Join the conversation:

Techstars wants to take advantage of Toronto's "incredible startup ecosystem"

Techstars wants to take advantage of Toronto's "incredible startup ecosystem"

Posted by PanamericanWorld on March 06, 2017

Techstars LLC, the prestigious startup accelerator based in Boulder, Colo., is launching a program in Toronto in partnership with Montreal-based venture capital fund Real Ventures.

The Toronto program will be jointly funded by Techstars and Real Ventures. The two firms plan to announce a start date and a call for applications later this year.

David Brown, co-founder and co-chief executive of Techstars, said Toronto was a logical choice. The accelerator’s managing directors already spend a significant amount of time in Toronto and Waterloo recruiting companies for programs in other cities, he said.

“It’s an incredible ecosystem,” Brown said. “We feel that it’s a winning combination, that we can bring the Techstars model and methodology, but leverage the Canadian network and infrastructure and knowledge that John and the Real Ventures team bring.”

John Stokes, general partner of Real Ventures, said he’s been working with Techstars in various capacities since 2009. He said they saw an opportunity to help the Toronto-Waterloo corridor’s growing startup community take things to the next level.

“The more intense, three-month, classic accelerator program really doesn’t exist at the moment in Toronto,” Stokes said. “By launching now, it would fill that gap and contribute to the ecosystem in a positive way.”

Techstars provides selected startups with mentorship, three months of office space and funding in the form of a US$100,00 convertible note and US$20,000 in exchange for a 6 per cent equity stake. Nine out of 10 Techstars graduates are either still in business or were acquired by another company, with the average startup raising US$2 million in outside funding after completing the program, according to statistics supplied by the accelerator.

 
Link To Full Article: 
Tags: 

Facebook comments



Monthly newsletter featuring articles hand picked by our country managers from the best content across PanamericanWorld.



Monthly newsletter featuring articles hand picked by our country managers from the best content across the Caribbean Region on PanamericanWorld.

PANAMERICANWORLD COUNTRIES