"People should generally be in higher spirits in Ottawa than elsewhere,” said Claude Haw, managing partner for Venture Coaches.

Haw was the guest speaker at the Technology Executive Breakfast organized by OCRI.

Haw predicted that financings in 2001 should approach last year, when Ottawa companies secured an unprecedented $1.3 billion in venture capital. This prediction seems even more likely now with high-tech firm Solinet's announcement last week that it has secured $144 million, a Canadian record.

Haw referred to figures that showed $370 million was raised in the first quarter of 2001, which rose from $208 million in the same quarter last year. That figure, however, fell from $431 million in the last quarter of 2000.

That drop from the end of 2000 to the start of 2001 was not as dramatic when compared to elsewhere in Canada and the U.S., Haw said. He did acknowledge, however, that VC firms have become far pickier when considering their options. He also noted they are taking more time to finalize deals.

The criteria that Venture Coaches considers when pondering an investment include the quality of the management team and the market for their product, which must be both unique and advantageous over their rivals' products, Haw said. The firm must also have a plan for profitability.

"Generally, we're looking for attitude — people who really believe in what they're doing,” he said.

Venture Coaches focuses on financing firms that create wireless and photonics products. The Technology Executive Breakfast series will resume in September.