'You got to bet on an idea': Canadian entrepreneur holding $250K funding competition for startups

A Canadian entrepreneur is giving back by holding a contest to help a startup turn their business idea into a reality.

Trivelle Simpson, founder of the venture capital firm The Drive Group, is offering $250,000 to the winner of the "Drive 250" funding competition, which he likens to "Dragon’s Den meets The Apprentice."

"There comes a time when you got to bet on a founder, you got to bet on an idea. You got to bet on somebody who's addicted to what they're doing, and then you create products that will change the world," Simpson told CTV's Your Morning on Thursday.

Simpson says he was inspired to lend a helping hand to new entrepreneurs after his own experiences struggling to acquire funding.

"One time at a startup, finding money was the hardest thing," he explained. "The whole idea was that smart startups need easy access to capital. It was one of the visions that we had, that when we get through the door, we'll take it back to smart businesses that need investment."

After The Drive Group selects a shortlist of semi-finalists, the startups will participate in a set of weekly challenges on social media. From there, four finalists will be selected to travel to Toronto and pitch their ideas before judges at a live show for a chance to win the grand prize.

Simpson started The Drive Group in 2016, starting with just the funds received from a single tax refund of $1,500 and continued to grow through progressively larger investments in derivatives, capital markets, real estate and more.

"I think that the biggest advice I give to anyone, whatever you're doing, you got to be addicted to it. Ninety days out of the 100 days, it'll look like you should quit. But you got to survive the 90 to get to the 10 where pays you back," Simpson said.

The Drive Group is accepting applications until April 1 and plans to announce semi-finalists on April 14.