Susan Hicks and Jon Manship have to be considered the unsung heroes of the East Coast startup community, and unsung is the way they like it.
Manship and Hicks are the founders of Technology Venture Corp., a Moncton investment fund that over 11 years has built itself into one of the region’s most influential investment organizations.
The people they back speak of Manship and Hicks with reverence, though you really have to look hard to find public references to them.
“Jon and Susan are very, very private people but very determined to be part of what’s going on and make a difference,” said Doug Robertson, the President and CEO of the Moncton-based tech organization Venn Innovation, of which Manship was the founding chair. “They give a lot back to the community.”
The main way they have given back is through investment. Most notably, TVC is the largest private limited partner in Build Ventures, the regional VC investor, having contributed $5 million. It also has investments in at least four startups: Fredericton-based cybersecurity provider Sentrant Security; Fredericton-based Inversa Systems, whose technology can detect structural flaws; Halifax’s Medusa Medical Technologies, which makes hardware for paramedics and first responders; and Moncton-based Masitek, which helps beverage manufacturers improve production line efficiency.
There may be other companies in their portfolio. But we couldn’t nail down anything definite.
NBIF Invested $3.8M in VC in 2015-16
Since Entrevestor began, we have reached out several times through common contacts to request an interview with Hicks. The closest we’ve got is the accompanying quotes, which were sent to us by email through an intermediary. The quotes speak of the duo’s commitment to the region and the importance of innovation, but we know little more about the nuts and bolts of Technology Venture Corp.
Here’s what we do know: The roots of TVC stretch back to 2004 when Manship sold his company Spielo Manufacturing, which makes video lottery terminals, to GTECH Holdings Corporation of West Greenwich, R.I., for as much as US$185 million. The sale gained notice because two former employees sued the company, but Manship won the court battle.
Robertson said the Spielo sale was the original New Brunswick tech success story, predating Radian6 and Q1 Labs, and that the GTECH unit still employs almost 500 people in Moncton.
A year after the sale, Manship started his own VC fund and placed in charge Spielo’s Chief Financial Officer, Susan Hicks.
They have made several seed-stage investments, and the people they back speak glowingly about their contributions. “Susan is an awesome investor,” said John Bowles, the President of Inversa, speaking in an interview in 2012. He added that far beyond providing capital, Hicks was an essential team player for her insights and leadership.
Masitek in particular credits Hicks with helping to found the company. It began when TVC decided to build a company out of patented intellectual property it held. Hicks brought in Tracy Clinch, who had experience with Moosehead and McCain Foods, to serve as the company’s CEO.
And of course, she did so quietly.
How Manship and Hicks View the Region
“Atlantic Canada has always been home to innovative companies and entrepreneurs that have succeeded in global markets. With a rapidly changing global economy and highly competitive market for talent, we need to double down on innovation-based growth, develop the best possible supporting ecosystem, and promote a culture that supports risk-taking, tolerates failures and celebrates success. ‘We have the talent and the resources to be one of the most innovative regions in the world, but it won’t happen unless all the key stakeholders – industry, government, investors, entrepreneurs and academia – are invested in a common vision. Meaningful collaboration is essential, especially in a small region like Atlantic Canada.’
– Jon Manship
Chairman of Technology Venture Corp.
‘Over the years, Technology Venture Corporation has been privileged to have been given the opportunity to work with talented entrepreneurs who are dedicated to growing their respective companies. We want to acknowledge the important role of our education providers at the grade school and high school levels and at the college and university levels, for the great job educators have done in developing our human resources. Without them, this would not be possible. ‘People throughout this region are very resourceful, hardworking and creative. There is no lack of great ideas to start and grow companies. We have worked with companies in all four Atlantic Provinces and can attest to the fact that there is a strong entrepreneurial spirit in Atlantic Canada. ‘Whether we are talking about software development, sensing technologies, or many other types of technologies, our companies can compete and win with the best in class on a global scale.’
– Susan Hicks
CEO of Technology Venture Corp.