Startupfest has announced the winners of several pitch competitions and awards at its 10th-annual festival, which was held both in-person and virtually due to the COVID-19 pandemic.
Startupfest said it will continue to launch additional prizes in the Fall.
The event was held via a live broadcast with a studio audience in Old Montréal, as a hybrid between an in-person and virtual conference. During the broadcast, Startupfest organized a series of interactions and contests on stage.
In addition to contests, pitching, and discussions, Startupfest 2020 included some notable announcements. On Wednesday, at a virtual fireside chat between Harley Finkelstein, COO of Shopify, and Mary Ng, Canada’s minister of small business, export promotion and international trade, a new initiative called Go Digital Canada was launched to get small businesses online.
It was also announced that following his decision to depart from Real Ventures earlier this year, Sylvain Carle would join financial management firm SecondMuse Capital as a senior director.
Startupfest was one of several Canadian startup and tech events to change plans due to the COVID-19 pandemic. True North, Shopify Unite, and Collision all were either cancelled or held virtually to abide by social distancing recommendations outlined by public health agencies.
More Startupfest winners will be announced in the coming weeks, including the startup that will pitch live at FounderFuel’s demo day this Fall. The tech festival noted that it will continue to launch additional prizes in the Fall. The winners announced Thursday include:
Best of the Fest
Qoherent, a quantum computing tech startup that is currently incubated through Creative Destruction Lab’s Quantum Stream, has won Startupfest’s $100,000 prize this year.
Grandmothers’ Choice Award
Steadiwear, a medical equipment manufacturer based in Toronto, has won $1000 in cash and in-kind services through the
CBC Montreal Pivot Prize
Factually Health, which uses artificial intelligence to score the credibility of health info on the Web, has won a feature on CBC’s Let’s Go with Sabrina Marandola and pitch feedback from CBC journalists.
L-SPARK 2020 SaaS Accelerator Prize
Montreal-based UpKy, which offers a software platform for real estate investors and real estate professionals, has won admission into the six-month L-SPARK SaaS Accelerator program.
Next AI Top Startup Award
The prize for this award is a spot in either the Toronto or Montreal 2021 Cohort of Next AI, an accelerator for idea to pre-seed stage AI-enabled startups. WALO, which aims to teach kids the value of money through an app, was named the winner for Montreal. The winner for Toronto will be named next week.
Next 36 Young Entrepreneur Award
Integral Health, a biotechnology startup, has won a founder spot in the 2021 Cohort of Next 36.
Centech Accelerator Program
These companies have won spots in Centech’s fall 2020 cohort, an intensive 12-week program starting September 8. MoveMate and Hoppin’ World were named the two winners of this prize. MoveMate has developed a platform that helps users with transportation services during moves, and Hoppin’ World has created a social virtual reality platform.
The DMZ 2020 Accelerator Cohort
Gray Routes AI, which helps companies build supply chain AI tools to reach shoppers at the point of purchase, has won admission into the 3.5 month DMZ 2020 Accelerator program.
Le Camp Incubation Program
The two winners have secured admission for into Le CAMP Incubation Program. MoveMate also won in this category, as did Shapeshift 3D, which develops software solutions in the 3D printing market.
Défi Start-up Les Affaires
This award several offers prizes, including a spot in the finals of Startupfest’s $100k Investment Prize. Eli Health provides hormone monitoring for fertility and contraception.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
