You have questions and Richard has answers!
We sat down with Richard Gorecki, Director of Portfolio Development at TECTERRA, to get answers to his most commonly asked questions.
FAQ #1: TECTERRA is apparently focused on supporting the development and commercialization of ‘geomatics’ or ‘geospatial’ technology. I don’t know if I fit in that category or not…? Simply put does my technology qualify as geospatial?
Richard: Having geomatics in the equation is important since this part of our mandate. We have a fancy definition of ‘geomatics’, which is something like…’The collection, management, integration, analysis and display of geographic information describing the Earth’s physical features and the built environment’. And we have a short definition, which is ‘Knowing where things are, and using that information to solve complex problems’.
Any way you look at it, geomatics covers a very broad range of applications and can be an important component of many different solutions. What we are really looking for is that ‘geomatics’ or ‘geospatial’ or geographic is a significant part of the value proposition, and is an integral part of a new and innovative piece of technology, with high commercial potential
The best thing is to sit down and talk to us about what you are planning. Let us determine whether you are ‘geospatial enough’. Most companies that think they are in the zone on this aspect, are correct…and are happy they asked us.
FAQ #2: I have applied for funding in the past, and the process has been very painful…lots of time and effort, and lots of hurdles to jump…and all for nothing in the end. Is TECTERRA any different?
Richard: The vast majority of our portfolio companies will tell you that, ‘TECTERRA is very different…in this regard’. We really pride ourselves on being efficient and effective in how we run our operations, including our application process.
In the case of our larger programs, it is a 3 stage process which, end to end, takes less than 3 months. Yes, we do require that you fill in an application form, but these are concise and meant to capture only the information that we really need. Similarly, when we sit down to meet, those meeting are run very efficiently.
And if we are advancing you in the process, it is because we really think you have a good chance of being successfully funded, and because we really have money to invest.
FAQ #3: I have explored private investment options, but they all want to take a good piece of my company away, and/or take control of the company’s operations once they have invested. Is TECTERRA any different?
Richard: My answer to this would be…’ya, really different.’ TECTERRA uses a funding model where you do not have to give up any control, IP or equity. Basically our model (again I am talking here about our larger programs) is a no-interest loan of up to 50% of the total project cost.
Once your new technology is built and ready to sell into your target market, you begin repaying us incrementally, based on your own commercial success. If something interrupts your commercialization plans and you are not generating revenue, you simply do not pay us anything. So, in affect, we are de-risking the project by up to 50%. Most would agree that its a great deal.
It is best if we sit down and discuss the specifics on our funding option in more detail, but suffice to say…you will never be giving up any part of your company, or any part of your ability to control or direct the development and commercialization of your technology.