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International founders dish their first impressions of Toronto’s tech ecosystem

Founders

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International founders dish their first impressions of Toronto’s tech ecosystem

Last month, 4 rising tech startups from Lithuania embarked on a one-week soft landing program to Toronto called the Canadian Connection Program. In partnership with Pace Global Advantage and the DMZ, the program supported entrepreneurs and business leaders interested in exploring the North American market and gave participants the opportunity to tap into a wider network of investors, customers, corporates, founders and talent.

The Lithuanian visit to DMZ’s headquarters was productive for the startups – participants took advantage of various workshops and curated one-on-ones with DMZ’s Program Leads, Experts-in-Residence (EiRs) and Alumni-in-Residence (AiRs). The Lithuanian entrepreneurs walked out of the experience with a greater understanding of the North American ecosystem and its players.

Lithuania blog - DMZ team and visitors mingling

On their final day of the program, we had a chance to sit down with the founders and ask them about their thoughts on the program and first impressions of Toronto’s startup ecosystem. Here’s what they had to say.

1. Toronto is very well-positioned in the North American market.

“I have learned a lot about the close connections between the EU and this city’s ecosystem, especially for medical startups. Toronto is well-positioned in the North American market, which is important because we need to reach the largest user base possible. There’s a great support system here for startups and there are great connections to cities like Boston and New York, which are just a short hop away.” – Urte Steikuniene, Feetsee

“The ecosystem here is booming and attracts people from all around the world to relocate their businesses from other continents.” – Simonas Stankus, Unbalanced

“We are considering North America as our primary market. Through the program, we have realized how little we actually knew about Canada. By being here, we see the ecosystem in Toronto is really vibrant, and a lot of professionals and potential employers are living here. The access to the talent, capital and markets is much higher than you’d expect. It changed my concerns about Canada being the same as the U.S. in terms of work-life balance. It’s much more convenient for entrepreneurs considering relocation here compared to the United States. Being in Toronto was a perception-changing experience because we were too trusting of the assumptions we had developed.” – Vytenis Pakènas, IsLucid

2. There is value in the city’s multiculturalism

“I am very impressed with the diversity and openness that I see in Toronto. I’ve only been here for one week, but I feel like you’re at home almost everywhere you go. The diversity is very inspiring and all-encompassing.” – Urte Steikuniene, Feetsee

“I was especially taken aback by the fact that I have met other medical doctors like myself who have made successful startups here in Toronto. I’ve met other professionals as well who turned to entrepreneurship. That’s not something you see often. My favourite thing about Canada is that everyone is from everywhere. There’s this feeling of being away from home but also at home at the same time. A real melting pot of people and cultures, which is something that contributes to its unique atmosphere.” – Justinas Balčiūnas

3. The DMZ community provides startups with everything they need to grow.

“I thoroughly enjoyed my time here at the DMZ. I got in touch with healthcare providers, venture capital funds, and angel investors, and got to know the entrepreneurial ecosystem here in Toronto which is booming, energetic and inspiring. Not only am I leaving this program with an excellent portfolio of contacts, but I also leave enriched by hearing other success stories of startups that have entered this environment and have done well. I feel like I’ve learned a lot.” – Urte Steikuniene, Feetsee

“My experience in this program has been great! I partook in incredibly useful workshops and met such great people. Now, I have a much better understanding of what Canada is and what ecosystem it has.” – Simonas Stankus, Unbalanced

“When you enter a new market, it’s important to have the right support system of people who can tell you the truth. We received the right recommendations and connections within the context we needed to make the experience meaningful and actionable. I was touched because the team wasn’t too focused on revenue and speed, but more on care and guidance/growth. When you’re coming in from overseas, you’re being brought into a desert with people you don’t know. But the DMZ is helping turn that desert into a sweet forest with the right connections and resources needed to succeed.” – Vytenis Pakènas, IsLucid

Lithuania Blog - Founder Simonas Stankus pitching

The cohort of participating companies included:

Lithuania blog - isLucid logo
IsLucid
is a productivity hack that specializes in machine learning through transcription. The service transcribes verbal communication in meetings and automatically assigns tasks to employees, eliminating the need to take meeting minutes and ultimately saving time.

Lithuania blog - Feetsee logo
Feetsee
is a FDA-registered product that uses its advanced algorithmic technology, with 95% accuracy, to monitor and measure changes in diabetes patients’ feet. It stores this information in its mobile and desktop software that relays messages to the patient’s care team and physician via alerts.

Lithuania blog - InBalance logo
InBalance
produces electric vehicle charging stations. Their product focuses on energy efficiency and helps fulfill the increased demand for electric vehicle charging without requiring any changes to the current power grid infrastructure, ensuring the sustainable growth of a community-based public charging network.

Lithuania blog - Ligence logo
Ligence
employs machine learning algorithms and deep-learning technology to determine functional and structural aspects of a person’s heart through ultrasound images. Their current focus is reducing human error in detection and diagnosis and improving their measurement accuracy.

Want to act on the Toronto FOMO and get involved? Founders looking for international expansion support can learn more about DMZ’s global offices at dmz.to/global, and partners interested in developing a soft-landing program in Toronto at the DMZ can reach out at dmz@torontomu.ca.

Big picture thinking: How Worksimply was able to double down on a new market to serve more customers

Thinking about what the future of work looks like? The founder of Worksimply, Jaime Aoyagi, is your guy.

