Government body, Industry Canada, has a regulation called the Industrial Regional Benefits policy which can provide businesses in Canada a chance to access $23 billion in revenue. The rule states that any company that is given a defence or security contract from the Canadian government must spend 100% of the value of the contract with in Canada. This potential business is a huge opportunity for interested firms but lacks solid online tools. Primes, or companies that have been given a Canadian government contract, will be hard pressed to find a web based service that gives them the ability to search for firms to do business with and also manage the transactions. Offset Market Exchange (OMX) is a internet based management system that has been developed to fill this gap.
OMX was founded in Toronto and acts as a search engine and facilitator between Canadian firms and Primes by helping these companies easily meet their offset obligations. OMX lets its users search for Canadian suppliers and then get in touch with them on the platform. Primes can also locate the required forms and documents that they will need to fulfill their obligation. The systematic nature of OMX allows Primes to keep a record of all documents which makes for smooth communications between parties and streamlines the process of acquire the services of a Canadian firm.
The web based platform has so far gotten $680,000 in funding from angel investors and Venture Capitalist firms like Coral CEA, NRC-IRAP and the Ministry of Economic Development and Innovation. Rob Segal, CEO of Virgin Gaming, was the first angel to put his money into OMX and advised the CEO and Founder of the startup, Nicole Verkindt, when the idea for the company was being worked out. Segal’s experience in selling software to enterprises played a key role in developing the idea for OMX. The startup also got a boost from Clarity Systems founder, Mark Nashman, who became the second major investor in the firm.
The future cannot be predicted but OMX’s looks bright thanks to the nature of its business area. The offset obligations sector is a tough nut to crack for many but OMX has cornered the market while bringing on people with experience as advisers. OMX can make the IRB program easier to handle and more accessible giving its users a chance to be part of a $23 Billion opportunity.
Source: TechVibes
Apple Looking to Hire Communications Application Engineer to Take iMessage and FaceTime to Next Level
Flipboard Allows Readers To Create and Share Magazines
Lunches So Good Kids Can’t Ignore Them
Invigorating Ginger Smoothie
The U.K.’s Youngest Parents Ever
The new hair Jennifer Lawrence