I Love Rewards: a company that gets to the point

Razor Suleman wins BDC's Young Entrepreneur Award
for Ontario

(Toronto, Ontario  – October 16, 2007) – A passionate entrepreneur who started his first business when he was a student, Razor Suleman, 33, now heads an online incentive marketing company, I Love Rewards, that has grown 5,000% in five years. For this success, Razor has earned BDC's Young Entrepreneur Award for Ontario and will be honoured tonight at a ceremony in Winnipeg, Manitoba.

I Love Rewards uses a Web-based point system to build reward programs for companies that want to increase sales, motivate employees, and build customer loyalty. The company evolved out of Razor's first business, which he started from his dorm room in 1995, selling branded athletic apparel to campus groups and clubs. After graduating, he moved the business off-campus and began selling to companies. In 2002, he became aware of the opportunity to expand the business further by creating employee incentive programs and founded I Love Rewards.

The company targets Fortune 1000 businesses across North America, and counts firms such as Rogers Communications and KPMG among its clients. "We compete with the manufacturers of grandfather clocks and crystal vases who sell these items as employee rewards," says Razor. "But our thinking is, let's raise the bar and get employees the things they really want."  The I Love Rewards system enables employees to accumulate points which they can trade in for everything from iPods to weekend getaways.

It all adds up to success
Consult the I Love Rewards Web site and you will find a list of the Top 100 reasons that employees love to work for the company. Among others, there are the many opportunities for recognition and upward mobility; the minimum four weeks' vacation; and the vision committees which give employees the opportunity to devote 20% of their time to areas such as Recognition, Culture and Communications, Social Responsibility or Training. In fact, social responsibility is integral to Razor's business. In addition to contributing to charities, he provides his employees with a week of time every year to donate to the cause of their choice. "Very few companies do this," says Razor, who focuses on recruiting people who are what he calls "A's or A+'s".

Razor's business success and the unique corporate culture he has created have resulted in I Love Rewards being recognized as one of Canada's Top 100 employers, as well as number 12 on the Profit 100 list of Canada's fastest growing companies. "We've proven that you can be both a fast-growing company and a great place to work," points out Razor. 

Now focused on becoming the global leader in rewards programs, Razor has mapped out his five-year master plan and shared it with his team. "When you have 40 people all moving in the same positive direction, you will achieve what you plan to achieve," he says.  
 
"I congratulate Razor for the success and rapid growth of his business. He is making his mark on the Canadian corporate landscape with a unique product and a distinctive corporate culture that capitalizes on social responsibility," says BDC President and CEO Jean-René Halde. 

For Razor, being a successful entrepreneur is about following your passion. "I've chosen to do what makes me happy," he says. "When you look at successful entrepreneurs of our time, you will see a direct link between their success and their passion."

Young entrepreneurs in the spotlight
BDC's Young Entrepreneur Awards are a highlight of Small Business Week, providing the opportunity to honour the entrepreneurial spirit and business success of Canadians between the ages of 19 and 35.  Winners from each province and territory are selected by a panel based on the originality of their business concept, its success, growth potential and their community involvement.  The panel also considers the entrepreneur's age when the business was started and any special challenges that had to be faced.

Small Business Week partners
Contributing to the success of this year's Small Business Week and Young Entrepreneur Awards are the following national sponsors:  Western Economic Diversification Canada, Export Development Canada and Rogers. Privileged partners are the Pan Canadian Community Futures Group and the Canadian Chamber of Commerce, which 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 2008.

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