Two years ago with support from Wesley Clover, and in partnership with the National Research Council under CAIP (Canadian Accelerator & Incubator Program) we launched L-SPARK. We aimed at the early stage companies and entrepreneurs who wanted to grow their businesses rapidly, and who until that time intended to attend US based accelerators.
Over the last two years we have met with hundreds of SaaS entrepreneurs. Of all of those, we have accelerated 19 SaaS companies to date – some who have gone on to grow revenues from $7k-$100k MRR and raise millions in investment all within nine short months.
However, just like the companies we support, we ourselves are a start-up and we continue to change to increase our effectiveness and meet our objective of launching globally sustainable companies in Canada.
When we launched we had two programs, one aimed at very early stage companies, who entered our halls just as they started to develop their product market fit, and started to build out their organization. This we called the incubator. The second program was called the accelerator, where the selected companies were more developed, with some revenue and customers and were ready to expand their reach into the global market. As we’ve grown we have recognized that our approach has been different. You see we are not a cookie cutter program – our high intensity engagement requires a concentrated effort on SaaS revenue generation and month over month growth.
This has lead us to a new chapter. Today we have transitioned to operate exclusively as an Accelerator. With two programs running annually – a foundation stage program & scale stage program – the collective goal is to help Canada’s Best in SaaS generate 10x revenue growth in four and nine months.
There will be no changes to the program delivery – this is solely a restructuring of the messaging.
Let me share with you our approach:
- We drive our companies to focus on actions and results, not effort and process.
- We set goals, aspirational in reach, in particular, our goal for our companies is to grow Revenue, and in process of driving towards that goal, they will develop their market reach, build up their infrastructure, and their corporate organization.
- We work together to measure your progress weekly, and set the action plans for the following period, based on your results.
- At all times, if it works we double down, if it fails we stop.
So here is what is in store for you if you apply and get selected. As with many of these journeys, it starts with a plan. We will develop an effective and custom ACTION plan that will fit your company’s strategy to scale revenues and generate monthly growth. But don’t worry – you’re not alone. To create this plan you will be paired with an embedded mentor who will work alongside you, not just guide you.
Over the next four or nine months, depending on the stage of your program, you and your mentor will battle the highs and lows of bringing your product to market.
Ignition Week will be your first opportunity to meet your mentor, fellow founders and the L-SPARK team. The next three days will be nothing short of gruelling. Expect challenging workshops that will recalibrate your company’s approach to;
- Go to market positioning & differentiation
- Sales process
- Investor readiness, SaaS metrics and more.
Following Ignition Week there will be week-by-week check in’s with the L-SPARK team. Very similar to a board meeting, as a founder you will be challenged on the performance of your business. But you will not be on your own; our team will help you overcome obstacles and take advantage of new opportunities, troubleshoot problems but always drive to meet the goal. The pace is fast and the accountability is demanding, but L-SPARK alumni tell us this process is critical to reaching your goals.
Through one on one guidance from subject matter experts, and interaction with successful SaaS entrepreneurs, and ongoing SaaS workshops, you will be able to focus on what your SaaS business needs to succeed. Each interaction is aimed at recalibrating your company’s approach to meet the metrics set during Ignition Week.
Lastly as your company and revenues grow, you will pitch to venture capital firms, angel investors and corporate partners. These meetings broaden your networks and kickstart the dialogue which will lead to investment or partnerships down the road.
The program’s two final milestones: L-SPARK’s Best in SaaS Showcase & Annual Cottage Pitchfest give you valuable exposure to the local and broader investment community.
Lastly you might ask: what’s in it for L-SPARK? A spin on the traditional Accelerator model – L-SPARK does not take equity upfront. If you raise money during our program, and up to 12 months post-graduation, L-SPARK will receive equity in your company calculated as as 5% of the total size of your investment rounds converted into equity.
Are you ready to get on the fast track and shift your startup into high gear?
Apply now; https://www.l-spark.com/accelerator/apply-now/
About L-SPARK
The L-SPARK Accelerator is the destination for market ready SaaS and cloud companies to connect with Canada’s SaaS experts. The L-SPARK acceleration model positions companies to propel to $100k MRR or 10x revenue growth. With a network of established relationships with key venture capital firms, angel investors, and the investment community at large, L-SPARK’s goal is to scale Canada’s best in SaaS to 10 x revenue growth. Visit us at www.l-spark.com, connect with us on linkedin.com/l-spark or follow us on Twitter @LSPARKGlobal.
If you would like more information about this topic, please contact Jamie Keeley at (613) 791-2761 or email jamie@l-spark.com.
