Hyperdrive is a startup fund that finances high-tech startups in the Kitchener-Waterloo area. The $30-million program was created to finance high-tech startups and help them bring their ideas to market. RIM, 5 venture capital firms and a charitable foundation help fund Hyperdrive.
Hyperdrive is a 3-year program that will aim to support 30 companies per year in groups of 10 companies every 3 or 4 months. Participants who qualify receive $55,000 in equity loans to start and $150,000 on the successful completion of the “sprint” portion of the program. Companies could also receive up to $500,000 from venture capital investors when they’re ready to expand and grow.
In addition to RIM, Hyperdrive is funded by Canrock and OMERS, they include BDC Venture Capital, iNovia Capital, Rho Canada Ventures and the Canadian Youth Business Foundation.
For more info, visit Communitech’s Hyperdrive page.