Halifax-based Accelerator to Fund and Support New Brunswick Companies. A start-up accelerator based out of Halifax is hoping to help out more companies from New Brunswick this year, online media sources have reported.
The Volta Cohort program is an accelerator run out of The Volta, an innovation and start-up hub based in Halifax. Open to early-stage tech start-ups in Atlantic Canada; the program began operating in 2017 to address the gap in funding to help innovative start-ups 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, an article in the ‘Huddle’ said.
This program provides mentorship, resources and investments of $25,000 through a micro-fund co-founded by Volta, BDC Capital, Innovacorp and the Atlantic Canada Opportunities Agency.
Along with funding, Cohort companies are given space at Volta and access to a board of mentors comprised of CEOs and founders of Volta’s Resident and Alumni companies. The board will meet with each company every two months and hold the company accountable for agreed upon milestones and metrics. Between meetings, the companies have access to all relevant programming and support Volta provides. For companies outside of Halifax, support will be arranged with partnering organisations in other cities across Atlantic Canada.
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.
“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,” sources said.
“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 start-up community in the province that is growing year after year,” executives of Volta have been quoted as saying. “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.”
Deadline for applications for the next Volta Cohort is April 3.
Volta Cohort helps early stage, high calibre founders attract and secure venture capital sooner. This new program provides investments of $25,000 to up to five companies each cohort through a fund co-founded by Volta, the Atlantic Canada Opportunities Agency, BDC Capital, and Innovacorp.