Frequently asked Questions
Who is the accelerator for, who can apply?
Is the accelerator only open to Atlantic Canadian based Startups?
Propel prioritizes accepting companies from New Brunswick, Nova Scotia, Newfoundland and Labrador and Prince Edward Island. However, we do consider companies that are outside Atlantic Canada or looking to relocate to Atlantic Canada.
What types of companies does Propel accept?
Propel’s Accelerator was developed for technology startups. If your company uses technology to solve a problem then we can help.
We have helped companies in Medtech, Fintech/Banking, Sports and Entertainment, Travel, Engineering, OceanTech, CleanTech, and many other industry sectors.
What stage of company does Propel accept?
Part-time solo founders or full-time founding teams with staff. Our program is customized to the stage you are in.
Problem/Solution Fit (Ideation)
We‘ll help you validate your idea using best-in-class methodology.
Path to Market (Early Product Development)
We'll coach you along the way!
Product Market Fit (Growth)
We’ve got you covered!
What about founders that are working full-time, can they apply?
Yes, with the exception of some fireside chats and one on one calls our online accelerator allows you to work through the programming material at your convenience.
What is the application process?
Once you have completed our online application, our team will evaluate your application for fit and may invite you to complete the LEAN CANVAS and TRACTION ROAD MAP on LEANSTACK.com. The final step is a virtual interview through Zoom.
What are the deadlines to apply?
Our goal is to help founders when they need it so we are always accepting applications. Once a company graduates from our programming and a space opens up, we begin working with the next company in the program queue.
To get added to our queue, fill out your application to get started.
When should I expect to hear from you after applying?
Four to six weeks, on average, to go through the application and assessment process, though this may vary depending on volume.
When does the accelerator start?
Upon acceptance to the program, we’ll work with you to decide the best time to start based on your individual situation and needs of your company. You can expect to start within 4-12 weeks.
Do you invest in the companies that go through the Accelerator?
Propel does not take any equity in companies.
Does it cost money to participate in the Accelerator?
There is no up-front cost to participate. However, Propel does recoup a small portion of the cost of participation if the company raises debt or equity financing during the program or in the following 12 months. In that case, the company is required to pay Propel a sponsorship fee of 5% of the total amount raised. The sponsorship fee is capped at $5,000. These fees help to cover a small portion of the basic costs of running the Accelerator, and that is why we view it as a sponsorship fee.
What are the benefits of joining Propel’s Accelerator?
Customized programming: Every company is different. We employ world-class startup methodologies from Leanstack.com and GrowthX.com and focus on helping you execute a search for a scalable and repeatable business model. We promote an applied experiment-based approach to validate key assumptions and continually iterate through LEAN SPRINTS.
Dedicated coaching: Learn from our experienced founders to provide guidance, feedback, and accountability during your startup journey.
Virtual Delivery: Propel provides access to premium content without the cost and disruption of travel or relocation.
Incredible Mentorship: Without walls or classrooms, Propel's virtual mentorship chats and councils bring world-class thinkers and doers to your startup.
A Community That Feels Like Home! Starting a company can be solitary and challenging - the Propel Ecosystem of active and alumni companies means you aren't alone in your journey.
Fun! Propel’s dedicated staff cares deeply about developing founders, but we are also all about collaboration and support, creativity, taking risks, embracing failure, transparency, and moving quickly. We want you to push yourself past your comfort zone and take your company to the next level. You will work hard, but have fun in the process.
How does the online model work?
Propel is 100% virtual. You will be matched with a Startup Coach and meet regularly with them via zoom to update your progress and receive feedback. In addition, our on-line learning will keep you busy refining your business model - this includes gaining valuable insights from your customer discovery, refining your revenue model, crafting your offer and perfecting your pitch to customers. There will be amazing speakers from around the globe dropping in for valuable Fireside Chats with our companies throughout the program.
Is there any funding for my startup available?
Propel is keenly focused on customer revenue being your best friend when it comes to financing your venture, and our core focus is on generating cash this way.
However, Propel does offer several different ways to access Startup Capital to help you grow your sales, travel to important industry events, and hire exceptional talent. We have partnered with Innovacorp and NBIF on a $1 million dollar investment allocation for Propel Companies. NBIF and Innovacorp can invest in companies from any of the 4 Atlantic Provinces by way of a $50k SAFE agreement.
In addition, our Virtual Showcase (typically in the Spring) is well attended by the region's top Venture Capital firms and Angel Investors.
The Gerry Pond Sales Award is an annual competition that awards a $25k cash prize to the Propel Accelerator company that builds a rock-solid scalable and repeatable sales process.
Propel’s coaches may also help startups unlock grants and funding for R&D projects and hiring.
How long is the program?
Our program is customized to the needs of each individual startup so the length of time a company is in our program will vary. If your venture is at an early stage, you will probably require at least 3 months to validate Problem/Solution fit. Other start-ups who already have early revenue may spend twelve months in our program to develop a market acceleration plan that validates Product/Market fit.
What are some companies that have gone through the Propel’s Accelerator?
Examples include Hey Orca!, AnalyzeRe, LeadSift, Swept, Alongside, Vendeve, Pacta, Agyle Intelligence, TripNinja, Side Door, Room Service and many more. We have accepted more than 400 companies into our programming since Propel started as an accelerator.
