Taiga, an industry disrupter
As students at McGill University, Samuel Bruneau (BEng'15), Gabriel Bernatchez (BEng'16) and Paul Achard (BEng'14) met as members of the McGill Formula Design Team. Together, they developed an electric snowmobile prototype for fun, but when they started to get approached by potential customers, they realized that their idea could be a game-changer. No one else was building electric power-sport vehicles. So, the three of them founded Taiga in 2015, hoping to disrupt a highly competitive and polluting industry.
The past two years have been especially groundbreaking. Taiga went public on the TSX last April, successfully built its world-first infrastructure for the mass-production of electric off-road vehicles in Montreal and celebrated the production of its first client-ready snowmobiles.
Taiga now has a team of more than 200 employees and has raised over $160 million in funds to drive its mission to revolutionize the powersports industry with electric vehicles that transform the way people access the outdoor.
The Dobson Cup: a fantastic opportunity
When Taiga founders submitted their business plan to the McGill Dobson Cup in 2016, it was the beginning of an incredible and rewarding journey. As engineering undergraduates, they knew they had a promising concept: offering the world a powerful electric snowmobile at a competitive price point.
The McGill Dobson Centre for Entrepreneurship provided them with the support they needed to develop an entrepreneurial mindset. They were awarded 1st place in the Innovation Driven Enterprise Track of the McGill Dobson Cup for which they received a prize in the form of a seed grant. However, the most important takeaway from that experience was the networking opportunities.
"The different rounds of the Dobson Cup helped us build out our business case," Stated Bruneau, "It was a great launchpad. The network we built is what allowed us to launch Taiga to where it is today."
This initial network played a key role in their two first financing rounds. The knowledge and contacts acquired through the Dobson Centre's program gave its founders the credibility to stake their claim in a highly competitive and capital-intensive industry. Their success is not only a testament to their hard work and determination, but it also highlights the outstanding opportunity available to students building a company within a robust startup ecosystem.
Building blocks of success
While building any startup is trying, Taiga had the extra challenge of penetrating a well-established, highly competitive, and capital-intensive industry. What made them so successful?
While the co-founders acknowledge that they met challenges along the way, a shared vision, complementary skills and a strong network of advisors were their cornerstone. They emphasized the importance of trust and communication among the team and talked about how being on the same wavelength was a considerable asset for Taiga, which allowed them to move with agility. As the company continues to grow, they seek out new hires who share their vision and strong work ethic.
One of the biggest hurdles for any startup is the race against the clock and tight budgets. Achard advises that focus is the key to success: "Knowing the requirements to build your product and concentrating on what makes you competitive."
He elaborated on how they had to concentrate on tight product requirements – the "must-haves" rather than the "nice to haves” as a way to stay on track and reduce the number of features to test and iterate. The "nice to haves" become more accessible as the company grows.
While they are now a thriving company, both founders expressed to the Dobson Bootcamp and Cup cohort that the early stages of development required a lot of persistence. They described moving to Shawinigan and working through many late nights to bring their vision to life.
"Good luck! No matter the outcome [of the competition], persistence is key!" Achard conferred in his parting words to the cohort.
Taiga's key learnings:
Be passionate about solving the problem, not just the outcome
Adopt a product-first approach
Surround yourself with great people and be wary of those who want short term success
Maximize the use of your limited resources
Build in phases and understand what to focus on for each
