Communitech announced the Fierce Founders Accelerator program on June 10 for women-led startups in Waterloo, Ontario. The Accelerator is a six-month program that offers seed funding, residency at the Communitech Hub, mentorship, business and structural support from Communitech’s executives and partners including Google, Deloitte and TD.
Startups with at least one female founder or top executive are eligible for the program. About 20 early-stage startups will be selected over a span of two years.
FedDev Ontario, an agency of the federal government, will provide up to $880,000 to Communitech to support the accelerator. Each startup will receive up to $30,000 in funding without having to surrender any equity.
Women play an integral role in the success of businesses,” said Bardish Chagger, Canada’s Minister of Small Business and Tourism and Kitchener-Waterloo MP, who announced the funding at the Hub. “Today’s announcement not only builds this thriving region, but it supports women in the technology sector.”
The aim of the initiative, among the first in Ontario to focus exclusively on women, is to support women in the technology sector, to enhance diversity and entrepreneurship.
“Research shows, and we’ve seen first-hand, that companies with diverse teams perform better,” said Iain Klugman, president and CEO, Communitech. “However, we have not seen the number of female entrepreneurs coming through Communitech that we should. Research also shows that women-led businesses have a harder time accessing venture capital. We’re launching this program to address both those issues.”
More information and application process: https://www.communitech.ca/how-we-help/support-for-startups/fierce-founders-accelerator/