Monerus Claims Top Prize of $20,000 in ScaleUP Cohort 8 Competition

Monerus took home the $20,000 grand prize at WETechAlliance’s ScaleUP Showcase & Pitch Competition, marking a significant milestone for the eighth cohort of the ScaleUP Accelerator. This event showcased five high-growth companies from varied sectors, and it served as a platform for these entrepreneurs to pitch their innovative business ideas to a panel of experienced judges, including investors and industry experts.

The ScaleUP Accelerator, a collaborative initiative supported by various entities including Libro Credit Union, Invest WindsorEssex, and the Government of Ontario, provides essential resources such as growth coaching, strategic insights, and financial support. It aims to help entrepreneurs in Windsor-Essex and Chatham-Kent scale their businesses effectively. WETechAlliance’s President and CEO, Yvonne Pilon, highlighted that the event was not just a showcase but a testament to community collaboration, emphasizing the importance of supporting local entrepreneurs. She noted the need for sustained efforts to provide resources, mentorship, and investment for their success.

Windsor Mayor Drew Dilkens echoed this sentiment, stating that the ScaleUP Accelerator plays a pivotal role in nurturing the entrepreneurial spirit in the region. He expressed pride in the creativity and determination exhibited by the companies during the competition, reinforcing Windsor’s status as a hub for innovation and economic growth.

The event, held at the Rodzik Gallery at Art Windsor-Essex and attended by over 100 guests, was described as the largest celebration of the program to date. Alongside the grand prize, attendees were invited to participate in the voting process for the $2,500 People’s Choice Award, which was ultimately awarded to Scelta.

Monerus co-founder Khalid Saad expressed gratitude for winning the top prize, emphasizing the importance of the learning experiences gained through coaching and connections with fellow entrepreneurs. Saad noted that the prize money will play a crucial role in furthering the development of their software, which complements their hardware offerings.

This year’s program benefited from a renewed four-year partnership with Libro Credit Union and enhanced collaborations with Communitech through FedDev Ontario, allowing for tailored mentoring and programming that aligns with the current market demands. The resources provided to participants, valued at up to $85,000 each, are designed to intensify growth and drive success.

Investment in the ScaleUP program has led to substantial economic benefits. Since its inception, it has helped create 191 jobs, assisted 34 companies in launching 162 new products and services, and engaged over 10 million users worldwide. In the previous year alone, the program engaged 178 unique clients, provided over 2,038 hours of advisory support, and facilitated fundraising of over $31 million for its clients.

Beyond the competition, the event served as an opportunity for networking among attendees, including growth coaches and regional entrepreneurs, showcasing the success stories of alumni like Picsume, last year’s winner, which recently secured a $1 million seed round.

For more information about the ScaleUP Accelerator, interested parties can visit WETechAlliance’s official website.