NOIC Accelerator Blog
What was once a concept rarely heard of in the world of business and start-ups, accelerator programs have grown to become a global phenomenon. Typically, accelerator programs provide businesses, more commonly new business start-ups entering their growth stage, with a capital investment, mentorship, office space, networking opportunities and access to investors. Some accelerator programs will provide an initial investment in return for equity in the business while others will provide this initial investment in the form of a grant. Much like the name implies, these programs typically take place over the period of 3-4 months with the goal of accelerating business development during that time frame. One of the most well-known accelerator programs is Y-Combinator based in Mountain View, California, USA. The most notable graduates from this program are Airbnb, Dropbox, Stripe, Reddit, Twitch, Coinbase and Weebly (Forbes, 2017). Examples of other well-known accelerator programs around the world are: 500 Startups (Mountain View, California, USA), Techstars (Boulder, Colorado), Plug and Play (Sunnyvale, California, USA), MassChallenge (Boston, Massachusetts, USA), SOSV (New Jersey, USA), Startupbootcamp (London, UK), Internet Initiatives Development Fund (Moscow, Russia), Wayra (Slough, Buckinghamshire, UK), Start-up Chile ((Santiago, Chile) Forbes, 2017)).
Northwestern Ontario also has its own accelerator program called Costarter run by the Northwestern Ontario Innovation Centre. Costarter provides businesses and start-ups with a $15,000 investment, access to mentorship, office space, peer-to-peer networking and access to a pool of investors. Northwestern Ontario Innovation Centre staff work closely with Costarter companies over a 3-month period with the goal of accelerating business development. Some notable graduates from Costarter include Toolbelt Pro, Lynac Tile Equipment, Intrideo, Microbiate, Hail Cosmetics, Rent Panda, Ship Early, Recoup, Ungalli and ASM Innovations. This year brings on a bit of change partially due to COVID-19. Another regional Costarter is taking place under the name Virtual Costarter and will help three new regional start-ups bring their innovative ideas to market. As it’s name indicates, Virtual Costarter will be conducted virtually this year. While this prevents Costarter companies from accessing physical office space provided by the Northwestern Ontario Innovation Centre, all other aspects of the program will remain largely unchanged.
New to Costarter is a Confederation College variant called Campus Costarter. It offers Confederation College students and recent graduates the opportunity to start and grow a business. Breaking from traditional norm, Campus Costarter welcomes both innovative and non-innovative businesses. Just like Virtual Costarter, Campus Costarter will be conducted online as well.
Below are the companies that will make up the 2021 Virtual Costarter Accelerator program cohort:
Kenora Cohort:
Brush Balusters and Railings – Brush Balusters and Railings offers a “made by nature” alternative for outdoor banister and railing systems used in stairways, outdoor decks and walkways. With its natural look and presentation, it adds an authentic rustic look to cabins, cottages, country homes, restaurants and public spaces. More importantly - Brush offers an authentic renewable and sustainable building product choice - that will appeal to people demanding more ecological products from the construction industry.
Dino’s Salad Dressing and Marinade – Authentic Greek salad dressing and marinade made from a 50-year old family recipe.
Kenora Web Solutions – This company is developing a multi-vender e-commerce platform that will allow small-scale artisans to sell their goods through a dedicated page within the online platform.
Thunder Bay - Campus Cohort:
Greenstone-Superior Landscaping - A year-round property maintenance business focused on areas such as landscaping and snow removal. They also are able to do fence/post-hole installation, painting, hardscape (walkways & patios), tree removal and refuse collection.
Konnect - As a social media management start-up company, Konnect will focus on giving small to medium-sized business owners back time they've spent frustrated with social media.
Cedar Jet Branding - This new start-up is a multi-media marketing agency located in Thunder Bay. Their business offers a boutique studio experience that works closely alongside their clients to provide branding solutions that stand out and supports their business identity.
Farm Bay - An interactive platform that will connect those that locally make food, food-related items, and other items to customers in Thunder Bay.
Master Tech Services - A mobile-based electronics services company that looks to fix, update, and service electronics.