It goes without saying that the future has changed forever and remote work is here to stay. But what most employers may not realize is that the workplace of tomorrow isn’t just confined to an at-home office or central downtown location.

Aoyagi predicts that the future of work will take place in three main spaces: an at-home office, a central headquarters that’s typically located in a downtown core and an on-demand workspace that’s less than a 10-minute commute from the employee’s home.

Catching a new wave of opportunity and recognizing the transformational shift taking place in office settings, Aoyagi decided to grow Worksimply – a workplace platform – by doubling down in a new market to serve more customers.

We sat down with Aoyagi to learn more about Worksimply, and how he was able to shift markets by thinking bigger.

First, can you tell us more about what exactly is Worksimply?

“Worksimply’s solution is two-fold. For hybrid companies, we offer a workplace platform that makes office space more affordable and increases employees’ freedom. For co-working space operators, we offer software to manage end-to-end guest bookings for co-working spaces.

To put it into perspective, we help small businesses manage their own hybrid workforce by allowing their employees to book desks at their HQ and at co-working spaces all across North America,” said Aoyagi.

A cycle of various workspaces - How Worksimply was able to double down on a new market

What do you think is unique about Worksimply’s value proposition?

“Fostering an engaging work culture is crucial to creating a well-oiled, productive and happy team. At Worksimply, we understand how challenging this has been for remote and hybrid teams and are working to help them better manage their remote culture.

While a lot of companies today are working in a predominantly remote environment, we know that face-to-face interaction is still important. We know that it’s not about a desk, it’s about collaborating with your teammates.

This is exactly why we’ve rolled out features that allow teams to encourage their staff to meet in-person by allowing them to see who is working from where and when. But we didn’t stop there, we also offer services that help employers go above and beyond when it comes to maintaining a great office culture for remote employees – like providing snacks, drinks and workshops.”

This pandemic had a major impact on how Canadians work and use office space. How does Worksimply help companies in today’s current climate of needing flexible hybrid office space?

“The pandemic completely changed the way the world works. Pre-pandemic, the standard was for companies to have one designated desk per employee. Fast forward to today, a lot of companies have gone fully remote while others have embraced a hybrid model.

Now this presents a unique situation. A hybrid model can look very different from company to company, but nonetheless, the office will still play a huge role in how people work.

Moving forward, I think work will take place in three main areas: the home, the central office and finally flexible office spaces close to home,” explained Aoyagi.

This is exactly where Worksimply comes in. Worksimply is helping SMEs not only manage but also support their hybrid workforce by allowing their employees to book office space close to their home or their central office.

Jaime, you saw a new opportunity in the market and decided to double down on it to grow your business. What led you in making this decision?

“The pandemic obviously played a large role in why we decided to double down in a new market. We knew that companies would need on-demand workspace to accommodate their staff with flexible options,” Aoyagi explained.

Thinking 10 steps ahead, Jaime realized that there was a perfect opportunity for him to extend his customer base. “Since we already had space operators and co-working spaces on the Worksimply platform, we quickly recognized we’d be able to serve a new market – SMEs – that would need access to the space operators we were already serving flexible on-demand bookings.

“We sell software-as-a-service to space operators, and today our demand is twofold – on one hand, it’s businesses looking to book space for their employees, and on the other, it’s workspace operators looking for easy-to-use software they can integrate into their operations.”

Groundbreaking ideas are hardly ever lightbulb moments, but rather the result of developing and improving over time. After you made the decision to build in a new direction, what did the process look like?

“Once we realized the toll the pandemic was beginning to take on the world’s workforce and the new wave of opportunity it was creating, we started developing the software for space operators to implement.

As more and more space operators began to use our services, we were simultaneously creating a supply for hybrid-working organizations to choose flexible office space,” explained Aoyagi.

How did the DMZ support you throughout the process?

“Throughout the process, I was able to lean on the DMZ for mentorship and guidance.

As questions came up, I was able to turn to my Program Lead, Mohi Sanisel, who was able to help me navigate through the different challenges that presented themselves.

The DMZ was also able to introduce Worksimply to our first customer leveraging their new model.”

What would you say to other startup founders who are looking to iterate on their core strategy?

“Put your product out there as soon as possible and put your assumptions to test.”

Curious to learn more about what Jaime Aoyagi thinks about the future of work? Check out his recent LinkedIn article here. Looking to provide flexible office space for your time? Head over to Worksimply’s website to learn more.

The future of forecasting: How Granularity uses AI and big data to bridge the industry’s supply and demand gap

To celebrate our women-identifying founders, we’ve put together ‘On Wednesdays, we startup,’ a blog series dedicated to positioning women founders centre stage to acknowledge their work, complexities and wins!

We hope to push women-founder stories forward and share lessons learned and insights for other aspiring women entrepreneurs.

This week, we had the pleasure of chatting Tali Remennik, the Founder of Granularity, to learn more about her startup and how she’s infusing demand forecasting with AI and big data to bridge the supply and demand gap in the sector.

Can you tell us a little about yourself and why you founded Granularity?

“As a data scientist and ex-management consultant, I’ve witnessed first-hand how helpful data science and machine learning can be in solving large-scale problems. I have personally used these methods to help major retailers combat fraud, help governments reduce the risk of traffic accidents and help uncover the underlying barriers to women gaining leadership positions.

