The Kanata-based accelerator program known for its aggressive approach to scaling software-as-a-service firms is opening its application process up to promising startups operating in fields beyond SaaS.
Applications are open now for L-Spark’s fifth accelerator program. Since 2015, the accelerator has built a portfolio of 36 companies that have collectively raised $26 million in funding. L-Spark has helped to launch Ottawa-based companies such as Better Software Co., Cliniconex and Member365.
The original concept saw L-Spark take SaaS firms with some initial traction and give them the resources, mentors and connections to grow their recurring revenues 10x by the end of the program. That approach isn’t changing, but now the accelerator is opening its doors to firms in fields including cyber, Internet of Things and “deep tech.”
Deep tech generally refers to technologies rooted in scientific discovery that have the potential for significant disruption – think smart cities, artificial intelligence and clean tech – and where the tech itself is the primary innovation, not the business model.
Another change to L-Spark’s approach in this latest cohort is the implementation of rolling applications. Officials from the accelerator said in a statement that the rolling model is preferable to a hard September start date, as often when firms need help, they need it fast.
This year, a maximum of six companies will be accepted to the accelerator program. L-Spark will be heading on its annual SaaS Roadshow this summer to hear from startups in Toronto and Montreal as well as Ottawa.
Interested firms should apply here.