Intuit Canada and venture studio Highline Beta has launched the Intuit Prosperity Accelerator, where a cohort of global tech startups will help solve financial prosperity challenges that Canadian consumers, self-employed and small businesses will be facing in the wake of COVID-19.
Intuit is best known for its TurboTax, QuickBooks and Mint software products.
Since the onset of COVID-19, half (49%) of Canadians report that they are $200 or less away each month from insolvency, according to the latest MNP Consumer Debt Index. CFIB reports that 48% of small businesses are making half or less their normal sales, with 50% stating they are most concerned about their business cash flow.
These are just a few of the problems this accelerator will be looking to help solve.
Successful applicants to this accelerator will pilot solutions that help Canadian consumers eliminate debt, build savings and enable financial literacy; and/or help Canadian self-employed and small businesses improve cash flow, get customers, and access help.
“Collaboration between corporations and across the global startup ecosystem will be critical to moving with even greater urgency in this fast-changing landscape,” said David Marquis, Country Manager at Intuit Canada.
“Many of these challenges are global, and I believe that if we broaden our views, expand our networks, and learn from each other, this time of crisis will bring innovative solutions that will help solve financial prosperity challenges for Canadians.”
Selected startups in the Intuit Prosperity Accelerator will benefit from four months of virtual programming, where they will have access to a mentorship network, $20,000 towards pilot execution, and the opportunity for follow-on investment from Highline Beta.
“Consumers and small businesses in particular are going to be under significant pressure post-COVID-19. We’re very eager to find startups whose products can help make a difference during this difficult time,” says Benjamin Yoskovitz, Founding Partner at Highline Beta. “By focusing on finding the most effective solutions and executing pilots quickly, we can deliver impact where it matters most.”
The program will accept global applications from high-potential seed-stage tech startups with products in market, but is open to the possibility of pre-seed or later stage.
The Intuit Prosperity Accelerator is now accepting applications until September 4th.