The Hyperdrive accelerator program run out of Waterloo, Ont.-based Communitech Hub will extend its intensive development period from three months to six months, it announced today.
After completing two cohorts in its first year of operation and seeing 18 startups pass through its office space, the accelerator is adding on a second three-month semester to its program. The first three months will still see startups conclude with a demo day, in which they pitch a polished product to potential investors, and the potential of receiving $150,000 in funding. The second component will try to boost that product with a sales and marketing push, and startups will be able to continue using the office space in Waterloo.
A second demo day in Toronto has also been added “to engage a broader group of potential investors,” according to Hyperdrive.
The Hyperdrive program transitions firms to the services offered by the Communitech Hub to assist small to mid-sized businesses in attracting the talent they need, raising funds, and connecting with mentors that will help guide their operations. Doug Cooper is the managing director, a graduate of the University of Waterloo and former business lead for Intel Corp. in Canada.
Hyperdrive is about to reveal its third cohort of startups on July 30 in Waterloo. That group will be the first to undergo the new curriculum.