30 Apr HyperGrowth Program Launches in Vancouver
Second-stage revenue accelerator seeks to grow anchor technology companies in BC
VANCOUVER, BC (April 30, 2015) – The BC Technology Industry Association (BCTIA) today announced the launch of HyperGrowth, BC’s only second-stage revenue accelerator. With support from ACL, BuildDirect, Global Relay, Vancity, and Alacrity Foundation, the HyperGrowth program includes a six-month residency in the BCTIA Innovation Hub (The Hub) and exposure to mentors from Vancouver’s most recognized and successful tech companies.
“I wish a program like HyperGrowth had existed when our tech business was starting out,” said Warren Roy, CEO and Founder of Global Relay. “Growing Global Relay meant trial and error; there were some very dark moments where we had no idea where to turn for support and guidance. Connecting entrepreneurs with resources and expertise early-on will save start-ups countless time,” Roy added. “For us, it would have compressed our journey by years.”
British Columbia boasts one of the most robust start-up communities in the world but only 4% of tech companies produce more than $10 Million in sales. HyperGrowth seeks to find high-potential tech companies already in revenue and support them on their way to crossing the revenue gap and becoming anchor companies in the province.
“HyperGrowth is a unique platform for high potential tech companies” said Bill Tam, BCTIA President. “The reality is that fewer than one in ten startups will receive the growth funding needed to grow to where they need to be. Current programming supports the launch and market-fit stages, but we need something to take these companies onto the global stage.”
“Unlike our larger community programs, HyperGrowth is not for everyone,” said Tam. “HyperGrowth is designed to support companies with an accelerated growth-rate. Not every tech company will become BuildDirect or Global Relay, but our goal is to nurture the up-and-coming companies that could be.”
HyperGrowth cohorts will benefit from the experience of advisors such as Warren Roy of Global Relay, Laurie Schultz of ACL, Jeff Booth of BuildDirect, and their respective teams. The program will also leverage founders and senior executives of notable local tech giants like Crystal Decisions, Pivotal, Creo and more.
“When you’re building your own company, it’s easy to get caught in the trenches,” said Jeff Booth, President and CEO, BuildDirect. “As a CEO, if you are the smartest person in the room, you are in the wrong room. You need peers and mentors to challenge your thinking to get you to the next level. Growing our industry means working together, that’s why it’s important for all BC-based tech companies to remember that part of growing in BC means paying it forward to the next generation.”
“This is an exciting opportunity to bring the community together,” said Laurie Schultz, President and CEO, ACL. “Every member of the ACL team is eager to support HyperGrowth and everything that’s taking place at the BCTIA Innovation Hub” Schultz added. “We strongly believe that it is our Corporate responsibility, as an anchor tech company in Vancouver, to make it easier for the next generation than it was for us.”
While HyperGrowth focuses on scaling the marketing and sales functions of tech companies to increase revenues, cohort companies also require capital, and program supporter Vancity is helping graduates who meet specific criteria. Participants will also have free access to Alacrity’s Investor Readiness program focused on attracting Venture Capital.
“This is an unprecedented community collaboration, but in some ways this is also a very selfish endeavor. We have designed a program that we all wish we had access to when we were growing our own startups,” said Tam. “While we cannot go back it time, we can pay it forward and that is why we are doing this.”
Applications are now open for HyperGrowth, with the inaugural cohort beginning July 2015. BCTIA will host a launch party and information session on Thursday, May 14th from 5:30PM-8PM, and invites entrepreneurs interested in learning more to attend. To register, visit hypergrowthlaunch.eventbrite.ca.
For more information about HyperGrowth, visit hypergrowth.bctia.org.