The Sault Ste. Marie Innovation Centre's freshly hatched technology business incubator was officially opened last night at Algoma University College with a speech by Canadian high-tech pioneer Dr. Denzil Doyle.
Speaking in the new lecture hall in AUC's new $6.1 million Information Communication Technology Centre, Doyle used his own business experiences to illustrate the need for sound business strategy.
Tom Vair (shown with Doyle) is the new business manager at the Innovation Centre, which he says serves as a catalyst of growth in the information technology sector.
"It's exciting for entrepreneurs to get their businesses started," said Vair.
"It's a wonderful resource to ensure business start-ups," added Mayor John Rowswell.
Denzil Doyle was founding president of Digital Equipment Corp.'s Canadian subsidiary, which he helped grow into a $160 million operation.
Most business people believe in good luck, Doyle said, but his own experience demonstrates that strategy is key.
Doyle started out selling seismographs to quarry owners who were doing blasting on their property.
From there he bought a business that sold tags for identifying Alzheimer patients.
His next move was into electronic security tags for newborns. Tags on their ankles would set off an alarm and lock the doors of the nursery if a baby was being taken.
Doyle sold the seismograph company for a large amount of money that he didn't divulge last night.
He said that kind of scenario can happen to anyone, but it isn’t going to come easy.
"It's not going to be an instant process," Doyle said, stressing the importance of a well-thought-out business plan.
"None of the plans should be 20 pages in length," Doyle said. "No investor is going to read a six-page summary. It'll turn off the investor."
Doyle said the plan should state exactly what the business is for the investor.
And when it will pay off.
It should also state who the business is marketing to and specify the product or service.
The business plan should be easy to read and well laid out and have a direct point.
"It's not instructions that buy things. It's people." Doyle said
With the technology sector still booming, Doyle said competition is everywhere and people starting their businesses need to be sure they know who they are.
"There is no such thing as no competition. Someone is trying to solve the problem in one shape of form and that is your competition."
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