axonify – AC Demo

February 7, 2017

Successful Scale Up

Why fast-growing AC grads are leading Canada’s new technology generation

From lean thinking, to product market fit, to simply great timing, there are any number of reasons young companies graduate from startup to scale up. However, for many of the Canadian technology companies now showing up on the Profit 500 and Deloitte Technology Fast 50 lists, there is one common denominator — the Accelerator Centre (AC).

AC graduates Magnet Forensics, Top Hat, TextNow and Sortable all showed up on the 2016 Profit 500 list this year, with Magnet Forensics and Top Hat appearing in the top 20 companies listed. Both companies exhibiting 5,000+% growth rates. On the Deloitte Technology Fast 50, list, Accelerator Centre graduates Sortable, Axonify, Clearpath Robotics, Top Hat, and Magnet Forensics all took positions in the top 20.

So what is it about the AC that fuels long-term business growth and success?

“Companies that come through the Accelerator Centre’s programming are truly built to scale. We ensure that from even in the very beginning, the idea phase, companies are building a strong foundation for long term business success,” says Paul Salvini, CEO of the Accelerator Centre. “Even in our intake process, we are looking for companies that have an impact in areas that matter for the world. Through our close relationship with the university system and my dual role with the University of Waterloo, we have our finger on the pulse of the research occurring today, in areas such as the Internet of Things and the Smart City revolution, and can foresee how that research will translate into the companies and jobs of the future. So we can nurture our client companies to become leaders in those spaces”

Salvini goes on to say, that the Accelerator Centre’s selection process is tuned to identify those companies who exhibit the capacity to scale in size and in global presence. “If that is the case, and the company has a good alignment with the research capacity of one of our local universities, we know that company has the capability to grown and won’t be starved on the talent side,” says Salvini.

The Accelerator Centre’s programming, unlike many other incubators, delivers its high quality programming through a core team of mentors, each business executives – each with decades of experience in building and growing global companies, over time. The average company spends on average two years in the program.

Salvini notes that one cannot speak of the Accelerator Centre and its graduates’ success without acknowledging the surrounding technology ecosystem in Waterloo Region, supported by academic institutions such as University of Waterloo, Wilfrid Laurier University and Conestoga College. “Our success is absolutely set up by the great success of our academic partners,” he says. “Companies setting up a business and growing a business in Waterloo Region know they have access to world class research and talent.”

Clearpath Robotics, which graduated from the Accelerator Centre in 2011, has experienced exceptional growth over the last six years, transforming from a four person startup at the AC into a profitable, 200 person organization with a research division (Clearpath Robotics) as well as an industrial division (OTTO Motors). In October 2016, Clearpath announced a $30M US in funding to expand its OTTO Motors division.

“The Accelerator Centre allowed us to transform our project into a viable business. We were able to break even within 18 months of inception, in good part due to the mentorship and financial support we received from AC,” says Matt Rendall, Clearpath Robotics CEO. “Entrepreneurship has its own set of challenges and the AC was able to alleviate many of the simple overhead growing pains so we could focus on growing the business. (ie: not having to worry about toilet paper or paying the bill for hydro or electrical was a blessing in disguise!).

We learned what worked and what didn’t work at the AC – it was a safe space to experiment with our technology and our business processes to identify and leverage best practices for Clearpath. A tree can’t grow unless it has strong roots and is part of a supportive ecosystem. The AC provided us with a foundation to transform our passion into a thriving business.”

Axonify graduated from the Accelerator Centre in 2014. Since departing the program, the company, which provides a gamification solution for corporate learning, has experienced significant growth, closing out 2015 with >$10M in recurring annual revenue and a customer roster that includes Bloomingdales, Ceridian, Toys R Us Canada and The Pep Boys. In November 2016, Axonify announced $27M US in funding to further expand its business operations.

“The Accelerator Centre is a different kind of environment than the typical early stage tech incubator, and in a good way,” says Carol Leaman, CEO of Axonify.

“There’s something a little more serious about the way in which the programs and mentoring make you feel — like the organization is working in concrete ways to help your company succeed. Consistent mentorship and meaningful programming plus the ability to reinforce sound principles over a stay of up to two years (versus a typical incubator experience of 3 – 6 months) give each company a better shot at making it.

I know Axonify took advantage of everything the Accelerator Centre had on offer and thoroughly enjoyed getting its start in that environment.”

