The Newest Rage for Tech Startups

Startup accelerator programs have become increasingly popular over the past few years. With companies such as FounderFuel, Grow Lab, and Extreme Startups popping up from Montreal to Vancouver, these organizations are putting Canada on the map when it comes to business incubators.

Typical startup accelerator programs run two, 12-week cohorts each year with a small number of companies chosen for each session. The tech-savvy entrepreneurs, who are fortunate enough to be selected, are provided with financing (typically $25k), a workspace, and access to a network of mentors, business professionals, and investors.

Katherine Hague, co-founder of ShopLocket, was one of this year’s participant in Extreme Startups’ spring 2012 session.

“We joined Extreme Startups just after launching in closed beta. We wanted to work with mentors and advisors that could help us take our proof of concept and build it out into a sustainable business,” said Hague. “At the early stages, a strong network and support is incredibly important. It’s also encouraging to work around other startups facing the same challenges you are. We learned a lot from each other.”

This past Wednesday, May 23, was Demo Day, which marked the end of the spring 2012 cohort at FounderFuel. After 12 grueling weeks of developing their ideas, teams presented their business and found out if they were “venture ready” and therefore eligible for an additional $150k of investment capital.

Mike Dunleavy, Colin Wrynn, and Michael Grantmyre from our firm were in attendance.

“We want to congratulate all 11 companies who participated on their accomplishments over the past 3 months,” said Dunleavy. “In particular, we want to applaud our clients, HealthAware, Appifier, LiveRides, and NoteSolution on their innovative ideas and all the hard work that’s gone into making their vision a reality.”

Between Demo Day, the C100 AccelerateMTL reception, and the CVCA annual conference, things were definitely buzzing last week in Montreal. It was an opportunity for people to network and share ideas, and who knows…maybe the next big technology breakthrough was born!