Does Propel have a physical location where I can speak to someone?
We are 100% Virtual. Our Startup Coaches are spread across Atlantic Canada so you can reach out to any of them to arrange a meeting.
Should I apply again if I am told “no”?
Yes, definitely! There is no downside to applying more than once. Many of our most successful founders were not accepted on their first try, but chose to keep making progress on their business, reapply to the program, and were ultimately accepted.
How do I apply?
What is the application process?
Once you have completed our online application, our team will evaluate your application for fit and may invite you to complete the LEAN CANVAS and TRACTION ROAD MAP on LEANSTACK.com. The final step is a virtual interview through Zoom.
What are the deadlines to apply?
Our goal is to help founders when they need it so we are always accepting applications. Once a company graduates from our programming and a space opens up, we begin working with the next company in the program queue.
To get added to our queue, fill out your application to get started.
When should I expect to hear from you after applying?
Four to six weeks, on average, to go through the application and assessment process, though this may vary depending on volume.
When does the accelerator start?
Upon acceptance to the program, we’ll work with you to decide the best time to start based on your individual situation and needs of your company. You can expect to start within 4-12 weeks.
Does Propel take equity or charge fees?
Do you invest in the companies that go through the Accelerator?
Propel does not take any equity in companies.
Does it cost money to participate in the Accelerator?
There is no up-front cost to participate. However, Propel does recoup a small portion of the cost of participation if the company raises debt or equity financing during the program or in the following 12 months. In that case, the company is required to pay Propel a sponsorship fee of 5% of the total amount raised. The sponsorship fee is capped at $5,000. These fees help to cover a small portion of the basic costs of running the Accelerator, and that is why we view it as a sponsorship fee.
How will I benefit from joining Propel’s Accelerator?
What are the benefits of joining Propel’s Accelerator?
Customized programming: Every company is different. We employ world-class startup methodologies from Leanstack.com and GrowthX.com and focus on helping you execute a search for a scalable and repeatable business model. We promote an applied experiment-based approach to validate key assumptions and continually iterate through LEAN SPRINTS.
Dedicated coaching: Learn from our experienced founders to provide guidance, feedback, and accountability during your startup journey.
Virtual Delivery: Propel provides access to premium content without the cost and disruption of travel or relocation.
Incredible Mentorship: Without walls or classrooms, Propel's virtual mentorship chats and councils bring world-class thinkers and doers to your startup.
A Community That Feels Like Home! Starting a company can be solitary and challenging - the Propel Ecosystem of active and alumni companies means you aren't alone in your journey.
Fun! Propel’s dedicated staff cares deeply about developing founders, but we are also all about collaboration and support, creativity, taking risks, embracing failure, transparency, and moving quickly. We want you to push yourself past your comfort zone and take your company to the next level. You will work hard, but have fun in the process.
How does the online model work?
Propel is 100% virtual. You will be matched with a Startup Coach and meet regularly with them via zoom to update your progress and receive feedback. In addition, our on-line learning will keep you busy refining your business model - this includes gaining valuable insights from your customer discovery, refining your revenue model, crafting your offer and perfecting your pitch to customers. There will be amazing speakers from around the globe dropping in for valuable Fireside Chats with our companies throughout the program.
Is there any funding for my startup available?
Propel is keenly focused on customer revenue being your best friend when it comes to financing your venture, and our core focus is on generating cash this way.
However, Propel does offer several different ways to access Startup Capital to help you grow your sales, travel to important industry events, and hire exceptional talent. We have partnered with Innovacorp and NBIF on a $1 million dollar investment allocation for Propel Companies. NBIF and Innovacorp can invest in companies from any of the 4 Atlantic Provinces by way of a $50k SAFE agreement.
In addition, our Virtual Showcase (typically in the Spring) is well attended by the region's top Venture Capital firms and Angel Investors.
The Gerry Pond Sales Award is an annual competition that awards a $25k cash prize to the Propel Accelerator company that builds a rock-solid scalable and repeatable sales process.
Propel’s coaches may also help startups unlock grants and funding for R&D projects and hiring.
How long is the program?
Our program is customized to the needs of each individual startup so the length of time a company is in our program will vary. If your venture is at an early stage, you will probably require at least 3 months to validate Problem/Solution fit. Other start-ups who already have early revenue may spend twelve months in our program to develop a market acceleration plan that validates Product/Market fit.
What are some companies that have gone through the Propel’s Accelerator?
Examples include Hey Orca!, AnalyzeRe, LeadSift, Swept, Alongside, Vendeve, Pacta, Agyle Intelligence, TripNinja, Side Door, Room Service and many more. We have accepted more than 400 companies into our programming since Propel started as an accelerator.
Does Propel have a physical location where I can speak to someone?
We are 100% Virtual. Our Startup Coaches are spread across Atlantic Canada so you can reach out to any of them to arrange a meeting.
Should I apply again if I am told “no”?
Yes, definitely! There is no downside to applying more than once. Many of our most successful founders were not accepted on their first try, but chose to keep making progress on their business, reapply to the program, and were ultimately accepted.
These are some of the most common ones we get, but if you still have questions, we'd love to talk to you!
Send us an email: info@propelict.com
