The Ecofuel Accelerator has announced the five companies selected for its Spring 2018 cohort: AecopaQ, GiGrow, POTLOC, Senswear and Surveyor.city. Selected from 30 applicants, these companies make up the seventh cohort of the Ecofuel Accelerator, which will continue until May 2018.
The Montreal-based Ecofuel accelerator is targeted at clean tech startups and powered by Cycle Capital, and offers the mentorship and expertise to help them in their green endeavors. The program announced in December that it had received $5.5 million in government support from the Green Fund.
“It’s pretty specific what we do,” Olivier Gagnon-Gordillo, Director of Operations at Ecofuel told MTLinTECH in November. “Some other [accelerators] will do smart city, like InnoCité, and others are for AI or for something more general altogether. The main difference that we have is we’re specialized and personalized for businesses in clean tech. We connect participants with mentors who have experience specific to that field, people with experience on how to sell clean, green technology to the industry.”
That type of specialized expertise is vital to the companies in Ecofuel’s cohort, as entrepreneurs working in that sector tend to be on average older and with more experience than applicants to more generalized programs.
“We also try to establish if there are specific needs a company might have for specific expertise, and then we get them in touch with the right mentor for them. So some mentors might only meet one businesses in the cohort because the needs are so different between everybody. We do a diagnostic at the beginning, middle, and end of the cohort, and usually all of that culminates with them pitching to investors that are used to receiving pitches for clean tech businesses.”
The Ecofuel program, which started up in February, usually lasts around three to four months and involves a combination of individual mentor sessions and collective sessions. Entrepreneurs from the five companies will experience a program tailored to their needs, and receive mentorship and avice from about forty mentors who are references in cleantech, business, global markets and entrepreneurship.