The ability to apply financial literacy effectively can differentiate a startup and help set them up for long term success. Empowering leaders with capital expertise is what Gary Parmar and the team at MNP do best.
Gary Parmar is a Partner and the Regional Leader of Technology, Media and Telecommunications team at MNP. He has over 20 years of experience in the wealth industry and provides accounting, tax, financial planning and business management advice. When he is not building client relationships, or mentoring his colleagues, you can find him supporting AO’s Fundable program and investing in the Okanagan Angel Summit
What do you enjoy most about your role at MNP?
I was drawn to accounting early on and realized that professional services offered the perfect blend of utilizing my skills and owning a business, helping clients make informed decisions. Being a Partner at MNP allows me to be the “quarterback” in client relationships, offering timely advice that positively impacts their businesses. I find fulfillment in mentoring younger team members and collaborating with colleagues. Living, working, and supporting the communities we are a part of is a core value our firm supports.
What do you think is the biggest barrier for entrepreneurs raising capital?
Current market conditions, marked by high interest rates and uncertainty, pose significant challenges. Entrepreneurs must have a deep understanding of customer demands, both B2B and B2C, and be able to provide creative solutions.
Can you speak to the importance of financial literacy for founders when it comes to building a start-up and raising capital?
Financial literacy is paramount; founders must comprehend financial statements and work with trusted advisors to make sound business decisions; to help drive their venture forward. Entrepreneurs should work on their business rather than just in their business.
What benefits do you see for founders who participate in Fundable?
Participating founders gain valuable mentorship from experienced professionals and forge connections with like-minded peers facing similar challenges. Investing in basic accounting courses and accounting software platforms can bolster knowledge. Regularly reviewing financial statements with a trusted advisor is also crucial.
What inspired you to be an active investor in the Okanagan Angel Summit?
Curiosity led me to explore angel investing, and my participation in the summit introduced me to inspiring founders, investors, and other mentors. The wealth of ideas in our local tech ecosystem motivates me to continue my involvement.
In regards to supporting entrepreneurs or investors, is there anything new on the horizon for you (or MNP) that you would like to share with the OKGNtech community?
MNP offers a comprehensive entrySMART program, including consulting, financial modeling, cloud accounting, and SR&ED claim review, designed to help new tech businesses flourish.
MNP is one of the largest national accounting and business consulting firms in Canada. Their Kelowna location has over 100 team members who deliver a full range of accounting, tax, and business consulting services. They have been a proud sponsor of many tech events hosted by Accelerate Okanagan and have also been mentors, investors, and champions in the local community.
