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 www.canrockventures.com, 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 www.communitech.ca 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 http://www.communitech.ca/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). www.cybf.ca
