Founded by Sanders Lazier, BA’11, and Kyri Vanguard, Carbonhound is a one-stop-shop to help companies simplify their carbon-footprint management process that bundles measurement, reduction, offset and marketing initiatives into one place.
“Our mission is to empower businesses to have a positive impact on climate change,” the company’s website stated.
Carbonhound offers their solution to companies wanting to adopt climate-positive initiatives but might find the marketplace to be confusing and overwhelming. It’s one of six companies pitching their business to a group of angel investors and venture capitalists for a chance to score significant funding to scale their start-ups.
Angels’ Demo Day is an investor event open to Western-founded companies looking for investors or partners to take their businesses to the next level. It brings together promising start-ups, experienced entrepreneurs, and Western’s community of investors and has helped several Western entrepreneurs secure a combined total of more than $4 million in private investments. Investment asks from startups during Angels’ Demo Day range from $500,000 to $1.5 million, and also include ‘in-kind’ proposals such as industry connections and mentorship.
This year’s Angels’ Demo Day will be held in Toronto on June 8. In addition to Carbonhound, other teams pitching their businesses to potential investors are: Chakra Nutrition; Innovia GEO; SPOT App; Uresta; and Vigilant AI.
Chakra Nutrition
Chakra Nutrition founders Andy Ly and Justin Li (Ivey Communications)
Founded by Andy Ly, BA’20 and Justin Li, HBA’21, Chakra Nutrition makes bubble-tea-flavoured protein powder, with each serving containing 27g of protein, 121 calories, and only 1g of fat, sugar and carbohydrates. The idea for the business came to Ly and Li when they were looking for a way to combine their health and fitness goals with their love of bubble tea. With a pre-money valuation of $1.5 million, Chakra Nutrition hopes to raise $500,000 for hiring, marketing and further product development. Since launching the brand on social media, the company has sold out multiple rounds of product releases, gaining $30,000 in revenue.
Innovia GEO
Innovia GEO is asking for a $1-million investment to scale its environment-friendly, renewable geothermal HVAC systems, helping install zero-emission heating and cooling systems for buildings. Cofounded by Andrew Lee, MBA’14, and Jim Ilkay, Innovia GEO’s solution is based on repurposed techniques from the foundation construction industry that requires drilling into as little as 50 feet of soil to harness geothermal energy, a cost-effective alternative to the traditional process of drilling through more than 100 feet of soil. The investment ask will be used for growing Innovia GEO’s team, continuing research and development, and other supporting marketing, travel and administration expenses.
Spotwork
Spotwork cofounder Darren Perlman (Ivey Communications)
The gig economy has been a booming sector even before the pandemic hit. Following two years of lockdowns and work fluctuations, the gig economy is estimated to be worth more than $300 billion in North America alone. SPOT App aims to fill a gap in this new economy: helping employers find the right employees, and vice-versa. Powered by technology from Spotwork, SPOT App allows employers to post jobs, and jobseekers to find fast, flexible employment. Founders Darren Perlman, BA’07, and Daniel Copeland are hoping to raise $1 million to support SPOT App’s expansion to the U.S. market. SPOT App has already made nearly $3 million in revenue.
Based on a non-invasive, at-home solution developed by renowned Canadian urogynecologist Dr. Scott Farrell, Uresta helps address bladder leaks related to stress incontinence – a condition that affects one in three women. Canada’s only over-the-counter solution for this condition, Uresta is reusable, clinically proven and approved by both Health Canada and the U.S. Food and Drug Administration. With more than $1 million already in revenue, founder Lauren Barker, HBA’14, is looking to raise $750,000.
Vigilant AI
Cofounded by Andrew Nichols, BA’95, John Craig, and an experienced group of retail industry insiders, professional accountants and big data experts, Vigilant AI helps businesses along the retail supply chain manage transactions. It uses artificial intelligence to analyze and quickly spot payment errors, and ensure every payment term, payment discount, and vendor email discussion is confirmed before a vendor is paid. Craig and Nichols aim to raise $1 million to grow the company’s research and development, and expand its platform’s capacity to handle anticipated increase in customer demand.
About Morrissette Institute for Entrepreneurship
Western University champions a culture of entrepreneurship that is truly diverse, inclusive, and deeply original through the Morrissette Institute for Entrepreneurship. Driven by the history, strength and leadership of the Ivey Business School, Morrissette Entrepreneurship has established itself as a leader in entrepreneurship research and education; equipping students, alumni, scholars and high-growth entrepreneurs through a variety of programs and resources. We have developed an ecosystem of support committed to helping founders at every stage of their entrepreneurial journey to achieve their wildest ambitions and impact the communities they serve.
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
