L-Spark is looking for a few good startups – and setting its sights beyond its base.
The Ottawa-based accelerator, known for supporting Software-as-a-Service (SaaS) firms, announced Wednesday that its fifth mentorship program would be accepting applications from companies in cyber security, Internet of Things (IoT), and what it calls “deep tech” (firms that specialize in “fundamental breakthroughs in science and engineering that profoundly impact industries and people’s lives,” according to an L-Spark spokesperson) as well.
The program, designed to help startups scale up in a country where they have a notoriously poor track record of doing so, is open to SaaS, cyber security, IoT, and deep tech companies which have delivered a product to market and are currently earning between $10,000 and $30,000 in monthly recurring revenue.
The startups chosen to participate in L-Spark’s rigorous program will then be given tactical and strategic support, workshops, and marketing resources from the L-Spark team.
“Overall, the L-Spark accelerator helps companies increase revenue, build their team, perfect product-market fit, establish sales channels, navigate government funding, and give pitching advice,” the organization said in a June 20 statement, noting that it’s helped build enterprise SaaS and cloud startups into globally competitive firms earning 10 times their initial revenue growth.
Rather than setting a deadline for its fifth annual program, L-Spark intends to accept applications on a rolling basis, up to a maximum of six companies. In its June 20 statement, the organization said it made the change after recognizing that “when companies need support, they often need it urgently and don’t necessarily want to wait for a specific start date.”
“Rolling applications will therefore allow companies to apply, move through the selection process, and be accepted into the program right when they need help the most,” L-Spark said.
Interested companies can apply for the program here.
Since its 2015 launch, L-Spark has helped 36 companies raise a collective total of $26 million and counting by connecting them to its network of more than 10,000 SaaS investors, corporate partners, and startups.