Challenging Silicon Valley: Last day to apply to Ottawa-based SaaS accelerator

By August 11, 2017

Today, August 11, is the last day to apply to Ottawa-based SaaS accelerator L-SPARK’s Fall 2017 cohort.

The accelerator is looking to take startups with $10-30K monthly recurring revenue, and grow their sales through improved infrastructure, extended market reach, and the creation of new business opportunities. Participants will have the opportunity to work closely with program mentors and pitch to various venture capitalists, angel investors, and corporate partners.

Since its foundation in 2014, L-SPARK has aimed to challenge Silicon Valley and establish Ottawa as a premier destination for SaaS startups. It has currently incubated 29 startups since 2015, and plans to accept 10 more for its fall cohort.

Member365, a graduate of the previous cohort, just closed a deal with the International Downtown Association, which will use the company’s software to manage its 100,000 employees with wages reaching over $3 billion.

Another graduate of the previous cohort, Bluink, though only having developed its technology since 2014, is already working on a proof of concept with Visa, where the company’s technology would be used to safeguard the private information of the financial giant’s customers.

Executive Managing Director of the program, Leo Lax, clearly intends to make true his promise to make Ottawa the central location for all SaaS startups — just as he helped Newbridge Networks founder Terry Matthews make true his 1986 Christmas party promise to reach $1 billion in revenue, after which it was acquired by Alcatel for $10 billion.

While working for Newbridge Networks, Lax established and managed the company’s Affiliates Program, where he helped entrepreneurs launch 16 Newbridge affiliates, in addition to assisting with various mergers and acquisitions. Since then, Lax has served as a chairman, director, and advisor on various company boards.

To apply and review more information, visit the accelerator’s website.

Other important dates to keep in mind are the following:

  • Founder Due Diligence: August 28 – September 8, 2017
  • Pre-Selection Bootcamp: September 5-26, 2017
  • Selection Day: September 27, 2017
  • Program Runs: October 1st, 2017 to June 30th, 2018