Moncton-based accelerator Propel is currently looking for early-stage tech startups to participate in Phase 2 of its Incite program. Phase 2, which runs up to nine months, is a virtual program that focuses on building a repeatable sales engine for companies.
“Phase 2 is really focused on customer success, so the companies will transform their mindset to be customer-obsessed. In turn, they’ll see consistent growth in their sales pipeline.”
The New Brunswick Innovation Foundation (NBIF) and Innovacorp have allocated $1 million for investment in Incite Phase 2 companies from all four Atlantic provinces. Eligible companies will receive a $50,000 investment in accordance with a SAFE agreement. Propel has partnered with GrowthX, a San Francisco-based organization, to deliver a Market Acceleration Program to help companies develop a sales strategy, and is offering 90-minute online sessions to create a dialogue between founders and industry experts on any topic relevant to scaling a business.
“We’re looking for companies who have fine-tuned their problem-solution fit and are now looking to build a sales engine,” said Barry Bisson, CEO of Propel. “Phase 2 of Incite is really focused on customer success, so the companies will transform their mindset to be customer-obsessed. In turn, they’ll see consistent growth in their sales pipeline.”
In addition to a SAFE investment, Phase 2 companies will also get the chance to compete for the Gerry Pond Sales Award, which includes a $25,000 cash prize recognizing a company for its repeatable and scalable sales process. The prize winner will also be eligible for an additional $30,000 investment from NBIF and Innovacorp.
Phase 1 of Incite focuses on validating the problem-solution fit, while Phase 2 is for promising tech startups who are ready to get serious about sales and developing a sustainable revenue model. In order to qualify for Phase 2, companies should have an ICT component to their business model, have achieved problem-solution fit, have sales or are close to having sales, and have full-time founders.
“You cannot create a successful business without being pushed outside of your comfort zone,” said Laura Simpson, CEO and co-founder of Side Door, which participated in the last Phase 2 cohort and won the Gerry Pond Sales Award. “Propel’s Incite encouraged us to analyze how we were doing things and to adjust in order to reach our goals more effectively.”
In addition to the programming, companies gain access to venture capitalists, mentors, and Propel’s network of advisors. Programming is expected to launch on September 16. The deadline to apply is July 31, but a few qualified applicants may be granted early admission to the program.
Image courtesy Propel