Velocity expands in downtown Kitchener

Each September, thousands of new students stream into Ontario’s universities, carrying with them their clothes, books and ambitions. Additionally, thousands of students graduate from Ontario universities brimming with a new found drive to make their mark in the world. Many highly motivated students specializing in tech and entrepreneurial-related programs are drawn to Waterloo Region’s innovation hub. 

For aspiring entrepreneurs, companies like Kik (opens in new window), Pebble (opens in new window), Thalmic Labs (opens in new window) and MappedIn (opens in new window) are familiar names that began their ascent at the University of Waterloo’s Velocity program – an entrepreneurial development program and the largest free startup incubator in North America. With two distinct locations – one on campus at the University and the other in downtown Kitchener, Velocity provides students with the tools, space and network needed to take ideas from development to commercialization.

Velocity’s success is significant – it has more than 80 companies in active incubation, and has created over 800 jobs. The survival rate of its alumni is an impressive 66% over four years, and approximately 61% of its successful startups choose to stay in Kitchener and the Waterloo Region. 

With a view to supporting Velocity in expanding on this success, the City of Kitchener has invested $500,000 in the program to enable the development of a wet lab. The wet lab will allow Velocity to develop its science arm for biotechnology startups targeting the life and health sciences market. 

Accelerating investment and high wage employment growth in the city is a critical component of Kitchener’s strategic plan. Targeted investments into the startup ecosystem that supports these goals is only one way that the city is delivering on its commitment to foster a business environment that breeds ongoing success in both innovation and job creation.