WATERLOO REGION, ON, July 10, 2012 /CNW/ - Communitech today announced
the first cohort of companies participating in HYPERDRIVE, its $30
million startup incubator, which includes seven diverse, rising-star
startups ready for prime time. HYPERDRIVE was introduced only 10 weeks
ago and has already seen significant interest from funders and
partners. The announcement will be highlighted at a HYPERDRIVE kick-off
event today at The Communitech Hub.
"HYPERDRIVE is an excellent example of the kind of innovative ideas we
have here in southern Ontario," said the Honourable Gary Goodyear,
Minister of State for the Federal Economic Development Agency for
Southern Ontario (FedDev Ontario). "It is these types of creative
partnerships that will position our regions start-up businesses for
success, leading to jobs, growth and long-term prosperity for our
people and our communities."
HYPERDRIVE is designed to accept up to 10 companies, up to three times
per year, granting entry only to startups that satisfy criteria derived
from a lean-startup model.
"Today's announcement is about collaborating to grow these great
companies and demonstrate to the world why Ontario is such a smart
place to invest. I'm excited to see the results of these efforts, which
I know will be a model for others to follow," said Brad Duguid, Ontario
Minister of Economic Development and Innovation.
"This is what all the excitement has been about - the applications have
been evaluated, the prospects have been interviewed, and the companies
have been selected; now it's time to show the tech world HYPERDRIVE in
action," said Iain Klugman, CEO of Communitech.
The following seven companies make up the first group of HYPERDRIVE
Buildcircle - provides contractors with cloud-based software services to privately
create their most competitive bids in response to construction
Coachd - a mobile app that allows sports fans and amateur athletes to be
coached through workouts by professional athletes. Through Coachd,
professional athletes are able to grow and monetize their fan base,
while simultaneously building their personal brand.
Killer Giveaways - a cost-sharing platform that pools small businesses together so they
can afford expensive giveaway prizes such as vacations, gadgets etc. at
1/10th of the prize cost. Small businesses can now incentivize their
visitors just like the big businesses, and generate hundreds and
thousands of dollars worth of social media exposure, traffic, fans and
SimplicityVMS - cloud based, SaaS platform that automates and centralizes the
end-to-end process of hiring, engaging and administering contract and
temporary workers. The system functions across all departments across
the entire enterprise. SimplicityVMS' easy to configure platform
reduces the time and cost to implement best of breed VMS technology.
StampMe Inc. - revolutionizes the process of collecting loyalty points through a
digital stamp that works on smartphones to simulate the
buy-10-get-1-free stamp cards. Vendors are provided with real-time
business intelligence data as well as on-demand advertising
Will Pwn 4 Food - is gaming for money. The company creates fast action 3D games that
you can play directly in the web browser for actual cash and prizes.
Gamers have the skills to pay the bills, but nowhere to go to put their
money where their mouth is, and that's where Will Pwn 4 Food comes in.
8146861 Canada Corp - a new Waterloo-based start up with a veteran team
which is currently working in stealth mode and looking forward to
launching their initial Beta and company brand later this summer.
Phase 1 of the program begins now and will introduce the startups to
market validation, focus on customer development, and help them to
flesh out the overall direction of their companies. Two established
entrepreneurs, Steven Woods and Ted Hastings, are the program's "Head
Coaches" and are reinforced by eight Executives-in-Residence and more
than 120 mentors who have volunteered their time to help coach these
up-and-coming businesses with the overall goal of building "Series A"
VC funded companies. Notable funders have also stepped in to lend the
support and the capital required to ensure startups get off the ground.
"I wish there had been a HYPERDRIVE program when I started my business,"
said Jim Estill, Partner in Canrock Ventures. "The value of the mentors, the program and the environment is a great
way to launch a company."
"Today's event marks the formal launch of HYPERDRIVE," said Iain
Klugman. "Our goal is to grow the tech startups announced today into
the tech giants of tomorrow."
Communitech is located in Waterloo Region, 110 kilometres (66 miles)
west of Toronto, Ontario, Canada. Founded by a group of dedicated
entrepreneurs in 1997, Communitech is the regional hub for the
commercialization of innovative technologies supporting and building a
Southwestern Ontario tech cluster of close to 1,000 companies that now
generates more than $30B in revenue. A member of the Ontario Network of
Excellence (www.oneinnovation.ca), which is funded by the Ontario government, Communitech supports tech
companies at all stages of their growth and development - from startup
companies, to rapidly growing SMEs, to large global players - to create
greater numbers of successful global businesses for Ontario and for
About Communitech HYPERDRIVE
Communitech HYPERDRIVE (http://www.communitech.ca/hyperdrive/) is a startup incubator that provides enhanced mentorship and other
life cycle services to early stage tech companies. The goal of the
program is to maximize the ability of these companies to commercialize
innovations and prepare the companies for investment opportunities. The
program will also enable 'soft landings' for experience in foreign
markets, and higher visibility for investment sources and business
SOURCE Communitech Ltd.
For further information:
Shelley Grandy, Sr. PR Advisor, Communitech, 905-866-2656 or firstname.lastname@example.org