Demand forecasting is an issue that consistently resurfaces due to its challenges – and being the engine of every retail business – it can affect a company’s ability to compete in the market. The sector is too often overlooked and issues are starting to trickle out, making consumers take notice. Last year when TikTok had the feta cheese pasta craze we saw a nationwide shortage in feta cheese. The need for demand forecasting is increasing while the sector remains stagnant in producing any new solutions.

This is exactly why Granularity was founded and we are excited to be able to drive progress and remedy this critical issue.”

Laptop screen with forecasting metrics - Granularity blog

What exactly is Granularity’s mission?

“In five years, I can’t imagine a world where retailers aren’t using near real-time consumer data to make decisions about what inventory to order. Consumers are actively communicating their excitement for products on social media and expect their favourite retailers to stock them. Retailers want to listen, and business leaders in the planning sector are eager to bring this data to the forefront of their decision making.

That being said, I know that it’s not easy to decipher the thousands of signals that are being sent daily – from TikTok to Instagram.

And that’s what we’re here to do – help retailers understand how trends can impact their sales. We provide their teams with the actionable consumer insight they need to make decisions.”

Tali, you’ve spent a majority of your career working in AI consulting. What made you decide to make the leap to leave the corporate world and found your own startup?

“When I was younger, I used to imagine being a positive leader – inspiring people to live their passion and purpose. The vision of being a leader has stuck with me and is something that I continue to aspire to do daily. Having my dad, who runs a franchise, only added to this vision and gave me an entrepreneur to look up to. Once that entrepreneurial seed was planted in my brain, I knew I needed to dive in head first.

My time at Accenture is what really gave me the building blocks I needed to start my business. The clients I worked with and the network I was able to create through my experience working in consulting were the key to unlocking curated resources that I could use to position myself as an entrepreneur. This is what allowed me to build a strong foundation and be comfortable embarking on my own entrepreneurial venture. Now that I have been working on growing the company, I am realizing there is truly no other experience that can substitute building a business from the ground up.”

The supply chain industry has been largely dominated by giants for decades. However, over the last 5 years, there has been a significant spike of supply chain management and logistics related startups entering the market. What do you think is the biggest misconception of the space and the influx of new startups?

“Everyone outside of the industry assumes that there is already technology for demand planning and that the market’s problems have been solved. It’s only the parties in the space that understand the lack thereof.

Through working with a few seasoned executives, it was expressed to us that retail and point of sale technologies were largely ignored until the mid-90s, where there was a huge spur of new technology. That was over 20 years ago. It has been almost three decades since the last wave of innovation in supply chain – and more specifically, demand planning. The market was in need of this technology years ago, companies could’ve gotten ahead of the curve.

This is exactly what Granularity is doing for our partners – helping them get ahead of their competitors by predicting and acting on early signs of demand in the market.”

Shipping containers - Granularity blog

The amount of women in the supply chain workforce jumped to 41% in 2021 up from 39% in 2020. However, every leadership level saw an increase in representation except the executive level where there has been a slight decline. Have you had a chance to work with leading women in the space?

“There is always a need to encourage more women to enter the space – there is so much to do and having diverse perspectives will undoubtedly get us there faster.

Granularity is honoured to be partnering with incredible female leaders in the industry. They have a vision of what needs to get done and understand that they need a unique take of the external market to get there. Ultimately, although we are the ones building the solution, I feel like a lot of the visionary ideas come from them.”

What’s next in store for Granularity?

“We are building partnerships with retailers across Canada and the United States to test our minimum viable product. These partnerships are an exciting opportunity for companies to receive actionable consumer insights for their product lines.”

If you work for a retailer, either as a demand planner or merchandise buyer, and want to contribute your ideas to the future of forecasting; please sign-up to provide feedback on Granularity’s product here.

 

If you are a leader at a retail organization and have been continuously talking about improving your demand forecasting, Granularity is actively seeking partnerships. Please reach out here!

Hear from DMZ’s first-ever unicorn founder for his advice on building a billion-dollar company

Co-founder and CEO of brand interaction platform Ada, Mike Murchison, spilled the entrepreneurial tea at DMZ’s Founder Dinner earlier this month, sharing lessons learned from scaling the first-ever DMZ unicorn company the ground up.

Empowering brands to automate customer interactions, Ada brings a VIP experience to every customer and employee through its platform. Since 2018, Ada has increased its revenue by 764% and in 2021, raised its Series C at a valuation of $1.2B, officially achieving unicorn status.

The first in-person DMZ Founder Dinner since 2019, the events are designed to bring the larger DMZ founder community together for an evening of food, drinks and connections.

We thought we’d share some of Mike’s insights and how he built the first-ever DMZ unicorn company for other founders looking to build the next big thing. Watch his full founder talk below to learn more about Ada and Mike’s journey, or keep reading for a recap of the tips and learnings Mike shared with the audience during his talk.

Entrepreneurship is a deeply personal experience

“We in this room are all united by this shared dream of building something important, big and world-changing. The journey that we’re all on is a very, very unique one, but we’re all unified in that shared ambition.”

The value of improving your rate of learning

“I think the single most important thing I’ve learned over the course of this journey has been a deep inward focus on improving my own rate of learning.

I think that’s one of the things I so admire about the community here at the DMZ, is that we’re all committed to learning. We’re all highly curious people who are eager to learn new things.

