Ottawa's tech sector is boasting a big week after two summits were held to help the Capital's tech industry. A consultant's study has labeled tech as the most troubled sector in Ottawa.
"Early stage startup firms just cannot get access to any seed money," said Mark Noonan. He works for Deloitte which produced the study for the City of Ottawa. He says there are a lot of new ideas and new companies, but no money to develop either.
The search for development funding is exactly what brought startup company Vayyoo to the Venture Capital Summit.
"I am here for two reasons . . . to get exposure for our product and to find partners or money," said Vayyoo's CEO Shailesh Kaul. His company developed a software application which makes it easier to move information via cell phones and other mobile devices.
Summit organizers said partnerships are becoming crucial.
"Having strategic partners, like a big brother to guide and help you is important and perhaps more important than ever because it is so difficult for small firms to get venture capital funds," said OCRI CEO Claude Haw.
The summits brought together federal, provincial, municipal governments and some of the regions big name tech veterans.
Provincial cabinet minister Jim Watson used the events to announce the CORAL project -- a new program meant to help smaller companies.
"It's an attempt to improve the situation, this meeting gets the conversation going and for me it was the collapse of Nortel that served as an impetus," said Watson.
And while Watson is encouraged to do something based on disappointments like Nortel's collapse, others are finding hope in a recent listing of the 50 fastest growing tech firms in Canada.
Six of those firms call Ottawa home.
