Canadian entrepreneurs are giving back to the community by hosting a contest that will help startups turn their ideas into reality.
Trivelle Simpson, founder of the venture capital firm The Drive Group, is offering $250,000 to the winner of the “Drive 250” funding competition, which he likens to “Dragon’s Den meets The Apprentice.”
There comes a point when it’s not enough to place your bets on founders. You have to put your bets on ideas. Simpson said that you should bet on someone who is passionate about what they do. Then, products can change the world.” Simpson spoke to CTV’s Your Morning.
Simpson said he became inspired after his own struggles to obtain funding.
He said that money is the biggest challenge at startup times. He explained that the whole concept was about smart startups needing easy access capital. We had a vision that once we got through the doors, we would take the money back to the smart businesses who need it.
The Drive Group will shortlist a number of semi-finalists. The startups will then participate in weekly social media challenges. The Drive Group will select four semi-finalists to go to Toronto, where they’ll present their ideas in front of judges to be eligible for the grand prize.
Simpson created The Drive Group using funds from one tax refund of $1500. The group grew steadily through larger investments in derivatives and capital markets.
“It’s my biggest piece of advice, and it doesn’t matter what you do, that you have to become addicted to your work. You should give up after ninety days. Simpson stated that you have to make it through the 90 days to reach the 10, where you get paid back.”
Applications are still being accepted by The Drive Group until April 1. Semi-finalists will be announced on April 14.