Halifax-based Volta Labs, a tech incubator that supports startups through access to mentorship and workshops, is launching a new program funding early-stage tech startups in Atlantic Canada.
Through a micro-fund co-founded by Volta, BDC Capital, and Innovacorp, the new Volta Cohort program will give $25,000 to up to five companies.
Companies that are located outside of Halifax will get support for partnering organizations in other cities.
“One of the challenges founders face in Atlantic Canada is access to early-stage investment. With this new program, we are able to provide these companies with the resources they need to develop their products, and expand operations programs like this help to establish Atlantic Canada as a regional hub for technology entrepreneurs,” said Jesse Rodgers, Volta CEO.
The application process for the Cohort program will happen twice a year, and Volta will host a pitch event every six months to help determine who will be eligible to participate. A selection committee will be established for each pitch session, and will be made up of five people from the larger startup ecosystem, which will include founders of venture path companies, investors, CEOs of established companies, and members of the academic community. Fifteen high potential applicants will also be invited to a one-day prep session two weeks prior to the selection event.
The startups that are selected will get office space at Volta Labs, and access to a board of mentors comprised of CEOs and founders of Volta’s resident and alumni companies. Companies that are located outside of Halifax will get support for partnering organizations in other cities.
“This financing, and the coaching that comes with it, will help some of the most promising first-time founders across Atlantic Canada turn their startup ideas into actual revenue-generating businesses,” said Michelle Scarborough, managing director of strategic investments at BDC Capital.