Typical of many startup accelerators in Canada, Hyperdrive provides seed funding for a small percentage of equity, as well as access to a strong roster of mentors and alumni who have achieved success with their startups. The program is three months in duration and focuses on “customer and market validation”. Demo Days happen in both Toronto and Waterloo, and teams also get to take advantage of a trip to New York City to meet with potential investors.
Hyperdrive offers $55,000 in seed funding and the potential for an additional $650,000 (which includes a $150,000 convertible note from the Business Development Bank of Canada (BDC). For a fair amount of cohort teams this is quite an achievable goal). The remaining $500,000 that startups could potentially receive varies based on the startup and an affiliated investor’s philosophy.
Hyperdrive claims in its “Why We’re Different” page on its website that it emphasizes its community aspect. “HYPERDRIVE’S home is in the Communitech Hub―the coolest workspace in Canada―located in the heart of Waterloo Region. The area is home to the largest pool of engineering talent outside of Silicon Valley.” Since Communitech is part of the CDMN network, the Hyperdrive program also offers soft-landing spots in New York City and other hotbeds of innovation to give companies “worldwide validation and the ability to scale across borders”.
Founded by a group of dedicated entrepreneurs in 1997, Communitech is Waterloo Region’s hub for the commercialization of innovative technologies. It has supported and helped build a tech cluster of nearly 1,000 companies that now generates more than $30 billion in revenue. The hub possesses more than 15 years of collaboration with top tech entrepreneurs, experts, investors, service providers and other startup-focused organizations, such as University of Waterloo VeloCity and the Accelerator Centre.
Interested in applying? Head over to Hyperdrive‘s site and hurry up!