New Brunswick-based online accelerator Propel is shifting to a continuous intake model, meaning startups can begin the accelerator program whenever they need to, instead of waiting for the next cohort.
“By moving to a continuous model, Propel can offer support to founders at the time they need it most.”
-Jeff White, Propel
The organization said by switching to this new model its online accelerator will be well-positioned to help startups through the COVID-19 pandemic. The program will continue to offer companies virtual coaching and access to content through its online learning management system. Over the next three months, Propel plans to onboard approximately 30 new companies and accepted companies will be announced on the accelerator’s Facebook page.
“By moving to a continuous model, Propel can offer support to founders at the time they need it most, applicants will now be able to start our accelerator 12 months a year, removing the obstacle of waiting six to 12 months for the next cohort to start,” said Jeff White, chair of Propel’s board of directors.
The regional organization launched its virtual accelerator program in 2018. The program currently features online and interactive components including one-on-one sessions, live online meetups, and curated content to help founders grow their businesses. Propel said founders are still able to access insights from its network of mentors through virtual fireside chats, which it said has helped founders maintain a sense of normalcy and support during this period of uncertainty.
Five startups from Propel’s Incite program, also recently received $250,000 from the New Brunswick Innovation Foundation (NBIF) and Halifax-based Innovacorp. The selected companies are set to each receive an investment of $50,000 shared equally between NBIF and Innovacorp. The companies receiving investment are:
- FoodByte (Nova Scotia): An online platform allowing food processors to quickly generate and manage food safety plans.
- Simbi (Nova Scotia, British Columbia): Educational technology that lets learners create interactive storybooks while improving reading skills.
- Safa (Newfoundland & Labrador): Develops evidence-based algorithms for improved employee retention.
- SnapAP (New Brunswick): A FinTech solution for streamlining the purchase to payment cycle within organizations.
- TotalIQ (Newfoundland & Labrador): A management platform for engineering teams that uses project experience to increase proposal wins.
“This partnership and this investment are about seeing Atlantic Canada as a total system, rather than as separate regions,” said Thomas Bird, NBIF investment associate. “This was a way of unifying the Atlantic region and building closer ties with our partners in Nova Scotia.”
Image source Propel.