L-Spark incubator launched for eastern Ontario

Invest Ottawa, Wesley Clover International and Queen's Univ have launched L-Spark, an incubator and accelerator that is one of 10 similar organizations receiving funds under the Canada Accelerator and Incubator Program (CAIP). It is managed by the Industrial Research Assistance Program as part of the federal government's Venture Capital Action Plan. Other incubators/accelerators receiving CAIP funding will be announced in the near future. Managed by Leo Lax, CEO and general partner of the Skypoint Capital venture capital firm, L-Spark is modelled on the successful Y Combinator incubator and accelerator based in Mountain View CA. L-Spark is a combination incubator and accelerator, with successful firms graduating through the two streams making them ready for angel or venture capital investment. Serving eastern Ontario, L-Spark will focus on firms in enterprise software — a sector that encompasses data analysis, networking, supply chain management and customer tracking. FMI: www.l-spark.com….