If you’re planning on making a startup company, or have already gotten into the process, you know that the biggest thing that you need is investments. It’s hard to come up with the money you need to create your company from the ground up, so you need a team of investors to believe in what you’re doing. There are many summits where very wealthy investors meet, and they hear ideas get pitched. One Edmonton company was able to secure a very big investment, looking to be the next big thing in the city.
The company’s name is DrugBank, which started out as a research project at the University of Alberta. Two men that worked on the project, Craig Knox and Mike Wilson, oversaw DrugBank and saw that it became a great internet tool for free information regarding drugs. “The first weekend we released it, the servers crashed because there was so much traffic coming in,” Knox said. It was quite popular and grew in its popularity over the years.”
DrugBank became a household name, and they were able to find a way to make a business out of the project. The database covers “Everything from genetic testing to helping pharma companies develop new drugs,” Wilson explained. “The value for the users is saving time by finding the information in one place.” In 2016, the two made their project commercialized, and they developed a staff of nearly two dozen people. To make DrugBank grow, they looked to investors.
At an investment summit, there was a prize for the top project. That prize, worth a whopping $125,000, was rewarded to DrugBank, which allows them to grow their team of salespeople and product developers. “It’s really exciting,” Wilson said, hoping to add more people from the Edmonton area onto his team and make it into a powerhouse company within the city.