LaunchYU initialises next cohort

York University is in the process of picking 20 startups for the latest cohort of its LaunchYU accelerator program, BetaKit has reported.
The accelerator, which is not limited to York University-affiliated businesses, is expected to set aside up to five slots for social impact-related startups, though further details were not provided.
LaunchYU stopped taking applications yesterday and is due to begin its latest cohort on May 2.
Launched in 2014, the program coaches founders over four months in four key areas – identifying a product-market fit, pitching to potential partners, formulating a go-to-market strategy and negotiating equity or debt financing.
Each of the subjects is covered during a month-long “sprint” consisting of bootcamps, workshops and one-to-one mentoring, as well as feedback from potential investors and the opportunity to secure cash awards.
LaunchYU offers a maximum of C$55,000 ($41,000) in prize funding through competitions such as the Aird & Berlis StartupSource Market Entry Award, which bestows the best of three finalists from each cohort with a cheque worth $18,600.
The accelerator also provides participants with a range of perks from industry partners, including access to cloud computing services from technology group IBM and Google, the internet technology subsidiary of diversified conglomerate Alphabet.
To date, graduates from LaunchYU have collectively secured more than $9.3m in external funding and generated a combined turnover of more than $2.2m. Past cohorts have included the likes of biodegradable utensil manufacturer Candy Cutlery and student recruitment app developer Swob.