Communitech today announced the first cohort of companies participating in Hyperdrive, its $30 million startup accelerator. The first cohort consists of seven startups. Hyperdrive is designed to accept up to 10 companies up to three times per year.
• Buildcircle provides contractors with cloud-based software services to privately create their most competitive bids in response to construction tenders.
• Coachd is a mobile app that allows sports fans and amateur athletes to be coached through workouts by professional athletes. Through Coachd, professional athletes are able to grow and monetize their fan base, while simultaneously building their personal brand.
• Killer Giveaways is a cost-sharing platform that pools small businesses together so they can afford expensive giveaway prizes such as vacations, gadgets etc. at 1/10th of the prize cost. Small businesses can now incentivize their visitors just like the big businesses, and generate hundreds and thousands of dollars worth of social media exposure, traffic, fans and leads.
• SimplicityVMS is cloud based, SaaS platform that automates and centralizes the end-to-end process of hiring, engaging and administering contract and temporary workers. The system functions across all departments across the entire enterprise. SimplicityVMS' easy to configure platform reduces the time and cost to implement best of breed VMS technology.
• StampMe Inc. revolutionizes the process of collecting loyalty points through a digital stamp that works on smartphones to simulate the buy-10-get-1-free stamp cards. Vendors are provided with real-time business intelligence data as well as on-demand advertising opportunities.
• Will Pwn 4 Food is gaming for money. The company creates fast action 3D games that you can play directly in the web browser for actual cash and prizes. Gamers have the skills to pay the bills, but nowhere to go to put their money where their mouth is, and that's where Will Pwn 4 Food comes in.
• 8146861 Canada Corp is a new Waterloo-based start up with a veteran team which is currently working in stealth mode and looking forward to launching their initial Beta and company brand later this summer.
"HYPERDRIVE is an excellent example of the kind of innovative ideas we have here in southern Ontario," said the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). "It is these types of creative partnerships that will position our regions start-up businesses for success, leading to jobs, growth and long-term prosperity for our people and our communities."
"Today's announcement is about collaborating to grow these great companies and demonstrate to the world why Ontario is such a smart place to invest. I'm excited to see the results of these efforts, which I know will be a model for others to follow," said Brad Duguid, Ontario Minister of Economic Development and Innovation.
"This is what all the excitement has been about—the applications have been evaluated, the prospects have been interviewed, and the companies have been selected; now it's time to show the tech world HYPERDRIVE in action," said Iain Klugman, CEO of Communitech. "Our goal is to grow the tech startups announced today into the tech giants of tomorrow."
"I wish there had been a HYPERDRIVE program when I started my business," said Jim Estill, Partner in Canrock Ventures. "The value of the mentors, the program and the environment is a great way to launch a company."
Phase one of the program begins now and will introduce the startups to market validation, focus on customer development, and help them to flesh out the overall direction of their companies.