Two Burnaby-based businesses made the short-list this month for the New Ventures Competition, out of a pool of 146 applicants.
Warranty Life and ZellChip Tehchnologies Inc. are among the top10 start-up technology companies that pitched their business ideas to a panel of experts on Friday for a chance at a share of more than $230,000 in awards.
Winners will be announced at the 12th annual awards ceremony on Sept. 26.
This year's group of finalists includes companies from the Lower Mainland and Vancouver Island that feature new technologies in the information technology, life sciences and "cleantech" sectors.
Each company has completed three jury rounds, attended education seminars and met with business mentors to reach the final round.
Bob de Wit, executive director of New Ventures B.C., said businesses that make the top 10 greatly benefit from being part of the competition.
"For the companies, it's a nice way to benchmark themselves against others and use the recognition to raise capital and recruit other valuable people to their teams," he said.
For Richard Hui, CEO and co-founder of Warranty Life, being in the top 10 is a validation of his business model. "I think it says something to be there and how far we've come and what we've done," he said.
Warranty Life is a web-based company that allows consumers to track purchases online.
With a database of more than two million products, the company provides free access to receipts, manuals, manufacture/extended warranty information and service support data in one central location. Warranty Life is an open platform for retailers, consumers and warranty companies in the U.S. and Canada.
ZellChip Inc. is a supplier of analytical testing devices for research and diagnostic technology.
The company has created a single cell chip and bioanalyzer, built in collaboration with Simon Fraser University. The patented innovation has applications ranging from genetic chemical analysis to bioassays and gives researchers "rapid entry to the growing field of microfluidics," according to a press release. The bioanalyzer is used as a cancer research tool to identify effective chemotherapeutic combinations and potentially speed recovery for cancer patients.
Tim Provensano, president of the company, said to win the contest would be a great benefit for ZellChip.
"It would mean the market recognizes the value that we're bringing, and it also recognizes the opportunity, or the promise that the technology holds to possibly save lives," he said.
Established in 2001, the New Ventures Competition was created to support B.C.'s emerging technology industry and is operated by the non-profit New Ventures B.C. Society, with support from the B.C. Innovation Council, private and public sponsors and volunteer mentors, speakers and judges.
For more information about the competition, visit www.newventuresbc.com.
