Ideas with Impact
UNB Faculty of Management

Photo: Members of the Profitual Team, left to right: Craig McLaughlin, Ray Fitzpatrick, Brady van der Velden, Sabrina Jaffer, Shashwat Shah, Muhammad Jahanzaib and Sydney Rankin.

In the dynamic landscape of entrepreneurship, securing funding is a critical step for both launching and scaling ventures. However, navigating the intricacies of financial information can be challenging, particularly for those without a background in accounting or finance. Recognizing this need, Raymond Fitzpatrick (BBA ’09), an alumnus of the University of New Brunswick (UNB) and former Director of Investments at the New Brunswick Innovation Foundation (NBIF), joined Daniel Hoyles, former Investment Associate with NBIF, in launching Profitual in October 2022. Their goal was clear: to provide startups with the necessary advice and financial intelligence at an early stage, paving the way for smoother and faster launches.

Just over a year since its inception, Profitual has achieved remarkable success, with ten employees servicing over sixty clients. The startups they've supported have collectively raised an impressive $18.4 million for their development. This achievement is a testament to Profitual's commitment to bridging the gap between entrepreneurial vision and financial strategy.

The UNB connection in Profitual's journey is compelling. Out of the ten team members at Profitual, seven are UNB graduates, showcasing the university's significant influence on the enterprise. Sydney Rankin (BBA ’20), Fintech Business Lead and a UNB alumna, emphasizes the unintentional but powerful UNB alumni presence within the team.

"In a recent team meeting," she shared, "we realized almost everyone had a degree from UNB. It was like an alumni reunion. In a team of ten, seven of us are either graduates of UNB or current students."

This strong UNB representation is rooted in the university's renowned entrepreneurial programs. Within the faculty of management, concentrations in Entrepreneurship and in Commercialization, Investment, and Scaling are popular among BBA and MBA students, respectively. The Student Consulting Group, conducted in partnership with Creative Destruction Lab – Atlantic, pairs ventures with top business students who provide support in developing financial models, evaluating potential markets, and fine-tuning strategies for scaling.

The success of Profitual also reflects the University of New Brunswick's commitment to nurturing entrepreneurial talent. The faculty of management's experiential learning approach, including partnerships with local entrepreneurs, encourages students to explore and engage in the entrepreneurial ecosystem from ideation to launch. It is no surprise that these experiences leave students eager for more.

Muhammad Jahanzaib, a third-year BBA student, found himself drawn to Profitual's unconventional approach to financial services. "They go well beyond traditional financial services, offering strategic planning and fundraising support," he noted. After a meeting with Fitzpatrick and Rankin, Jahanzaib joined Profitual part-time as the Junior Fintech Lead, contributing to the development and implementation of intricate financial models for SMEs.

“We're always looking for ambitious students seeking real-world experience that complements their studies,” says Rankin. “The start-up environment moves quite a bit faster than others, and the learning curve is steep, but we believe it's an incredible opportunity to apply coursework in practice and build professional network exposure unlike anywhere else!”

Profitual stands as a prime example of how UNB, through its faculty of management, acts as a catalyst for nurturing and empowering talented graduates within the entrepreneurial ecosystem. The seamless collaboration between UNB alumni and current students underscores the university's commitment to fostering innovation and excellence in the ever-evolving world of startups. As Profitual continues to thrive, the UNB connection remains a driving force behind its success.

Learn more about Profitual and about UNB’s Faculty of Management.

Media contact: Liz Lemon-Mitchell