TiEQuest 2008 Awards Dinner a Grand Success

April 14, 2008(Toronto, Canada)- The TiEQuest 2008 Gala Awards Dinner held on Saturday, April 12, 2008, had a record attendance of 175 people. Many important stakeholders in the entrepreneurial ecosystem attended, including Hon. Harinder Takhar, Minister of Small Business and Entrepreneurship, as well as senior representatives from MaRS, the Ontario Centres of Excellence, University of Toronto, York University, McMaster University, the University of Waterloo, and the Corporate Angels and Maple Leaf Angels.

TiEQuest 2008 attracted a record number of corporate sponsors that collectively contributed over $150,000 in cash and in-kind prizes to the top three companies. In addition, eight leading investment funds have agreed to perform due diligence on the five finalist companies. The five finalists are: BioBalance, Chide.it, Liquid Fiber Displays, Satlogix and Text Search by Meaning.

The first place award, including the Ontario Entrepreneurship Trophy, and over $105,000 in prizes was awarded to Liquid Fiber Displays, an innovative LED sign technology company. The second place award including over $38,000 was awarded to BioBalance, an organic fertilizer company; and the third place award including over $13,000 in prizes was awarded to Text Search by Meaning, a revolutionary new highly specific search engine.

Throughout the rigorous four month process, the finalists were exposed to a number of judging sessions in addition to the elevator pitch and business plan stages, and all companies also had the opportunity to work with TiE Toronto Charter Members as advisors.

"The great impact that TiEQuest has in the innovation ecosystem is primarily because of the mentorship program that is at the centre of the competition. Over the last two years, as we have taken TiEQuest to even higher levels, entrepreneurs have consistently expressed their appreciation for the very timely advice of mentors," stated Suresh Madan, Chair, TiEQuest 2008, and EVP Excalibur Capital Management.

"This is the best organized, highest quality of venture competition that I have ever been involved in", stated Bob Geras, President, LaSalle Investments, Chicago, IL. Bob was the keynote speaker at the Awards dinner, and shared lessons from his investments in 400 early- stage companies over 45 years. In addition, Bob spent the afternoon of April 12 in one on one meetings with all the finalist companies. In addition, after his meetings, Bob made a spontaneous commitment to invest $50,000 in one of the companies, one that also has synergies with an existing portfolio company.

"TiEQuest 2008 has further strengthened TiE Toronto’s position in the entrepreneurial milieu, and we look forward to furthering our relationships with MaRS, OCE and the universities that are truly the engines of innovation. We believe that by partnering our Charter Members, who are experienced company builders, with the innovators at these and other institutions, we will be able to create a dynamic local innovation hub that will be at the forefront of driving the commercialization of leading technologies," stated Hari Venkatacharya, President, TiE Toronto, and CEO ZAPiT Games. "We are grateful to our sponsors and for the significant support of the Government of Ontario, through the Ministry of Small Business and Entrepreneurship", he concluded.