Seed-accelerator pivots in time for arrival of Cohort 3
WATERLOO REGION, ON, July 26, 2013 /CNW/ - Communitech announced today
that it is fine tuning its startup accelerator HYPERDRIVE to provide
greater support for early-stage technology companies.
While already one of the most successful seed-accelerators in Canada,
Communitech continues to innovate and iterate to ensure that it remains
Since its creation just over a year ago, HYPERDRIVE has admitted 18
companies to its first two cohorts. These companies have successfully
raised $3.7M, made significant revenue and created over 70 jobs.
"We have realized for a while that traditional seed-accelerators don't
go far enough. Companies need to transition into a sales and marketing
mindset as soon as they have validated their business model - which is
why we are extending the program to 6 months."
"We have also increased the use of best of breed tools like Steve
Blank's business model canvas and Startup Genome to increase the
effectiveness of the program and allow ourselves to be more data
And finally, we have realized that companies need more opportunity to
meet, build relationships and get feedback on their businesses from the
investment community -- right from the beginning of the sprint. This
is why we are making the following program changes." Cooper concluded.
The program is being extended to six months - making it unique in
Canada. The first three months is a sprint that concludes in a Demo Day
and a potential investment of $150,000. The final three months will
focus on sales and marketing growth. The extended program also includes
elective programming. Companies can stay in residence at Communitech
for the full six months.
There will be a second Demo Day in the critical adjacent market of
Toronto to engage a broader group of potential investors.
The existing one-week trip to New York City to meet funders, partners
and potential customers will be moved to after Demo Day, to better
align with the increased sales and raising capital focus of the
A HYPERDRIVE Advisory Group composed of world-class founders has been
formed to ensure the program remains globally competitive.
At the end of six months, HYPERDRIVE companies transition to the
comprehensive programming Communitech has developed over the past 15
years -- services and programs that are designed to assist tech
companies through every stage of their lifecycle (startups, mid-size to
large multinationals). These programs specifically focus on helping
tech companies attract talent, raise capital, and tap into the
Communitech network of hundreds of successful entrepreneurs, investors,
academic partners, service providers and companies such as OpenText,
Christie Digital, Google, Canadian Tire, BlackBerry, Desire2Learn and
Founded in Waterloo Region by a group of dedicated entrepreneurs in
1997, Communitech (www.communitech.ca) is the regional hub for the commercialization of innovative
technologies, supporting and building a tech cluster of nearly 1,000
companies that generates more than $30 billion in annual revenue.
A member of the Ontario Network of Entrepreneurs (www.onebusiness.ca), which is funded by the Ontario government, Communitech supports tech
companies at all stages of their growth and development—from startups
to rapidly-growing mid-size companies, to large global players. Its
goal is to create greater numbers of successful global businesses for
Ontario and Canada.
SOURCE: Communitech Ltd.
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