Canadian tech startup companies now have a new avenue to commercialize innovations with the introduction of Communitech's Hyperdrive program that will provide capital of up to $700,000 for high-potential companies with a $30 million program to draw on.
“We're revving up the opportunity for tech startups to get traction in the industry sooner, with more support from investors," said Iain Klugman, CEO of Communitech, the organization representing 800 tech companies in Waterloo Region. "Hyperdrive will speed time to market and help surface the next big tech stars in Canada and beyond.
"Attention has been paid recently to an innovation gap in Canada which is essentially 'failure to launch' from the inception of a great tech idea to commercialization. This is a program designed to close that gap and see an increase in investment in Canada's tech sector that will result in more jobs and increased growth.”
Based on an application process, cohorts of 10 companies will be accepted up to three times annually.
Further information is available at www.communitech.ca/hyperdrive.