Ottawa's L-SPARK to Foster Growth for Innovative Enterprise Software Entrepreneurs

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L-SPARK Formed to Cultivate a Distinctive Canadian Startup Ecosystem with $7.7 Million in Funding Over 5 Years

Royal Galipeau, Member of Canadian Parliament (Ottawa-Orléans), accompanied by the Honourable Ed Holder, Minister of State (Science and Technology), announced Friday October 31, 2014, that L-SPARK, a new Incubator and Accelerator partnership between Invest Ottawa and Wesley Clover International, has been awarded funding from the Canada Accelerator and Incubator Program (CAIP) delivered by the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP). With the assistance of $3.8 Million in Government of Canada funding over 5 years, L-SPARK will provide entrepreneurs with the tools and support needed to evolve innovative enterprise software ideas into advanced new companies.

“It is an honor to share news that will help transform the Canadian startup landscape," says Leo Lax, Managing Director, L-SPARK. “With the assistance of this NRC-IRAP and CAIP funding, we at L-SPARK are committed to helping innovative new enterprise software companies get established and grow here in Canada. Momentum is building now towards our first Accelerator session, and I encourage entrepreneurs with a passion to create enterprise software products to reach out to us. We have the tools, the leadership and the business networks to help you realize your vision. The market is ready.”

L-SPARK has already established strong relationships with strategic business advisors, Venture Capital Firms and angel investors to provide their startups with the specific sector expertise they need to establish and grow their new companies.

In the next 30 days, six startups will be chosen to enter the L-SPARK Accelerator, where they will be mentored one-on-one by experts in the Enterprise Software space and be eligible to receive up to $360,000 in funding injections. L-SPARK is accepting applications to this inaugural Accelerator session until November 20, 2014.

“L-SPARK is a world-class Incubator and Accelerator that will provide unparalleled mentorship to entrepreneurs and start-ups in the enterprise software sector.” says Bruce Lazenby, President and CEO, Invest Ottawa. “The region has a vibrant history of building world class companies. That tradition will continue with L-SPARK, the richest and longest Accelerator program (9 months) in North America. Today’s announcement will help create jobs. It will grow and strengthen an already strong ecosystem. And it will give entrepreneurs the resources they need, to turn their ideas into the next billion dollar business.”

As a co-recipient of CAIP, Queen’s University shares in the enthusiasm for the future of Eastern Ontario’s startup ecosystem. Dr. Steven Liss, Vice-Principal (Research) at Queen’s University states: “We are delighted to be working with regional partners, Invest Ottawa and Wesley Clover, and local partner Launch Lab, to deliver an integrated Eastern Ontario Business Accelerator. By combining and leveraging the strengths of the partners, this collaboration will expand programs and services available to high potential startups and SMEs in the region.”

Terry Matthews, Chairman of Wesley Clover International, added his voice to the comments about L-SPARK and today’s announcement: “I am pleased to be supporting L-SPARK as they begin aligning talented entrepreneurs with the industry leaders and strategic partners they need to realize growth and success in the enterprise software sector. I am confident that the entrepreneurs and their teams who make it through the program will emerge ready to compete on an International level. L-SPARK is going to fuel opportunities, careers and positive experiences for many in the Canadian high-tech industry.”

About L-SPARK
L-SPARK is an Ottawa-based Incubator and Accelerator with a laser focus on the Enterprise Software market. By providing entrepreneurs and startups with access to industry mentors, sector-focused venture capital firms and angel investors, the objective of L-SPARK is to create a deal flow of fundable enterprise startup companies and support an enterprise-focused startup ecosystem in the region. L-SPARK will arm innovative entrepreneurs with the tools and support to be more agile, more competitive and more profitable. L-SPARK seeks innovators who can create software that keeps up with and accelerates the rapid growth of their customers, leads the rapidly evolving technological landscape, and redefines the enterprise landscape. L-SPARK is supported by Wesley Clover International and Invest Ottawa. Visit us at http://www.l-spark.com, connect with us on linkedin.com/l-spark or follow us on Twitter @LSPARKGlobal .

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If you would like more information about this topic, please contact Jamie Keeley at 613-791-2761 or email at jamie(at)l-spark(dot)com.

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L-SPARK
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