Kik Founder donates $1 Million to University of Waterloo's VeloCity program

Posted by Rob Lewis

The University of Waterloo announced this morning that they have received a $1 Million donation from high tech entrepreneur Ted Livingston to support its students' business startup ambitions.

Livingston is a 23-year-old former Waterloo student and the founder and CEO of Waterloo-based Kik Interactive. The donation was made possible by the sale of some of Livingston's personal Kik shares in a recently completed $8 Million round of venture capital funding. The shares, valued at $1 million, were sold to one of three investors to prevent further dilution of other Kik employees' shares.

The donation will be used to help fund VeloCity, the unique residence-based program for student entrepreneurs. Livingston, who studied mechatronics engineering at Waterloo between 2005 and 2009, founded Kik (then called Unsynced) while in the VeloCity residence in the winter term of 2009.

Livingston's generous support of VeloCity has inspired the university to establish a $1-million seed fund for student startups. Over the next several years the fund will provide at least 30 student ventures with $25k, four months of office space, incorporation services and mentoring. In addition, 75 student startups will receive $500 prizes as part of the first stage of the screening process. 

Both VeloCity and the amount of the $25k investments have special significance to Livingston. The $25k awards exactly match the amount of money left to Livingston by his grandfather - money that kept Kik afloat and fuelled the company's development in its earliest days.

VeloCity is a student residence-based start-up incubator established in September 2008 at the University of Waterloo. VeloCity is a community that educates and connects talented, like-minded students with each other and with the surrounding start-up community, support, and mentorship.

Photo: Financial Post

Company:
Kik Interactive
Website:
http://www.kik.com
Location:
Waterloo, Ontario, Canada

Kik Interactive was founded in 2009 by a group of engineers with an endless vision to create a world of seamless mobile computing. In April 2010, Kik released the universal, free texting app for BlackBerry and iPhone, empowering users to message any of their friends in real time without paying unruly SMS fees. Chat is the foundation for the unfolding Kik community, which will also soon include music, pictures and... more

Company:
Velocity
Website:
http://velocity.uwaterloo.ca
Location:
Waterloo, Ontario, Canada

At uWaterloo, we believe that there is more to higher learning than a conventional university education. The Velocity Program was created to supplement classes and books with a taste of – and gateway to – successful entrepreneurship, forming a collaborative community of student innovators, leaders and entrepreneurs. From ideation to prosperous startup, Velocity is where our most promising students and alumni... more


Related Articles


blog comments powered by Disqus

Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more



Who's Hiring



Recent Comments

Powered by Disqus