Business Incubation in Action – V-TRAIN

How V-TRAIN leveraged the Empowered Startups’ methodology,  network, and mentorship to launch in Canada.

V-TRAIN is a Vancouver-based startup delivering immersive virtual reality (VR) training experiences for the global financial services industry. Ranjeet founded the company after identifying an opportunity while working in the financial sector.

Ranjeet entered the Empowered Startups’ incubator to validate his business model and launch his startup in Canada. Starting from the strategic planning session, Ranjeet and the Startup Leader worked together to develop a strategy to effectively allocate his startup’s capital in a way that would provide a runway to both validate the business model and develop a minimum viable product (MVP).

“Not all incubators engage with entrepreneurs and work to develop a relationship. I am glad to have such a good relationship with a Startup Leader. It makes our work, debates, and conversations about moving the startup forward easier.” – Ranjeet, CEO of V-TRAIN

To help Ranjeet execute on the plan, Empowered Startups worked with him to refine customer validation materials and introduced him to market research companies who could support the discovery process. We reviewed proposals together to determine which were appropriate in scope and would deliver the information he needed while saving capital for the development of a MVP. We also connected Ranjeet with marketing companies to help establish his brand.

To develop the MVP, Empowered and Ranjeet evaluated proposals from several private companies and academic research labs to determine the best fit to convert V-TRAIN’s curriculum to VR and decided on a hybrid approach. Empowered Startups then helped V-TRAIN to leverage its capital by securing a grant for the academic research lab portion of MVP development through our partner Mitacs. As a result, V-TRAIN partnered with Emily Carr University of Art + Design’s Design + Dynamic Media Department and Mitacs provided $33,750 in support funding for the $45,000 grant.

“Empowered has developed a unique methodology that translates a business model into an executable roadmap. Combined with its focus on relationships, strong network, and familiarity with the Canadian business environment, Empowered has created an incubation program amenable to getting things done.” – Ranjeet, CEO of V-TRAIN

As V-TRAIN completes the build of its MVP, it will continue to work with the financial services industry and test the initial module before rolling out its complete curriculum. V-TRAIN sees big opportunities in its future as it expands to develop other VR curriculums that improve soft skills and decision making.

 

About Empowered Startups
Empowered Startups is an Innovative Startup Incubator and foundry headquartered in Vancouver, British Columbia, Canada. With offices in Canada, France, and Portugal, we train/mentor/ and network entrepreneurs to successfully launch new businesses in diverse markets. As a foundry we also conceive, build and launch our own products and solutions. Empowered Startups is recognized by the Canadian Government as a designated start-up business incubator and is known internationally for growing ideas into sustainable businesses using both a virtual and on-site model. Our training tools and mentorship are used and recognized by leading global university labs, Startup incubators, and innovation hubs.

Photo by Eren Li