How the SaaS Accelerator works
“What surprised me about L-SPARK was how much they believed in me, almost more than I believe in myself."
Trust The Process
Applications for our 11th cohort have closed, but you can apply year-round to be considered for our next intake and to chat with our team to learn more.
August
Applications for the upcoming cohort will always close in August. If you miss the deadline, don’t worry – you can still apply to be considered for our next intake and to chat with our team. There’s no downside to putting your name in the hat early.
We review all applications for Canadian-based companies and will reach out directly to you to find out more about your company. Everyone will be notified by Monday, August 26th if they have been selected for the 3-week Bootcamp and Selection Day Presentations – keep reading to learn more about those.
September
Bootcamp + Selection Day
Once the shortlist has been selected and notified, we kick off a 2-week boot camp where you will receive strategic mentorship and pitch prep, as well as technical, legal, and financial reviews ahead of Selection Day. On Selection day, the shortlisted companies will pitch to a room of 25+ investors at our Selection Day. These investors select the companies that will make up our cohort. Companies are notified immediately on the day-of Selection Day whether or not they have been accepted into the program.
October
Official program kick off!
Congrats, at this point you’ve been accepted and you’ve been matched with a C-Suite mentor. During this time, your weekly ops schedule has been set, and you’re off to the races. We get started with a series of introductory workshops and meet and greets, so you can get to know our team, your cohort, and our sponsor network.
November
It’s SAAS NORTH season!
By November, you’re really into the swing of things. You’ve gotten to know your mentor well, built some trust with the process, and are starting to shake things up and make some big decisions. We won’t be doing the work for you, but we’ll be pushing you to make moves and get outside of your comfort zone so you can really start to see change happen. November also brings with it SAAS NORTH, Canada’s leading SAAS Conference. As L-SPARK is a co-founder of the conference, we get you some serious visibility at this event! You’ll exhibit in person, get access to investor meetings, and exclusive events.
December – February
Program ongoing
These 3 months are when the focus is heavily centred on advancing your company. The plan was set and adjusted monthly as deemed necessary by you and your mentor. The team has been focused on the key initiatives and at this point, they should be taking shape. Now, it is all about execution and fine-tuning as more customer insights clarify your key differentiators and value propositions. Rapid iterations of lead generation activity, measuring results, adjusting and executing.
In other words, sh*t is getting done.
March
The Homestretch + L-SPARK Toronto Investor Day!
March is your lucky month, each founder will pitch to 25+ investors from the Toronto Investment ecosystem. This is a unique event because we break the investors out into multiple rooms – giving our founders the chance to pitch multiple times during the day, with smaller groups in each room to allow for more engagement and Q&A. It’s a high-value day built with the founder in mind. Immediately following the Investor Event we hold a Networking Event so you can have more 1 on 1 time with key investors.
April
SAAS Showcase + Program wrap!
At this point, the program has officially concluded, and we celebrate with our annual SAAS Showcase. You get to pitch to a room of 300 guests. It’s a high visibility day for you and your company, to showcase all the incredible work you’ve accomplished throughout the program.
Beyond…
Beyond the formal Accelerator program… it’s not goodbye!
We are always there when you need us. Even though the formal program is over, the L-SPARK team is always available if you need to reach out. You may want to discuss a sales strategy for a major account, a term sheet you just received, a critical upcoming investor meeting, a team member performance issue, ideas on integrating your team with the company that has just acquired you, an introduction to a cohort company or investor or even a couple of hour brainstorming sessions on a critical issue. We are a phone call/email/text away.
What you’ll get
Dedicated mentorship + hands-on support
Perks and discounts
Access to Investors + Introductions
Personalized guidance
Government Navigational Support
Marketing Support
It’s bi-directional
The more you give, the more you get. When it comes to the L-SPARK approach, we meet you where you are and help you get where you want to go. The faster you run, the more you give to the program, the faster we go with you - because we want to see you succeed just as much as you want it for yourself and your company.
