Slaight family fuels emerging entrepreneurs

Formerly the Slaight Communications Business Plan Competition, the contest was established over 17 years ago when Gary Slaight, the Foundation’s president and chief executive, created an award at Ryerson dedicated to entrepreneurism. To compete, students submit a business plan, a progress report, and video of their pitch. Finalists are selected based on thoroughness, vision and visibility, and present live to a panel of judges in a one-day pitch competition. Over the years, the Slaight family doubled their support for the competition, the culmination of which is now the largest student-run business plan competition in Canada.

“The Slaight New Venture Competition is a cornerstone event on the Ted Rogers School of Management calendar, rewarding the importance of creativity, diligence, planning and analysis in combination with innovation, business savvy, focus and passion,” said Cynthia Mason, assistant professor, Entrepreneurship and Strategy, and faculty advisor for the competition. “It makes a powerful difference to Ryerson and our students by providing recognition and financial resources which validate the efforts of our students and help to build confidence in their abilities and their futures”

The competition made a powerful difference for recent graduate, Dara Jarallah. Her Fashion Zone-based startup, Shoppinglee — a social enterprise that empowers marginalized artisans through financial education and by selling their arts and crafts — was one of two winners in 2017.

Prior to receiving the $25,000 prize, Shoppinglee was “growing organically, through word-of-mouth and social media,” said Jarallah. “Now we’re going to be able to have a budget for marketing, and be able to work with more artisans. It’s really going to be the bloodline for our growth.”

Artin Biomed, a 2016 winner of the competition, is a startup that has developed and patented material that mimics human bone. The company is now based in the Biomedical Zone, a partnership between Ryerson and St. Michael’s Hospital to nurture healthcare ventures and bring them from ideation to commercialization.

“We want to get the company legally ready to incorporate, and we also need to fabricate the project with 3D printing, and that’s expensive,” said Madlen Cumandra, chief marketing officer at Artin Biomed and a Ted Rogers School of Management graduate. “We also have to start our testing, and that’s going to cost a lot of money down the road. Winning this competition is going to push us really far.”

Today, with a new focus on lean startup methodology, the Slaight New Venture Competition has evolved to reflect the current landscape and challenges emerging entrepreneurs must face to become successful. It provides a rich learning experience for all participants and rewards those with the most innovative idea and most feasible business plan with funding that empowers them to bring their startup to the next level.

Through a landmark gift of $3 million in 2014, The Slaight Family Foundation also created the Allan Slaight Radio Institute in the Faculty of Communication & Design.