January 14, 2016

AC Graduates Nominated for Startup Awards

Two of the Accelerator Centre’s Graduates have been nominated for Startup Awards

Clearpath Robotics is nominated for Startup of the Year, while Axonify received a nod for Employer of the Year!

Vote for them here.

Other notable nominees include Bridgit, Vidyard CEO, Michael Litt, Wealthsimple, and VC firms OMERS Ventures, Real Ventures, and Version One Ventures.

January 14, 2016

Massive Growth, Employee Satisfaction at Axonify Starts with Good Leadership

by Rose Behar

This post originally appeared in Techvibes

Waterloo-based Axonify, an e-learning platform that uses games and incentives to make corporate learning fun, ended 2015 with a staggering $10 millin in annual recurring revenue, doubling that number from the beginning of the year and growing from a team of around 30 to 60.

Of top importance to CEO and startup veteran Carol Leaman, however, is that they did so without losing their internal culture, and she says her focus remains on making that a priority as they add an estimated 35 more new employees over the upcoming year.

“I think that one of the critical elements is for me to stay very closely attached with the staff,” says Leaman, who adds that the company is bringing in a third-party facilitator in February to do a company-wide session on culture and values. It is this sort of accessibility and careful consideration of employee input that keeps Axonify employees gushing about their employer.

Lindsay Cournoyer, Director of Marketing Communications describes Axonify as “led by an experienced leadership team who is totally trusting and transparent.”

Software developer Mitch Dickinson also comments on Axonify’s leadership, saying, “The management team of Axonify is stacked. All our top executives are serial entrepreneurs that have successfully been through the trenches over and over again.”

The leadership team’s accomplishments are definitely impressive, and none more so than Leaman herself, who previous to purchasing an extremely early version of Axonify, sold her startup PostRank to Google. She also successfully built and sold manufacturing software company RSS Solutions and virtual reality player Fakespace.

With such a wealth of leadership experience in early-stage companies, it’s no wonder Leaman knows how to helm a harmonious office, but even she notes, “I do think we have something special going on here. When you have people say the best decision they ever made was to come and work here… it makes me feel good that’s for sure.”

Suzanne Hyatt, VP of Human Resources, says she believes there are many reasons for the great work atmosphere at Axonify, giving examples such as Leaman and the rest of the leadership team taking time for one-on-one coffee dates with employees, bi-weekly lunch meetings where employees recognize each other for positive contributions and a yearly team survey.

“We also have a very active social committee,” adds Hyatt, noting that there are many informal social events in the office, from cards to fitness challenges.

Friendly competition in the office is also stoked through the use of the company’s own product. All team members, including the management team, participate in an internal version of their e-learning platform, which challenges users to answer questions on company and product knowledge in order to win points that can be used towards eBay-style auctions on prizes.

“We have a product that delivers results,” says Greg Boyd, Director of Customer Success, noting that his pride in their product is one of the main reasons he loves working at Axonify.

Leaman also identifies the product as a huge element in Axonify’s culture.

“If people don’t believe in what they’re selling, and they don’t see the value in it, it’s hard to be invested in the company.”

Ultimately, Leaman believes a great working culture takes a large amount of trust.

“I’m a person who firmly believes that every single human being comes to work every day really wanting to do good things… and in my experience when you trust people to come to work with that attitude they perform in ways that you just don’t even expect.”

January 14, 2016

Six Reasons Why 'Grownup Startups' have a Better Chance at Success

by Carol Leaman

This post was originally published in Techvibes

When you hear the word “startup,” you likely think of a twenty-something tech wiz working with two or three buddies in the basement to build the next Facebook.

But achieving success is a lot harder than it appears. In fact, 90% of startups fail.

That’s where a “grown-up startup” has an advantage. A grown-up startup is a company that is formed with a seasoned leadership team from day one. They’ve worked in early stage tech companies before, made mistakes and learned the ropes, putting them in a better position to make it big.

Here are six lessons young entrepreneurs can learn from the “grown-ups” to achieve startup success:

1. Strike the right balance between product and market.

First-time startup founders often don’t pay enough attention to the market. They work on developing a “cool” product with a “once we build it, they will come” mindset, only to learn too late that nobody wants to buy it. In fact, CB Insights cites no market need as the number one reason startups fail.

Grown-up startups, on the other hand, keep their heads out of the sand and their eyes on the market. They know that validating the market size, finding out what customers value, understanding their needs, and identifying how they would buy and implement the product is just as important as focusing on product development.

