An investment of nearly $1 million from the Federal Economic Development Agency for Southern Ontario’s (FedDev Ontario) Investing in Business Innovation initiative is helping Powernoodle Incorporated to better access investor capital so it can thrive in the global marketplace.
Hi, I’m Deb Krizmanich. I’m the CEO and founder of Powernoodle. Powernoodle is a flexible, customizable, very easy-to-use cloud software platform for decisive group collaboration and innovation. It’s used for things like transparent planning and problem-solving, knowledge-sharing, decision-making, and innovation. And because it’s in the cloud, it’s available for anyone, anywhere, anytime.
In January of 2011, it came to our attention through the Golden Triangle Angelnet that FedDev had actually announced a program that was dead-on for us, and it was called Investing in Business Innovation. We applied for the program and were successful in our application. It has had a huge impact on where Powernoodle is today. I’d love to share a little bit about that with you.
It has helped us attract over 22 private angel investors as a result. It has helped us build our bench strength of our team and attract key talent and that’s allowed us to actually grow our team. We started with 2 and we’re now over 14 people. It’s also helped us attract and partner with some very large blue-chip clients at a level that would really help them create value in their organizations as well as ours.
I think another important area where the FedDev IBI funding has had an impact on us is that it’s allowed us to accelerate our product development plans, which is really key in a competitive market. We’re in a global space and we have to be able to move very quickly.
The other interesting aspect to this is that 95% of the funding that we received through IBI is actually going into the local ecosystem here in
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The other point I’d like to make is that I was amazed, working with the actual FedDev team; they are so business-minded and been absolutely great to work with. They understand business and their approach has been really direct and logical and very timely, which is key to being successful in the competitive markets we operate in.