Propel, the Atlantic Canadian tech accelerator, is abandoning the traditional cohort model to offer continuous intake to the companies it supports.
The regional organization, which moved to a virtual model in 2018, issued a statement Thursday saying that startups can now begin the program when they need it most instead of waiting for the next cohort to start.
The statement said Propel launched its virtual accelerator so it could serve entrepreneurs wherever they are located and provide access to rural areas where programming was not previously available. The online content allows companies to access curriculum, one-on-one coaching and mentoring from experts around the world.
“While the ability to access content from anywhere was appealing for most startups, what we continued to hear was the need for real-time support associated with a founder's stage of business,” said Jeff White, Chair of Propel’s Board of Directors. “By moving to a continuous model, Propel can offer support to founders at the time they need it most . . . removing the obstacle of waiting six to 12 months for the next cohort to start.”
As companies are accepted into Propel’s accelerator, they will be announced on the organization's Facebook page.
The statement also said the continuous intake will allow Propel to help startups through the COVID-19 pandemic by offering companies virtual coaching and content through its online learning system. This includes insights from Propel’s network of mentors through its virtual fireside chats, which it believes have helped founders maintain a sense of normalcy during the crisis.
“Over the next three months, Propel will onboard close to 30 new companies into our e-accelerator and that’s just the beginning,” said Propel CEO Barry Bisson. “We are ready to talk to founders who are looking to accelerate their path to growth and don’t want to wait.”