Two years after its launch, L-Spark is dropping the incubator label. The Kanata-based company has shifted the branding of its two flagship programs: what were once the four-month incubator and nine-month accelerator cohorts are now early stage and late-stage accelerators of the same length.
In a blog post announcing the change, Wesley Clover-backed L-Spark says that the changes are in name only - the two programs will retain the same approach with the same goals of 10x revenue growth.
The formerly-incubator program is still for startups looking to establish their foundations and develop their product market fit, and the late-stage accelerator is still for more established companies ready for more aggressive scaling.
In an email to Techopia, L-Spark executive director Leo Lax explained that the term “incubator” does not accurately describe L-Spark's program. Incubator programs are often focused around idea formation and proof of concept, while L-Spark works with companies who already have a product and early traction.
“As we’ve grown we have recognized that our approach has been different. You see we are not a cookie cutter program – our high intensity engagement requires a concentrated effort on SaaS revenue generation and month over month growth," writes the piece announcing the changes.