Big changes for a giant this week. Noting that Google no longer required “day-to-day adult supervision,” Eric Schmidt -who acted as a mentor to co-founder Larry Page during his term as President and CEO – said during a Thursday conference call: “Larry is ready. It’s time for him to have a shot at running this.” And there ends the mentorship of Larry Page – or does it?  Adult supervision – an interesting way to put it don’t you think … it makes sense now that Page and Brin are officially grownups themselves and spent the last 10 years learning from Schmidt’s expert leadership – but what about the other grownups starting their own businesses? Do they feel like they need “supervision” or can they embrace the apprenticeship and tap into all the mentor has to offer?  Is that what made the Schmidt/Page mentorship so successful and end so well?

When does mentorship end? I suppose it can end quickly and loudly if there’s a massive disagreement or silently and slowly if both partly gradually lose interest in the venture.  A successful mentorship need never end – it can evolve and change for sure.  The relationship that grows between a mentor and a mentee is a special one.  Honest, harsh, supportive and bossy all at once. Both people need to accept the strengths of the other and the opportunities that will arrive if they work together and are open to listening and learning.  While traditionally, the mentor has “all the expertise” it must be understood that mentee’s passion and commitment to the business brings it own unique value to the deal. 

High school students, kids in grade 3, entrepreneurs and successful business leaders all recognize the value in having someone to bounce ideas off of, someone to talk to, to look up to. Experience, expertise, advice, guidance from someone who “gets” what you’re dealing with really factor into one’s confidence when making major decisions.

Here at OCRI, 185 companies have met with the folks at the Regional Innovation Centre.  The RIC team meets with every company for a minimum of one hour during which time they consider the company’s business plan, pitch/presentation and leadership. From there OCRI’s experienced business mentors are able to provide strategic advice to companies on a case-by-case basis and are assigned to work with company management based on an appropriate match of skills and fit between the mentor and senior management.  On staff, we are proud to include Peter Becke and Bob Huggins as our primary business mentors. Michelle Scarborough, VP, RIC, OCRI also spends many hours a week working directly with leaders of high potential companies in the eastern Ontario region, providing business guidance and expertise as the companies navigate their current situations and plan for their future. As mentors, their ability to listen, ask pertinent questions, be empathetic and non-judgemental, and provide meaningful, actionable feedback makes an impact and a difference.  The quality of the companies in the Eastern Ontario region and the sharp mentors of the OCRI RIC combine well to create value for the entire region.

eSight, an Ottawa-based startup has a fantastic brand new way to help people challenged with low vision. It looks like sunglasses, but is so much more. Kevin Rankin was a mentor at OCRI who fell in love the company he was mentoring. “I liked the company so much and I decided that eSight was too valuable an opportunity to pass up so I joined to company as President and CEO.”  So here we have Kevin, matched with eSight as a mentor for having the perfect mix of experience and insight, who has taken on more than an active interest in the company as President. That’s successful mentorship I’d say and who knows, perhaps in five or 10 years, Kevin will step aside and let the founders resume leadership and continue to support the company as a mentor once again – just like Eric Schmidt.

Here in Ottawa, the typical summer slowdown did not take place this year. Despite the capital markets fluctuating and the general lack of venture capital, a number of the companies we work with were actively raising and closing, on investments over the course of the summer. In addition to the funding, these companies were also closing significant customer engagements which in many cases are the milestones that customers need to get the company to scale.  As recently as last week, three local companies, including two clients of ours, Seregon Solutions and YOUi Labs, received funding through the Investment Accelerator Fund (IAF). Benbria, e-Sight and IPeak Networks have also enjoyed recent successes.

 What are the differences this year?

 1)     Preparation: We have spent significantly more time getting to know the companies and their management teams, and creating a tailored approach to coaching in order to help them build confidence and generate the “wins” they need to move their companies to the next stage. No more shell-shocked entrepreneurs in front of potential investors.

 2)     Practice: This is mandatory. Doing dry runs with friendly investors before companies make their investment presentation to potential investors makes a huge difference. The feedback is constructive and provides a genuine opportunity for companies to make improvements, anticipate questions and plan ahead.

 3)     Match Making:  While working with entrepreneurs to be more targeted in their approach to investors we are also working with investors to make sure there is the right level of interest and that they are aware of the opportunity they are about to be presented with.

 4)     Seasoned Entrepreneurs: It’s great to meet such seasoned entrepreneurs. They recognize the value of mentorship and are open to the coaching we are able to provide that can help them structure their efforts in order to raise funds and create lasting relationships out of the introductions that we are able to facilitate for them.

5)     Angel Activity: There is a light at end of the funding tunnel. While it won’t solve all the investment issues and make every startup company happy, we are witnessing a tangible increase in angel activity.  Their focus on particular industries and niches is intense and knowing that, we are able to increase the possibilities for successful introductions, strategic alliances and much needed investment.

 6)     Public Exposure: This summer, we’ve had even more occasion to showcase investment opportunities – Grow2010, regular networking events hosted by the Canadian Angel Network, applications to the Ontario Venture Summit and Canada’s Top 10 – all recent and very relevant.   

What will we see this fall? If the summer is any indication then we expect the fall to move even faster.

It was good to see a local start-up getting some well-deserved media attention with Jim Bagnall’s recent profile of  IPeak Network’s CEO Martin Horne in Saturday’s Ottawa Citizen. Under Martin’s leadership, IPeak is poised for growth.

IPeak is a great Ottawa example of a company that started with a good technical idea and a desire to learn how to turn that idea into a successful enterprise.  Not only did Matt Williams, founder of IPeak, help develop the company’s core technology but Matt was very open to learning from others who had built companies before.  He was able to gather the best people around him early on to move the business forward.

IPeak was a two-man operation when OCRI’s Investment and Commercialization team began working with them three years ago. When they graduated from the OCRI Business Accelerator they had expanded to seven employees, had secured their first sale, and raised over $1M in angel financing. They also were selected as a winner of the Canada’s Top 10 Competition which gave them exposure to a broad range of investors in Canada and the U.S. at an early stage.

Pulling together the right team has been one of Matt’s key strengths as a founder. He was not afraid to let go of the reigns as CEO and focus on his strengths on the technology side of the business as CTO. Couple that with his passion for the IPeak product and validation from key markets that his company met a market need and he was able to attract a high caliber CEO in Martin Horne to help grow the company to the next stage.

IPeak is just one example of how founders in our portfolio are working to build success in their own verticles and businesses through working with our team. It is an approach we think will result in the growth of more leaders like Matt and more growing, competitive companies like IPeak.

That’s the type of development that OCRI is working towards for Ottawa companies and entrepreneurs.