Join us at Velocity

in person or remote

Velocity is where great founders build great companies, from idea to Series A.

At Velocity, we help you build start-ups. Using the Velocity approach, you maximize your chance of building a start-up that will have a massive impact and stand the test of time. Depending on your stage of development and which program you are in, we help you succeed by providing unparalleled access to…

Expert guidance for company development;
Specialized advisory services from domain experts;
Office and meeting space;
Networks of Velocity Alum, investors, and professional service providers;
Leadership training for the founding team; and
Resources for hardware, health tech, and deep tech product development

“Velocity is a wonderful opportunity to bring the ideas to life. The prototyping tools and additive manufacturing equipment and machine shop facilities pave the path to proof of concept. The in-kind resources available are invaluable and the advisory on different aspects of business growth plays an important role in the future success of the ventures.”
CEO & Co-Founder – Atefeh Zarabadi, AiimSense

Check out our opportunities and apply today!

You are a founding team with strong backgrounds and experiences aligned with the market you aim to disrupt. You have at least a prototype for the solution that could make a big impact on your market of interest, have a demonstrated business model (e.g., sales, letters of interest, or partnerships), and have raised at least $10K from grants, angel investors, or revenues. There is a clear alignment between what you need and what Velocity can provide to you.

Quick Program Facts

Accessible In-Person or Online
Open to Full-time or Part-time Founders
Designed for early-stage founders to de-risk their start-up and build essential founder leadership capabilities

Our Expectations

You will meet with Business Advisor at least once per 2-4 weeks
You will meet with Velocity Director(s) and the Velocity Fund every two months to evaluate progress across the Velocity Seven Pillars
You will contribute to the Velocity Community through participation in Teach Backs, Big Dinner, Roundtables, and the Leadership Training Program(s)

You are a founding team with qualified technical experts and a CEO ready to get product-market fit in the industry you aim to disrupt. You have a minimum viable product already in the market OR you have completed your first major product milestone and have protected your intellectual property. You have a demonstrated business model (e.g., sales, letters of interest, or partnerships), can articulate a viable path to addressing your market, and have raised at least $50K from grants, angel investors, revenues, or pre-seed investors. The founding team has at least two years of experience in leading teams and there is a clear alignment between what you need and what Velocity can provide to you.

Quick Program Facts

Accessible In-Person or Online
Open to Full-time Founders only. If you are not confident enough about the business prospects of your start-up to leave your full-time job yet, consider applying to the VR program instead.
Designed for founders to go from pre-seed to Series A and build essential founder leadership capabilities

Our Expectations

You will meet with Business Advisor at least once every two months
You will meet with Velocity Director(s) and the Velocity Fund every six months to evaluate progress across the Velocity Seven Pillars
You will contribute to the Velocity Community through participation in Teach Backs, Big Dinner, Roundtables, and the Leadership Training Program(s)

Upon I) completion of at least three months of the Venture Ready Program (or six months of the Velocity Incubator Program) OR ii) obtaining investment from the Velocity Fund, you are eligible to join the Velocity Affiliate Program (VAP). The VAP offers some access to expert guidance for company development, specialized advisory services, bookable office and meeting space, Velocity networks, leadership training programs, and bookable in-person resources for product development. It is important to note that this level of support is very limited compared to VRP and VIP.

Upon completion of at least one year at the Velocity incubator (or two years in the VAP), you are eligible to join the Velocity Alumni Network. This program aims to support Velocity Alumni in subsequent start-up ventures as well as support the scale-up of companies that already completed Velocity programs. The program does this by offering free or discounted access to expert guidance for company development, specialized advisory services, bookable office and meeting space, Velocity networks, leadership training programs, and bookable in-person resources for product development. Unlike the VAP, the VAN also offers additional professional development opportunities for individuals at Series A of their companies and beyond as well as exclusive retreats to keep you connected to the Velocity community.

Founders experience significant shifts in their thinking throughout the start-up journey. These identity shifts necessitate thinking differently and equipping yourself with the right frameworks and mentorship to do so. Key transitions in thinking include student-to-founder, individual-to-team, team-to-organization, and organization-to-system. Leadership programs are offered in parallel to VR and VIP programs. Limited access is available to members of the VAP and external applicants not involved in Velocity programs.

Velocity has virtual speaker series, conferences, and investor days throughout the year. Many of these are open to individuals who are not currently involved in other Velocity programs. By being part of the Velocity Community mailing list, you receive updates on ways to engage throughout the year.

The Velocity Fund is a pre/seed venture capital fund that writes cheques between 25-250k for promising high-growth companies. Like the Velocity Incubator, the fund is industry agnostic. Velocity Fund is an independent entity that works in partnership with the Velocity Incubator. The two entities have separate decision-making processes for admission. The Velocity Fund works with companies over the long-term (e.g., until IPO, exit, or dissolution). In addition to funding, the Velocity Fund is available to advise all companies in the Venture Ready, Velocity Incubator Program, Velocity Affiliate Program and Velocity Alumni on building scalable businesses, fundraising, and managing investor relations.

“Velocity has significantly invested in building an environment in which early stage technology companies can achieve rapid growth and success.”
Tim Lasswell, CEO and Co-Founder at Cobionix

Velocity Seven Pillars Framework

Velocity’s Seven Pillars framework is designed to connect founders with the right training, resources and connections at the right time. As you grow your business through Venture Ready and the Velocity Incubator Program, Velocity advisors will use the seven pillars to create ideal checkpoints that will save you time and accelerate your progress.

