Waterloo, Ont.-based Communitech has announced the first cohort of companies participating in Hyperdrive, the $30-million program it engineered to help seed, fund and grow early stage technology companies.
These eight companies make up the first group of Hyperdrive startups:
Buildcircle: a cloud-based software service that enables contractors to bid privately on construction tenders.
Coachd: a mobile app that allows sports fans and amateur athletes to be coached through workouts by professional athletes.
Killer Giveaways: a cost-sharing platform that pools small businesses together so they can afford expensive giveaway prizes, like big companies, at 1/10th of the prize cost.
SimplicityVMS: cloud based, SaaS platform that automates and centralizes the end-to-end process of hiring, engaging and administering contract and temporary workers.
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.
Will Pwn 4 Food: company creates fast action 3D games that you can play directly in the web browser for actual cash and prizes.
8146861 Canada Corp: a new Waterloo-based start up with a veteran team that is currently working on launching their initial Beta and company brand later this summer.
Crowd Riff: helps brands monetize real-time social media content by enabling them to identify, encourage and reward the people and content relevant to their audience. Think of Crowd Riff as the live front page for any event and delivered within your own branded experience."
The announcement launches Phase 1 of the program, which will introduce the startups to market validation, develop customer bases, and help them to flesh out the overall direction of their companies.
Two established entrepreneurs, Steven Woods and Ted Hastings, are the program's "head coaches" and are reinforced by eight executives-in-residence and more than 120 mentors who will volunteer their time to help coach these up-and-coming businesses. Notable funders have also stepped in to lend the support and the capital required to ensure startups get off the ground.
Communitech, a hub of entrepreneurs created to support the growing tech cluster in southern Ontario, recently announced the launch of Hyperdrive. The goal of the program is to unite leading investors, such as MaRS Investment Accelerator Fund, OMERS Ventures and BDC Venture Capital, and world-class mentors to support tech startups with a global focus.