The University of Waterloo startup ecosystem has long been a driver of innovation across its campuses, in Waterloo region and around the world. Entrepreneurship is woven deep within the Waterloo DNA and continues to grow and prosper because of a solid foundation of support and resources.
At the core of the Waterloo ecosystem is Velocity. The organization is more than an incubator. It is a community of founders dedicated to supporting the entrepreneurial aspirations of students and researchers by providing the advisory services, industry connections and investor relations required to accelerate their business traction.
Momentum, the recently released publication from Velocity highlights that their founders are connecting to capital. Velocity's more than 500 companies have a combined enterprise value of $40 billion.
John Dick, Velocity's senior director of Founder Development, says its work, and that of the companies it supports, are becoming increasingly important given the current economic landscape in Canada. "At Velocity, we know that startups are the key to unlocking Canada's potential. Founders are not just building companies; they're building the future of Canadian competitiveness."
Every year, more than 1,400 students step into Velocity and many walk out as startup founders. In 2024, 395 student-led teams were actively building on campus and moving from idea to pre-seed startup.
"We're encouraged by the growing progress and impact of our community of students, founders, builders and innovators," Dick says. "Velocity not only prepares startup founders, but it trains the leaders and changemakers of tomorrow."
PatientCompanion, founded by Christy Lee (BASc '24) and Ethan Alvizo (BASc '24) joined Velocity in Fall 2023, and completed a successful hospital pilot in 2024. The platform improves communication between patients and care teams, helping reduce nurses' workload.
In less than one-year, PatientCompanion launched CAN Health commercialization projects in three Ontario hospitals; Waterloo Region Health Network (WRHN) Midtown and Brightshores Health System in Owen Sound and Southampton, focusing on women's and children's care, childbirth and acute units. The company is now preparing to scale across Canada. They are an example of Velocity founders who are getting traction early.
"We've built a support model that goes beyond traditional incubation and helps founders move faster, reduce risk and succeed sooner," says Moazam Khan, director at Velocity. "By opening doors to customers, capital and connections, we're de-risking startups across team, technology and traction. Ultimately, we're accelerating founder success and driving real gains in Canadian productivity."
Within the last year, Velocity received more than 300 applications, resulting in 41 promising new, pre-seed and seed startups joining its program located at the Innovation Arena in downtown Kitchener. Already, 83 pilot projects have been unlocked with companies securing $62 million. Collectively, they have generated $12 million in revenue and acquired 136 customers.
The Momentum publication also showcases the wide variety of startups originating through Velocity. From health technologies to finance and robotics, founders are contributing to nearly every sector.
"Velocity empowers thousands of student founders to turn innovative ideas into real-world solutions," Dick says. "When students have the right tools, community network and coaches, they can build impactful solutions and they do."
There are plenty of Velocity founders to watch in 2025 including:
- Airfairness - A platform that helps passengers around the world receive fair compensation after experiencing flight disruptions.
- Doro - AI-based psychotherapy tools for early and subclinical mental health needs thereby preventing conditions from escalating into a disorder.
- Entangled Vision - An early-stage macular degeneration screening test allowing for earlier treatment options to prevent vision impairment.
- Foqus Technologies - Technology that enhances the sensitivity of magnetic resonance technology (MRI), resulting in scans that are 10 times faster with higher-resolution for earlier disease detection and is less expensive than hardware upgrades.
- Gale - Visa application platform that accelerates applications, frees up lawyers to focus on strategy and ensures ongoing compliance for applicants and businesses throughout the visa lifecycle.
- Movarion - Power-assisted carts and dollies that make it easier for health-care workers to move equipment and supplies while reducing the risk of injury.
- Liquid Energy - Turnkey green data centers solutions that store renewable energy and recovers waste heat to produce heating, cooling and electricity.
- Page - A real-time government relations platform that turns government noise into a competitive advantage featuring personalized insights, effortless tracking and a suite of AI-powered tools.
- Phantom Photonics - Quantum-based sensors that are used both underwater to monitor equipment and in space, to prevent satellite collisions.
- Real Life Robotics - Autonomous and teleoperated ground cargo and delivery robotics.
- Swish Solar - Self-cleaning solar technology designed to actively keep solar panels clean in snowy and sandy regions, eliminating inefficiencies and maximizing energy output.
- Upside Robotics - Autonomous robots that match fertilizer to crop needs, leading to better yields, lower costs and healthier soil for farmers.
Velocity continues to support founders who are unlocking economic impact in Waterloo region and beyond. As Canada continues to navigate uncertain economic times, Velocity supported companies will play a pivotal role in ensuring its continued success.