I encourage you to ask yourself, ‘What is piquing my curiosity? What problem am I facing that may seem insurmountable that I may be able to learn something new from?'”

Founders have a responsibility to support one another

“We all have a responsibility as founders to support one another in our own growth. I encourage everyone making progress themselves to share it with others.

We’re not competing against one another, we’re supporting one another. We all win when a startup in our ecosystem succeeds.”

Mike Murchison talking with another guest. - DMZ Founder Dinner recap

Sometimes the easiest path IS the right path

“I was dealing with a hard problem and someone asked me, ‘What if it wasn’t hard? What if it was easy?’

I’ve grown up and trained myself into thinking I need to do the hardest things, and what I’ve learned in the course of building Ada is that sometimes the easiest path, where you’re feeling the pull, is actually the right path.”

Don’t take yourself too seriously

“Looking back, something I would’ve done differently is not taking myself so seriously.

I wasted a lot of energy thinking about what the ideal path was meant to look like. I wish – earlier on – I would’ve let go of my perception of the right path and been more excited about the path that was unfolding before me.”

DMZ card that says "Changing entrepreneurs' lives." - DMZ Founder Dinner recap

Want to have a front row seat at the next DMZ Founder Dinner to hear from other founders who have made it? Apply to our upcoming Incubator cohort kicking off this fall at dmz.to/incubator.

Meet 13 up-and-coming tech startups in the DMZ’s Pre-Incubator

Our newest Pre-Incubator cohort is in full swing, and we are thrilled to present the 13 tech companies that we have hand-selected to take their businesses to the next level. For the next six weeks, the DMZ will help these founders validate their business idea, establish a minimum viable product and build a roadmap for implementation to launch their startup.

Our Pre-Incubator founders get the chance to participate in peer-to-peer sessions, founder roundtables and expert-led workshops, receive 80+ membership benefits valued at $470,000+, have one-on-one support from our DMZ Program Leads and much more. Post-graduation, they will be on track to launch their startup within three months and generate revenue within six, allowing them to kick-start their entrepreneurial journey!

We are delighted to share that our new cohort of startups have a global reach, with startups across Canada, the United States, Brazil, Estonia and Africa.

So, without further ado, please welcome our incoming cohort of cutting-edge companies:

Newest cohort of DMZ Pre-Incubator tech startups
BestAuction

Newest cohort of DMZ Pre-Incubator tech startups: bestauction

BestAuction is a digital platform designed for individuals and SMBs to manage the procurement process and initiate digital cross-collaboration.

Troop Impact

Woman Founders stream
Newest cohort of DMZ Pre-Incubator tech startups: troopTroop Impact is a social impact tech platform for SMBs that allows businesses to meet the social responsibility demands of employees and customers by voting monthly on where their company’s social impact dollars will be allocated.

TechFusion

Black Innovation Program stream
TechFusion is an accessible digital banking platform for credit unions, cooperatives and savings groups, targeted toward the unbanked and underserved in Africa.

SensaioTech

Newest cohort of DMZ Pre-Incubator tech startups: SensaiotechSensaioTech is an end-to-end fire risk assessment solution that is able to monitor and predict when and where a wildfire will occur using artificial intelligence.

Paysync

Black Innovations Programs stream
PaySync is a financial technology services company developing financial solutions for employee wellbeing and productivity.

Gander

Black Innovation Program stream
Gander is a B2B, subscription-based, AR and 3D modelling API plug-in service designed to allow customers to virtually interact with products on e-commerce sites.

ZewalletZewallet

Zewallet allows customers to scan a QR code to tip, split and pay a bill at the end of their meals, benefitting both customer experiences and merchants in cost and time efficiency and in increased revenue.

ZaNiheza

Woman Founders stream and Black Innovation Programs stream
Newest cohort of DMZ Pre-Incubator tech startups: Za NihezaZaNiheza is a dual booking software and travel marketplace that empowers verified operators to list and sell quality experiences online to travellers.

Sleekscore

Black Innovation Program stream
Sleekscore is a financial technology company that seeks to assist those who are either unfamiliar with credit or inadequately served by traditional financial products to build and improve their credit scores while getting into the habit of saving money.

Scooli

Black Innovation Program stream
Scooli is a one-stop-shop digital solution for educators that minimizes the time teachers and administrators spend on redundant administrative tasks.

Frenzy Brands

Frenzy Brands

Woman Founders stream
Frenzy Brands extends a child’s understanding of the stock market, business and investing with a focus on learning through play.

LeaderTree

Black Innovation Program stream
LeaderTree is a single integrated platform that enables effective leaders,

teams, collaboration and results through assessments, training, coaching and tools to understand strengths, needs, tendencies and preferences.

DataCalculus

Woman Founders stream
Data CalculusDataCalculus is an automated software that acts like a personal computer but for the purpose of advanced data analytics and machine learning for the mass market.

 

If you are an early-stage tech founder and are interested in joining the DMZ Pre-Incubator alongside amazing peers like these, check out more about the program and its selection criteria here. Our next cohort kicks off September 2022!

Revolutionizing insurtech: How Baoba is providing customized insurance products with efficient returns across the globe

To celebrate our women-identifying founders, we’ve put together ‘On Wednesdays, we startup’, a blog series dedicated to putting women founders centre stage to acknowledge their work, complexities and wins!

We hope to push women-founder stories forward and share lessons learned and insights for other aspiring women entrepreneurs.

