Canada’s only B2B SaaS accelerator, L-SPARK, is accepting applications for its third cohort. The program supports startups preparing for Series A financing in nine months.
L-SPARK companies work one-on-one with a mentor, who is embedded for two days a week within one company while helping them execute on a nine-month plan. Mentors assist L-SPARK companies with business fundamentals and create new growth opportunities, while the companies leverage L-SPARK’s corporate partners and investor pitch sessions. Partners with the accelerator include Microsoft, Amazon, IBM, OpenText, Shopify, Citrix, and Mitel.
“At the end of the day, you’re getting a C-level executive working for your company. You’re never going to get more value than having someone with those resources and that much pedigree and knowledge,” said CareerJSM co-founder and CEO Jeffrey Doucet, who recently pitched on stage at the world’s biggest startup festival.
Weekly “scrums” are held with the L-SPARK team of directors to assess progress and how founders can reach both immediate objectives and overarching goals. L-SPARK’s business development team also prepares startups for late seed or Series A investment by facilitating guided meetings with early stage angel, venture capital, and institutional investors. Past success stories coming out of L-SPARK include The Better Software Company, which has raised an aggregate total of $3.7 million in funding with New York-based ff Venture Capital leading their seed round.
Up to six startups will be selected for the accelerator program, and L-SPARK is looking for entrepreneurs with a commercial product and at least $10,000 to $30,000 in monthly recurring revenue. Applications are open on L-SPARK’s website until July 24.