Launch36, the Atlantic Canadian technology accelerator, will graduate its next six companies tonight at an extravaganza in Saint John, N.B., bringing the companies that have gone through the two-year-old program to 26.
Propel ICT, the New Brunswick technology association, announced the program in 2011 with the goal of launching 36 companies in three years, and it is well on track to meet the goal. What’s interesting is that its third cohort of companies, which will pitch tonight at Launch36’s DemoDay, shows no signs that the accelerator is lowering the bar to let in more companies.
The event, which will be attended by about 250 people, including investors, is part of Propel ICT’s 10th anniversary celebration. It is being held in conjunction with New Brunswick’s Innov8 Awards, which recognize innovation in the province.
Executive director Trevor MacAusland shortened the most recent Launch36 cohort to an intense 12-week course from five months to make it easier on teams travelling to meetings from other parts of the Maritimes. What he’s learned is that companies have already picked up a lot of the material from the mentoring groups around the region — Volta Labs in Halifax, Planet Hatch in Fredericton, entrepreneurship courses at universities. It means the companies come to Launch36 with a fundamental understanding of lean entrepreneurship.
“This cohort, within the first two weeks, accomplished what we did over five months with the first cohort,” said MacAusland last week.
The following companies are graduating tonight:
• Eigen, Fredericton, has developed industrial Internet algorithms that can help companies automate a range of actions in their manufacturing processes. Developed at the University of New Brunswick, its first product uses thermal cameras to help food companies cook or freeze products more efficiently.
• Elandas, Saint John, helps life sciences companies capture market share with its suite of marketing tools. These help sales and marketing teams plan product launches and execute marketing strategies.
• FoodTender, Moncton, acts as an online marketplace between restaurants and suppliers, ensuring the restaurateur gets the best price and the supplier gains exposure to new customers. It now has 75 clients, mainly in Moncton, and is expanding into Halifax.
• GetGifted, Charlottetown, lets merchants and restaurants issue gifts to customers, so people are drawn to the outlet and spend money. It has about 10,000 followers on P.E.I. and is spreading across the Maritimes.
• Modest Tree Media, Halifax, is designing a software-as-a-service product that will reduce the cost and time of making 3D training programs. Modest 3D, as the product is called, lets instruction designers or subject matter experts create 3D interactive training programs and publish them on any device.
• TopLog, Halifax, makes life easier for network system administrators by analyzing the events that take place over the network and identifying things that depart from the norm. This knowledge can prevent the system from going down, and alert the network system administrators when anything out of the ordinary happens.
MacAusland noted that all these companies have some revenue, and as a group, their revenue so far is about $2 million. Between them, they have also attracted $1 million in financing. BDC Venture Capital has agreed to provide a $150,000 convertible note to the Launch36 graduates that it deems to be “venture ready.” These will be announced at a later date.
Launch36 recently had an independent audit done on its achievements, and learned that its graduate companies now employ more than 80 people, have raised $7 million in financing, and generate just under $1 million in annual revenue for governments. For every dollar of public money given to Launch36, governments will receive $19 this year.
