Before a business can generate a profit, entrepreneurs need investments to get their new ventures launched. However, while loans may be an option for some, many entrepreneurs cannot afford to take on additional debt. What’s more, a City of Toronto report found that half of Black-owned businesses cited access to funding as their main challenge, and it has been found that women obtain bank loans only about half as often as men do.
To remove some of these barriers for their entrepreneurs, HELIX, Seneca's on-campus innovation and entrepreneurship incubator, is launching a venture fund with donations from friends of Seneca and fellow entrepreneurs. There will be two levels of the HELIX Venture Fund: a Kickstarter fund for HELIXers in the early stages of their businesses and a larger Acceleration fund once they become more advanced.
“The venture fund is an instrumental tool for the masterful execution of ideas that entrepreneurs bring to HELIX,” said Anand Karat, member of the HELIX Venture Fund Committee and President of Vretta. “In addition to financial support, HELIX's strategy includes providing guidance every step of the way from inception to launch and beyond. We are always collaborating to identify ways of bringing industry best practices to support the success of HELIXers.”
HELIX launched an emergency relief fund in April 2020 to support entrepreneurs whose businesses were struggling to stay afloat due to the pandemic. They found that HELIXers who received financial support were able to amplify the investment by transforming their businesses to better align with a virtual world. This funding enabled recipients to advance their venture development, increase their online presence and/or pivot their business model completely.
The HELIX Emergency Relief Fund served as a pilot for the HELIX Venture Fund and demonstrated the potential impact of supporting budding businesses — especially while the social and financial effects of the pandemic still linger.
To date, the HELIX Venture Fund has raised $23,000. This includes contributions from anonymous donors and Jane Forbes. As a former Business Administration – Entrepreneurship & Small Business diploma program co-ordinator, Ms. Forbes has deep ties to entrepreneurship at Seneca. It was in this program that the Sharks’ Pond event was established — Seneca’s version of Dragons’ Den where teams have a chance to pitch their business ideas to external companies and organizations supporting entrepreneurship.
“I see entrepreneurship and an innovative mindset as something relevant to all students across Seneca, not just in one division,” said Ms. Forbes. “For that reason, HELIX is a dream come true and I am excited to support a community and a vision I believe in. I feel like my part as a donor is easy, but it can mean a lot to an entrepreneur and could make a significant difference at a key time.”
A limited number of ventures will be approved for funding by the HELIX Venture Fund Committee, whose objective is to raise $50,000 this year to support the ongoing need of HELIXers.