Team Composition
Leadership Capabilities
Technology Development
Business Development
Market Opportunity and Access
Raising Money
Communication Ability

Application process

Fill out the form below to apply. Applications are reviewed on a rolling basis through the Velocity Incubator and Velocity Fund teams. Incubator program admissions take place every two months while Velocity Fund interviews take place through direct outreach from the Velocity Fund within two weeks of application. An email is sent to you immediately following the submission of your application to guide timeline expectations for future correspondence and feedback.

Apply to Velocity

1. Complete the Velocity application form.

2. Review the email with anticipated timelines for interviews and feedback. All teams will receive feedback on their applications and recommendations on next steps with Velocity.

3. Selected teams will be invited to participate in a 15-min conversation to get to know you and understand your interests in joining Velocity.

4. A subset of applicants will be invited to participate in a half-day (for virtual programs) or full-day (for in-person programs) interview. This interview gives us a holistic view of you as a founding team and provides you with insights into whether Velocity is the right place to grow your company.

5. If chosen to join Velocity, we will contact you with next steps.

Velocity has an application success rate of approximately 5%. If you applied but didn’t get in, we encourage you to stay involved with Velocity through the Leadership Training programs and Velocity Community. We recognize that ideas and projects develop substantially over time and highly encourage you to apply again later!

FAQ

Logistics

What happens in the Velocity program?

While incubated at Velocity, you will be paired with a dedicated business advisor to connect with, on demand. We trust you to set the best schedule for your business needs, whether that’s regular meetings or ad-hoc connections. We also offer a breadth of connections with corporate and operational partners and can put you in touch with the right business partners at the right time.

Founders can join or leave Velocity at any time, which means we do not have traditional ‘cohorts’. However, we still foster a strong founder network, with both our current residents and alumni, thanks to meetups, Slack groups, events, and more. Our supportive community makes it easier to go through the ups and downs of starting a company.

What do I need to do to apply?

Simply fill out this form. That’s it. If you are selected for an interview, we will reach out shortly and talk about next steps during the interview. There might be a second or a third interview – that’s usually a good sign. Teams who apply typically will have a definite yes or no answer from our team within 2 weeks of the first interview.

If I am accepted, what happens?

You will receive an email notifying you of acceptance and next steps. Your team will be invited to set up shop at Velocity, located at the Tannery, in Kitchener. You will be granted access to desk space, kitchen and shared spaces, meeting rooms, as well as wet labs (BSL-2) and hardware labs, if applicable.

What is your acceptance rate?

Velocity receives hundreds of applications. Our current acceptance rate is around 7% so don’t be discouraged if you don’t get in right away. We encourage you to apply again at a later time if you believe Velocity is the right place for you to build your company.

How much does it cost?

Acceptance into the Velocity is free as is all of our programming, mentorship and access to our facilities for companies incubated.

How long is your program?

We work at your pace. Most companies incubated stay between 1-3 years. You can access our resources and advisors anytime you need them, even after you graduate. Meet our advisors.

I was previously rejected. Can I apply again?

If you applied but didn’t get in, we encourage you to apply again in subsequent months. We recognize that ideas and projects can develop substantially over time.

Does the Velocity Fund invest in all incubated companies?

The Velocity Fund committee reviews incoming applications for investment opportunities. You do not need to have any affiliation to the University of Waterloo to be considered for investment. The Velocity Fund currently invests with cheque sizes ranging from $25K & $250K USD.

Logistics

What type of companies usually get accepted?

We support and invest in early-stage (pre-seed or seed) companies capable of driving positive, large-scale, global impact through technology, scientific discoveries, and meaningful engineering innovation.

We accept companies from all geo and in all industries. Our current residents are pretty evenly split between software and hard tech, which includes hardware, biotech, healthtech, robotics, ag tech, and cleantech – just to name a few.

We already raised some funding. Can we still apply?

Absolutely. You can apply if you have already completed a raise or even if you are in the middle of a raise. Many of our founders have already raised some amount of capital (grant or investment) before joining Velocity.

I have a great idea for a company but I haven’t started building. Should I apply?

Our selection team looks for proof that you will tackle a billion dollar problem, that the solution you are building is meeting the needs of your customers, and that your team has the skills required to successfully execute on your vision. We particularly like when one of the founders has deep expertise in the space or past experience as a founder, or if the team has a working prototype and can demonstrate early market traction.

If you are a UWaterloo student, there are a variety of on-campus programs to support budding entrepreneurs. Visit the Innovation Portal to get directed to the best resource for your needs.

Can we still apply for YCombinator, IndieBio, Thiel Fellowship, etc. if we join?

We encourage it and will help you with the application process. As of 2021, 40 Velocity alumni have been accepted into YCombinator, 6 were accepted into IndieBio and 9 of our founders received a Thiel Fellowship.

Do you accept solo founders?

While we do accept solo founders, we found the strongest applications are from teams with 2-3 co-founders.

Do one of our founders need to be a Waterloo alumni to apply?

No. We welcome teams from all over the world and from all educational backgrounds.

Do I need to work out of Velocity if I am accepted?

We believe that strong founder-to-founder connections are best made in person. Although our program is an in-person first experience, we are flexible with how you choose to use our space. Working from Velocity (at the Tannery) is encouraged, but not required.

Velocity (at the Tannery) is our base where the energy and collaborative nature of the Velocity community is a big benefit for founders. You are not required to work out of the Velocity Incubator, we encourage you to make the decision which will allow your company to flourish.

Can I work on my company part-time if I am accepted?

Part-time founders are welcome to join the Venture Ready pre-incubator program to de-risk their company. Full-time founder status is required to join the Velocity Incubator Program.

Ready to join our community?

Apply to Velocity