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Press Release

Seed Funders Contribute to Growing Communitech's HYPERDRIVE Program

Canada NewsWire

WATERLOO REGION, May 23, 2012 /CNW/ - Communitech's HYPERDRIVE is top of mind for tech talent and financial backers alike as excitement over the startup incubator continues to grow. Seed round partners Canrock Ventures and the Canadian Youth Business Foundation (CYBF) share in the enthusiasm, with only two weeks left to submit applications for a coveted spot in the program.

"With a groundbreaking program like HYPERDRIVE where the focus is on taking companies from "Seed to Series A" financing, we look to funders who are not only invested financially but dedicated to helping companies through the tough, early stages of their lifecycle," explained Iain Klugman, CEO of Communitech. "We are very fortunate to welcome partners Canrock Ventures and CYBF, who are providing cash in the form of both equity and loan capital."

Canrock Ventures, described as an early stage venture fund, takes a hands-on approach in preparing companies for the real-world. Startups learn the ropes step-by-step, gradually acquiring the skill, confidence, and capital needed to function independently at the commercial level. The HYPERDRIVE program will include a one week trip to New York City where companies will have the chance to exercise the knowledge they've gained, meeting with funders, partners, and potential customers.

"There are many factors that a startup must execute upon in order to excel - time management is a big one. We help businesses prioritize and organize so they can reach their goals in an efficient manner," said Jim Estill, partner at Canrock Ventures. "We offer valuable experience and professional guidance that businesses can make use of to more easily navigate the entrepreneurial learning curve. HYPERDRIVE is taking innovation to the next level and this is something we are proud to be a part of."

The Canadian Youth Business Foundation (CYBF), known as "Canada's Entrepreneur Gateway" has a proven track record of coaching young men and women, aged 18 to 34, to success. As founder of the G20 Young Entrepreneur Summit (G20 YES) and a founding member of the G20 Young Entrepreneur's Alliance (G20 YEA), this national organization has quickly risen to the top as a valuable resource in the tech community. Its world class mentoring program, covering pre-launch to post-launch initiatives, and its global perspective make CYBF an optimal funding partner.

"CYBF is excited to collaborate with a stellar group of partners on the innovative new HYPERDRIVE program which is directly in line with CYBF's go-forward strategic objectives to do more in the high growth space," said Vivian Prokop, Chief Executive Officer at Canadian Youth Business Foundation. "I can think of no stronger partner than Communitech, who has a world class reputation in the tech start-up arena. This new collaboration builds on over five years of successful partnership with our wonderful Community Partner, the Waterloo Region Small Business Centre."

Set to take the Tech Startup scene by storm, Communitech's $30-million-plus HYPERDRIVE program will work with well-deserving tech startups, sculpting businesses from early stage development to "Series A" VC funded companies. Beginning early July, the Communitech Hub will serve as the entrepreneurs' home away from home as they are schooled and tested in all aspects of establishing a business and turning a profit.

About Communitech

Communitech is located in Waterloo Region, 110 kilometres (66 miles) west of Toronto, Ontario, Canada in an area that includes the cities of Kitchener and Waterloo. Founded by a group of dedicated entrepreneurs in 1997, Communitech is the regional hub for the commercialization of innovative technologies supporting and building a Southwestern Ontario tech cluster of more than 800 companies that now generates more than $25B in revenue.  A member of the Ontario Network of Excellence, Communitech supports tech companies at all stages of their growth and development - from startup companies, to rapidly growing SMEs, to large global players - to create greater numbers of successful global businesses for Ontario and for Canada.

About Communitech HYPERDRIVE

Communitech HYPERDRIVE is a startup incubator that will provide enhanced mentorship and other life cycle services to early stage tech companies. The goal of the program is to maximize the ability of these companies to commercialize innovations and prepare the companies for investment opportunities. The program will also enable 'soft landings' for experience in foreign markets, and higher visibility for investment sources and business connections.

About the Canadian Youth Business Foundation (CYBF)

The Canadian Youth Business Foundation (CYBF) is the 'go to' place for youth entrepreneurship. As a national organization, we are dedicated to growing Canada's economy one young entrepreneur at a time. We look at character not collateral, when providing youth, age 18-34, with pre-launch coaching, business resources, start-up financing and mentoring, to help them launch and sustain a successful entrepreneurial business. CYBF is the founder of G20 Young Entrepreneur Summit (G20 YES) and founding member of the G20 Young Entrepreneurs' Alliance (G20 YEA).

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