Propel  ICT, the Saint John-based tech accelerator, will reveal a plan this month to work with more entrepreneurs in a program designed to increase each enterprise’s chance of success.

Over the next year, the group plans to implement Propel 2.0, a new accelerator format that will establish two so-called cohorts, each of which will allow about five companies to receive intense mentorship, encouragement and hopefully funding.

“Our intention is that through our network [of business contacts], you’re going to receive funding,” said executive director Trevor MacAusland in an interview last week.

It’s well known that startups double their chances of success by working with mentors, but MacAusland said the Propel ICT board has noticed the odds improve even more when entrepreneurs work with the “NBTel network” – the loosely defined team that Gerry Pond assembled at the old NB Tel before it became part of Bell Aliant. The team has since moved on but regularly gets together to invest in and mentor promising startups.

Propel  ICT, which often works with this network, has mentored six companies that have collectively raised $3.5 million, have 40 employees and plan to hire 30 people in the next six months. They are: Clinic Server; Enovex; MedRunner; Shift Energy; Smart Skin and ZapTap.

Now, MacAusland says, Propel wants to expand its work by establishing a program that comprises two cohorts that will simultaneously work with about five companies each. Each cohort will meet weekly so the entrepreneurs learn not only from the mentors but also from each other, intensely focusing on developing their businesses successfully.

One interesting facet of the new program is that it’s not only open to New Brunswick entrepreneurs: “We really don’t care where the entrepreneurs come from,” said MacAusland, adding that the application process will be highly competitive and open.

He will unveil the plans for new program at the Propel  ICT annual general meeting at 4:30 pm on Oct. 12 at La Teraz in Moncton.

The launch of Propel 2.0 is happening amid a burgeoning wave of excitement in the tech segment in New Brunswick. The $371 million sale of Radian6 to Salesforce.com has left several parties flush with cash that observers expect will be reinvested in New Brunswick, possibly beyond. The New Brunswick Innovation Foundation said it booked $9.25 million from its Radian6 investment, and Gerry Pond has said he will announce a new initiative in the middle of this month.