An innovative Cape Breton company making sure drummers never miss a beat is receiving support from the province to help export its products worldwide.
The province announced today, Dec. 20, it will invest $300,000 in Billdidit. The funds will help the company continue to develop its line of unique music industry accessories for drummers.
"Some of the best innovation is taking place in small businesses across Nova Scotia, and often all these companies need to get to the next level is access to capital," said Percy Paris, Minister of Economic and Rural Development and Tourism. "Making smart, strategic investments in high-potential companies is an important part of jobsHere, the plan to grow our economy."
The seven-year, interest-bearing, repayable loan will be used for working capital, and to acquire prototyping equipment to improve efficiency.
"This investment will allow us to grow our business, hire additional staff and market our product to musicians around the world," said Billdidit president Joe Menchefski. "We have a unique series of products that compete on the global scene. We've proven that with our first three products and now we have the means to aggressively develop and promote our latest ideas."
Billdidit has developed a drop clutch system that easily allows drummers to engage and disengage hi-hat cymbals. Drum! Magazine said drummers will wonder "how your left foot survived without them".
The company is also an Innovacorp I-3 Technology Start-up Competition second-place winner.
"The Billdidit team has a great combination of skills that allow it to create meaningful products, design and prototype them for manufacturing, and bring them to market efficiently," said Bob Pelley, investment manager at Innovacorp. "We look forward to watching this company develop additional new products as it continues to broaden its market reach."
For more information, contact:
Economic and Rural Development and Tourism
Sydney, Nova Scotia, December 20, 2011