This week, we had the pleasure of chatting with Kata Ludvig, the Founder of Baoba, to learn more about her startup and how she’s modernizing the insurance industry to keep up with expectations of the 21st  century customer.

Can you tell us a little about yourself and why you founded Baoba?

I spent my early career working across various Fortune 500 companies, including Mercedes, Red Bull and Walt Disney. I was first exposed to the world of startups when I co-founded BankZee, a family banking solution for Generation Zers and their parents. I then led Flight Refund as CEO, a legal aid solution for travelers and also consulted for location intelligence and deeptech company Datapolis where I spearheaded business development in Singapore. It was only last December I finally decided to take the plunge and found my current startup Baoba.

It was actually during my time at Flight Refund, where we dealt with delay-related airline compensation cases, that I saw the need for flexible travel protection as an aftermath of the pandemic. Three weeks after I had joined the company as CEO, over 90% of planes were grounded due to the pandemic. This is when the significance of financial protection and the need for flexible insurance really hit me and it inspired me to radically rethink insurance products beyond airline delays. Users today don’t have access to personalized insurance coverages – it’s still a one-size-fits-all product. In a world where we customize almost every aspect of our lives, insurance coverage was falling behind.

Airplanes on tarmac - How Baoba is revolutionizing insurtech

What exactly is Baoba’s mission?

Baoba is on a mission to change the way insurance is sold – we believe that the insurance industry needs to catch up to the expectations of the 21st century customer.

Baoba is offering what today’s customers need – a personalized and automated on-demand service that can insure. By providing personalized insurance that can adapt to our customers’ habits and lifestyles, we hope to become the global ecosystem orchestrator for intermediaries and resellers for on-demand insurance needs.

Despite Baoba being an early stage startup, you’ve already set up shop in Canada, the United States and Hungary. How has your experience been working across global markets? How important was it for you to have a global presence?

The decision to break into new markets was not only a conscious decision made by the company, but a necessity due to the nature of the industry. Our distributors and insurance partners operate internationally, so we had to make our products available globally and adopt a multi-market mindset from the get-go. We have an international team scattered across the world spanning Hungary, Italy, Turkey, France, Costa Rica and the United States.

While working globally has its benefits it also has its difficulties as well, including administering payroll and working across timezones. Public facing efforts also need to be managed more carefully, like public relations in different countries and multilingual customer support.

Our global presence is also extremely important from an investment perspective. Being a CEE (Central and Eastern Europe) Founder, it’s tough to break into the North American market. However, we’ve been able to attract talent, partners and angel investors from all over the world. I have no doubt that the DMZ will play a huge role in supporting us as we break into new markets and finesse our North-American go-to-market strategy.

The insurtech market has skyrocketed globally, projected to reach nearly $190 billion CAD by 2030. Could you tell us a little about the momentum the industry is facing?

It’s easy for millennials and Gen Zers to take personalized products and services for granted, as this has become the norm. Today, almost every aspect of our lives is customizable, and the financial and banking industries have been cashing in on this movement.

Insurance at its core is a hassle for most of us, as a result of inconveniences such as manual claims processing, lengthy documents, confusing language, unclear conditions, and long payout processes.

Insurtechs have not only recognized that there is an issue to solve, but have also identified opportunities to improve the insurance value chain. This ranges from improving claims processes, to AI and machine learning-driven solutions, to data-driven fraud detection and customizable insurance products.

Girl working at computer - How Baoba is revolutionizing insurtech

Baoba recently announced a partnership with Blink Parametrics to roll-out a flight-delay solution. What exactly does this new partnership mean for Baoba?

Our partnerships with Blink Parametric enables us to further expand our client portfolios with valuable, automated and on-demand travel insurances that are supported by claim processing and real-time pay-out solutions. This is our sweet spot – where world-class insurtech and customer experience collides.

Now our partners can connect to our platform with a single API to embed parametric products or sell standalone products.

What advice would you give founders looking to break into the insurtech space?

  • Think fresh – A background in insurance isn’t necessary, having a novel idea and asking the right questions are your way in. Someone who has worked in the industry for say, 20 years might be too comfortable to shine light on a new perspective that reflects the needs of the current market.
  • Know your purpose – Narrow down a clear value proposition and strategy, and focus on building that. As you grow, you will be presented with many opportunities and emerging innovations in various areas of the industry. It can be very tempting to differentiate and try to tackle several areas, but you don’t want to take away from your core offerings, values and promises.
  • It’s a small world – Despite being a global industry, insurance industry insiders are well-connected through incumbents, insurtechs, challengers and investors. It’s crucial to network and build strong relationships, as well as have a solid unique selling proposition.

What’s next in store for Baoba?

Baoba’s next steps include closing an upcoming seed round of $1.5M USD and expanding into North America. We are also looking for niche talent working at the cusp of data science and insurance to help us flesh out an intricate product strategy and bridge our minimum viable product with our five year vision.

Head over to Baoba’s website to learn more about how Kata is revolutionizing the insurance industry.

 

Want to learn more about how you can help Baoba on their journey? Reach out to their team at hello@gobaoba.com.

Meet the DMZ’s Spring ‘22 startup cohort

DMZ’s Incubator is a market validation and traction program that helps venture-backable pre-seed and seed-stage startups execute their go-to market strategy, acquire lighthouse customers, gain media exposure, explore global expansion, preparing for the next round of funding, and much, much more.

