Velocity (startup incubator)

Velocity (startup incubator)
Name	Velocity
Type	Incubator
Founded	2008
Founder	Mike Kirkland
Headquarters	Toronto, Ontario, Canada
Key people	Mike Kirkland; Julie Reid; Dr. Mohamad Sawan
Industry	Startup incubator, Technology transfer, Venture creation
Parent	University of Waterloo

Velocity (startup incubator) is a Canadian startup incubator and entrepreneurship program associated with the University of Waterloo that supports early-stage technology ventures through mentorship, workspace, funding, and connections to investors and research. Founded in 2008, it grew from student-focused programming into a campus-spanning innovation ecosystem that works with founders from multiple faculties and partner institutions across Ontario, Canada, and internationally. Velocity has become a visible node in networks that include accelerators, angel groups, corporate innovation labs, and research commercialization offices such as MaRS Discovery District, Communitech, and university technology transfer offices like Stanford Office of Technology Licensing and MIT Technology Licensing Office.

History

Velocity was established in 2008 by members of the University of Waterloo community aiming to build a founder-first environment inspired by programs at Massachusetts Institute of Technology, University of Cambridge, and University of California, Berkeley. Early iterations drew on resources and personnel linked to entities such as Waterloo Centre for Automotive Research and collaborations with provincial initiatives like Ontario Centres of Excellence. Over the 2010s, Velocity expanded physical space and programmatic scope, forming partnerships with organizations including BlackBerry, RIM, Cisco Systems, Google, and investor networks like Y Combinator alumni and AngelList syndicates. Leadership transitions included figures connected to Communitech and to venture investors from firms with ties to Sequoia Capital and Bessemer Venture Partners.

Notable milestones included the launch of funding programs modeled after Startupbootcamp and Techstars, the opening of large-scale maker and prototyping facilities patterned on Fab Lab and MakeLab concepts, and formal links with international incubators such as Station F and Level39. Velocity’s growth paralleled major Canadian startup success stories and policy shifts involving provincial investment strategies and national innovation initiatives like Innovation, Science and Economic Development Canada’s programs.

Programs and Services

Velocity operates a suite of programs resembling offerings from Y Combinator, Founder Institute, and university incubators such as Berkeley SkyDeck. Core services include mentorship from entrepreneurs with backgrounds at Shopify, OpenText, RIM, and IBM, access to seed funding through internal funds and partner angel groups such as Golden Triangle Angel Network and MaRS IAF, and business development support similar to Accelerate Okanagan and DMZ (Ryerson).

Additional services mirror facilities programs at Stanford d.school and MIT Media Lab: prototyping workshops with CNC, 3D printing, and electronics benches; legal and IP clinics informed by World Intellectual Property Organization frameworks and practitioners from firms used by startups working with Microsoft and Amazon Web Services; and investor demo days patterned after Slush and Collision. Specialized tracks have been run for verticals aligned with partners like BlackBerry for cybersecurity, Toyota Research Institute for mobility, and Siemens for industrial IoT.

Notable Alumni and Startups

Alumni and spinouts associated with Velocity include companies that attained funding rounds and exits resonant with patterns seen at Shopify and Kik Interactive. Notable startups include firms in fintech, healthtech, cleantech, and deep tech that have partnered with institutions such as St. Michael's Hospital, Sunnybrook Health Sciences Centre, Canadian Blood Services, Environment and Climate Change Canada programs, and corporate partners like RBC, Scotiabank, and TD Bank Group. Some alumni founders subsequently joined or founded organizations linked to Amazon, Apple, Google DeepMind, and venture firms including Real Ventures and Version One Ventures.

Velocity alumni have participated in international accelerator exchanges with Techstars, Y Combinator, 500 Startups, and competed in competitions including Startupfest, Google Demo Day, and national pitch events supported by National Research Council Canada.

Funding and Partnerships

Velocity’s funding model combines university support from the University of Waterloo with external sponsorships from corporations and investments from angel groups and venture capital firms such as OMERS Ventures, Real Ventures, iNovia Capital, and connections to institutional backers like BDC Capital. Partnerships include corporate innovation programs with BlackBerry, research collaborations with Perimeter Institute-adjacent groups, and regional economic development agencies like Waterloo Economic Development and Ontario Ministry of Research and Innovation-linked initiatives.

Program-specific funds and prizes mirrored competitions like ApplyBoard-era pitch prizes and leveraged philanthropic donations comparable to those supporting university incubators at Harvard Innovation Labs and Yale Entrepreneurship Institute. Velocity also engaged with federal funding streams similar to IRAP and collaborative grant programs used by startups working with Natural Sciences and Engineering Research Council of Canada.

Facilities and Locations

Velocity’s physical infrastructure grew from campus offices into multiple facilities on and near the University of Waterloo campus, including maker spaces, co-working floors, and storefronts that mirror designs from BetaWorks and WeWork-style community spaces. Facilities include prototyping labs with equipment comparable to MIT.nano and MakerBot Innovation Center inventories, dedicated event venues used for pitch nights analogous to RBCx, and incubation suites offering hot desks and private offices.

Regional satellite programs have been run in partnership with municipal innovation hubs in Kitchener, Cambridge, Ontario, Toronto, and exchanges with incubators in Vancouver and Montreal.

Impact and Metrics

Velocity reports metrics consistent with leading incubators such as Y Combinator and Techstars: number of companies created, follow-on funding raised, jobs created, and exit valuations. Cumulative alumni funding and company valuations have been cited in comparisons with ecosystems like MaRS Discovery District and Communitech, and Velocity’s outputs have contributed to regional startup density measured by organizations such as Startup Genome.

Independent evaluations and media coverage in outlets like The Globe and Mail, Financial Post, CBC News, and TechCrunch have highlighted Velocity’s role in producing scalable ventures, IP-rich spinouts, and serial entrepreneurs who engage with global markets and institutional partners including Naspers-backed funds and multinational strategic investors.

Category:Business incubators