The Leduc-Nisku EDAtorial
Leduc Blog
Entrepreneurs working for entrepreneurs
November 30, 2016
So you’ve come up with a great business idea and you’re ready to take the plunge and become an entrepreneur! Before you go and get too far ahead of yourself, there are a few things you should consider. Do you have a business plan? Access to funding? The guidance of an entrepreneurial mentor? It has been said that eight out of ten entrepreneurs who start businesses fail within the first 18 months. You may have come up with the idea of the century, but the steps to come are not for the faint of heart. The smart beginners seek out support and guidance from professionals such as TEC Edmonton.
 
TEC Edmonton is a joint venture between the University of Alberta (U of A) and the Edmonton Economic Development Corporation (EEDC). It’s an association run by entrepreneurs for entrepreneurs whom assist between 80-100 companies per year. Randy Yatscoff, Executive Vice President, TEC Edmonton, explains that TEC Edmonton is “out there to help companies across Edmonton and Northern Alberta. We have a broad range of services to offer including business guidance and mentorship as well as a large angel investor capacity.” 
 
Support and advice from TEC Edmonton could prove to be instrumental in getting your business to the next level. Below are examples of how businesses have used TEC Edmonton’s services and resources to help their ventures succeed.   
 
Success is: Redliner 
TEC Edmonton services used: Technology Management
Researchers from the University of Alberta’s Faculty of Rehabilitation Medicine and the Department of Computing Science along with TEC Edmonton’s Technology Management Team joined forces to improve technology for people with disabilities. Redliner takes the concepts used in wearable technologies and applies them to wheelchair users: a wheelchair “wears” the device to monitor a user’s propulsion parameters, with the goal of preventing persistent overuse the can lead to shoulder injuries. TEC Edmonton was crucial to the licensing process and facilitating the necessary connections to make this technology available for users.     
 
Success is: TruHome 
TEC services used: Business Development, Finance and Funding
TruHome is an online tool that uses big data and analytics to match homes with potential buyers based on a customer’s needs and lifestyle. TruHome took off with help from TEC Edmonton’s Business Development team and an Executive-in-Residence to obtain funding from the Business Innovation Access Program (BIAP) as well as assistance with market research, competitive analysis and business strategy.    
 
Success is: Forge Hydrocarbons  
TEC service used: Business Development, Technology Management
Dr. David Bressler, University of Alberta researcher and Lead Scientific Advisor of Forge Hydrocarbons, developed a biomass refining process that converts animal fats and cooking oils into gasoline and diesel. The Forge Hydrocarbons team has worked with TEC Edmonton since 2005 on the commercialization process as well as licensing and negotiating with investors.     
 
TEC Edmonton is not only a key business incubator for Northern Alberta, but is also a major supporter of the business community and associations just like us. “Working closely with regional associations like the Leduc-Nisku Economic Development Association is very important to us,” explains Randy. “We exist to help entrepreneurs and it’s relationships like the one we have with the Leduc-Nisku EDA that help connect us to the business community.”