The Montreal startup community just got a boost. In the same vein of Bootup Labs in Vancouverr and Extreme Venture Partners in Toronto, Montreal now has its own “seed accelerator”. Year One Labs launched today.
Year One Labs was founded by four Montreal entrepreneurs – Ben Yoskovitz, Raymond Luk, Alistair Croll and Ian Rae.
Year One Labs is taking a hand-on approach to advising, focused on co-creating startups with entrepreneurs in the program. The program itself is dedicated to the “Lean Startup methodology,” which centralizes around the customer development process, validating the idea and market strategy before product development.
Besides advising and mentoring, accepted startups will receive $50K, issued in tranches based on milestones in the development. Startups will also be able to rent space in Year One Labs for free. In exchange for this, Year One Labs takes a minority stake in startups, typically between 10 percent and 20 percent of equity.