Foodies and energy savers take note: Student ventures receive $150K loans to launch start-ups

Tim Ray, AMBA’11, is launching a food revolution, thanks in part to funding he received in a business plan competition held in March at QSB. His Foodscrooge.com website brings the on-line group buying phenomenon to the grocery industry by offering deep-discount food items to consumers who sign up online and pick up their deals locally. Initially launched in the Greater Toronto Area in April, the company is expanding to Eastern Ontario and across Canada in the coming months.

MBA’11 classmates Ricky Chandarana, Simon Hamilton and Chris Sinkinson also scored with the judges with a restaurant management system that uses iPads or other tablet computers. The interest-free business loan is now being used to jump-start Cibo Systems, a Picton-based new venture.

The third winning business case came from RenoLogic, a mobile phone app providing solutions for improving home energy efficiency. Engineering student Patrick Leslie is using the funding to launch the app through his new venture, Envirolytics.

The business plan competition was conducted in partnership with the Prince Edward/Lennox & Addington Community Futures Development Corporation (PELA CFDC) with funding from the Government of Canada’s Economic Action Plan.

“The competition shows that Queen’s students and grads have great entrepreneurial ideas,” says Dr. Yolande Chan, Director of The Monieson Centre. “We’re confident the winning businesses will enhance the economic and social fabric of the Prince Edward/Lennox & Addington region.”