2. Plan for growth accordingly.

It isn’t uncommon for first-time entrepreneurs to find themselves in chaos, either because of premature scaling or insufficient resources to meet customer demands. But because grown-up startups have been around the block a few times, they have the foresight to plan correctly for each stage of development.

Early on, they identify the roles they need to have in place when the company reaches defined growth milestones. And, before they ask for funding, they also plan how much money they’ll require and where it will be applied, giving them a solid blueprint for achieving targeted objectives.

3. Ask for the right amount of capital and leave enough time to raise it.

The second most common cause of startup failure is not having enough capital. Novice entrepreneurs tend to underestimate the amount of money they’ll need and the time it will take to raise it, while overestimating the worth of their business.

Since grown-up startups have gone through funding rounds before, they know it will take about 6-8 months to get the investment they require. This means they can align their equity and spend expectations accordingly so they won’t run out of funds. They can also better estimate how much money they’ll need to ask for to hit critical business targets going forward.

4. Have a big-picture view of what they need to win faster.

Many early stage tech companies are so focused on their technology, they forget to identify critical targets for success. Grown-up startups, however, know what needs to be true to become the category winner.

They know that while startups need to act with urgency, they also need a longer-term business plan that details how to get from point A to point B. And this visionary approach (at both the strategy and tactical execution levels) happens much more rapidly because they’ve done it before and know how to avoid pitfalls.

5. Invest in marketing.

Many new founders don’t realize that mindshare is limited and forgoing marketing dollars to rise above the crowd, raise brand awareness and message the product correctly increases the chance of failure. Grown-up startups understand the value of marketing and know it is essential for becoming the brand leader.

They implement marketing programs from the get-go, even if it involves hiring only one person and allocating a small budget. They also place a high value on authoring thought leadership pieces, aligning with external influencers, speaking at industry events and obtaining external product validation through customer case studies and testimonials to generate recognition and credibility in the market.

6. Stay focused and drill deep.

A lot of early stage companies want customers so desperately that they go after them at any cost—even if they aren’t the right ones. Grown-up startups, on the other hand, rely on their experience and intuition to place better bets. They know a company with twenty-five customers in separate industries, all using the product in different applications, is far less valuable than a company that has twenty-five customers split into three markets, each using the product in a similar way.

That’s because they know the fastest way to gain a new customer is to showcase the value a similar customer is receiving. So, grown-ups define target customers upfront and then focus their efforts, rather than trying to meet disparate demands.

About Carol Leaman

Carol Leaman is the CEO of Accelerator Centre Graduate Axonify Inc., developer of the world’s first Employee Knowledge Platform that combines its award-winning microlearning platform with innovative knowledge-on-demand capabilities to improve employee and organizational performance. Carol is a much sought after speaker, presenting at high profile events, such as the Fortune Tech conference in Aspen, HR Summit 2012 Impact99 conferences in both Vancouver and Toronto and TedxWomen in Waterloo.

About Axonify

We are a Waterloo-based technology company that is revolutionizing the corporate learning game with Axonify – the world’s first Employee Knowledge Platform. Combining an award-winning approach to microlearning, innovative knowledge-on-demand capabilities, and elements of gamification to drive engagement, Axonify is helping build more knowledgeable workforces who drive business results for big name clients like Walmart, Bloomingdale’s & Toyota.

What are the ingredients to our success? A strong leadership team, an industry-leading product, a culture built on trust and most importantly – an extraordinary group of employees. By expanding our team with smart, motivated people we will continue to lead the way in this new & exciting space.

December 7, 2015

Axonify Wins Gold Award from Brandon Hall

AC Graduate wins coveted award for Best Advance in Unique Learning Technology.

The Brandon Hall Group Excellence Awards Program is one of the most prestigious awards programs in the industry. Axonify’s win was announced on December 3, 2015. The winners are listed on the Brandon Hall website.

“Brandon Hall is incredibly well-established as a market influencer and we’re thrilled to be recognized by their esteemed experts for our innovative technology that pushes beyond the boundaries of traditional eLearning offerings,” said Carol Leaman, CEO of Axonify. “Axonify has always been about integrating proven learning techniques into our technology that help employees build knowledge and apply it on the job. Our unique and complete approach gives employees the knowledge they need to perform better at work, so organizations can solve real business challenges, like poor customer service or safety issues, that can cost them millions of dollars.”

Axonify recently announced the launch of its full-scale Employee Knowledge Platform. The platform now offers everything an organization needs to ensure employees have the knowledge they require, assess if employees are applying what they’ve learned on the job, and measure the bottom-line impact.

