Communitech launches HYPERDRIVE initiative

The Communitech commercialization hub for the Waterloo-Kitchener region has created a unique $30-million program to support start-ups through their early-stage development followed by two years of mentoring. Modelled on similar funding incubators in Boston, Seattle, New York City and elsewhere, the HYPERDRIVE initiative has attracted a wide range of private sector companies, funds and mentors to deliver the program, which launched earlier this month.

"We're trying to address the gap between the ability of companies to attract early-stage financing and accelerate that to the point where they can scale to a global level," says Communitech CEO Iain Klugman. "We want companies at the tail-end of the discovery stage so we can run programs in alignment with their life cycle ... We don't dump them at the curb."

So far, HYPERDRIVE has received funding commitments from Canrock Ventures, Canadian Youth Business Foundation, BDC Venture Capital, Research In Motion Ltd, OMERS Ventures, iNovia Capital and Rho Canada Ventures.

"We have $30 million committed but it could go higher. We're seeing a lot of enthusiasm and pent up demand, even in Silicon Valley. It's very cool," says Klugman.

The initiative is tech agnostic but will not consider biotech or pharma companies. It will accept cohorts of 10 firms up to three times a year, offering 1-to-1 coaching, workshops, pairings of investors and start-ups and demo days. The objective is to facilitate a "soft landing" in international markets. (A longer version of this story appears on-line.)

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