In September, the University of Waterloo became the first Canadian university to rank among the world’s top 10 for producing tech entrepreneurs and celebrated $80M in new funding to expand its high-demand programs. The community experienced Waterloo Tech Week – 60+ local events including TextNow’s announcement that they’d topped $1B in all-time revenue.
The arrival of fall often signals a fresh start and that spirit is alive and well in Waterloo. Across the community, entrepreneurs are launching new ideas, students are turning ambition into action and the innovation community continues to prove why the Waterloo region remains a place where big ideas become reality.
September was a reminder that Waterloo’s culture of entrepreneurship is fueled by people who are constantly building, collaborating and pushing ideas forward.
Here are some stories from the month:
University of Waterloo breaks into global top 10 for entrepreneurial talent
University of Waterloo has become the first Canadian university to rank among the world’s top 10 for producing venture-backed entrepreneurs, placing 7th globally in PitchBook’s 2026 undergraduate rankings. This highlights Waterloo’s continued strength as a startup and innovation hub, supported by organizations like Velocity and a strong track record of alumni-founded companies including Databricks, Faire and Arctic Wolf.
Waterloo Tech Week returns with nearly 60 community-led events
Waterloo Tech Week aims to strengthen connections within the Waterloo innovation ecosystem through workshops, networking events, pitch competitions and discussions with venture capital firms. As reported by Betakit, enthusiastic participation from students and industry leaders reflects on Waterloo as a community eager to dream big, build and collaborate.
ENVGO at the Waterloo Tech Week’s Aero Expo. Source: Accelerator Centre.
Ontario invests $80M to expand University of Waterloo programs
As reported by CityNews Kitchener, the Ontario government is investing $80 million in the University of Waterloo to create more than 2,500 new student spaces in STEM, health and other high-demand programs. The funding is part of a province-wide initiative to add 70,000 post-secondary seats and help address workforce needs in key sectors.
Waterloo’s growing defence tech sector steps into the spotlight
As reported by The Waterloo Region Record, the Waterloo region is emerging as a hub for defence and dual-use technologies, with more than 65 companies developing solutions for defence, aerospace and public safety applications. Events during Waterloo Tech Week, including the Aero Expo and Communitech’s Dual-Use Summit, showcased innovations ranging from drones and robotics to Arctic surveillance and micro-nuclear power systems.
Waterloo-founded TextNow reaches $1B in revenue without venture capital
TextNow has surpassed $1 billion in cumulative revenue, achieving the milestone without venture capital, institutional backing, or follow-on funding. After more than 16 years of independent growth, the company now serves millions of customers across North America through its app-based phone service, offering a flexible alternative to traditional wireless plans. TextNow unveiled a permanent public sculpture in Waterloo’s Research and Technology Park to mark the achievement.
TextNow team at David Johnston Research + Technology Park
Waterloo’s Hack the North showcases next generation of builders
Hack the North, Canada’s largest student-run hackathon once again brought more than 1,000 students together to build, collaborate and innovate. The event highlighted the entrepreneurial culture that has helped make the Waterloo area a global leader in startup creation, giving participants the opportunity to develop new technologies, connect with founders and investors and turn ambitious ideas into real-world projects.
Waterloo-based OpenText and Cohere partner to bring agentic AI to enterprises
As reported by BetaKit, OpenText and Cohere have partnered to develop a Canadian-built agentic AI solution for enterprise customers. The offering will combine Cohere’s AI models and agent platform with OpenText’s data and information management capabilities, enabling organizations in highly regulated sectors to automate more complex business processes.
Waterloo startup, Astrus raises $12M USD to tackle bottlenecks with AI
As reported by BetaKit, Waterloo-based semiconductor AI startup Astrus has raised $12 million USD in Series A funding to accelerate automating the highly complex physical design phase of semiconductor development, a critical bottleneck that remains largely untouched by today’s AI tools. Astrus says its technology could dramatically speed up the path from chip design to manufacturing reality.