In response to recent global disruptions due to the global health crisis, the University of Waterloo's incubator has extended its intake for new companies and is giving priority to those that can help with Canada’s effort to combat COVID-19.
“We know that startups have a great capacity to identify opportunities, innovate quickly, and develop market-ready technologies,” said Adrien Côté, executive director of Waterloo's Velocity incubator. “Velocity can help by working with founders to quickly evolve their strategies and product development to rally to this cause.
"We are already working with a number of companies building COVID-19 solutions, and we are ready to work with more.”
Velocity's expanded intake process will now give companies the ability to submit their proposals by April 6 for an April 20 start date.
To aid current and new startups, Velocity continues to offer business advisory services virtually. The incubator is also moving its scheduled summer investment pitch competition online.
“Our business advisors are providing hundreds of hours of advisory services, including for companies that will compete for our Velocity Fund Pitch Competition later this year,” said Côté.
In response to COVID-19, Velocity took numerous steps to protect the health and safety of its employees and the founders and staff of 70 startups currently operating in the incubator. Protective measures included temporary closure of co-working spaces and the requirement that all founders execute work from home policies for themselves and their staff.