WATERLOO, ON, Jan. 31, 2013 /CNW/ - The second cohort of companies
participating in Communitech's HYPERDRIVE program - a $30+ million
startup incubator - was announced today, with 11 diverse up-and-coming
startups ready for the spotlight. Still less than one year old, the
HYPERDRIVE program has made its mark as a strong and unique incubator,
seeing significant interest from funders and partners.
"Building on the success of the first cohort in which five of the seven
participating companies obtained follow-on financing, our second cohort
will see enhanced programming with much greater focus on generating
revenue to help companies get from "Seed to Series A" as quickly as
possible," said Doug Cooper, Managing Director HYPERDRIVE. "We received
applications from 16 countries around the world for the second cohort,
making the 11 companies selected truly the cream of the crop."
As part of HYPERDRIVE'S full lifecycle approach, the program enables up
to 30 companies to participate annually, each with a three-month
'sprint' to take startups from concept to angel and VC
investment-ready. The sprint culminates in a week-long immersion in the
heart of New York City's burgeoning tech community. The program is
differentiated from other startup incubators by virtue of a two-year
mentoring program, ensuring the sprint period is followed with support
designed to help founders scale their businesses, with the goal of
being "Series A" fundable at the end.
The following 11 companies make up the HYPERDRIVE second cohort:
WellRead - a news gathering service that learns what is most important to the
user and makes it simple to keep up with what matters to them, cutting
out the need to search multiple sources.
The Dandy Co. - a community driven app developer which involves the community from
initial pitch to completed product. Profits are divided amongst the
community based on each user's level of contribution.
The Open Doors Network - a developer of web applications for homeowners so they can better
maintain their investment. Emails are sent to users to remind them when
different maintenance issues should be addressed and provides
CreamHR - an accurate top-of-the-filter employment assessment service. CreamHR
provides businesses with a way to quickly and accurately hire the right
person for the job, eliminating inaccurate recruiting.
PumpUp - a personalized fitness coach that gives individuals the guidance and
motivation they need when it comes to working out. Answering a few
simple questions provides the user with a personalized routine that
shows them exactly what to do, how to do it, and adapts their routine
to help them reach their goals.
GroupNotes - a collaborative tool that can be used to easily share, annotate, and
comment on websites. It allows its users to form a digital group
online, enabling its members to leave virtual sticky notes and
annotations on webpages so that as other members browse those sites
they see the notes others left behind.
BeanEvo - a web-based application offering an easy-to-use, cost-effective and
customizable online accounts payable automation solution tailored to
the size of any business.
ViewsIQ - a medical technology company that makes microscope imaging solutions.
ViewsIQ has created a way to digitize lab samples so that anyone with a
standard microscope can create and send an image of the sample to a
pathologist anywhere in the world for diagnosis.
ESL Explorer - an online marketplace, catalogue of schools, niche social network and
a ratings and review site for English language schools. The website
makes it simple for students to pick the right courses in the right
location for them.
Inception Mobile - a "friction free" multi-platform mobile application development tool.
It allows developers to simultaneously target multiple mobile platforms
without having to rewrite a single line of code.
Oikoi - a matchmaking platform for tenants, landlords and property managers.
Rather than a general purpose marketplace approach employed by Kijiji
and Craigslist, Oikoi specializes in quickly connecting tenants to
highly relevant apartments, and providing pre-qualified leads to
Phase 1 of the program which begins now, introduces the startups to
market validation, with a focus on customer development and helping
them discover the overall strategic direction of their companies. Along
with Cooper managing the program, HYPERDRIVE draws on the expertise of
head coaches Ted Hastings and Steven Woods. The program can also enlist
support from Communitech's team of Executives-in-Residence and more
than 130 mentors who have volunteered their time to help coach these
Communitech www.communitech.ca 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 is a startup incubator that will provide 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