Propel Receives $1 Million From Nova Scotia Government
HALIFAX– When Propel is helping Halifax startups achieve their goals they have one focus; people. As a virtual accelerator, it doesn’t have to pour a ton of money into typical expenses- like office space and utilities. So, when the provincial government announced it was giving Propel $1 million over the next three years, the accelerator’s CEO told Huddle the money will make a true impact for its clients.
Kathryn Lockhart, Propel’s CEO, said the accelerator’s greatest strength is its mentors and coaches, who were all founders of startup businesses themselves.
“We have that breathing room where we can make sure that these founders have access to the absolute best coaches,” said Lockhart. “We are looking to add another stellar startup coach to the team. Because we don’t have physical space, our largest line items are on people themselves.”
“I talked to a founder today on my drive back from Halifax. She said the Virtual Access to these incredible coaches has made such a huge difference in her particular journey.”
In 2022, Propel helped more than 100 businesses and are on pace to exceed that number this year. Susan Corkum Greek, Minister of economic development for Nova Scotia, told Huddle that Propel’s track record of success convinced government that this $1million investment was wise.
“Propel, the work that they do with coaching and mentoring early-stage entrepreneurs has really produced some very encouraging, tangible, results. They’re among a handful of players who have been critical in the development of the robust startup ecosystem that that we have now in Nova Scotia.”
The Minister also said that the jobs these successful start ups produce often come with high salaries, something that is needed in Nova Scotia during these economic times.
“When they succeed, they can become employers of considerable numbers of people,” she said. “And critically, at solid salaries. This sector is a paying wage and salaries that are a level that we want for Nova Scotians. We recognize … that too many Nova Scotians are still earning on the low end of the wage scale. And we also know that the people of this province are very dedicated workers.”
“(High salaries) allow them to go to bed at night not worrying about meeting their bills. In the current climate of high inflation, where everyone seems pinched, this is a sector that delivers well-paying jobs…”
One thing a lot of Propel businesses have in common is how they specialize in looking for a problem in an industry, and then trying to solve it. Lockhart points to examples such as ReelData, a company that uses AI to protect the health of fish farms. And QuickFacts, a Halifax company that seeks to improve the insurance industry.
“QuickFacts is a recent graduate with a female founder,” explained Lockhart. “She spent 15 years in the insurance industry and was so frustrated problems in the industry. She was an expert in her field and thought it could be done better.”
Propel has also helped launch some youthful entrepreneurs. One would be hard pressed to find someone younger than Zach Laberge, the founder of Frenter. He is only 17, and actually started the company two years ago.
“I mean he’s an incredible story, the whole way round,” said Corkum Greek. “He is 17 years old and already employs 10 people full time.”
“He has raised more than a million dollars in venture capital. And I was thinking to myself ‘boy, at 17 I was wondering if I could save enough for a beater car.”