Canadian entrepreneur Lauren Ierullo developed the idea for AroundTown after she realized that local shops and smaller retail locations were getting left behind in the massive changes being brought about by technology. The internet and mobile technology had given customers new ways to shop and purchase goods, but small venues were either unable to afford the changes needed to take advantage or did not have the expertise.
Ierullo stated that, “I just didn’t see a lot of opportunity for smaller, independent merchants to make a big investment for a mobile app or e-gift cards.” That’s why AroundTown gives its members a e-gift card that is specifically made for them. No other Ottawa businesses are part of the deal and the company helps promote local businesses by getting people to shop locally.
On November 9, Ierullo took her idea to be showcased in front of investors at Carleton University. The investor panel included Code Cubitt, head of Mistral Venture Partners fund; Bernie Zeisigand, a partner at VICMAC Ventures; and Denis Colbourne, owner of DC Technologies Ltd. Ierullo stood out from the other entrepreneurs because she was dressed brightly and was one of the few women at the event. She got the opportunity to make her pitch because of her membership with the university’s entrepreneurship program. Ierullo worked for 10 months to develop her idea and on Friday presented her business model to three investors. Before her pitch she stated that, “I’m nervous and anxious, but it’s a huge opportunity and I’m very excited to jump on every opportunity I can find.”
AroundTown was not the only company looking for investment at the event and Arthur Low, president of Crack Semiconductor, was also part of the five entrepreneurs making a pitch. Low’s firm got the Ottawa Bootstrap award in the Innovation in Engineering & Technology category for 2012 thanks to his company’s work with network security processors for wireless security.
Low says that Crack Semiconductor is profitable right now but he wanted to grow his business quickly in the next couple of years and needed funding to reach those goals. Being a graduate of Carleton’s technology innovation management program had clued him into the opportunity at the university and he had come to see if the investors would give him the funds he needed.
The event hosted by Carleton Entrepreneurs,which AroundTown and Crack Semiconductor are participating in, was put together by a program that the university started in the first part of 2012. According to Ottawa Business Journal, “The program provides students with training, mentorship, funding, tools and support to all entrepreneurship-focused programs at Carleton.”
Jonathan Wells, executive director of Carleton’s Research Centre in Technology Innovation says that, “We’re aspiring to be the most entrepreneurial university in Canada.” That is why the university has given out $5 million and helped start 200 businesses since 2009.
Source: Ottawa Business Journal
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