IBM and District Ventures opening new business accelerator space
Incubator to push diversification, offer entrepreneurs industry connections
Entrepreneurs accepted into Calgary’s newest business accelerator will benefit from the backing of multinational tech giant IBM as well as prominent Canadian businesswoman Arlene Dickinson.
The District Ventures and IBM Innovation Space — launched Wednesday — is a partnership between IBM Canada and Dickinson, the former star of CBC Television’s Dragons’ Den. Aimed at helping growth-stage companies excel, the accelerator will offer entrepreneurs mentorship, collaboration, and access to IBM technologies.
In addition, entrepreneurs will have the chance to partner with larger companies in industries such as natural resources, health care, clean tech, fintech and agriculture in the search for real-world solutions to business challenges.
The new space will be located in the same building that houses the Calgary headquarters of District Ventures, a business accelerator aimed at packaged goods companies that was opened by Dickinson in October 2015. Since leaving Dragons’ Den, Dickinson has been a passionate advocate for the diversification of the Alberta economy, arguing repeatedly that more must be done to help entrepreneurs succeed in this province.
“We seem to do better at getting things started than we do at getting things growing,” Dickinson said. “There’s a lot of places right now where people are trying to help startups, and they get them going, but then they fail. There’s nowhere for them to go next.”
The partnership with IBM Canada came about when Dickinson met the company’s president and the two realized they shared many of the same views about the importance of economic diversification and fostering innovation in Canada. While IBM has partnered with government and academic institutions on business accelerators in other cities around the globe, the company was interested in working with a private-sector partner, said Dino Trevisani, president of IBM Canada.
What makes this accelerator unique, compared to other business incubators in Canada, is that it will offer entrepreneurs unparalleled access to clients, Trevisani said.
“That means if you’re a fintech company, and I’m a global national like IBM, I can not only help you get into TD Bank and Royal Bank because they’re my biggest clients, but I can help you get into Bank of China and HSBC,” Trevisani said. “And that’s what they (Canadian entrepreneurs) needed — access to a global marketplace where they can sell their solutions.”
The health of Calgary’s startup community and the need to do more to foster entrepreneurship in this city has been a hot-button topic since the oil price crash and resulting economic downturn. On Wednesday, Mayor Naheed Nenshi called the opening of the District Ventures and IBM Innovation Space a “very important step” in the diversification of the city’s economy.
“We’ve always had more startups per capita here in Calgary than anywhere else in the country.... But we can be so much better,” Nenshi told the crowd at the launch event. “What we’re looking for is no less than a significant cultural shift in how we think of diversification and how we think about supporting entrepreneurs and helping businesses grow.”
Brad Reiser — president of Endeavor Technologies Corp., the first early-stage company to be selected for a spot in the accelerator — said he expects the experience to be invaluable. His company has designed a high-tech drilling simulator for the oilpatch, and said IBM and District Ventures will be able to provide industry connections and contacts it would take Endeavor years to develop on its own.
“Collaborating with IBM and other partners will expedite our five-year plan to probably about a year,” Reiser said.
The District Ventures and IBM Innovation Space is still taking applications from companies wanting to get involved. More information is available at www. dv-ibm-innovation-space.com.