Eleven companies from the Propel Incite Phase 2 program presented their business plans at the regional accelerator’s demo day on Thursday.
Incite is a virtual program that startup founders can take for up to a year, regardless of where they are in Atlantic Canada. Phase 1 began in September with the goal of helping companies validate their products. Then in January, 15 companies entered Phase 2 to learn how to attack their chosen markets and bring on more paying customers. These companies are due to remain with the program until the end of the summer.
“We’re willing to walk beside a founder literally for a period of up to 12 months to help them conduct a series of experiments to see what works best in gaining sales,” said Propel CEO Barry Bisson:
One of the companies, Side Door, received the first Gerry Pond Sales Award, and the other companies that presented are:
Agyle Intelligence, Charlottetown – This company analyzes data for food processors, which have automated the production of food but still gather data manually. CEO David McNally said this simple solution provides a 98 percent improvement in access to manual data and can boost a company’s bottom line by $2 million in a single year. Since launching in 2017, the company has tripled customer numbers and had $500,000 in revenues in the first five months of 2019. Agyle is in talks with several parties to serve as its representative in Latin America.
Passiv, Fredericton– Passiv is working with online stockbrokers, who are suffering because 70 percent of their customer accounts are dormant. Passiv helps their clients to rebalance their portfolio cheaply and easily, improving the service provided by the stockbrokers. Passiv just signed its first deal with Questrade and has four other brokers in its pipeline, said CEO Brendan Lee Young. He added Passiv is looking for a seed round of $750,000.
ReelData, Dartmouth -- This startup uses artificial intelligence to collect and analyze data for fish farms. The software can analyze video from fish pens and produce meaningful data on the weight distribution of fish stock and the progress of certain diseases. It helps to automate manual processes like feeding fish. CEO Matt Zimola said ReelData is already carrying out pilot projects in Scotland, Denmark, the U.S. and Mexico, and will generate initial revenue this fall.
Room Service, Halifax – Room Service is an online convenience store that delivers goodies to your door within 45 minutes. In the 18 months since it launched in Halifax, it has logged more than $250,00 in revenue. The company plans to expand across North America in mid-sized cities so as not to compete with major online retailers in larger centres, said Johnathan Cannon, adding that the company is opening a seed round.
Safa, St. John’s – This company’s tool, Safa Insight, helps companies understand which of their employees intend to quit and how to prevent them from leaving. CEO Jason Trask said the company is targeting traditional industries with large salesforces as losing a key sales person could cost an employer as much as 250 percent of that individual’s salary. Trask, who raised more than $20 million for earlier ventures, said Safa has already signed five large customers in Canada and the U.S.
Team Stripes Systems, Moncton – The company’s e-training platform lets sports leagues train their officials – they can create courses, assign tasks and benefit from Team Stripes’ back office functions. CEO Brandon Bourgeois, who is raising a pre-seed round, said many of the 20,000 sports associations in North America use outdated training methods. The company targets the pain of sports organizations having shortages of officials, or insufficiently trained refs.
Trip Ninja, Halifax – Trip Ninja helps traditional and online travel services find the cheapest trip for travelers who are going to several cities and don’t care about the order of their stops. The company is now working with Sky-tours and is building relationships with other travel agents. Trip Ninja is now making about $1000 per day and expects that figure to grow dramatically this year. Co-Founder Brett Ziegler said the company is raising a seed round and will open up its Series A round later this year.
Sensory Friendly Solutions, Saint John -- The company is building a two-sided market in which groups offering sensory friendly places and products can display them, and those looking for such things can search and discuss what they find. The goal is to have a comprehensive showcase for things that can help people who are searching for all things in the sensory friendly space. The company has reached a beta version of the product, said CMO Nicole Kemp, adding that it is working on a pre-seed round.
Unum Health, Fredericton – This company has developed a mobile app that improves communications in nursing homes – between carers, medical staff and families of the elderly. CEO Lisa Williams said the company is raising a round of pre-seed funding.
Vinocount, St. John’s – Serial entrepreneur Jon King and his team have developed an inventory tracking and ordering tool for restaurants and bars. The owners of these establishments can monitor their supplies and sales and order fresh stock from their suppliers. King said Vinocount now has $7000 in monthly recurring revenue, and this figure is increasing by 32% monthly. The company is raising a pre-seed round to enable geographic expansion.