Two years in a row of podium finishes for Saint Mary's venture capital students

For the second year in a row, a team of students from the Sobey School of Business took second place in the Venture Capital Investment Competition (New England region), held in Boston.

Honoured to have received Second Place and the Entrepreneurs Choice Award at the Regional New England @vcic hosted by @BUQuestrom Thank you @EllenFarrell16 @SobeySchool_SMU @smuhalifax @innovacorp @NSBI and our numerous supporters for helping us achieve this great success #VCIC pic.twitter.com/vollFYJPLS

— Venture Grade (@VentureGrade) February 4, 2019

In early February, the Saint Mary’s students joined teams from Cornell University, Babson College, New York University, Tufts University and Southern Connecticut State University to show their venture capital expertise.

The way the competition works is that two days before the event, teams receive pitch decks from startup companies. The teams are given 38 hours to learn as much as they can about the presenting startups. Then they arrive at the competition, and it begins with the startup pitches. Teams receive 14 minutes of one-on-one time with each startup. Finally, teams have two hours to make an investment decision and submit their recommendations.

Cornell University, narrowly edged Saint Mary’s to take first place. In addition to finishing second place, Saint Mary’s Venture Grade took home the competition's only Entrepreneurs Choice Award, chosen by the startup entrepreneurs.

“The spread between 1st  and 2nd  place was 1.6%,” said Dr. Ellen Farrell, the faculty coach of the Saint Mary’s University Venture Grade Fund. “In the Boston event, there was an entrepreneur looking for $11,000,000 but who wasn’t committed to exiting so the team didn’t feel he met the fund thesis; and another father/son co-founding group offering a new type of incuabator to 3rd world countries that had yet to commercialize.  In picking Language I/0, SMU met the entrepreneur’s elevated valuation expectations with term sheet provisions.  There was a buzz in the room about the team’s defence when they were done.  Brilliant job.”

Competing in the competition were Kory Henn (Entrepreneurship), Emma Scott (Entrepreneurship), Jake Chambers (Entrepreneurship), Maxim Roy (Accounting) and Tahsin Fatin (Finance).

Congratulations on your great showing!

Saint Mary’s venture capital students invest in haircut house calls

House calls for haircuts proved to be to be a cut above the competition and too good an investment to pass up for Saint Mary’s University’s Venture Grade Fund. They are investing $15,000 in Cribcut, an online booking service that connects consumers with top hair stylists that bring the salon to them.

“Cribcut has a novel business model that we are proud to support,” said Saint Mary’s student and Venture Grade Associate Emma Scott. “We are confident in David’s lean startup methodology and experience as a serial entrepreneur who’s exited three past ventures and one in Silicon Valley. Cribcut is positioned to be a major disruptor in the beauty industry.”

Cribcut was co-founded by serial entrepreneur David Howe, who has built and deployed a software-enabled marketplace for hairstylists. Cribcut's solution helps stylists become travelling hairdressers - providing clients with haircuts, colors, and styles at their homes and offices. Cribcut's software solution helps stylists with bookings, travel optimization, payments and ratings. Cribcut also facilitates new client introductions for stylists. Bookings can be made through their online booking app with on-demand appointments available.

 "We're happy to welcome Venture Grade as one of our investors,” said David Howe, the Chief Executive Officer with Cribcut. “We're confident that this investment will help us continue growth and product development and set us up for further funding over the coming months. We look forward to a mutually beneficial partnership with Venture Grade and welcome them with open arms to our growing team."

Should the company experience a successful exit, meaning if they are purchased for a large sum, the investors, including Venture Grade, will receive a payout scaled to the purchase. Any returns made on Venture Grade’s investments are returned to Venture Grade, the student fund.

The Saint Mary’s University Venture Grade Fund is a student-raised and run venture capital fund and the first student-raised venture capital investment fund in Canada in which the students raise the capital.

The fund was started by students of Dr. Ellen Farrell at the Sobey School of Business in fall 2016, with a connection to Silicon Valley’s C100 group, Boston’s Canadian Entrepreneurs in New England, and initial support from Innovacorp. It has expanded to include members at other Atlantic universities including Acadia University, Dalhousie University, and Memorial University.