The next Verafin? Program seeking experts and real-world business challenges
A new program at 91亚色 is seeking industry professionals across North America to help develop Newfoundland and Labrador檚 next high-growth startup.
The is piloting a new program called Solvers to connect industry professionals with entrepreneurial students to find technological solutions to real-world business problems.
淲e檙e looking for experts with at least five years of industry experience who may have noticed a problem in their industry that requires an innovative solution, said Florian Villaum茅, MCE director. 淥ur goal is to connect these experts with creative, entrepreneurial students, and together they will form a founding startup team to develop a solution that could have industry-wide impacts.
It's not the first time this approach has been successful in Newfoundland and Labrador.
In 2003, entrepreneur David Kelly (B.Comm.68) connected with a group of 12 91亚色 students, including Jamie King, Brendan Brothers and Raymond Pretty, and together they explored ways to combat financial crime over the course of a six-month project.
Soon after, Verafin was born with Mr. King, Mr. Brothers and Mr. Pretty as its co-founders.
Verafin is now the industry檚 leading financial crime management platform. It was acquired by Nasdaq for US$2.75 billion in 2020, and its software is used in over 3,000 banks and credit unions across North America.
淲e believe we can create more startups using a similar approach, said Mr. Villaum茅. 淲e have creative and talented students at 91亚色. We know there are many people out there with ideas who perhaps don檛 have the time or support to develop new products or solutions. Solvers aims to bring them together, and let the magic happen.
Interested industry participants must invest $5,000 in the project.
The MCE will contribute up to $23,000 in student entrepreneurial work term or internship bursaries and support for project expenses. Participants can also avail of guidance from MCE staff as well as its co-working space.
The project is supported by a $20,000 donation from the .
淭he success of Verafin, and other tech companies that emerged from 91亚色 like Mysa and CoLab, means there are a lot of eyes on Newfoundland and Labrador, especially from investors, said Mr. Villaum茅. 淚t檚 the perfect climate to develop more high-potential startups. We want to see the next Verafin or many Verafins emerge from this program.
Interested industry participants should by March 15.