FounderFuel has accelerated 67 companies since 2011, with 14 acquisitions, 13 shutdowns and the remaining in operation.
Name of Accelerator: FounderFuel
Location: Montreal, Canada
Website: www.founderfuel.com
General Manager: Sylvain Carle (Interview with Thibaud Marechal, Program Manager at FounderFuel)
This article is part of our Startup Accelerator Spotlight Series featuring accelerators from around the world. We hope these spotlights will assist the entrepreneur should they consider attending an accelerator program.
In two sentences or less, tell us about your accelerator and its objectives?
FounderFuel is startup accelerator that helps early stage companies go to market and raise seed capital.
Why is your accelerator program unique? Please describe the benefits of participation in your program.
FounderFuel will help startups increase traction, secure partnerships, and get to revenue faster, all in an effort to help them raise follow-on funding. We provide seed funding and access to a network of investors (VCs and Angels), experienced entrepreneurs, and top executives, all to help you accelerate the success of new ventures.
4 Initial Steps in Targeting Venture Capital Investment
What is the most difficult part of working with startups?
Focus. When launching a company, there are many elements to consider that all play a particular role in the business at a specific time. It’s about understanding what to focus on and how to be more efficient and grow fast enough.
What do you enjoy the most; what do you find most appealing about working with entrepreneurial startups?
The impact on people who are part of a meaningful mission.
5 Steps to Creating a Company Mission Statement
Tell us about your success stories; Which are the most interesting companies to have participated in your program?
Our companies are very diverse and all are unique in some way. We believe in them or they wouldn’t have been part of our program. Sharethebus, a Montreal company which organizes bus transportation for groups, companies and sports teams for sporting and other events such as concerts and festivals is a recent alumni company from FounderFuel that is currently in Y Combinator and has great traction.
FounderFuel has accelerated 67 companies since 2011, with 14 acquisitions, 13 shutdowns and the remaining in operation.
We are focused on the pre-seed to seed stage opportunity. Successful companies will typically raise a seed round of 500K-1.5M after going through FounderFuel. To help them get there, we believe the best deal is a combination of the right amount of investment and entrepreneur-friendly terms. Our 2016 deal is an investment of 100K for the equivalent of 5% in equity.
In search of an accelerator that aligns with your startup’s needs? Try TurboFunder’s Find My Accelerator search tool!
What are the three most important factors startup entrepreneurs should consider when contemplating attending an accelerator?
- It’s a lot of work.
- It’s only the beginning.
- You get what you put in.
What else would you like to share?
FounderFuel runs its program twice a year, both in the Spring and Fall. During each cohort, up to 10 companies are accepted. They receive $50K to $100K in seed funding and participate in $400K in perks. They are also eligible for $150K from BDC Venture Capital on Demo Day. During the program, companies refine their vision, build their products and perfect their pitches with the help of our all-star mentor network as well as their peers. The program culminates on Demo Day. The teams pitch to an audience of more than 1200, including investors, partners and community members.
6 Items to Prepare for a Pitch to Concept Stage Investors
Are you familiar with other accelerators you believe should be highlighted? If so, we would like to hear from you. Tell us about them in the comments below!
Pam Goforth
Pam Goforth is Research Manager for FundingSage, which provides valuable information, tools and resources to entrepreneurs seeking to start, grow and fund a business.
