Halifax-Based Accelerator Wants To Fund And Support New Brunswick Companies
HALIFAX – A startup accelerator out of Halifax is hoping to help out more companies from New Brunswick this year.
The Volta Cohort program is an accelerator run out of The Volta, an innovation and startup hub based in Halifax. Open to early-stage tech startups in Atlantic Canada, the program began operating in 2017 to address the gap in funding to help innovative startups gain traction faster. Each company receives a $25,000 investment through a micro-fund co-founded by Volta, BDC Capital, Innovacorp and the Atlantic Canada Opportunities Agency.
Since its inception, Volta Cohort has awarded a total of $400,000 in investments at live pitch events and welcomed 16 companies into the program.
“Volta Cohort is unique because it combines investment with programming,” says Gillian Crosby, startup services coordinator at Volta. “At an early stage, investment helps accelerate growth, but without the support of experienced mentors and tailored programs, founders may still face barriers to success. Volta Cohort brings everything an early stage startup founder needs into one program so they have the best chance at growing a global company from right here in Atlantic Canada.”
During the 12-month program, companies work to develop their products and test the viability of their ideas. They present their progress to a board of mentors every two months that holds them accountable for meeting milestones. Participants also have access to Volta’s branding program, sales training, office hours with industry professionals and other programs. They are also given workspace, wherever they are in the region.
“One feature that makes Volta Cohort different is the opportunity to work out of Volta or a partnering hub for the duration of the program,” says Crosby. “Companies have access to a dedicated co-working space at Volta, and we work with partnering hubs in other areas of the region to make arrangements for companies outside of Halifax.
Volta Cohort is open to any early-stage tech startup in Atlantic Canada. But Crosby says they haven’t received many applications from New Brunswick since the program has started.
“While Volta Cohort has always been a regional program, we haven’t received many applications from New Brunswick-based companies. This initially came as a surprise, given the strong startup community in the province that is growing year after year,” she says. “So this year, we want to focus our efforts to ensure founders of early-stage tech companies from provinces like New Brunswick are aware of how this program can benefit them.”
Though all provinces have programs available for new companies, Crosby says it’s beneficial to look at programs available outside your home province.
“It’s often difficult to find everything you need in one place and that’s why innovation hubs in Atlantic Canada often collaborate with each other to provide support and resources that one hub may offer that another doesn’t,” she says. “New Brunswick and other startups in the region can benefit in the same way when leveraging available programming. By looking outside of their home provinces, they have access to a greater network and more opportunities.”
Deadline for applications for the next Volta Cohort is April 3.