“Our award winners are the most visionary and innovative developers of HCM technology solutions that move organizations forward in serving employees, customers and investors,” said Brandon Hall Group Chief Operating Officer Rachel Cooke, who runs the awards program. “I think everyone can learn from the achievements of our award recipients.”

“These award-winning solutions were closely evaluated by our judges for not only their innovation, but the real results they brought to the organizations,” Brandon Hall Group Chief Executive Office Mike Cooke said. “That is what makes our technology awards program special – connecting creativity and innovation to direct business results.”

A panel of veteran, independent senior industry experts, and Brandon Hall Group senior analysts and executives evaluated the entries based upon the following criteria:

Product: What was the product’s breakthrough innovation?
Unique differentiators: What makes the product unique and how does it differ from any competing products?
Value proposition: What problem does the product solve and/or what need does this product address?
Measurable results: What are the benefits customers can expect to experience as a result of using this product?

September 28, 2015

AC Grad Nicoya takes top honour at Communitech Rev Centre Stage

With Silicon Valley ‘godfather’ Steve Blank looking on as a judge, Nicoya Lifesciences pitched its way to a $50,000 prize on Friday night, as the new Communitech Rev sales accelerator graduated its first cohort.

Two other companies among six who pitched, Bridgit and PiinPoint, took home $25,000 each from the Communitech Rev Centre Stage pitch event, in which Blank – creator of the Lean Startup movement and a leading thinker on how build scalable companies – posed some penetrating questions.

His queries, which often focused on specific business metrics, caught a few founders flat-footed, adding tension to the proceedings and leaving any math-challenged audience members scratching their heads.

Nicoya’s technology, which incorporates nanotechnology, biochemistry and optical sensors, makes particular types of scientific testing easier and quicker. It also promises to radically reduce the cost of certain medical tests.

Blank – who judged the pitches along with Carol Leaman, CEO of Waterloo-based Axonify, and Alec Saunders, Microsoft’s Principal Technical Evangelist in Canada – has written previously on the potential for significant disruption in medical research.

The judges also awarded Bridgit, a communication platform for construction projects, and PiinPoint, whose software helps retail businesses choose the best locations to open outlets.

The honour capped a particularly strong week for Bridgit co-founder Mallorie Brodie, who just three days earlier had pitched at the C100’s inaugural Venture North event in Toronto and won $15,000 for the company. Bridgit was among seven startups from the Toronto-Waterloo corridor who competed before a panel of Silicon Valley investors that included Ajay Royan of Mithril Capital Management.

Also pitching at Centre Stage were Blitzen, whose process automation software targets businesses; Set Scouter, a platform for connecting film producers with shooting locations; and Aterlo Networks, which helps online television viewers in less-populated areas to overcome limited Internet service. Communitech corporate partners Deloitte and Christie sponsored the event.

Given Rev’s focus on building scale and getting companies to $100 million in annual revenue as quickly as possible, all the companies detailed how they planned to reach significant revenue milestones.

July 28, 2015

How to work a room at an important networking event

Clinging to the same person can cause missed opportunities.

by Carol Leaman, CEO of Axonify.

In the long list of all of the things we have to do to be successful in our careers, networking is one of those activities that can evoke feelings of reluctance, awkwardness, embarrassment and the general sentiment of “Ugh, do I really have to do this?”

Figuring out how to walk into a room full of strangers and have a meaningful, natural, productive conversation can be challenging. All too often, we shrink back to the comfort of furtively searching the room for familiar faces and gravitating to the friendlies we recognize. Before we know it, an hour or two has elapsed, and we’ve accomplished nothing more than showing up and shooting the breeze.

While I’m a people person at heart, networking will never be something I look forward to. But I also understand that it’s a necessary and important part of the job, so I developed five tips to help you make the most of every opportunity:

1. Pick your events carefully
I could easily attend an event 10 nights out of every month if I wanted to — from CEO dinners to local tech events, investor cocktail parties and monthly startup volleyball, among others. I used to attend everything I could until it dawned on me that half of the events weren’t meeting personal needs (e.g. to have fun) or furthering my business, and I was seeing many of the same people over and over again.

I’m much more discerning and strategic now about how I spend my time and who I spend it with. Consciously think about what the event is going to get you and whether or not it’s worth it for you to be there.

