What does it take to launch a business? Tim Lynn, ’15 BCom, has a doubly solid idea — he’s the co-founder of a startup that supports the creation of other startups (really!) and a mentor with the (VMS). His Edmonton-based company brings together diverse community stakeholders — from science and industry personnel to angel investors and budding entrepreneurs — to propel innovative ideas, products and services into the real world. Since 2020, TNT has invested around $20 million in more than 120 Canadian startups. We talked to Lynn about the characteristics, behaviours and strategies he says are the main ingredients to entrepreneurial success.
1: Hone Your Entrepreneurial Spirit
Fire up your research engine and investigate the industry before you decide on creating a product or service. What is missing? What are experts saying? Why does your idea matter? “A deep level of understanding about who your customers are and what they need is extremely relevant,” says Lynn.
You also need a thick skin, he says. Expect to hear that your idea is not going to work. You’ll need to remain confident while you manage the pushback, naysaying and rejection. Finally, you want your idea to be different, but not “super weird,” he says. After all, you need to be able to engage with and attract investors, which Lynn says is “a delicate dance, a tricky balance.”
2: Embrace AI
Large language model tools like ChatGPT are exceptionally helpful to entrepreneurs. They can do secondary research, craft pitches, proposals and emails. They extract meaningful and useful information from the internet and apply logic in seconds. “If people are not using AI already, they will be left in the lurch,” says Lynn. These tools are efficiency geniuses — multiplying output so the entrepreneur can spread the word broadly and increase the likelihood of investors signing up. Lynn expects the next generation of AI assistants will have “agency” — and see tasks all the way through to completion. For example, in addition to pulling together material for a contract proposal, they will also submit the proposal. Of course, tech entrepreneurs are also well-poised to design and sell AI products. , for example. It’s a company that has developed a tool for steel estimators to amplify their bidding capacity.
3: Celebrate Hindsight
Think you have the finest idea ever? “The best mousetrap may not be the one to win,” says Lynn. “The winner will be the one with the best story that people want to rally behind.” Lynn learned that lesson when creating his company. “I wish I had spent more time on community development and management with TNT,” he says.
Lynn has professional designations that include Chartered Professional Accountant, Chartered Financial Analyst and Chartered Business Valuator, and he has spent time working at Deloitte as a corporate finance associate. Marketing and sales is not his strongest suit, he says. Fortunately, his TNT co-founder has great community-building skills. Lynn says it’s important to be open and honest about your weaknesses to find ways to bridge those gaps. If you aren’t lucky enough to have someone in your organization to bridge the gap in your skills, Lynn suggests you seek out mentors who can help, or embark on coursework to build your skills.
4: Create a Village
Most problems are solvable. Those who have come before you can share what has worked for them and provide direction, support and clarity to help you remain grounded in a chaotic and competitive economic environment. Mentors can also introduce you to people who would be interested in your idea.
“It is quite stressful, navigating a helicopter through the fog,” says Lynn. Mentors, he says, can help dissipate anxiety, instill confidence and encourage mentees to look at the big picture. They can diagnose and provide tools to tackle problems and help budding entrepreneurs take the next right step. Takeaway: Get out there, tell your story and meet people you can learn from.
Want to join Lynn’s village? He recommends checking out mentor and mentee opportunities through , the workshops at and organized by Startup TNT.
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