An Edmonton firm that creates customized online exams for clients in Canada and the United States has won the fast-growth category of the annual VenturePrize Business Plan Competition.

Leading Edge Technology Inc. was showcased along with two other finalists at the recent Edmonton Economic Development Corp. (EEDC) annual luncheon at the Shaw Conference Centre.

The company provides Internet-based examination software for the corporate, association, government and academic markets through its ProExams.com website.

It offers a turn-key exam application, a database of suggested testing techniques and an ability to customize exams to fit within the look of a client's existing website.

Dave Olecko, Business Edge
Wax Words CEO and president Peter Bokis was surprised when his company won the inaugural KickStart category.

With 50 customers so far, business development manager Chris LaBossiere says the company is ready to move into a leading position in the online testing industry.

"It's a real honour for our business to be validated by this VenturePrize competition," said LaBossiere. "We're a small company, at two and a half people, and we'll be about a million-dollar company in a couple of months once some contracts are secured."

Leading Edge edged two other fast-growth finalists, both from Edmonton - Collaborative Learning Networks Inc., which sells online collaborative and education tools, and Paramagnus Developments Inc., a podcasting company created by two University of Alberta students - to win $80,500, including a $25,000 cheque with the rest delivered as in-kind services.

The two runners-up each received $38,000 in cash and support to help advance their businesses, for a total of $156,000 worth of prizes that were handed out in the fast-growth category.

In this fourth annual business plan competition, VenturePrize opened its program to entrepreneurs from across Alberta, rather than just Edmonton, and added a second category, KickStart, for newer and smaller business ideas. Total prizes increased to more than $182,500, up from the $140,000 in 2004-2005.

"It's fascinating to watch the process, it's fascinating to see the participants develop their 'elevator pitches' and their videos are professional. The winner is well deserved," says David Cox, the incoming CEO of Technology, Entrepreneur and Company Development (TEC) Edmonton.

TEC now manages the VenturePrize program, originally launched by EEDC in 2002 as a three-year local project.

"I know they're going to go on to success, they're investment-ready, they're invest-ment-capable and this program is a great kickstart for them," adds Cox.

Calgary company Wax Words Inc. was crowned the inaugural KickStart champion.

The business sells novel cards that combine the traditional aspects of greeting cards with colourful, artistically designed and aromatic beeswax sheets.

When removed, the sheets create a candle that fits into a standard-sized candleholder as a keepsake.

CEO Peter Bokis says he couldn't believe it when the winner was announced earlier in March.

"I entered this competition with no preconception of winning," says Bokis, an electrician by trade.

"All I wanted to get out of VenturePrize was to have the panel give me more direction and get good constructive feedback on the business plan, which would help me with the startup of our brand new company."

"I had the ideas but I didn't have the knowledge of the business background. There was a $100 entry fee. What I wanted was that $100 worth of feedback."

Bokis says the $7,000 in cash and $5,000 in support services that he received will come in handy.

"Right now, we've been using our own funds ... we're looking for investors. It will help us maintain our drive for success in business," says Bokis. "We're hoping this (win) will open up many other doors, and other people's eyes as well."

Leading Edge Technology's LaBossiere says the win will also help him and his partner Don Riep, who designed and developed their software.

"We were both pilots at the time and we saw a void for online learning and testing for pilots, so we went after that market, but (soon) realized the exam market itself is much bigger and much more lucrative," LaBossiere says.

They plan to use their winnings to hire salespeople.

While the VenturePrize announcement capped the EEDC annual luncheon, the unveiling of the Shaw Conference Centre's new Hall D, with its 24-foot-high windows and a stunning 270-degree view of Edmonton's river valley, opened the event.

Hall D adds 26,900 square feet of sunlit convention space to Edmonton's flagship hospitality venue and will increase the conference centre's annual economic impact to $43 million a year, says EEDC president and CEO Allan Scott.

According to the just-released KPMG Competitive Alternatives report, Greater Edmonton continues to offer competitive business opportunities with the second-lowest business costs of 21 U.S. Midwest and Western Canadian cities evaluated, and has the lowest business costs in western North America among major cities, he says.

EEDC also presented two awards during the function.

Its Business Achievement Award for 2006 was given to the PCL family of companies in recognition of PCL's success and commitment to Edmonton during their past century of corporate achievement.

The Community Achievement Award for 2006 was handed to the Grand Prix of Edmonton in recognition of the success of Edmonton's inaugural Champ Car race, and for the creation of a new international tourism attraction for Alberta.

(Laura Severs can be reached at laura@businessedge.ca)