HYPERDRIVE's new six-month format puts the emphasis on investment, sales & marketing
WATERLOO REGION, ON, July 30, 2013 /CNW/ - Eleven promising startups have made the cut to participate in the third cycle of Communitech's HYPERDRIVE accelerator, one of the most successful programs of its kind in Canada.
Since its creation just over a year ago, HYPERDRIVE has admitted 18 companies to its first two cohorts. These companies have successfully raised over $3.7M, made more than $500,000 in revenue and created over 70 jobs. With the extension of the program from three months to six and the new data-driven approach to tracking progress announced last week, HYPERDRIVE is poised to take this latest cohort further along the path to commercial success than ever before.
"The intent with HYPERDRIVE has always been to take our companies to the point where they have validated their business models and markets and become attractive prospects for investors. With our new format, we are better positioned to transition them into the sales and marketing mindset they need to drive revenue and scale their businesses," said Doug Cooper, the program's Managing Director.
For more information on HYPERDRIVE's program changes, see Communitech introduces NEW Improved HYPERDRIVE.
The 11 third cohort companies are:
Apollonia Health: An oral healthcare biotech company developing and commercializing natural, safe and effective anti-cavity oral rinse products for children that do not contain fluoride, alcohol, or any other industrialized chemicals that can be harmful if ingested.
AvidTap: A company that is making local retail mobile. Its first product is a mobile pre-payment and loyalty platform that will engage, retain and attract local customers. AvidTap uses proprietary technology that allows customers to pay for purchases, gather points and communicate with stores.
Commission Pitch: A platform that fills an online void for information on real estate agents' skills, experience and expertise by providing neighbourhood-level statistics on agents' transaction histories. Commission Pitch also connects agents directly with new clients by allowing buyers and sellers to communicate with, solicit offers from, and hire agents directly through the platform.
Market Clouds: A web-based financial terminal that delivers the tools investors need, at a price they can actually afford.
RENOMii Technologies: A SaaS company developing software that allows for easier, content-rich communication between homeowners and contractors during a renovation. Its cloud-based software provides a painless process to quote, direct order, manage and invoice clients.
Roadmunk: A collaborative web application that allows executives and product managers to create and publish beautiful product roadmaps.
StrataVox: A cloud-based platform that streamlines processes and communications for the property management industry. It creates unprecedented efficiencies for all players, better service for residents, and lower costs for condominium owners.
Studybucks: A mobile application where parents can reward kids with cash for solving math problems.
Tacit Innovations: Its RestoLinkx product revolutionizes the way consumers discover, browse, order and pay for their meals at any restaurant from the comfort of their smartphones. Restaurant owners and operators are also empowered with the right capabilities to increase their revenues and drive overall profitability.
Togethr: A mobile gift giving service that revolutionizes the way friends, families and colleagues give to one another.
Smile Epidemic: The creator of Plasticity - Workplace Social Engagement Software that disrupts employee engagement measurement and stimulus by providing more accurate, relevant and current data that will forever change how employers spend their HR budgets.
"HYPERDRIVE embodies everything Communitech strives to accomplish. Nowhere else in the world can you find such a concentration of mentors, resources and tech companies sharing ideas, experiences and strategies for success to drive a region's economy forward. I welcome our latest cohort and wish them all the best during what will certainly be a very busy and productive six months," said Iain Klugman, CEO of Communitech.
At the end of six months, HYPERDRIVE companies transition to the comprehensive programming Communitech has developed over the past 15 years.
Communitech's services and programs have been designed to assist tech companies through every stage of their lifecycle (startups, mid-size to large multinationals). It's the strength of the Communitech network that helps tech companies attract talent and raise capital. Communitech HYPERDRIVE lets startups tap into the Communitech network of hundreds of successful entrepreneurs, investors, service providers, and connect with strategic partners such as OpenText, Christie Digital, Google, Canadian Tire, BlackBerry, Desire2Learn and many more.
Founded in Waterloo Region by a group of dedicated entrepreneurs in 1997, Communitech 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, 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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