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Bob Hoang, Vy Hoang and Grace Baba win BDC's Young Entrepreneur Award for Ontario
(Toronto, Ontario – October 17, 2006). Pooling their know-how to capture the latest technological advances, Bob Hoang, 35, Vy Hoang, 33, and Grace Baba, 31, have built a fast-growing surveillance equipment business with 135 employees, a worldwide distribution network and $20 million in sales in 2005. For this achievement, they have earned BDC's Young Entrepreneur Award for Ontario and will be honoured tonight at a ceremony in Moncton, New Brunswick.
i³DVR manufactures and markets digital video surveillance equipment to businesses as varied as supermarket and restaurant chains, banks, casinos, military bases, and even to the U.S. Federal Reserve and the U.S.-Mexican border authorities. The company is also moving into the European Union, with a manufacturing facility in the United Kingdom. Its equipment is state-of-the-art, using video analytic software that adds value to captured video data. To remain on the leading edge of technological advancements, the company has close to 50 employees working in its research department in Canada and overseas. "We have the largest research group in our industry," points out Bob.
Zooming in on opportunity
Bob, an MBA, and his brother, Jack, a software engineer, started out in the early 90's selling and installing home alarm systems. By 2000, they realized there was more potential in digital video recording systems and started buying and reselling products from the U.S. and Asia. "After a while we said, 'This doesn't make sense; let's make our own products'. And that's how we started," explains Bob. With brother Vy, who has an economics degree, and his wife, Grace, who has a degree in science, joining the venture, the company started out with 20 employees. "We said that if we could survive the next two years, then we would have made it. We did, and that was the turning point," Bob explains.
Customization has been key in enabling the company to compete against some industry giants, including U.S.-based international corporations, as well as Asian firms. "It is very easy for us to adapt to change, so we can give our customers exactly what they want," points out Bob. "They tell us what they are looking for and we provide it. We follow up with training, support and service. Our customers love the integration and innovation of our products, and the flexibility of our staff."
Of the 85 employees today located in Toronto, the majority are immigrants, as are the Hoang family, including 13 children, who came to Canada from Vietnam as boat people in 1980. i³DVR has been recognized for helping its employees integrate into this country through an in-house program of English classes.
"Bob, Vy and Grace stand out as role models for young Canadian entrepreneurs," says BDC President and CEO Jean-René Halde. "Their business, which employs so many new Canadians, is a model for others when it comes to finding the right people from around the world for the right jobs. It's a pleasure to recognize their passion, drive and excellence with this award."
"You have to think outside the box," Bob says of being an entrepreneur. "And no matter how much you grow, you have to work to hold on to your current customers, to let them know that you support them."
Recognition for young entrepreneurs
A major feature of Small Business Week, BDC's Young Entrepreneur Awards recognize the entrepreneurial spirit and business success of Canadians between the ages of 19 and 35. The winners – one from each province and territory – are selected by a committee based on criteria including success, growth potential, innovation, participation in new economy activities and community involvement. The committee also considers export performance, the entrepreneur's age when the business was started and any special challenges overcome.
Small Business Week partners
National partners help make Small Business Week a success. Western Economic Diversification, WestJet, Rogers, Export and Development Canada, CFIB and Intuit Canada are official partners of the 2006 Small Business Week and Young Entrepreneur Awards. The Canadian Chamber of Commerce has been a privileged partner of the event since 1981.
About BDC
BDC is a financial institution wholly owned by the Government of Canada. BDC actively supports the development and growth of Canadian small and medium-sized businesses through its complementary financial, investment and consulting solutions. BDC is one of Canada's Top 100 Employers for 2007.
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For more information or to arrange for an interview on October 17:
Media Room:
1-877-330-4343
506-857-2117
After October 17:
Eva Boucher Hartling
Media Relations Manager
514-283-7929
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Bob Hoang, Vy Hoang and Grace Baba
i³DVR International
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