Resson Aerospace took the term “accelerator” seriously.
In less than a year, it raced through three different accelerators (or incubators) that moulded the company that landed a $3 million funding today.
With a focus on bioinformatics and data analytics, the precision agriculture company was first nurtured through the Pond-Deshpande Centre, the University of New Brunswick facility that encourages entrepreneurship and social enterprise. The PDC offered the young company its first funding (a $15,000 grant) as well as office space and mentoring. “Karina LeBlanc (the PDC Executive Director) was one of our biggest supporters and continues to be so,” said CEO Peter Goggin in an interview, adding that she introduced the team to several angel investors.
In the winter of 2012-2013, the company went through the ACcelr8 accelerator at Planet Hatch, which provided a bit more financing and also introduced Goggin and his co-founder Rishin Behl to another key mentor, Susan Holt.
Holt’s day job is the Executive Director of the New Brunswick Business Council. At each board meeting of the council, select startups are invited to make brief presentations to the group, which includes several captains of New Brunswick business. Holt helped Resson prep for such a pitch, but she held the pair back, making sure they didn’t pitch until they were ready.
When they did pitch, they got results. One of the introductions was to Allison McCain, chair of McCain Foods, and the pitch led to McCain using the Resson technology.
From ACcelr8, the team progressed into the Launch36 accelerator, which Goggin said brought the company’s professional development up a notch. Its main mentor in Launch36 was Kevin Berry of the Moncton startup SelectBidder.
Resson Aerospace has also worked with the National Research Council’s Industrial Research Assistance Program.
Disclaimer: Entrevestor receives financial support from government agencies that support startup companies in Atlantic Canada. The sponsoring agencies play no role in determining which companies and individuals are featured in this column, nor do they review columns before they are published.