The journey from prototype to market can be a lonely, confusing and expensive one for even the most driven and informed entrepreneurs.
To make the path of emerging entrepreneurs a little smoother, quicker and easier, this week
MaRS Discovery District launched
JOLT, a business accelerator that will provide 16 Canadian entrepreneurs with the tools and resources they need to get their product to market. Aimed at entrepreneurs in the communications and entertainment sectors, JOLT will provide successful applicants with a combination of mentorship and financing as they work to get their product off the ground.
"Startup accelerators implement a unique funding methodology and innovation model. Instead of funding one startup at a time, they are mentored and funded in groups for efficiency," says Susan McGill, JOLT's executive director. "The pace of innovation continues to move ahead at an accelerated rate, thus creating lot of ambiguity in the market. It's difficult to have any visibility into the future when business models and competitive advantages can change overnight... To flourish and succeed in this new economy, early stage startups need access to the right infrastructure, capital and culture."
The 16 successful applicants will get space at the MaRS facility, $30,000 each is seed financing, as well as mentorship from business leaders within and beyond MaRS. After four-months of tailored sessions where the entrepreneurs will be given the tools they need to build, market and advertise their product, they will be given the opportunity to pitch their ideas to venture capital investors.
Successful applicants will also have access to 80 handpicked mentors from investment, technology, communications and entertainment companies in Canada, including Polar Mobile, Spark59 and Google.
JOLT is
accepting applications until May 30.
Writer: Kat Snukal
Source: Susan McGill, Executive Director, JOLT