Vancouver-based video creation platform Lumen5 is the winner of the 2019 New Ventures BC Competition, presented by Innovate BC, after edging out nine other finalists to collect this year’s $105,000 top prize at the competition’s 19th annual awards ceremony.
This year’s competition attracted a record 200 companies developing innovative solutions.
NiceJob, also of Vancouver, took home the $60,000 second place prize for its reputation marketing application, and Victoria-based Cuboh claimed the $35,000 third place prize for its food order management solution.
“Every year, I’m taken away by the strength of the companies in BC’s tech sector,” said Mike Volker, the board chair of New Ventures BC. “The diversity of ventures in this year’s top 10 is a true representation of the creativity and innovation we see emerging from all corners of the province. We’re proud to be supporting the industry and are looking forward to seeing this group of companies grow and succeed in BC, Canada, and beyond.”
Lumen5 is an AI-based storytelling tool that helps businesses drive online engagement, turning blogs and content into social video. In two years, Lumen5 claims to have grown into a multi-million dollar business with close to 300,000 users including brands like Forbes, The Economist, Translink, and the Daily Hive – without raising any capital.
“It’s a big responsibility. I think we have to live up to the expectations that the committee, judges, and jury have put on us and do our hardest not just to build a good company, but really build a company that’s impactful for BC as a whole,” said Michael Cheng, the CEO of Lumen5. “BC has a great talent pool and we want to use the exposure and resources gained from this competition to grow as quickly as we can.”
This year’s competition attracted a record 200 companies developing innovative solutions in sectors including software, robotics, hardware, healthtech, and cleantech. In addition to the top three prizes, the competition awards industry-specific prizes to honour companies making a significant contribution to specific sectors or markets. This year’s winners are:
- Spectrum (Vancouver, BC): $15,000 Vancity Social Venture prize package
- Open Ocean Robotics (Victoria, BC): $22,000 BC Resource Industry prize package
- Cuboh (Victoria, BC): $10,000 Innovate BC Top Regional Startup prize package
- Plugzio (Coquitlam, BC): $6,000 BC Tech Association Growth Programs prize package
- Beatdapp (Vancouver, BC): $2,500 People’s Choice Award
For almost two decades, the New Ventures BC Competition has awarded BC-based startups with over $250,000 in cash and prizes to grow their companies. The mentorship and education startups receive during the competition has contributed to the success stories of alumni, including Aspect Biosystems, a Vancouver-based company 3D printing human tissue, and female-led intelligent dermatology company MetaOptima. Since its inception, the competition has helped 2,700 startups create over 3,800 jobs and raise over $380 million in financing.