EQO Communications is a Vancouver startup that has run into some tough times. They are in the wireless communications applications space and are building their base of customers, especially in the Far East. Unfortunately revenue is not growing fast enough and their cash reserves not big enough to keep them going long term. They tried to acquire additional funding earlier this year and failed. A few weeks ago they had to lay off a significant number of staff to get their burn rate down and tough out this economic downturn.
Natalie and I met today with two of the people they let go: Laura Colwill and Kevin Lim. Laura was CFO. Kevin, VP Operations.
I’m impressed by both of them. They have experience with credit card processing, running a startup, financing a startup, etc. Laura has great international business experience. Kevin has lots of experience with scaling and managing online services in a high availability environment and previous experience with some very detailed issues of international payment processing.
We are not yet in a position to build up our team and won’t be until we secure at least the Friends & Family financing round. However, I’m encouraged by the availability of this kind of talent in Vancouver and the potential that the industry downturn will spring many more good people free from their existing positions. With any luck we’ll fill the roster with people of Laura and Kevin’s talent. If the market stays soft, it might even be them.