Out of hundreds of the high-calibre startup founders that applied from Canada and around the world, the DMZ hand-picked 11 tech companies to join a new 18-month cohort in the Incubator. 

This cohort has startups joining from Vancouver, Canada to Budapest, Hungary, across diverse industries like logistics, insurtech, fintech, proptech, and more.

Introducing our Spring ‘22 Incubator cohort:

 

AssetFlo is building the next generation of location products to help the supply chain increase visibility with a single device that works everywhere and eliminates costly infrastructure.

Baoba is creating street-smart insurances by combining location intelligence with technologies to create geo-triggered coverages. Baoba’s vision is to become the #1 global ecosystem orchestrator for on-demand insurance needs and the platform for connecting a fragmented market.

Carmodity partners with car dealerships to provide lease-financing to customers in a debt-free and interest-free model.


Cozii Technologies provides sustainable residential and commercial properties management services. Their flagship product Cozii Proptech allows residential landlords to manage their rental properties from anywhere in the world.

Lightster is a mobile platform that enables tech startups to build instant user communities for input and co-creation, and rewards users for their time with exclusive access and cash.

Businesses, governments, and individuals share many important documents every day. myLaminin uses Blockchain to deliver security, convenience, and control to the document issuer, document holder, and third-party document verifiers.

Reyts is a marketplace that allows individuals to swap currencies seamlessly and securely.

SizeWize offers an AI-backed fit recommendations eCommerce app that ensures online shoppers can buy the right size online, providing reduced returns, increased conversion, increased AOV, targeted marketing and optimal supply chains. 



ShiftRide is a car subscription service allowing people to subscribe to cars listed by owners and dealerships in the community. Every subscription comes with maintenance, insurance options, and flexible terms that suit any lifestyle.

VRapeutic is an Ontario-based UNICEF Innovation Fund portfolio software house specializing in developing therapeutic and rehabilitation solutions, with a focus on virtual reality (VR) for learning and developmental challenges.

 

If you are an early-stage tech founder interested in joining DMZ’s Incubator, check out more about the program details and selection criteria here.

The biggest wins for Black entrepreneurs in the last year

It’s no secret that wins in the startup ecosystem are tough. Whether it’s securing a grant, closing a round of funding or landing your first big sale, making it takes grit and determination. But, do you know what’s even harder? Doing it all as a Black entrepreneur. 

Black founders face systemic barriers in accessing lucrative entrepreneurship opportunities in Canada. Starting and growing a business is hard, and as a result of the added challenges and obstacles Black founders have to deal with, Canada’s startup ecosystem has a massive underrepresentation of Black-led ventures. 

In light of Black History Month, the DMZ wanted to share the biggest wins for Black entrepreneurs in the last year. While the wheels of change are beginning to spin, we recognize much more still needs to be done and are committed to empowering Black founders with the coaching, mentorship and resources needed to take their business to the next level. 

So, let’s dive into some of the biggest wins for Black entrepreneurs from the last year.

Tunde Omotoye won $20,000 at the DMZ’s inaugural Black Innovation Summit

Black Innovation Pre-Incubator Alumni

CEO and Co-Founder of HumanSquad, Tunde Omotoye, came in 1st place winning $20,000 at the DMZ’s inaugural Black Innovation Summit.

HumanSquad helps newcomers navigate immigration and their career paths by connecting them to licensed immigration consultants in Canada.

“Before joining the DMZ’s Black Innovation Pre-Incubator, we didn’t understand concepts like ‘user journey’ or ‘OKRs’. Now, we understand customer profiling and engagement, and key client-related key performance indicators to look out for that can impact our bottom line and boost our top line.” – Tunde Omotoye, CEO and Co-Founder of HumanSquad


Lola Adeyemi secured $180,000 on Dragons’ Den
Biggest wins for Black entrepreneurs from last year: Lola Adeyemi

AMEX Blueprint Alumni

Lola Adeyemi, Founder and CEO of It’s Souper, pitched her hearty and spicy Afro-fusion soup and sauce line on the iconic CBC show Dragons’ Den.

Recognizing the void for ready-to-eat Nigerian packaged foods, Lola was inspired to bring West African herbs and spices to the North-American market.

 

TruLocal acquired for $16.8 million


Biggest wins for Black entrepreneurs from last year: Marc LafleurTruLocal, a market-leading, locally sourced meat subscription service in Canada, was acquired by Canadian e-commerce Emerge Commerce for $16.8 million.

Founder and CEO Marc Lafleur introduced local farmers, producers and suppliers to the power of e-commerce, connecting them with thousands of loyal, health-conscious consumers across the country.

 

 

Tony Colley named a top social impact founder

Biggest wins for Black entrepreneurs from last year: Tony ColleyBlack Innovation Program Social Impact Stream Alumni

The Founder and CEO of Be One to Give, Tony Colley, was recognized as one of Future of Good’s top 21 social impact founders. The list recognizes founders working on a promising solution for a more equitable, sustainable, caring post-pandemic Canada.

Be One to Give is a food redistribution app for businesses that eliminates avoidable food waste in daily operations.

