Welcome to MaRS’ second volume of Mod Media Makers – a showcase of innovators who dare to think differently, take risks, know how to adapt and aspire to solve big and unexpected problems for both niche markets and entire industries.
In this volume, the innovators tell you what they do and why they do it. Fearless and connected, these entrepreneurs also explain how they survive and thrive in an economy and culture that is changing with surprising velocity, relying on passion, intuition, ambition and real-time analysis to successfully adapt in this highly complex and uncertain environment. Driven to succeed, they’re eager to make a difference and put their creative skills to work to create simple, yet compelling solutions.
CardSwap is an online platform that provides Canadians with a fast, easy and totally secure way to swap their unwanted gift cards for cash and to buy gift cards for their favourite retailers with an incentive.
Gift cards represent a $6 billion industry in Canada. Yet, each year over $1 billion in gift cards remains unredeemed. CardSwap enables Canadians to unlock value trapped in gift cards (or even merchandise credits) by turning their gift cards into cash (up to 92% of the gift card’s value) and putting a few hundred million dollars back into the pockets of Canadian households.
FOUNDERS
Frances Ho,COO; Desmond Leung, CTO; and Zaheed Poptia, CEO
YEAR FOUNDED
2010
SECTOR
E-commerce
TEAM SIZE
9
It’s not as fun as it looks on TV. Sure, when you’re as well funded as Google then everyone can shoot hoops in the cafeteria and watch movies in the theatre to recharge their creativity, but for small startups “work-life balance” is a bit of a mirage.
Extravagant, yet frugal.
Everyone has their individual talents and quirks, and we’ve realized that mixing and matching people to build a productive team is an art form. We have a solid core of smart people bringing thoughts and ideas to the table, and we value the insights of everyone from top to bottom.
Our appearance on CBC-TV’s “Dragons’ Den” helped us immensely, giving us nationwide exposure to both customers and potential investors.
Like everyone, I get frustrated with the inefficiencies encountered in everyday life, from unnecessary lineups at coffee shops to waiting at traffic lights. My passion lies in defining solutions for these problems, then deciding if these inefficiencies have uncovered a real business opportunity. That’s how CardSwap came about.
Decksi is a direct-to-fan content distribution platform that turns video, music and pictures into digital collectable merchandise.
Decksi’s content-delivery technology platform empowers media and entertainment companies to engage fans and monetize their existing assets by transforming their content into a new form of social currency. We work with brands, record labels, television networks, movie studios, video game companies, advertisers and other distributors and creators of entertainment properties. Together we create a fan-focused game experience that not only builds buzz, but also contributes to the bottom line through collectible digital content.
FOUNDERS
Richard Kanee
YEAR FOUNDED
2011
SECTOR
Social Entertainment
TEAM SIZE
9
Similar to being a parent, I don’t think you can describe what it’s like until you are in it. The incredible uncertainty and highs and lows are a big factor. Also, managing expectations in terms of how long everything takes (at least twice as long as your most conservative estimate).
We’ve done one major refactoring of our business model so far, but I suspect we are far from done. You learn so much from testing ideas in the real world and talking to prospective clients.
Smart, creative, passionate.
They are the usual things you face in any business: Not enough resources, not enough time. Staying focused on one task long enough to do it effectively and to meet your expectations.
Financing is not fun. I have great investors, but ultimately you’re trading a piece of control for money and no matter how pragmatic you are about that value exchange the concessions can be difficult to swallow. That said, seeing the cheque clear the bank is a huge boost of confidence.
Hammerati is a modern-day guild for the smart contractor.
Hammerati is a LinkedIn-style network for the construction industry, where contractors can find work, get discounts and easily market their businesses online. Unlike simple lead generation websites, Hammerati is a social platform that unites the construction community, integrating lead generators, review sites and more, so contractors can access all of these services in one convenient location. Hammerati is a modern-day guild for the smart contractor.
FOUNDERS
Carlo Perez, Founder
YEAR FOUNDED
2009
SECTOR
Social commerce
TEAM SIZE
9
The best advice I ever got was from Mike McDerment. After uknowa had won at Startup Festival International we were seeing great traction and press, but I was concerned about how slow it was. Mike said plainly: “Well Carlo, how long did you think it was going to take?”
