THE CHALLENGEWhen Vancouver-based Jordan Menashy and Ian Crosby launched tech startup Bench, it was to revolutionize bookkeeping for small businesses by offering cloud-based accounting services accompanied by live bookkeepers.Their vision was to break into the market in North America and then internationally. But as they started looking for investors, the pair soon hit a wall in the Canadian venture capital market.
“In Canada, there’s ultimately a lack of venture capital compared to the U.S.,” says Mr. Menashy. “The amount you can raise and your valuation tends to be much lower.”Because of this, the founders were advised to reduce the scope of their vision.Their highest investment offer by the end of 2011 was $500,000, a figure too low to fund their long-term goals.THE BACKGROUNDBoth graduates of the UBC Sauder School of Business, Jordan Menashy and Ian Crosby co-founded Bench in early 2011.“After Sauder, Ian worked for Bain & …