Waterloo-based Communitech announced recently that it's making some changes to its Hyperdrive accelerator ahead of its third cohort of startups.
Here are the changes being made to Hyperdrive:
• The program is being extended to six months, divided into a three-month sprint (with a demo day and investment up to $150,000) and then three months of sales and marketing growth.
• A second demo day "to engage a broader group of potential investors."
• A new advisory group "to ensure the program remains globally competitive."
• The one-week trip to New York has been shifted to after the first demo day.
“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," says the program's managing director, Doug Cooper. “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 driven."
Since its creation in 2012, Hyperdrive has admitted 18 companies to its first two cohorts. These startups have raised $3.7 million and created over 70 jobs.