We actually can’t agree on how many times we’ve pivoted, but it’s at least four. There have been a few macro-changes, but it is the multitude of micro-changes that have really made our business what it is today. It’s hard to see where one business model ended and another began.
Experience. Execution. Humility. (And fun!)
I traveled alone from Beijing to Mount Everest (via Borneo) armed with only maps and my backpack, hitchhiking most of the way. Helping architect the world’s first context-switchable graphics processing unit is a close second.
Consider all options and opinions. Be decisive. Don’t be too smart. Admit when you’re wrong. Above all, lead with integrity. And when you lose it (and you will), do whatever it takes to win it back. Your leadership depends on it.
We develop and market web applications that enable community groups to create, communicate and implement shared goals.
SoapBox is idea management gone digital. Think old-school suggestion boxes, surveys and discussion boards merged into one web application that sifts through the noise to arm decision-makers with their community’s best ideas for positive change. SoapBox gathers and ranks user feedback more efficiently, more organically and more transparently than its competitors.
FOUNDERS
Brennan McEachran
YEAR FOUNDED
2010
SECTOR
Social Innovation Management
TEAM SIZE
8
Our business model has gone through several iterations. It was less a pivot and more a course correction. We realized fairly early on that we did not have the manpower to service both enterprise and small business clients. We now focus primarily on enterprise.
Get shit done.
Warren Tanner wins this one: He took the gold in freestyle moguls at the 2008 World Cup in Lake Placid. It’s tough to top that—though Warren did by being featured on the Honey Nut Cheerios box in 2010.
You can spend a lot of time preparing financials and presentations, but it’s all make-believe until you land an investor. It’s far more rewarding to focus on the business, create the product and make sales—and let investors find you. Sort of a Field of Dreams if-you-build-it-they-will-come philosophy.
As a student, I had many ideas about how to improve Ryerson, so I wrote to the school’s president, asking to share my ideas. He said yes—and he loved them. I pulled out a sketch of what would become SoapBox and said, “Imagine if we could give every student the opportunity to bring their best ideas into your office.”
Homesav is revolutionizing the online shopping experience by providing the ultimate Canadian-based destination for luxury home decor, furniture and lifestyle accessories and exclusive product offerings at up to 70% percent off the retail price. Our goal is to give people a deeper and more personalized connection to the products they choose to bring into their lives.
FOUNDERS
Aliza Pulver, Alex Norman and Allan Fisch
YEAR FOUNDED
2010
SECTOR
E-commerce
TEAM SIZE
15
The concept for the company was simple: luxury furniture and home decor at a justifiable price. As homeowners, we had gone through the motions of buying and decorating our first homes and recognized the gap between quality and value. HomeSav was founded to bridge that with a novel platform.
A coffee machine is fundamental. We always wish there were 48 hours in a day so we could execute everything we would like to. I would say that we work 12 to 16 hours a day on average. Coffee is the key for companies that execute their vision.
Seeing the results of your efforts (happy customers) and building something great with your team. Creating an organization that is flat: If you have managers reporting to managers in a startup, you’ll have internal politics. Having a politics-free company that executes well and has great service is the biggest reward.
Creative. Innovative. Decorative.
At HomeSav we are passionate about product discovery. Our goal is to delight and wow consumers by making it easy to discover and shop for anything they want to makes their homes beautiful. We will reach this goal by becoming the leading online product discovery engine for home decor products.
Shopcastr gives local retailers something they have not previously had: an online platform designed to increase foot traffic and sales into their shops. Shopcastr is an easy-to-use web and mobile platform that empowers retailers to manage their online presence, display their products beautifully, easily and instantly and promote them through Twitter, Facebook and Pinterest.
FOUNDERS
Matt O’Leary, Founder and CEO
YEAR FOUNDED
2011
SECTOR
Social Commerce
TEAM SIZE
5
That there are smarter ways to build a tech business. For example, The Lean Startup. My co-founder and I didn’t know much about Lean until months into building our first product. It changed our lives.
Shopcastr is our second pivot. We started out as Connectsy, the simple way to get together with friends on short notice. We then pivoted into Hipsell, the easiest way to buy and sell from a phone and the web. Now we’re Shopcastr, a social marketplace for local retailers and consumers.
Passion, perseverance, dedication.
