The new venture was spun out of Ken and Garry Seto's growing mobile development company, Endloop Studios, which they founded in Toronto in 2008.
Year One Labs is a startup accelerator that was founded by Raymond Luk, Ben Yoskovitz, Ian Rae, and Alistair Croll in September of this year.
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.