A Successful Demo Day for Launch36
A sold out crowd of 250 people witnessed Launch36’s inaugural Demo Day this past Tuesday, June 26. Developed by Saint John- based Propel ICT, this business incubator program is definitely on the way to achieving its goal of launching 36 businesses in 36 months.
When Trevor MacAusland, the Executive Director of Propel ICT, started Launch36, his original plan was to host two, six-team cohorts a year so that 36 companies would go through the program in three years. But when the applications for the first cohort started to roll in, the ideas were so strong that they ended up accepting 11 teams.
Since LaBarge Weinstein acts for a number of cohort participants and their investors, Mike Dunleavy and Colin Wrynn from our firm were in attendance on Tuesday.
“We wanted to be there to support our clients and see the work they have accomplished over the past few months,” said Wrynn. “The technology and creative applications that came out of this event were incredible.”
After five months of strenuous work building their businesses, 10 of the companies presented their products and asked for investment on Demo Day. Out of these startups, several have already secured contracts and some are even bringing in revenue.
Xiplinx, which helps factories monitor production on the shop floor by having technicians file reports using mobile devices, has already signed two global beverage companies. Developer of virtual reality technology, CyberPsyc estimates it will book revenues close to $100K this year. Company CEO, Darren Piercey, forecast the company will be profitable in 2014 and post revenues of $6 million in 2016.
Congratulations to the 11 teams and to everyone involved with Launch36. We can’t wait to see what the next cohort has to offer.