Nova Scotia tech startups get more boost; Propel lands CA$1M

 Nova Scotia tech startups get more boost; Propel lands CA$1M

In the photo (from left): Susan Corkum-Greek, Minister of Economic Development, Government of Nova Scotia, and Kathryn Lockhart, CEO of Propel. Image courtesy: Propel.

Propel, a Virtual Accelerator in Atlantic Canada, has announced CA$1.05 million in funding from the Government of Nova Scotia. The government will deliver the funding over the course of three years. Propel stated that the funding will enable it to provide programming and coaching to Nova Scotia tech startups at various stages. This includes startups from early validation to traction and growth stages.

Kathryn Lockhart, CEO of Propel, believes that the Nova Scotia region is becoming a top destination for startups. She attributed it to the support system and resources available to founders in the region.

“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.”

Propel CEO, Kathryn Lockhart

Propel’s data on Nova Scotia companies reveals interesting trends in terms of founder profiles. The statistics show that 64% of founders are born outside of Canada, a notable increase from last year’s figure of 50%. Additionally, 26% of founders are over the age of 40 (up from 23% last year). Further, 40% are first-time founders (compared to 34% last year). Notably, female founders have seen a substantial rise in number, accounting for 32%, compared to 20% in the previous year.

Also read: VC funding in Canada: Decoding the past decade of growth

Propel completes 20 years of accelerating Nova Scotia tech startups

With a continuous intake model, Propel offers tailored programming and coaching for both pre-revenue and revenue-generating companies. This year marks the 20th anniversary of the program. And it aims to play a crucial role in fostering the tech ecosystem in Atlantic Canada. In fact, having served over 100 startups last year, Propel plans to surpass that number in 2023.

In a statement, Susan Corkum-Greek, Minister of Economic Development, emphasized the importance of fostering a culture of innovation, sustainability, and entrepreneurship for the province’s economic success.

“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.”

Susan Corkum-Greek, Minister of Economic Development, Government of Nova Scotia

Zach Laberge, CEO & Founder of frenter, is one of the alumni of the program. He believes that the guidance he received through Propel has been crucial throughout his entrepreneurship journey without a doubt. Further, he said that his coach & mentors at Propel provided invaluable advice on understanding about customer validation, marketing, recruitment and fundraising. Interestingly, Zach is one of the youngest founders to be accelerated by Propel. Last year he raised CA$700K for his Halifax-base rental industry startup as a 16-year old founder.

Startups can find out more about Propel and apply to their program on Propel’s website.


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