Earlier this summer, Communitech introduced the HYPERDRIVE program to help technology startups experience a new innovative avenue to scale their businesses faster and achieve market success. HYPERDRIVE is a $30M+ technology startup incubator program and is open to any business around the world. Communitech is one of Ontario’s Regional Innovation Centres (RIC), which helps distribute and match the best Ontario government funding programs for startups.
HYPERDRIVE: Ontario Funding Program Overview
This program features leading investors, experienced mentors, international soft landings and full support throughout the lifetime of the business. Only 10 eligible companies will be chosen three times a year. These startups will gain guidance from experienced mentors for up to 24 months and the in-kind program provides $100,000 per company that can include legal and accounting services. Companies will have access to Canada’s Angels, venture capitalists and other funders.
Government Funding Ontario Payment Details
The following is the Ontario government funding program details:
- Initial funding of $55,000 (equity+loan)
- Upon successful completion of the three-month sprint, they will gain a $150,000 convertible note
- $500,000 from leading venture capitalists when ready to scale at 4 month intervals throughout the 24 month program
HYPERDRIVE Application Process
The following is how each company’s applications are reviewed:
- Communitech Venture Services Group receives each application. Each component is then assessed using rating software called Greenlight IO.
- A panel of judges that range from entrepreneurs, industry experts and funders invite eligible companies to a 10-minute Skype interview. Companies are only given one minute to answer each question.
- Face-to-face interviews are conducted at the Communitech Hub.
- The final offer is sent out to companies. The program only takes a maximum of 10 successful applicants, but could accept less.
Not A Startup?
If you are a startup interested in gaining resources and funding to grow your business exponentially, be sure submit your HYPERDRIVE applications shortly. However, companies incorporated for at least two years and receiving over $500,000 in annual revenue may be eligible for several other Canadian government funding mechanisms. For advice on different government funding programs that could be available to your business, contact one of our Canadian Government Funding Experts or follow us on Twitter.