Good morning, Toronto startups and entrepreneurs! We have a couple of new opportunities this week for those of you looking to further your idea, product, or service. Entrepreneur First’s Toronto program is accepting applications for its April 2021 cohort. If selected, you’ll get help finding a cofounder, developing your idea, and growing your resulting company. Look to Thursday for Entrepreneur First Toronto’s open office where you can learn more.
If you’re looking to establish a North American presence for your company, LatAm Startups Scaleup Bootcamp for Toronto can help with the first phase of its startup program. Find out more about this opportunity and Entrepreneur First’s program below.
You’ve probably heard of
Ecobee, the Toronto home-automation startup backed by Amazon’s Alexa Fund. Late last week, word got out that
it’s in talks to go public, but not through a traditional IPO. Instead,
Canaccord Genuity, a special purpose acquisition company (SPAC), would acquire Ecobee and take it public — possibly with a value of $USD490 million. Ecobee could very well be Canada’s next unicorn.
If a SPAC sounds like a shell company, you’re not far off. Investors
fund SPACs with the intent to purchase a yet to-be determined target company, often within a set timeframe of 2-3 years. SPACs come with an experienced management team and can take private companies public on a faster timeline than IPOs, which are often expensive, time-consuming, and risky. High-profile companies that have gone public through SPACs include Burger King, Virgin Galactic, and electric truck manufacturer Nikola. These big names have given SPACs more credibility, contributing to their increase in popularity in recent years.
Community Opportunities
Here are some upcoming deadlines for applying to accelerators, grants and funding, or other competitions. Don’t miss out! If you know of others, please submit any application deadlines and I’ll post them if they’re relevant.
The Scaleup Bootcamp Program is a market validation program supporting startups to evaluate their real possibilities to enter the North American market, validate business model and other assumptions. This is the first stage in the LatAm Startups program.
Entrepreneur First is the world’s leading talent investor. We invest time and money in the world’s most talented and ambitious individuals, helping them find a co-founder, develop an idea, and start a company. Twice a year we select up to 100 people to join our program. The first part of the program focuses on finding the right co-founder, and developing your idea. We call this Form. The second is called Launch and helps you grow your company — with investment from us — culminating in a demo day in front of the world’s best investors.
With another Demo Day done, it’s time to start forming the 2021 cohort for Techstars Toronto Accelerator. Apply today. If selected, over the course of three months your team will gain access to funding and dozens of mentors — individuals with deep industry, investment, or entrepreneurship experience. These experts are matched to your needs, and are committed to contribute to your long-term success. Once you complete the program, you’re not on your own. You’ll still have access to Techstars resources, with its worldwide network of entrepreneurs, mentors, investors, and alumni.
Have a great week, and stay well!
