An Atlantic Canadian pilot program aimed at supporting women and non-binary founders is officially going national thanks to funding from the Business Development Bank of Canada’s (BDC) Thrive Lab.
Firestarter, created by angel investment network The Firehood, offers founders networking, resources, and mentorship to support their ventures’ success as they scale. The national virtual program, which intentionally spells its name fully in lowercase in recognition of the lack of funding for women entrepreneurs, will be launching a new cohort in early 2025 that will culminate in a $100,000 pitch competition in Toronto, in time for International Women’s Day.
Danielle Brewin Graham, co-founder of The Firehood, declined to disclose how much funding BDC is providing, but told BetaKit the Crown corporation’s venture lab will also be providing mentorship and resources to impact-focused, women-led businesses through the program. Firestarter will include a specialized track through which BDC will provide advice and education on dilutive and non-dilutive funding.
The Firehood is one of 25 partners that can make referrals to BDC Thrive Lab once it invests, which means founders may eventually become eligible for funding from the lab, if they win Firestarter’s pitch competition, Graham noted.
Discussing BDC’s role in supporting the program, Graham said, “It means that we can give those founders clarity on what they need, and we can actually pull in even more resources and mentorship and connections. It just fuels a lot more of the fire so that the founders can access that support.”
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BDC Thrive Lab is not the only partner on Firestarter. Others include Firehood co-founder Claudette McGowan’s company Protexxa, which will run a cybersecurity stream; Deloitte, which will provide dedicated leadership expertise to startups; and Export Development Canada, which will provide guidance on trade, partnerships, and market entry strategies to founders looking to go international. Coach ZJ Hadley will also offer a strategic leadership workshop to teach participants about decision-making, team trust, crisis navigation, and executive presence.
“These focus streams are really what will ensure that not only our portfolio companies, but future companies that are pitching, [get] some of that targeted expertise and support from our network,” Graham told BetaKit.
In a statement, Thrive Lab managing director Sévrine Labelle said sponsoring Firestarter will allow the lab to amplify its impact as it looks to increase access to capital and accelerate the advancement of women entrepreneurs.
Firestarter was initially piloted over the summer in Atlantic Canada with the Pond-Deshpande Centre and Women and Nonbinary Impact Network for Venture Capital. Through that pilot, founders received support and mentorship from entrepreneurs, as well as a chance to pitch at Elevate Festival this year.
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One of the startups that participated was Saint John, NB-based MedReddie, which offers an artificial intelligence (AI)-enabled platform designed to streamline the medical technology evaluation and purchasing process. In July, the startup announced $782,000 CAD in pre-seed funding, some of which included funding from The Firehood as part of MedReddie’s winnings at Elevate Festival in 2023.
“The Firestarter program was instrumental in MedReddie’s growth, providing expert mentorship, resources, strategic advisory, and access to key industry partnerships,” Kara LeBlanc, founder and CEO of MedReddie, said in a statement. “This enabled the rapid scaling of our AI-powered healthcare supply chain platform and supported our mission in driving meaningful change within the global healthcare industry.”
The Firehood was founded in 2021 to address the barriers faced by women in Canada’s tech industry. Specifically, the organization looks to provide founders access to networks, training leadership opportunities, and capital.
Graham said Firestarter’s upcoming cohort aims to include 30 women-led companies, adding she thinks the program could run up to twice annually. The program is currently accepting applications.
Feature image courtesy The Firehood.