 

The Urban Guide secured a partnership with the City of Toronto

Black Innovation Program Social Impact Stream Alumni

Biggest wins for Black entrepreneurs from last year: Peter OdlePeter Odle, Founder of the Urban Guide, secured a partnership with the City of Toronto, for a special city-based game called ‘ShowLoveTO Urban Game’. The game encouraged players to use their mobile devices to explore Toronto on New Year’s eve and win prizes.

The Urban Guide is a digital solution that uses self-guided city tours to reconnect people to their cities.

 

Adewunmi Akingbola awarded the Diana Award

Black Innovation Pre-Incubator Alumni

The Founder of HealthDrive Nigeria, Adewunmi Akingbola, was awarded the Diana Award, which recognizes inspirational youth from around the world who have demonstrated their ability to inspire new generations to serve their communities.

HealthDrive Nigeria, an initiative in the South West of Nigeria, aims to raise awareness, test and vaccinate people against Hepatitis B.

 

 

SmartTerm expanded its services to Canada and is now serving Canadian clients 

Black Innovation Incubator Company

SmartTerm, an education management platform, officially expanded into Canada.

Their solution digitizes school processes leading to improved efficiencies for governments, school administrators, teachers and students.

 

“Being able to incorporate our business in Canada was one of our biggest achievements with the DMZ so far.” – Jayme Hoyte, Co-Founder of SmartTerm.

Reeddi selected as a finalist for Prince William’s Earthshot Prize

Black Innovation Pre-Incubator Alumni

Launched by Prince William and the Royal Foundation, the Earthshot Prize is the most prestigious global environment prize in history. Further, the prize aims to turn the current pessimism surrounding environmental issues into optimism, by highlighting the ability of human ingenuity to bring about change.

Founder of Reedi, Olugbenga Olubanjo, was a finalist for the award; his solution provides portable rechargeable battery units to consumers from a vending machine powered by solar panels.

 

Reyts,Welkom-U and Be One to Give secured their chance to pitch at the DMZ’s upcoming Black Innovation Summit

Black Innovation Program Social Impact Stream Alumni

oluwatosin-tosin-ajibola-e in grey blazerAyobami Macaula and Abimbola Adegbite, Co-Founders of Reyts, Oluwatosin Ajibola, Founder of Welkom-U, and Tony Colley, Founder and CEO of Be One to Give, from the DMZ’s Black Innovation Program Social Impact Stream came out on top at their cohort’s demo day.

abimbola in maroon coatWhile all of the startups are working with a social mission and purpose, the three companies are zeroing in on different societal issues. Reyts is a marketplace that allows individuals to swap currencies in a seamless and secure way. Welkom-U focuses on improving the experience of immigrants to Canada so they can become contributing members of society faster, and Be One to Give is a food redistribution app for businesses that eliminates avoidable food waste in daily operations.

The three companies will have the chance to pitch their startup for funding at the DMZ’s annual Black Innovation Summit.

“Trying to launch a payment service with [Black] skin is almost impossible and because of the help of the DMZ we are so close to our goal after one-and-a-half years of trying, trying and trying. It’s hard to [be told] no, and it’s hard [to be told no] because of who you are. We are now 1 email away from everything we have been working towards.” – Ayobami Macaula, Co-Founder and COO of Reyts

The celebration of Black founders in the ecosystem doesn’t end here. On February 24th the DMZ will be hosting its second annual Black Innovation Summit to showcase Black innovation in Canada. Plus, we’ll be giving away $50,000 in total funding to Black-led startups at the DMZ.

 

Want to tune in to see the next generation of Black founders pitch at the DMZ’s Black Innovation Summit? Register here

Learn more about the DMZ’s Black Innovation Programs here.

Podcast advertising: Your startup’s next secret weapon

To celebrate our women-identifying founders, we’ve put together ‘On Wednesdays, we startup’, a blog series dedicated to putting women founders center stage to acknowledge their work, complexities and wins!

We hope to push women-founder stories forward and share lessons learned and insights for other aspiring women entrepreneurs.

For this week’s feature, we handed the reins to Rand Abou Ras, the Founder and CEO of uCast and expert in startup development, to learn about podcast advertising and why more startups should be turning to the underrated advertising method.

Guest blog: By Rand Abou Ras, Founder and CEO of uCast

Podcast advertising is not new, but it has become increasingly popular as more people have turned to podcasts as their choice of media throughout the pandemic. I’m sure my fellow podcast junkies have heard a GoDaddy or Better Help ad once or twice while listening to their favourite series.

Podcast advertising is a great way for startups to get visibility. In this blog, I’ll share more about how podcast advertising works, why startups should consider leveraging it, and how uCast makes podcast advertising easy.
podcast station with imac headphones and microphone

Podcast advertising 101

There are a couple of different models to consider when exploring podcast advertising rates.

  • CPM (Cost Per Mille), the most common model, is a host-read ad that’s determined by the show’s number of listeners and their rate per 1000 listeners. A CPM campaign is shown to generate the highest conversion rate over time because of its direct ‘host-to-consumer’ approach.
  • CPA (Cost Per Acquisition) is an affiliate model that larger retail and consumer brands most commonly use. With CPAs, a podcaster is paid a commission for every sale they secure through the use of promo codes. While this may be seen as a ‘safer’ avenue, results show that CPA models lead to low conversions.
  • Hybrid is the ideal model for startups that are new to the space and are looking to experiment. The hybrid model consists of a CPM fee and commission for each secured sale. So, startups would be paying a fixed fee for the campaign, and commission on each conversion made by the host.
  • Programmatic advertising is a model that automates the buying and selling of online ads. This is the same model YouTube adopts for their ad campaigns. Ads are inserted into the podcast audio randomly for each individual listener based on their demographics.