Ready to make it official?
The L-SPARK Accelerator is powered by strategic mentorship, hands-on support, and hyper-personalization.
Why founders choose L‑SPARK
“Great advice from warm and highly experienced mentors - they help us see what we don't see and connect us with incredibly useful resources.”
“What shocked me was how much they believed in me, almost more than I believe in myself.”
“L-SPARK was an instrumental source of honest scrutiny for our core assumptions around positioning, fundraising, and scaling the business. Our mentors’ advice and guidance were critical in reinforcing our base foundation so it could be built on at scale. L-SPARK also provided linkages to a great network of industry experts, key technology players, and other fantastic start-ups, which has proven invaluable in our market exposure and business development initiatives.”
“Thanks to our experience with L-SPARK, we were able to meet the needs of our investors. These requirements included knowing how to create a strong pitch deck, a succinct pitch, a sound financial plan, and a supporting growth strategy. We used these skills while pitching to numerous Angel networks across Ontario, and were able to close a seed investment. This capital has been crucial for our continued growth, resulting in year-over-year revenue growth of 300%.”
“Being part of L-SPARK has changed everything for me personally and for Brokrete. The mentor team helped us structure the idea, challenge ourselves, be accountable and they gave us the specific tools and knowledge we needed to get to the next level. I learned more in this program than I’ve learned elsewhere and the value they bring to a technology company is unmatchable.”
“L-SPARK mentors are sharp! The SaaS program is like an MBA on the spot, applied on your business. You will learn to automatize not just your product, but your scale up, your sales etc. More importantly, you will learn how to be a good leader.”
“L-SPARK was a game changer for Heyday. An amazing team, great mentors, awesome program.”
“They were able to tailor the advice for us, depending on the stage of the company. They really do care about the companies.”
“They provided direct support and connected me with key investors, many fruitful investor relationships have been developed and wouldn't be without L-SPARK's connections. That has sparked a lot of exciting opportunity for us.”
“They were great in understanding the business and what we wanted to accomplish, and they helped us evolve the business model and accomplish key milestones we had set for ourselves.”
“When we started L-SPARK we had a product, when we finished L-SPARK we had a business.”
“Often, the key to success is to surround yourself with experts in software development, sales, marketing, fundraising and more. The L-SPARK team has provided the depth and breadth of expertise to truly propel HILO to becoming the global leader in workplace engagement for the hybrid world. Their personal attention to our business, as well as hands-on oversight from an industry mentor, have been game-changers in moving HILO closer to realizing our goals.”
“Compass North was instrumental in helping me make some BIG decisions relating to my business and the development of the medical device I designed.”
“The L-SPARK SaaS accelerator took Corfix from a great idea to a thriving and rapidly expanding tech company. Getting to work directly with industry leaders and visionaries gave us an arsenal of new proficiencies and the confidence to apply them. In only six months they taught us everything we needed to know to grow our business, as we increased our MRR by 750% and tripled our team during their mentorship. The value of this program cannot be overstated, and will continue to manifest in our future success.”
"The L-SPARK SaaS accelerator took Corfix from a great idea to a thriving tech company. Working with industry leaders and visionaries gave us an arsenal of new proficiencies."
Shawn Watts
CEO & Founder of Corfix
"Compass North was instrumental in helping me make some BIG decisions relating to my business and the development of the medical device I designed."
Karen Brunet
CEO of ActivKare
"Great advice from warm and highly experienced mentors - they help us see what we don't see and connect us with incredibly useful resources."
Kathy Cheng
CEO of Nexxt Intelligence
How can a startup accelerator transform my business?
What is the cost to participate in L-SPARK's SaaS Accelerator?
L-SPARK’s fee is performance-based. If the company raises money during the 6-month program or in the following 12-month period, L-SPARK receives a 3% equity stake in the company. If the company does not raise funding in that 18-month window (6-month program + 12 months afterwards), there is no fee for the L-SPARK Accelerator Program.
