Waterloo, Ontario (April 10, 2012) - World renowned for its cultivation of technology entrepreneurship, Waterloo's Accelerator Program announced today the latest graduate from its award-winning incubation program. Formulating Change, a Web 2.0 start-up, and the creator of ChangeIt®, an innovative system that enables the donation of Virtual Change® from debit card and credit card transactions to a card holder's choice of national and/or local charities, is the 20th company to graduate from the Accelerator Program, and the 4th to graduate from the Communitech Hub facility, which opened its doors to entrepreneurs and early-stage companies in the fall of 2010.
Delivered by the Waterloo Accelerator Centre, the Accelerator Program provides critical business support and mentorship to entrepreneurs and early-stage technology companies located within the AC and the Communitech Hub in Kitchener, enabling start-ups to grow, develop and succeed. Young companies located within the facilities have complete access to the Accelerator Program's full menu of services, including office facilities, coaching and mentoring, education, connections to capital, networking, R&D support and outreach, talent recruitment, technology transfer assistance and commercialization expertise.
The Accelerator Program has attracted significant world recognition for its ground-breaking mentorship practices, and Program leaders are actively called upon to advise academic institutions and incubators the world over who wish to model its best practices. In November 2011, the Accelerator Centre was named as a "Fertile Entrepreneurial Ecosystem" by global management consulting firm McKinsey & Company, in a report delivered to G20 world leaders.
"Year over year we continue to experience a dramatic acceleration in our ability to cultivate and successfully graduate companies into our community and local economy. Today's graduation marks yet another milestone - the 20th company to graduate from our world-recognized incubation program," says Accelerator Program and Accelerator Centre CEO, Tim Jackson.
"Today's graduation by Formulating Change is further evidence of the success we can achieve with the Accelerator Program across facilities and locations. While in residence at the Communitech Hub, Formulating Change was able to benefit from the extended mentorship and business advisory provided by the Accelerator Program, allowing that company to define its go-to-market strategy, commercialize its technology, forge key partnerships and ultimately succeed in the broader market," says Tim Ellis, COO, Accelerator Centre.
"Our 'tour of duty' through the Communitech Hub, and the access to mentorship and business coaching provided through the Accelerator Program has been incredibly valuable. To be surrounded by a team of experts, and the best of the best of Waterloo's tech community has allowed us to grow our business with confidence," says David Beaton, CEO, Formulating Change.
About the Accelerator Centre
The Accelerator Centre, located within Waterloo's David Johnston Research and Technology Park, is a world-renowned, award-winning facility dedicated to developing and commercializing technology start-ups. Through its Accelerator Program, early-stage companies located at the Accelerator Centre and the Communitech Hub receive seamless support services, including access to office facilities, coaching and mentoring, education, connections to capital, networking, R&D support and outreach, talent recruitment, technology transfer assistance, and commercialization expertise, enabling technology start-ups to move to market faster, create jobs and stimulate economic activity.
For further Information, please contact:
Tim Ellis, COO