potential deal pending there."
This year's summit kicks off with the traditional golf tournament Oct. 5, followed by sessions on Oct. 6 and 7 at the Fairmont Chateau Laurier.
Keynote speakers include serial entrepreneur and former Viigo boss Mark Ruddock (who sold that Toronto-based company to Research In Motion earlier this year) and Matthew Strauss, a vice-president with RBC Capital Markets.
ONTARIO VENTURE SUMMIT 2010
Oct. 5-7
Presenting companies:
Chinook Mobile Heating and Deicing Corp.