What does L-SPARK look for in the startups they work with?
We’re always on the hunt for companies that excel in three categories: people, product and market. We work with founders of B2B and B2B2C SaaS companies who:
- Are ready to scale up with the help of investment
- Have a SaaS product or want to transition from services to SaaS
- Have deep domain expertise but lack experience in scaling a software company
- Are passionate about building a software product that will change the way our world operates
Typically, we look for the following attributes: strong and versatile founding team members, a market-ready and viable B2B SaaS product with proven market need, traction, a strong reason for seeking entry into the Accelerator, IP ownership, and a determined drive to meet aggressive goals.
Why would a founder choose L-SPARK?
Most Canadian startups struggle to attract risk capital to fuel growth. Founders turn to L-SPARK to help navigate the fundraising process and position their companies to attract, secure and deploy investment to propel them to become a global player.
Companies want to participate in our B2B SaaS Accelerator program because of its focus on SaaS and its emphasis on revenue generation. We have seen that our focus helps founders navigate the unique challenges of scaling and growing a B2B SaaS startup. In particular, our delivery of SaaS-specific content aids founders in understanding how to become investor-ready, reach important metrics and measure growth accurately by outlining accurate KPIs.
We have pulled together a strong group of experienced mentors and advisors who have thrived as software CEOs, sales experts and marketing advisors. They also help founders validate momentum so they can attract institutional investment in order to build globally competitive companies.
What do I get access to during the L-SPARK Accelerator program?
Founders have access to:
- A C-level mentor with startup and enterprise software experience for 1 day per week
- Introductions to potential channel partners, clients and investors
- Business development and go-to-market strategy support (access to sales and marketing advisors)
- B2B SaaS workshops, practice pitch opportunities and other programming
- Discounted rates for infrastructure and software services
- Assistance with government grants and programs like IRAP, OCE, NSERC
We also organize multiple Investor Days throughout the program, starting with a Selection Committee, in addition to holding investor days in Toronto during March and June. If selected, you will also have the opportunity to participate in SAAS NORTH, Canada’s largest SaaS conference.
Do I get to choose my mentor?
The L-SPARK team will work with you to pair a mentor to your company based on the needs of the startup and the mentor’s skills and experience.
How much funding do you provide startups?
Today, L-SPARK does not have a fund so we do not invest in the company. In exchange for the six months of intensive services, L-SPARK takes a 3% equity in your company upon selection and your agreement to participate.
The 3% fee is performance-based. If the company raises money during the 6-month program or in the following 12-month period, L-SPARK receives a 3% equity stake in the company. If the company does not raise funding in that 18-month window (6-month program + 12 months afterwards), there is no fee for the L-SPARK Accelerator Program.
What is expected of me if I’m chosen to participate in the L-SPARK Accelerator?
We expect participating startups to be fully engaged in workshops, programming and pitch sessions. The program is intensive so consistent participation in weekly operational review meetings is key to keep track of and meet milestones.
More than this, being present at L-SPARK events, networking with peers, and accessing advisors who can compliment the guidance offered by your mentor. It’s how you’ll get the most out of our program.
I’ve applied, what should I expect?
Once your application is received, a member of the L-SPARK business development team will be in touch to learn a bit more about your company and team.
If your startup is shortlisted for the L-SPARK SaaS Accelerator, you will be invited to participate in our pre-program bootcamp. A mentor will be assigned to work with you to help refine the content of your slide deck, and you’ll receive pitch coaching. You will also undergo a legal and financial review.
The boot camp culminates at Selection Day, where founders present to a selection committee of 25+ Investors. The committee is responsible for recommending the companies that will be accepted to participate in the program.
What happens after graduating from the B2B SaaS Accelerator program?
The L-SPARK team checks in with alumni to learn of any developments or news with each company. You will still have access to many of the support systems that you had when you were in the program. We want each alumnus to remain a member of the L-SPARK family, so we host alumni events and will continue to provide invites to closed events on an ad hoc basis.
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