From business development project to business reality

From business development project to business reality

Many professionals enter an EMBA program looking to accelerate their careers. Some are aiming for executive leadership roles; others want to expand their business knowledge or build a stronger professional network. Derek Quesnel wanted to build his own company.

Today, nearly a decade after graduating from the Telfer Executive MBA (EMBA) program, Derek leads Blue Ocean CRM, a healthcare-focused consulting firm that has grown from a one-person startup into an organization of nearly 50 full-time and contract professionals. The company serves clients across Canada and the United States and last year was named the 64^th fastest-growing company in Canada by the Globe and Mail for 2024.

What makes Derek's story particularly compelling is that he built the foundation for his business inside the EMBA classroom. His Business Development Project (BDP) - one of six consulting projects students must complete as part of the Telfer Executive MBA program became the blueprint for the company he would eventually launch.

Entering the EMBA with an entrepreneurial goal

When Derek enrolled in the Telfer Executive MBA in 2015, he was working at Yellow Pages in Ottawa at the director level. While he had built a successful career, he knew he wanted a change. "I started the EMBA knowing I wanted to start a company," he says. "I wanted to do something different in my career." His decision was driven by both professional and personal ambitions. Having earned a college diploma, he wanted to complete a university degree and create new opportunities for his career.

Derek didn't enter the program with a fully formed business plan. He had an idea - he had a background in Salesforce from a previous role, and a desire to build something of his own. What he needed was a way to determine whether the opportunity was viable and the tools to build and scale it. He found what he needed in the Telfer EMBA program.

Turning a class project into a startup strategy

During the summer of 2016, Derek began work on his Business Development Project. His focus was on evaluating whether he should launch his own consulting firm. The project became more than an academic exercise. "My research suggested I should understand the kind of business I wanted to start," he explains.

As part of that process, Derek made a strategic decision that would significantly shape his future success. While completing the EMBA, he left a leadership role with an advertising firm and joined Guru Solutions, a Salesforce consulting firm based in Montreal that closely resembled the type of company he wanted to build. The strategy was to learn more about consulting before rushing into entrepreneurship. "I figured I should be a consultant first before I started a consulting business," he says.

Working at Guru Solutions allowed him to deepen his technical Salesforce expertise while also observing how a professional services organization operates. The combination of classroom learning, market research, and real-world observation gave him something every entrepreneur needs: evidence.

"Having done the research for the Business Development Project, I had data that supported my decision to start this type of consulting company – before the project it was just an idea that I thought could work."

Validating the opportunity

The Business Development Project helped Derek answer key questions.

• Was there enough demand?

• Who were the competitors?

• How large was the addressable market?

• What rates could be charged?

• What would differentiate his company from hundreds of existing firms?

The findings were encouraging. "My research showed it could be a viable business," he says. The data also provided a realistic picture of what he would need to succeed. The opportunity was there, but it would require a lot of sweat equity in the early years.

Finding a competitive advantage

One of the most important insights to come from the project was around differentiation.

The Salesforce consulting market was already crowded. Competing as a generalist would make it difficult for a new firm to stand out. The research and his professional experience led Derek to focus on a specific vertical: healthcare. Guru Solutions already had a strong healthcare practice, giving him exposure to the industry's unique challenges and opportunities. Through that experience, he developed relationships with healthcare-focused professionals and gained market knowledge. His strategy: rather than trying to be everything to everyone, Blue Ocean would become a specialist.

That decision continues to define the company today, with clients spanning healthcare organizations, medical device companies, pharmaceutical firms, long-term care providers, and professional healthcare associations. Through this process, Derek learned that successful entrepreneurship often depends as much on what you choose not to do as what you choose to pursue.

Applying EMBA learning to real business decisions

While the Business Development Project provided the foundation, Derek says many aspects of the EMBA curriculum were relevant as he launched and grew the company. Corporate Finance helped him evaluate funding options and understand the financial realities of running a small business. Accounting provided practical knowledge he still uses today. "I live in QuickBooks daily to keep an eye on cash flow," he says. Guest speakers in the program, some who were entrepreneurs, offered lessons that stayed with him long after graduation. Discussions around value propositions, agility, and competitive positioning helped shape his thinking as he entered the market. One question a guest speaker posed to Derek’s class stuck with him: Why would a client choose a small consulting firm over a larger, more established competitor?

The answer became central to Blue Ocean’s strategy. The company differentiated itself through industry specialization, personal service, flexibility, and deep expertise in healthcare and life sciences. Those lessons from the classroom translated directly into decisions he made for the company.

From projections to reality

The transition from project to business was not immediate or easy. Taking the findings from his BDP, Derek wanted advice from mentors and business advisors. One piece of guidance he received was particularly useful to him as he started out: focus on the near term rather than trying to predict years into the future. Instead of planning five-year forecasts, he concentrated on what the business would need in its first three months. The startup requirements were relatively modest. As a professional services firm, Blue Ocean required technology, certifications, software licenses, and enough financial runway to get the company started and to sustain the business between securing clients and collecting revenue. Derek funded the business largely through personal savings while also teaching at a college to generate income. "It was very slow going in the first year," he recalls. Like many entrepreneurs, he also relied heavily on support at home. "My wife was quite nervous," he says. "She luckily is very supportive and helped with some of the work in the beginning."

The long game of entrepreneurship

For the first three years, Derek was the only employee. He sold projects, delivered services, built client relationships, and managed operations. Growth was gradual but steady. By year three, the business was generating hundreds of thousands of dollars in revenue and Derek was able to bring on contractors to help him with the workload. From there, he started focusing on professionalizing the company. He developed a branding strategy, improved marketing, created project management methodologies and formalized processes.

Today, Blue Ocean serves clients throughout North America. Although approximately 40 percent of its revenue is generated in the United States, Canada remains at the heart of the business since the company’s team and delivery model are rooted in Canadian expertise.

Navigating disruption

Ironically, one of the biggest challenges facing Blue Ocean today was not something being discussed when Derek completed his Business Development Project: Artificial intelligence. Today, it is a major factor being considered in his business strategy and operations. Like many business leaders, Derek sees AI as both an opportunity and disruption. It is helping his team improve productivity, accelerate software development, automate documentation, and streamline research. At the same time, it is changing client expectations and transforming the software industry that Blue Ocean serves.

Rather than resisting change, the company is adapting. Blue Ocean is expanding into AI orchestration, data integration, and emerging technologies that help organizations manage complex digital ecosystems.

A blueprint for aspiring entrepreneurs 

For Derek, the most valuable outcome of the EMBA program was not the credential itself. It was the structured environment that gave him the opportunity to validate a business concept, build a practical plan, access experienced advisors, and develop the financial, strategic, and leadership skills required to launch a company. Nearly ten years later, that project continues to generate results for him.

What began as a classroom assignment became a business plan. The business plan became a startup. The startup has become a nationally recognized consulting firm.