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This blog has moved to http://pe.ma

June 5, 2008 · No Comments

I couldn’t resist the urge to have my very own URL any longer! So, this blog now lives at http://pe.ma

Please head on over for ramblings about starting tech companies (it’s hard!), what’s happening in Toronto, and inside info on GigPark.

If you’ve been subscribed to this RSS feed for a very long time you might need to update that too (sorry). The new feed is here.

Categories: Uncategorized
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Calling all Toronto tech founders

May 6, 2008 · No Comments

Noah and I, along with Malgosia and John from LearnHub are hosting a little get together this Saturday for founders of local tech startups. This is the second Founders Lunch in Toronto and I’m hoping these turn into regular events. They’re a great place for founders to share lessons learned, get a different perspective on challenges they’re facing and simply hang out with other people going through the madness of starting and running a tech business.

If you are a founder and haven’t been sent an invite yet, please drop me a line - pema AT gigpark DOT com.

Categories: Startup · Toronto · Uncategorized
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Notes from the Rick Segal roadshow

April 22, 2008 · 2 Comments

The Canadian VC, Rick Segal, hosted a great round table session for startups last Thursday all about raising money. The 2 hour chat covered subject like term sheets, how to structure angel rounds, and how to avoid the common mistakes (land mines!). Suzanne Dingwall Williams (legal counsel to many Toronto startups) was at the event and contributed a ton of good perspective/advice. Scott Pelton from Growthworks was the third expert in the room and also added a lot to the conversation.

In the spirit of sharing, here are some of the notes I took. 

Important!: These are notes, not quotes (unless “” are used). I’m paraphrasing conversations and adding some of my own interpretation.

  • Raising VC in Canada takes 6 months and is “brutal”
  • Lots of lawyers involved (and lots of lawyers fees)
  • 6 months to raise the money and then you have 18 months to prove your business - then it’s time to raise again
  • Founders should never take the CEO title - CEOs get fired :)
  • $2-5m pre-money valuations seem to be the norm right now
  • Funding metrics are very consistent in Canada at the moment - the deals all look the same
  • VC will often (always) ask for preferred shares. The VC’s main stipulation is for liquidation preference. This means they get their money first in a disaster situation. Most of the time the VC is looking for protection, not voting preferences etc.
  • Matters requiring special approval: Sorting this out with a VC can be the thing that takes the most time and legal fees. Matters requiring special approval are the things a founder or CEO can’t do without getting the specific approval of the VC. These often include: hiring and firing senior people, selling (obviously), changes to the shareholders agreement. The list can be long if the founder/CEO is inexperienced and very short if the founder has done it (built and sold companies) a few times before.
  • How does Rick decide whether to invest? “Science experiment”, if it’s to do with social networking I “send it to my daughter”, rock paper scissors
  • What questions should you ask VC’s when evaluating them? [response by Suzy] What stage is your fund at? How may deals left? Let me talk to some of the founders you have funded
  • When a CEO is managing a board (especially if the board includes a VC) the first thing to do is to agree the metrics you are all going to measure success against. This makes updating and managing a board much easier.
  • Rick told the room to call Butch from PlanetEye if we want to know what Rick and Scott are like to deal with once they have invested
If you have any questions about the session please ask ‘em in the comments. Hope this was helpful!
Photo: View from the JLA boardroom

Categories: Uncategorized

GigPark opens to the public

February 21, 2008 · 3 Comments

After a fantastic invite only period, GigPark is now open to the public. No more invites - everyone is free to join.

Those of you who have been following this blog for a while know that I’ve been working on GigPark since early 2007. Today the whole team and I were incredibly proud to let our baby leave the nest ;).

Were were also lucky enough to have our friends Jevon and Mathew blog about the launch, and for Mashable to review the site today.

We’ve got a long way to go, but today was a great milestone for GigPark.

     

Categories: Canada · GigPark · Startup · Uncategorized
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Come to DemoCamp

July 28, 2007 · 4 Comments


DemoCamp was kind of my introduction to the Toronto technology scene, along with the Mesh conference. It is a (sometimes) monthly get together where a passionate group, fueled by beer, demo interesting tech products they’ve been working on and share ideas. Regulars include developers, designers, entrepreneurs, bloggers, VCs, lawyers, media folk, marketing people and the general geekorati. They are great places to hear about new projects in Toronto and kick ideas around and, if you’re a startup, meet many many people that will help you along the way.

I’ve brought a few friends along to past DemoCamps and they’ve always got something out of it. So, if you haven’t been before - come along.

What: DemoCamp 14
When: September 17, 2007 6-9pm
Where: Toronto Board of Trade, 1 First Canadian Place, Toronto
How much: Free

The announcement from David is here and you can register for free here.

Categories: Uncategorized

I’m back!

July 27, 2007 · No Comments

Sorry about that folks. Blogging took a little break as I ploughed my time into GigPark. I’m still a busy man, but I’m happy to say blogging is back on my to-do list. Look out.


Stencil by Banksy.

Categories: Uncategorized

The A-bike

October 4, 2006 · No Comments

If I didn’t live in a city where it snowed so much I think I’d have one of these already. Mmmm - lovely.

A-bike

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Introductions

October 4, 2006 · No Comments

I think I’d better introduce myself.

I’m Pema Hegan.

This is what I look like:

Algonquin

Born in New Zealand. Live in Toronto. Spent 4 years in London. Married, no kids. Ride an old Peugeot. Drive a new Mini. Live in a condo. Holiday in Europe. Love concrete achitecture. Would rather be surfing. Typing this on a Mac. Was previously a newspaper editor, advertising and marketing guy and founder of a media company. Eat jerk chicken. Drink esspresso. Spend to much time online. Miss the ocean. Don’t miss the cold. Wish I could play better guitar, take better photos and write better blog posts.

Categories: Uncategorized