Local startups specializing in everything from frugal ticket buying to 3D-printed fashion statements will be getting extra help next month when a Vancouver-based accelerator program welcomes its second batch of participants.
Five startups will be settling in Monday (May 2) at the B.C. Technology Industry Association’s (BCTIA) six-month HyperGrowth program.
“Everything we do here is around making larger technology companies,” said Clayton Weir, head of the HyperGrowth program.
“We’re trying to take these five companies and invest in them some better practices and more knowledge around revenue growth.”
Following last year’s launch of the HyperGrowth program, the 2016 cohort consists of Wiivv, Picatic, TalentClick, ThinkCX and Arkit.
Executives from local Vancouver tech companies like BuildDirect, Cymax, Global Relay and Telus (TSX:T) are providing training and mentorship to the startups.
Weir said the BCTIA only originally intended to bring in three or four startups to this year’s HyperGrowth program but the business cases were strong enough to warrant a fifth.
Companies were accepted into the program based on market potential, the leadership team’s ability to execute and whether the startups’ needs matched the resources and network the BCTIA could offer.
Accelerators generally investment in the company, take equity and assist founders for a set period of time – often three to four months.
But the BCTIA and the mentoring companies aren’t charging startups for the services.
“What makes it unique is there’s a mix of private benevolence and the government’s commercialization funding,” Weir said, adding local anchor companies like Global Relay and BuildDirect are offering cash and in-kind support along with tech giant Microsoft (NASDAQ:MSFT).
“It’s a huge [endeavour] in paying it forward.”
