The Pulse: Oct. 28, 2022

The startup investing scene in Edmonton has evolved over the past three years, but venture capital's purpose is still not as well understood as it could be, says the co-organizer of an event that brought entrepreneurs and investors together during Edmonton Startup Week.

"We wanted to educate, educate, educate, mostly about how venture capital works and that it may not be the right type of capital for every business," Kristina Milke, general partner at Sprout.vc, said of the Founders and Funders event she hosted with Zack Storms, co-founder of Startup TNT, on Oct. 18.

Milke also hoped to dispel the myth that Alberta lacks venture capital. "It simply is a false statement to say that," she said.

Edmonton's startup investor community has come a long way. Milke hosted a similar event in 2019 involving several investors who were based in Calgary. This year, all the investors were based in Edmonton or have significant operations here. Milke said there are two key factors behind the shift.

"There is a growing story in Alberta about the number of unicorns in the making (albeit mostly from Calgary). This has become newsworthy outside of our province and country," she said.

The second factor is an increase in new investors. "I do believe that the folks at Startup TNT have created this amazing opportunity for newbies to get involved at a lower dollar and learn how to invest, and they also provide access to deal flow, which the average person would not necessarily know how to find themselves."

This year's event had four entrepreneurs on a panel, followed by eight investors on another. The necessity of focusing on customers provided some common ground.

"Build a relationship with your customers and delight them," advised James Neufeld, founder and CEO at samdesk. "The only thing that matters is customer money."

Investor Eric Flaim, director of the Innovation Catalyst Grant, agreed with that sentiment. "Until you get into the trenches with your customers, you don't have a real appreciation for where the value exists," he said. "Then you can decide what kind of money is best to go after."

• The number of people accessing food banks in Alberta has increased 79% since 2019, according to the annual Hunger Count by Food Banks Canada. In March, the number of visits rose by 34% with a total of 156,000 Albertans going to a food bank, one-third of them children. "It's been a very difficult thing for us to navigate as an organization," said Tamisan Bencz-Knight with Edmonton's Food Bank. "We're fortunate to have the support of the community, but how do you scale up an operation by 34% in one year?" The top reasons for food bank visits were food costs, low provincial social assistance rates, and housing costs.
• The city announced improvements to its 2022/23 snow and ice control, which includes funding aimed at better consistency, more equipment, more frequent residential maintenance, three new supplier-filled sandboxes for public access, and efforts to reduce windrows. It also introduced a parking ban notification tool for snow-related bans. "We've heard some of the feedback — windrows, catch basins, flooding, ponding, water drainage issues — so we intend to maximize our equipment utilization, increase the amount of crews that are out on the road, (and) access that inventory faster," said Craig McKeown with parks and roads services.
• Edmonton's curbside collection service is shifting to its winter schedule starting Nov. 1. Until April 4, crews will collect food scrap carts every two weeks. The city is asking residents to make collection easier by clearing snow off their carts, using liners to stop scraps from freezing to carts, shovelling around carts, and leaving them for collection one metre away from windrows.
• Kevin Martin, the "movie guy" who owns The Lobby, said Edmonton's last remaining video rental store is ready to help people find the perfect horror flick in time for Halloween. "Everybody loves a good horror movie. Everybody needs a good scare," Martin said. He added he has no plans to close his doors any time soon. "The only reason I've been able to survive is because, obviously, I don't believe in making money."
• Edmonton Fire Rescue Services announced 37 new recruits. "Our firefighters have skills beyond physical strength," said Fire Chief Joe Zatylny. "This includes the ability to effectively communicate, emotional intelligence, customer service focus, empathy and compassion, creative problem-solving, resilience, and the ability to work as a team to meet the needs of Edmontonians."
• Premier Danielle Smith said her office is considering changes to the Local Elections Authorities Act that would allow municipal candidates to run as part of a political party, which has some precedent in Vancouver and Montreal. Mayor Amarjeet Sohi said he hasn't heard from the premier or the UCP on the matter. "At a time when we are seeing so much political polarization across the country," he said, "keeping municipal councils not affiliated to any political party is the best approach."

As Halloween approaches, you may want to celebrate the Día de los Muertos, brave a ghost tour, take your costumed kids to a movie, or enjoy sculptures of animals dressed as humans. This weekend also offers the launch of a memoir and the opening of a curated local market.

• Oct. 28, 4pm: Day of the Dead Celebration at the Alberta Avenue Community League
• Oct. 29, 7pm: Old Strathcona Ghost Tour by Edmonton Ghost Tours
• Oct. 29, 12pm: Wildly Sensitive opening reception and artist talk at the Alberta Craft Council's Discovery Gallery
• Oct. 29, 7pm: Margaret Macpherson: Tracking the Caribou Queen at the Bonnie Doon Community League
• Oct. 29-30: Good Goods Co. Grand Opening in Old Strathcona
• Oct. 30, 10am: Milner Movie Morning: Night at the Museum in the Stanley A. Milner Library

Find even more things to do in the Arts Roundup.

Photo: Wildly Sensitive, a display of Annette ten Cate's clay sculptures of animals wearing human garb, opens on Oct. 29 with a reception, studio tour, and artist talk. (Alberta Craft Council)