Getting a persuasive new product in front of investors can be a challenging process. It’s not enough to have a promising idea: investors want to see that the product can be built in a cost-effective manner and meet consumer expectations.
Enter UNB alumni benefactors Kelly (BBA’79) and Mary Lou Shotbolt (BPE’80) and the Shotbolt Technology Management and Entrepreneurship (TME) Seed Fund.
Before attending UNB, Kelly had worked at St. Stephen wood products company Flakeboard. After graduating, he continued with the company, working his way up to president and CEO. He led Flakeboard’s transition from a commodity producer of raw panels to an integrated manufacturer of decorative panels. When Flakeboard was acquired by Arauco, Kelly became president and chairman of Arauco North America before retiring.
“It was building a business from St. Stephen into a North America-wide business that got me interested in creating entrepreneurial opportunities,” Kelly says. “When we saw what UNB was doing with the TME program, it just felt right.
“When I went to UNB, I was hungry to connect the dots between what I was learning in the classroom and running a real-world business. That’s what we hope this seed fund will help students to do.”
The Shotbolt TME Seed Fund provides monies to assist individuals and teams in moving from a concept to a prototype. Grants from the fund are awarded on a competitive basis, starting with an online application. Funding is allocated in three phases: first in the fall, then winter and finally the summer term.
The first student to benefit from the fund is Brycen Munroe, who received $10,000. His company, Mulli Swing Solutions, has already been able to leverage the funding through Canadian innovation accelerator MITACS. Mulli is developing an intelligent golf training aid to help beginning and intermediate players become more consistent in their swing. Their product aims to collect data from a player’s swing to help them see what works best and then provide prompts that help build good habits.
The company was incorporated by four engineering students in UNB’s TME 4025: Product Design & Development course, and two of its founders have already completed their master’s degrees in technology management and entrepreneurship. Brycen just started the Masters in Technology Management and Entrepreneurship (MTME) program. He plans on using his background in electrical engineering to further develop their product.
“The leveraged funding we have been able to access through MITACS has been essential for our team, helping bridge the gap between academia and the professional world,” Brycen says. “Contributions made by donors like the Shotbolts will have a lasting, positive impact on my professional career. Whether it’s through my own venture or other endeavours, the knowledge and experience I’ve gained will serve me well.”
The Shotbolts have also created a TME Special Projects Fund to support student participation in pitch competitions across the region, attract global entrepreneurship leaders to visit campus and mentor students, and increase access to online startup and business venture resources including giving students access to investors and startup competition landscape.
It’s all about giving entrepreneurial students more opportunities to develop the skills and mentorship networks that will help them succeed, so entrepreneurs like Brycen can take a swing at securing investment and land that hole in one.