Startups and podcast advertising

Podcast listenership is growing at a steady pace, and the pandemic has supercharged its growth. Podcast advertising is a great way to get your message in front of an audience who will actually listen. Today, 78% of podcast listeners approve of podcast sponsorships and 67% can accurately recall the brands featured.

Podcasting has created a community amongst consumers and offers a personalized experience, making it the ideal environment to target ads to your audience. Plus, it’s still in its infancy, which diminishes ad avoidance and competition. For startups, it’s one of the most cost-effective and best-converting forms of advertising. Other advantages include story-telling capabilities, cross-promotion opportunities, and high audience engagement.
two women sitting at a podcast table with a microphone and laptop with flowers in the background

Where uCast comes in

 uCast is a marketplace and ad management platform for podcasters and advertisers to launch ad campaigns quickly, safely, and accurately. Our mission is very straightforward; we aim to simplify how podcast advertising works today.

It should be easy for podcasts to sell ads, and it should be even easier for advertisers to find the right podcast to advertise on. We plan to be the go-to marketplace for podcasters and advertisers of any size and on any budget.

Our platform uses a matchmaking algorithm to connect the right advertiser to the right podcaster with the highest ROI potential. With the majority of existing solutions solely focused on maximizing revenue, uCast helps advertisers maximize ROI, and addresses common pain points for advertisers and podcasters like ghosting, lack of communication, ‘scammy’ behaviour, and trust.

We are redesigning the podcast advertising process. uCast is designed to instill trust, communication, and provide a ‘podcast-advert’ fit. We focus on matching campaigns with podcasts that will generate the highest ROIs based on numerous factors. Furthermore, we are investing in a rating system for podcasters and adverts to provide transparency for both parties.


Join uCast’s waitlist to access over 15,000 podcasts, and get your first two episodes for free by filling out this form.

 

You can also head over to our website to learn more, or reach out to Rand directly here.

10 gift ideas we love from BIPOC-owned businesses

Looking for the last gift on your holiday shopping list this year? The DMZ’s Holiday Gift Guide will help you cross off any last minute presents, and support small BIPOC-owned businesses from across Canada!

Here are our top picks for the holiday season that we guarantee will bring a huge smile to your loved ones faces.

Girl Gang Strong

This holiday season, gift the teen in your life Girl Gang Strong’s Christmas holiday gift box! The Girl Gang Strong boxes feature 5-8 specially curated self-love, self-care goodies including skincare products, phone accessories, stationery, and jewelry.

Mahara Mindfulness

Featured on Oprah 2021’s Healthy Living List, and POOSH, the Human Being Journal by Mahara Mindfulness is perfect for the busy go-getter seeking mindfulness practice to help decrease stress and enhance well-being. With guided questions rooted in the fundamental pillars of a happy life, the 12 month guided journal provides a deeper sense of being. Plus, the DMZ community is eligible to receive 15% off!  Use the code ‘DMZ15HBJ’.

Organic Bytes

For the foodie in your life, why not get them a sweet treat from Organic Bytes? Their cakes are free of refined sugars and white flours, making them the perfect zero-guilt option for the holiday season. Plus, they offer vegetarian, vegan, gluten-free and lactose-free options!

 

It’s Souper

It’s Souper’s afro-fusion gourmet soup and sauce line is the perfect gift to share among food enthusiasts.From meat lover’s chili to vegan roasted carrot and paprika soup, their delicious recipes made with high-quality ingredients have been featured on Dragon’s Den and Go Solo.

New Pie Co.

Give the gift of baked goods this season! Made for pie lovers by pie lovers, New Pie Co. offers handcrafted pies, cinnamon buns, thai iced tea meringue, ube swirl buns, and more. Their mission? Create a memorable pie experience through creative flavours and thoughtful presentations!

Blair and Jack

For the skincare guru on your list, Blair and Jack offers physician-developed skincare products specifically formulated for men. Receive a 10% discount by signing up for their subscription service at checkout!

NeoJuicery

For the health nut on your list, check out NeoJuicery’s cold-pressed, never pasteurized, micronutrient juices. Made with local and organic ingredients sourced from Ontario, their juice packages support fasting goals, boost immunity, reduce inflammation, and are 100% zero waste!

Najj Hair

The perfect gift for any fashionista looking to refresh their look, Naij Hair offers luxury ready-to-wear hair extensions and wigs. Designed for Black women, by Black women, their wigs arrive fully customized and can be heat styled and coloured.

Wabanaki Maple

Authentic indigenous maple syrup, Wabanaki Maple, offers a wide range of maple products that offer a twist on familiar tastes. Their products are naturally refined, offering three signature flavours, each handcrafted and aged in small batches!

Floofy Pooch

Shopping for a pet parent? Check out Floofly Pooch’s dog accessories. From leashes,bandanas, harnesses, collars and more, there’s something for everyone’s furry friend! From now until Christmas, Floofy Pooch is offering 20% off all dog bundles. 

Looking to harness your entrepreneurial spirit in 2022? Applications for the DMZ’s Incubator and Pre-Incubator programs are now open.

 

Head over to the DMZ’s website for full eligibility requirements and program information

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