HYPERDRIVE Program – New Funding for Startups
Communitech recently introduced their new HYPERDRIVE program to help Canadian technology startups experience a new innovative avenue to scale their businesses faster and achieve market success. HYPERDRIVE is $30M+ technology startup incubator program with a global focus. The entrepreneurial program was named one of Ontario Centres of Excellence (OCE) partners. This unique initiative focuses on building early-stage tech startups from “Seed to Series A” venture capitalists funded companies. HYPERDRIVE will feature leading investors, experienced mentors, international soft landings and full support throughout the lifetime of the business.
Communitech is one of Ontario’s Regional Innovation Centres (RIC), which helps distribute and match the best Ontario government funding programs for startups. Applications are open to all early stage companies from any geographical region with the expectation that companies will relocate to the technology hub in Waterloo during the three-month sprint.
HYPERDRIVE: Ontario Funding Program Overview
The program chooses 10 companies from a pool of global applicants three times a year. Successful applicants should expect a three-month sprint with a focus on customer and market validation. Additionally, during this sprint they will travel to New York City for one week to meet with US funders, potential clients and partners. They will gain guidance from experienced mentors for up to 24 months and the in-kind program provides $100,000 per company that can include legal and accounting services. Companies will have access to Canada’s Angels, venture capitalists and other funders.
The following is the Ontario government funding program details:
- Initial funding of $55,000 (equity+loan)
- Upon successful completion of the three-month sprint, they will gain a $150,000 convertible note
- $500,000 from leading venture capitalists when ready to scale at 4 month intervals throughout the 24 month program
Not A Startup?
Interviews with the selection committee are currently underway and the three-month sprint will begin on July 3, 2012. If your company has been incorporated for at least two years and receives over $500,000 in annual revenue you may be eligible for more government funding mechanisms. For advice on different government funding programs that could be available to your business, contact one of our Canadian Government Funding Experts or follow us on Twitter.
Hyperdrive is an awesome program that lets startups that wouldn’t normally receive funding find the capital they need to grow. This gives many small business owners a chance they didn’t have before. I look forward to hearing more about the companies participating and the startups.