Raising a seed round from Mantella Venture Partners changed our life. Working with Robin Axon and Duncan Hill has been very rewarding, and we closed our round with them faster than expected. A solid team with a good idea should always be able to find funding.
Read “The Four Steps to the Epiphany” and “The Lean Startup”, and regularly attend all the great startup events and support your community. Toronto has many great events, organizations and people, and we wouldn’t be where we are now if it wasn’t for the amazing support we’ve received.
SocialGift is a highly disruptive social commerce platform that changes the way we give gifts with friends and family by allowing a group of people to contribute to a gift. SocialGift will partner with retailers by offering them a plug-in solution that adds value by removing the friction associated with group-gifting for consumers. The main benefits to the retailer are increased conversion, especially high-ticket items, and attracting new customers.
FOUNDERS
Mo Govindji, Founder & CEO
YEAR FOUNDED
2011
SECTOR
Social Commerce
TEAM SIZE
3
I ran a busy photography and design studio where I worked with hundreds of brides and grooms who stressed frustration with the gift-buying process, specifically with wedding registries. I wanted to solve this problem by allowing a group of people to split the cost of any product, wherever they shopped.
Seeing a product come to life, from something that started out as just an idea to something that actually gets used. I remember walking into a Starbucks and seeing a random person browsing SocialGift.com—this was when we were a consumer-facing site. That’s pretty cool.
Innovators, problem-solvers, gifters.
I’ve learned more in the past year then I’ve ever learned before. I think one of the biggest challenges we’ve faced is fundraising. I think the process is extremely valuable, having a third party dissect your company, your technology, your people and assess whether it’s worth rolling the dice on.
A really good friend who I went to university with focused on programming. He’s someone I trusted and knew was extremely talented. He and his partner became SocialGift’s initial technology investors. My brother happens to be an incredibly talented software engineer so he’s currently our CTO and technical co-founder. I met our CFO through mutual friends.
Squag is a social, recreational and creative opportunity online for kids who have different abilities and who communicate in a different way. It’s an alternative to video games and the everyday noise of the Internet.
FOUNDERS
Sara Winter
YEAR FOUNDED
2012
SECTOR
Social Media
TEAM SIZE
1
That not all developers are created equal. It takes time to find the right technology team who understand not only how to build great functionality, but what you’re trying to achieve conceptually (and creatively!) for your users.
Connectivity. Creativity. Community.
I was a professional dancer before I literally fell into working with kids with autism. I can’t believe I’ve been fortunate enough to have a second career that I’m equally as passionate about. I went from possibly the most self-absorbed vocation to witnessing another person’s strength and growth, and being humbled every day.
Surround yourself with a few key people you respect. Keep them up to date with every step—even those that seem small—so you can benefit from their mentorship and gut instincts when you’re too close to see things clearly. Then listen to them. It saves a lot of time! Describe the market you are competing in.
New statistics were just released last week stating that one in every 88 children have autism. That’s up 23% since 2009. Parents are spending between $39,000 and $140,000 every year in both direct and indirect costs associated with their child’s autism spectrum disorder.
Uniiverse is an online person-to-person marketplace for offline sharing. It enables anyone to safely share their skills, items, spaces, interests and time with others—for free or to make money. Uniiverse enables anyone to become an entrepreneur, save money, meet likeminded people, help the environment and live a smarter and happier lifestyle. Uniiverse is building the sharing economy.
FOUNDERS
Craig Follet, Co-founder
YEAR FOUNDED
2011
SECTOR
Social Commerce
TEAM SIZE
10
We’ve had a strong business plan from the beginning that has taken us incredibly far. It wasn’t a long business plan, just very focused and forward-thinking. Because of this, we haven’t had to make many changes, but we iterate on the business model every second of every day.
Passionate, positive people.
Happiness, perhaps? If it’s career you’re asking about, our well-rounded team has done everything from making multi-billion dollar impacts on our clients at Boston Consulting Group (BCG) to working on million-dollar IPOs for tech companies to launching startups from stealth mode.
We are proud to have a group of sophisticated angel investors on board as part of our seed round. Our connections from BCG and Credit Suisse, along with our strong business plan and successful track record proved advantageous when raising funds. We raised our goal amount within a six-week period.
In our formative first couple of months, we wrote a blog post on 10 bootstrapping tips and startup-life hacks. We’re also big fans of a number of the principles within the book Rework by the founders of 37signals.