First steps are often the hardest, especially when launching a passion project. Abdul-Samad Olagunju hopes he can be there to guide Calgarians through their entrepreneurial baby steps.
Aurrin Ventures (AV), a company that hosts events for budding entrepreneurs to gain fast feedback and build momentum through community action, uses short form, imperfect pitches in front of an audience and judges, with the night’s winner getting a microgrant.
Olagunju, AV’s founder, said that people at their target stage don’t need millions of dollars; they need confidence, practice and a network.
“In Calgary, we have a lot of support for entrepreneurs but most are designed for when you’ve got a bit more steam in your engine, you’re a bit more mature. I wanted a community of people who are super early stage, let’s give them a bit more support,” he told LWC.
“It came to fruition a couple months ago, when we were going to host a networking event around that. But after having conversations with some people, we thought it would be really cool to have a pitch competition.”
Unlike other high stakes, high dollar investment pitch shows, AV’s barrier to entry is intentionally low. Any idea that can be explained in three minutes is perfect, Olagunju said. To date, pitch nights have hosted 26 unique entrepreneurs, with three winners. Prize money and hosting fees are raised through ticket sales.
The event’s consistent venue, the Heliopolis social cade, is no coincidence. Olagunju said the room’s decor and feel create an intimate and welcoming environment, one of many factors.
“It’s not a massive room. Sixty people does feel like a lot, but when you’re in the venue, it doesn’t really feel like that. It feels warmer. Another thing, we’re OK with people who are not perfect on their lines, it’s also why we don’t have slide decks for the founders,” he said.
“We want a warm environment where failure is part of the process.”
Bigger, better events ahead: Founder looks into company’s future
This month’s event, scheduled for Jan. 28, will be different from months passed, featuring a partnership aimed at furthering participant momentum.
“Right after the pitches are done, we’re hoping to have like a 20-minute session where jam Bingo is going to host networking bingo, where the questions are aimed to get people in the audience to support the founders,” Olagunju said
Over the next year, Olagunju hopes to build a catalogue of successful contests, furthering AV’s umbrella and circle of influence.
“In three months, we’d hope to be stable. We’ve got a bit more cash in the bank. We have a formal program, or set of resources that we refer to our founders after every event and before,” he said.
“In six months, the hope is we’ve had some founders who are starting to take that next step, they have launched their products, they have filed for a corporation, or they’re hiring their first employees. If we’re there, that’s incredible. And in a year, the hope is, we’re expanding to other cities, there’s events we host in Edmonton, Vancouver, Toronto and we’re starting to see founders come out from us and they are revenue positive and jobs in the ecosystem.”
