Coming up with an innovative tech product is one thing for an entrepreneur, but taking it to the next level by bringing that product to market requires a whole other area of expertise that many entrepreneurs may not have.
That’s why the Innovation Cluster Peterborough and the Kawarthas has opened applications for the third cohort of LevelUP, a free 12-week accelerator program that will guide entrepreneurs as they navigate the challenges of commercializing and scaling their tech-based business.
Applications are being accepted online at innovationcluster.ca/programs/levelup-accelerator/ until Wednesday, January 15, with the program beginning on Wednesday, February 5.
“What we see in our region is that folks have these minimal viable products (MVP) they’re ready to go to market with, but they really don’t understand what it takes to launch their company and to commercialize to get those 10 to 100 customers,” says Christine Crandell, the Innovation Cluster’s vice chair of the board and interim CEO.
Applications to LevelUP are open to entrepreneurs across Ontario with an MVP and working in the sectors of agriculture tech (agtech), healthcare tech, cleantech, and digital tech.
“Based on the companies we serve and what we saw a need for, these are entrepreneurs looking to scale business through growth market strategy and getting their first customer,” says LevelUP program lead Zahra Shafiei. “It’s about getting more clients, more customers, and scaling the business.”
VIDEO: “LevelUP – Take your startup to the next level”
Over 12 weeks, the programs will run weekly both virtually and at Venture North in downtown Peterborough through hands-on workshops and classes focused on essential topics including enhancing a business plan to attract investors, intellectual property (IP) strategies, sales, branding, marketing, and presentation skills and pitching.
The Innovation Cluster has more than 30 “experts in residence” from whom participants can get one-on-one mentorship on key areas like artificial intelligence (AI), digital marketing, sales, finance, and beyond.
At the end of the program, entrepreneurs will have the opportunity to pitch their business to a panel of judges for the chance to win $10,000 to level up their business. Eight of the roughly 15 participating entrepreneurs will be chosen to present, though each one will benefit from the program.
“Whether they get to pitch at the end or not, all of them get the chance to practise with experts, receive feedback, work on their pitch deck, and build their confidence in delivering,” Shafiei says. “They all improve their pitch to help them sell their company to potential investors and potential clients.”
While many of the participants might head into the program aiming to win the $10,000, Shafiei suggests the “most value in the program is in the knowledge they get, and in the connections, and the networks formed.”
“At the very end of this program, you can see the transformation and that camaraderie that happens within the cohorts is a really critical element of learning,” Crandell adds.
The support system and knowledge transfer extends beyond the 12-week program, as the Innovation Cluster maintains a network of alumni from the program to help graduates keep in touch and continue to forge connections in the community and beyond.
“What we see happening is not only new friendships forming, but you also see people that realize they could be partners,” says Crandell.
“They notice they have complementary products and if they band together in partnership, they either could offer to the market a larger solution or diversify it. It helps to solidify this notion about how the key towards scaling is in commercializing and determining your various channels to market.”
Crandell notes that sometimes the creativity that comes out of the program is one of the most useful tools for entrepreneurs to expand their business.
“They are naturally competitive or they wouldn’t be entrepreneurs, but here they start to think outside the box and in ways that are new or that they hadn’t thought about before,” she says.
“It really opens up this new avenue and we’re providing the community for them to foster more growth and to help them as they continue to scale because it’s never one and done. Scaling is a process and a journey.”
