Like its popular TV show namesake, Innovator Idol 4 is a reality-based contest in which winners are selected by a live audience. “Idol is just one example of how we use creative marketing to connect star innovators with motivated investors,” explained Pam Banks, Executive Director at the Research, Innovation, Commercialization Centre. “Because of events like Idol III, RIC Centre has become the go-to resource for many early stage companies who need help to find the best pathway to successful commercialization.”
The competition is modeled as a hybrid of American Idol and Dragon’s Den where 4 companies are invited to present their company pitch to a panel for feedback. The panelists typically include a venture capitalist, an angel investor and a representative from an Emerging Technologies Fund.
The audience votes to select the winner and $40,000 in prizes for the winners!
Why would companies want to do this?
- exposure to potential funding sources
- valuable feedback to polish their pitch from an audience’s voting
- prizes to assist in the company’s continued development
- RIC Centre will continue to support the companies after the event towards commercialization
For more information visit the RIC Centre website.
Paul Woolford is a partner with KPMG Enterprise in Toronto.