Velocity Up Start powers the next generation of business leaders

When an idea takes flight, it can soar — especially when it is supercharged. The University of Waterloo has long been known as one of Canada’s most innovative universities and ranks number one amongst Canadian universities for producing the most successful entrepreneurs with undergraduate degrees. In large part that stems from its exceptional students and researchers that actively uncover solutions to challenges facing humanity and the planet. Their startup aspirations are supported by a comprehensive entrepreneurial ecosystem and one of the most progressive IP policies in the country.

Unlike many Canadian universities, Waterloo’s IP policy provides complete ownership to its inventors. That support doesn’t stop there. When an idea takes hold at Waterloo, tools and resources are readily at hand to navigate the entrepreneurial process. Supports like Velocity’s Up Start program are designed to propel startups into impactful commercial ventures.

“Waterloo is a great place for anyone who has even an inkling for entrepreneurship,” says Seun Adejunti (MBET ’24), the founder of MedInclude and a 2023 Up Start recipient. “Waterloo, Velocity and the larger ecosystem elevates that thinking and the kind of supports and calibre of people you interact and work alongside.”

Since 2008 Velocity has helped the founders of more than 400 startups grow to a collective enterprise value of $35 billion, create thousands of jobs, and impact lives around the world.

A great idea needs to be nurtured

Startups flourish in an environment that champions collaboration and mentorship. Up Start is a Waterloo Ventures program jointly managed between Velocity and Waterloo’s Commercialization Office (WatCO), created to support Waterloo student researchers, founders and recent alumni in turning their technology into a product and emerging startup.

Startups like MedInclude, a platform that simplifies communication between practitioners and patients. “The financial support from Up Start was helpful for adding talent, but it was the mentorship that made the biggest difference,” Adetunji explains. “It was like having executive talent on your team without paying executive fees.”

Those mentors supported Adetunji in developing a pricing strategy and projections to take her platform to market.

Velocity and the Waterloo entrepreneurship ecosystem works with founders, like Adetunji, to build extraordinary companies that scale and last. It thrives through breaking down barriers, fostering mentorship, developing networks and building a strong community that help entrepreneurs navigate the process of commercialization. Velocity startups turned international businesses such as Vena Medical and Vidyard have maintained their operations locally and have successfully expanded their business across Canada and globally.

“At WatCO, our focus is on helping researchers protect their intellectual property and determine the best path forward — whether that’s licensing to an existing company or launching a new startup,” says Scott Inwood, director of commercialization at WatCO.

MedInclude is currently being piloted at Grand River Hospital (now part of the Waterloo Regional Health Network) within its Renal Program. The collaboration is another important step for the platform as it continues to commercialize.

According to Adetunji, every step of the process has educated the next. “There are so many great learnings that we are taking from each phase, and it is broadening our understanding and perspectives as we continue the process.”

For hundreds of startup founders at Waterloo, Up Start is the wind that supercharges their ideas into successful commercial ventures. Companies like GreaseTech have recently entered the market while other like Pragmatica, Quip Medical, Strivonix (LimberLabs), PatientCompanion, Voltra Energy, and Doro continue to find success in the market.

“Through the Waterloo Ventures partnership, we’re able to connect research teams with Velocity’s renowned support for founders to accelerate their path to the market,” Inwood says.

Up Start recipients, like Adetunji, say the support they receive extends beyond the period of the award, and continues to positively impact their success months and years down the road.

‍Meet the 2024 recipients of Up Start funding

ArcticEdge Technologies - Next-generation moisture barrier protection for firefighters

ARC Insights - Sophisticated data collection and analysis framework supporting numerous sectors across industry and medicine

TensorOne Inc. - Autonomous drone technology that utilizes acoustic sensors for increased accuracy and effectiveness

Evolv Biotech - Wastewater purification system designed for heavy industrial tailings ponds

NewGen Health - Medical technology tool supporting health-care practitioners to stay up –to date with the latest medication guidelines

Sanad Labs - Patient-first logistics tool supporting health-care facilities to automate mobility assistance for post-operative patients

Mobilitek - Power-assist and autonomous solution for health-care mobility equipment

Doro - Mental health tool that provides accessible, immediate and tailored support

Innowind - Vortex generator that augments turbine performance under extreme loads

Quatomed - Pharmaceutical and biotech assistive solution, provides data-driven feedback to complex research environments

Hormone Harmony - Real-time hormone monitoring and personalized guidance solution empowering users to manage their symptoms

AgrUS - Ultrasound technology that analyzes the grade quality of agricultural livestock before processing

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The article was originally published on UWaterloo News.