WATERLOO, ON--(Marketwired - May 13, 2014) - For the first time, hardware startups outnumber software companies joining the University of Waterloo's Velocity Garage startup incubation space this spring. Seven of the 10 startups entering the Velocity Garage are companies building physical products.
Velocity is experiencing increased demand to support startups focused on new technology hardware, not just those building next-generation apps and software. The shift will see the University expand Velocity with the opening of the Velocity Foundry later this year to support hardware, materials and life sciences startups.
"The costs of building a hardware startup have dropped significantly in recent years, putting us at the cusp of an entirely new era in business," said Mike Kirkup, director of Velocity. "Velocity is geared up for the boom in hardware, materials and life sciences startups with new programs, specialized workspaces and more funding through the upcoming Velocity Foundry."
The Velocity Foundry will provide extra space, tooling and specialized facilities that hardware startups need to build and test prototypes of their products, together with mentorship and programming to commercialize their businesses.
Velocity has also increased the funding available for hardware startups. Palette, a company that created a freeform hardware interface that can be built like Lego to control your favourite software, won the first-ever award for best hardware-based startup at most recent Velocity Fund Finals held in March.
In addition to Palette, the new startups that will call Velocity their headquarters include:
Winners of the Velocity Fund Finals are guaranteed workspace at Velocity. Others qualify through an ongoing application process, with interviews taking place at the beginning of every month.
Current Velocity companies are listed on the Velocity website in their respective categories, under Garage and Foundry.
About the University of Waterloo
In just half a century, the University of Waterloo, located at the heart of Canada's technology hub, has become one of Canada's leading comprehensive universities with 35,000 full- and part-time students in undergraduate and graduate programs. Waterloo, as home to the world's largest post-secondary co-operative education program, embraces its connections to the world and encourages enterprising partnerships in learning, research and discovery. In the next decade, the university is committed to building a better future for Canada and the world by championing innovation and collaboration to create solutions relevant to the needs of today and tomorrow. For more information about Waterloo, please visit www.uwaterloo.ca.
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