2. Plan ahead
Is it an event or activity geared to making connections with potential customers, investors or someone else relevant to your business? If so, do your homework first. Try to find out who’s going to be there. Reach out ahead of time and see if you can lay a soft foundation for meeting one to three new people. Making a connection in advance completely eliminates the awkwardness of starting from ground zero when you get there. I’ll bet it helps the other person, too.

3. Set a goal
Here are a few potential goals to think about achieving: Meet a minimum number of new people; practice your sales elevator pitch two times; practice an opening greeting or two to see what works; and be on the receiving end of someone else’s pitch. Figuring out even one meaningful takeaway will make your goals worth the time. Give yourself a networking challenge like talking to three people who are wearing blue at an event.

4. Show up early and look your best
It’s much easier to engage with someone new when there aren’t many people in the room. And once you’ve had one conversation, it’s easier to move onto the next. Dress for success. People like to speak to other people who look confident and put together.

5. Don’t be a cling-on
We all know the type, and we’ve all been there. After working up the courage to speak to someone who looks equally uncomfortable, it isn’t wise to cling to each other for the rest of the night. Force yourself to move on. In fact, if you start a conversation that quickly seems like it won’t prove to be of value, end it politely with, “It’s been lovely talking to you, but I don’t want to monopolize your evening.” Then catch the eye of another person. In fact, catching the eye of anyone within spitting distance gives you the immediate opening to say, “Hi, there. Have we met before?” Don’t let that opportunity slip away.

The trick to networking is doing it with purpose. Have a plan, and even if you don’t come away with a new prospective customer or investor, you hopefully would have left a lasting and positive impression that pays dividends down the road.

April 21, 2015

Six Career Lessons from AC Grad Axonify

Carol Leaman, president and CEO of Axonify, recently shared some of the key lessons she’s learned throughout her career as a serial entrepreneur as part of Entrepreneurship 101’s Lived It Lecture series.

Here are the key takeaways from Carol’s talk.

1. You can’t force the market to expand. When she worked in the virtual reality space, Carol learned that you cannot force the market to expand. This realization led her to partner with her main competitor in order to squeeze out the rest of the competition.

2. As a CEO, never stay with a company that acquires yours. Culture is important and it’s something that Carol lives and breathes. She stayed on after her previous company was acquired, but quickly realized that she and the new CEO had very different ways of thinking.

3. Never give up a chance to network. You never know who you will run into or who they might know.

4. Think through what could go wrong. If you start a company with friends or family members, be sure to consider what could possibly go wrong. If you don’t have the right group together and something goes amiss, relationship issues may get in the way of fixing problems.

5. Don’t delay finding paying customers. The sooner you can make a dollar—or more!—the better off your company will be, even if it’s not “perfect.”

6. Be willing to shift. Move your company in the right direction by paying attention to what is happening in the market. You need to be willing to shift if something isn’t working out.

To read the full article, click here.

February 27, 2015

AC Grad Axonify announces multi-million dollar deal with Bi-Lo Holdings

Axonify announced that Bi-Lo Holdings has adopted its award-winning eLearning platform, in a multi-year, multi-million dollar deal. Bi-Lo needed a solution that was fresh, engaging, personalized and proven to drive knowledge, values and expectations to its more than 70,000 associates. Axonify offered an approach that was fundamentally different than the historical way in which Bi-Lo Holdings had approached knowledge delivery, particularly in the way the Axonify platform creates an accelerated and continuous learning culture on a daily basis, in a fast, fun and effective way.

To read the full press release, click here.

November 13, 2014

AC Grads populate Deloitte Technology Fast 50™

The Deloitte Technology Fast 50™ is an annual recognition celebrating innovation, entrepreneurship, achievements and evolution in the Canadian technology industry. Companies are ranked in three categories: Technology Fast 50™; Companies to Watch and the prestigious Leadership awards.

This year’s group of 2014 winners grew an average of 4736% over five years, and produced the highest revenue growth rate for Canada’s fastest growing companies since 2011. This year, Deloitte is also recognizing a record 15 companies in the Companies to Watch category.

Once again, we’re thrilled to brag (just a bit) that AC grads are represented in this the 2014 Deloitte Technology Fast 50™. Miovision, one of the first companies to graduate from the Accelerator Centre, ranked 19th on the Fast 50™ list, putting up an impressive 749% growth rate. AC graduates Axonify and Kik also make the Companies to Watch list.

Here’s Deloitte’s web site with all the details. http://www2.deloitte.com/content/dam/Deloitte/ca/Documents/technology-media-telecommunications/ca-en-tmt-technology-fast-50-winners-2014.pdf