Propel Announces $1.05M Funding Support from Government of Nova Scotia
May 16, 2023
HALIFAX, NS – May 16, 2023 – Atlantic Canada’s Virtual Accelerator, Propel, is thrilled to announce $1.05M in funding from the Government of Nova Scotia which will be delivered over the course of a three-year term. This funding will enable Propel to continue to deliver programming and coaching to startups at the early validation stage and throughout traction and growth stages as they scale.
“Nova Scotia and the region as a whole continues to develop a reputation as a top destination in Canada to build a startup. The caliber of companies that we are seeing coming through our program is a testament to the support system and resources that are here for founders to access, no matter what the stage of their business. It is clear that Nova Scotia has a vision for the innovation economy and we are very proud to collaborate with the province and continue to build meaningful partnerships and create capacity for our Nova Scotia companies to succeed,” comments Propel CEO, Kathryn Lockhart.
“Our province’s economic success will be determined by how well we foster a culture of innovation, sustainability and entrepreneurship,” said Minister Corkum-Greek. “Propel has done a tremendous job accelerating tech startup growth throughout the Atlantic region and supporting entrepreneurs right here in Nova Scotia. This funding will help Propel continue its important work."
Propel’s data on Nova Scotia companies indicates some interesting trends, in terms of founder profile, including:
- 64% of the founders are born outside of Canada (vs 50% last year)
- 26% of the founders are over the age of 40 (vs 23% last year)
- 40% are first-time founders (vs 34% last year)
- 32% are female founders/co-founders (vs 20% last year)
Through a continuous intake model, Propel offers tailored programming and coaching for pre-revenue and revenue generating companies. This year the program is celebrating its 20th year of supporting startups and playing a lead role in fostering the tech ecosystem in Atlantic Canada. Last year the organization serviced over 100 startups and intends to exceed that number in 2023.
Zach Laberge, CEO & Founder, frenter comments, “As a Nova Scotian Propel alumni, I am grateful for the guidance I received as I’ve navigated the entrepreneurship journey. There is not only a lot to learn about developing a technology, but also plenty to understand about customer validation, marketing, recruitment and fundraising. My coach and the experts I met through the Propel program were invaluable.”
As Atlantic Canada’s Virtual Accelerator, Propel has helped hundreds of startups validate product/market fit, find repeatable customers and raise financing. Propel’s dedicated virtual coaching allows founders to access great coaching, high caliber content and mentors from around the world without the time and expense of traveling. To learn more about their cohorts, coaches and programming, explore our website.