Public Venture Capital Can Help Fuel Your Company’s Growth

October 17, 2005
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Inside Success Campaign: Lesson No. 5

“As a growth company, you have to deliver. The market will reward you if you show growth.”

– Art Aylesworth, Chief Executive Officer, Carmanah Technologies Corporation

Carmanah Technologies Corporation is a world leader in solar powered, energy efficient lighting and illumination products for commercial applications. Through a growing portfolio of patented technologies that center on the use of light emitting diodes (LEDs), Carmanah develops innovative products that reduce energy use while enhancing product function – in terms of performance, flexibility and/or cost savings.

Carmanah Technologies Corporation

Victoria, British Columbia


  • Raised $9.7 million on TSX Venture Exchange between December 1999 and May 2005
  • Graduated to Tier 1 of TSX Venture Exchange in May 2005
  • Market cap of $83 million as of May 16, 2005

Participation in the public capital markets is a reality check for small cap growth companies, according to Art Aylesworth, CEO of Carmanah Technologies Corporation. Aylesworth brought his sales and marketing experience to the chief executive position at Carmanah to lead the company’s transition from an engineering and technology culture to a sales-driven one.

The distinction Aylesworth makes between a great technology and a great company is significant. He points to ‘founder-itis’ as one of the greatest hurdles a young company has to face. “At some point, a founder will run out of scope. That’s when he needs to put together a team to take the company to the next level. The markets invest in small cap companies if the management team have commercialization skills and experience.”

Aylesworth offers this to companies considering going public: “Begin by understanding whether or not the technology is real, and if there’s a market for it. Then ask ‘is the business plan real?’ The market expects you to succeed, and that means having the right business for the public market.”