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The VeloCity Venture Fund

Some rights reserved Photo by Thomas Hawk
AttributionNoncommercial Some rights reserved by Thomas Hawk

Remember Ted Livingston’s insanely great donation to UW VeloCity, well it looks like it is being put to good use. The VeloCity team announced The Velocity Venture Fund. The University of Waterloo and the team at VeloCity are working to put that capital to use for students in the VeloCity residence. It looks like they are both testing their ideas (love this) to make sure students are interested before the full launch of a fund. They are running a contest for UWaterloo students that provides a seed grant of $25,000 + office space + incorporation.

It’s pretty cool. I am hoping to learn more about the Fund that is launching in the fall. Jesse Rodgers is a huge asset to UW.

What does this first version of the funding contest look like?

  • A hack weekend followed by a pitch night where 5 teams are selected and given $500
  • Those 5 teams come back in a month or so and have a chance to compete for $25 000 + incorporation + office space on their next co-op work term or following term (so for spring that will be fall)
  • That is all.

To qualify for the competition:

  • A current student at the University of Waterloo
  • Do you have to live in VeloCity? No. But it would give you an advantage.

 

  • http://startupcfo.ca/ Mark MacLeod

    Jesse and the Velocity team continue to rock it. Great news!

  • http://www.mmocny.com Michal Mocny

    I can’t believe you used a picture of american dollars… :)
    Any word on pitch night being open to observers?

  • http://www.startupnorth.ca/members/davidcrow/ David Crow

    Good catch, but it was on purpose. The Kik funding was from USV, RRE & Spark Capital. Who are all American. Even assuming the best money laundering service from UWaterloo, it’s still American money ;-) Let’s put it to good use with Canadian entrepreneurs.

  • http://davidcrow.ca/ davidcrow

    Good catch.

    The Kik investment was from USV, RRE and SparkCapital. All US based. I was subtly trying to imply that the money laundering services of the University of Waterloo left this as US$s ;-). Which is fine, foreign capital investment is a good thing.

    Let’s just continue to put it to good use.

  • http://www.getsnappay.com/ Jim Rudnick

    bloody superb IDEA here — thanks David for the shoutout and Ted & Velocity for the innovation here…now all I gotta do is let McMaster know….would love to “borrow” this, eh!

  • http://davidcrow.ca/ davidcrow

    You just need to get someone to donate $1MM…

  • http://www.getsnappay.com/ Jim Rudnick

    @David…only one? hmm…so, who do I know who has that kind of disposable income…lemmmeee think…hmmm…
    :-)Jim

  • http://davidcrow.ca/ davidcrow

    I’d try hitting up Ballsillie next time he’s pitching an NHL franchise in Steeltown. Or maybe Bob Young.

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