Halifax startup hub Volta is adding a virtual version of its Residency incubator program for companies based outside the city at a $100 per month price point, instead of the floor space-based invoicing system used for in-person companies.

Virtual resident companies will have access to Volta’s advisors and mentors, as well as office hours with industry experts and workshops, the same as in-person resident companies. The only difference will be that the services will be offered digitally.

Startups with virtual residency status will also still be able to attend Volta’s in-person networking events and use the co-working space, but with a limit of two company staff members at a time.

“The decision to add Virtual Residency as an option for Founders came after successfully delivering virtual programming to our Residents in the midst of the pandemic,” said Chief Innovation Officer Matt Cooper in a press release.

“Founders and their teams have needed to adapt to the challenges and new realities that COVID-19 has presented for work environments. It’s critical that Volta adapts as well to remain relevant and valuable to the Atlantic Canadian startups that we serve.”

Like the in-person residency program, the virtual offering will be open only to startups with at least one founder based in Atlantic Canada. They must also have a validated idea with global market potential and a team of full-time founders.

Companies with resident status, virtual or otherwise, also have access to more than $50,000 worth of programs and discounts to help founders with professional development and defray business expenses.

Of the companies that have been residents since Volta opened in 2013, the startup hub said in the press release about half are still in business -- in contrast to economy-wide estimates that sometimes peg the failure rate for technology startups at around 90 percent. Collectively, Volta resident companies have also raised $170 million of equity funding and bagged eight exits so far.