The strength of an innovation ecosystem is not gauged by the number of breakthrough ideas, but how effectively those ideas are turned into companies creating real-world impact.
In Waterloo, one incubator has been turning raw ideas into global businesses since 2008. The University of Waterloo’s flagship startup support organization, Velocity has helped launch more than 500 companies, including Canada’s most recognized success stories like ApplyBoard, Vidyard and Faire to collectively create $40B in enterprise value.
But Velocity is more than just a launchpad for startups – it’s a founder factory. By combining mentorship, infrastructure and hands-on programs, Velocity is making our ecosystem a strategic asset for founders and international businesses alike.
We talked to Dr. John Dick, Managing Director at Velocity to discuss how Velocity turns Waterloo region’s best ideas into global companies.
The front end of the founder pipeline
Velocity’s role in our ecosystem starts early – well before a company is formed or a product is built. By working closely with students and researchers, the Velocity team helps transform raw technical talent into founder-ready entrepreneurs, equipping them with the tools to test, validate and de-risk their ideas in the real world.
“We see ourselves as the top of the funnel for the Waterloo region ecosystem, bringing in talented individuals and helping them build the skills they need to become successful founders,” explained Dick.
But building a company takes more than technical skills. It requires a deep understanding of the problem being solved. At Velocity, that means pushing founders beyond their comfort zones, encouraging them to engage directly with customers, validate assumptions and shift from a builder’s mindset to a problem-first approach – all while being supported by a strong, collaborative community.
“Building is essential – but it’s just as important to solve a real customer problem. A big part of our work is de-risking the business idea by helping founders define that problem and get comfortable talking to customers.”
As a result, ideas developed on campus don’t stay in the lab – they’re shaped, tested and launched into the real world.
A look inside Innovation Arena, Velocity’s purpose-built facility for startups
A track record of impact
Velocity’s impact goes beyond numbers – it’s about the real-world change its founders create. Today, its portfolio spans cutting-edge technologies like AI, quantum, clean energy, robotics and health innovation. The startups emerging from Velocity are shaping the future of their industries. Recent Velocity-backed companies making waves include FluidAI, Vena Medical, Upside Robotics and Phantom Photonics.
However, technology alone isn’t enough. “AI, quantum, robotics – all these technologies are exciting, but my question is always: quantum for what? AI for what? Technology isn’t enough on its own – it needs a clear use case and needs to be in somebody’s hands to be meaningful.”
This focus on solving tangible problems is deeply embedded in how Velocity works with founders every day and ensuring that the companies they create are ready to make an impact in real world.
" People often underestimate the business talent that is in Waterloo. While our tech talent is well known, we also have innovative business minds who have built fantastic companies. "
Dr. John Dick
Managing Director at Velocity
Built for founders, not frameworks
What sets Velocity apart from other incubators is its founder-first approach to programming, as opposed to rigid frameworks.
“We understand that in the earliest stages, your time is the most valuable thing you have,” noted Dick. “We really are allergic to wasting any of our founder’s time.”
Unlike highly structured accelerators, Velocity’s programming has three focused streams: discovery, sales and fundraising, each aligned with a critical stage of the founder’s journey. “It keeps founders narrowly focused on understanding the problem and de-risking it, so they know they’re building something people need,” explained Dick. By creating accountability and flexibility in programming, Velocity ensures that they meet founders where they’re in their startup journey.
Once startups achieve their first fundraise, they graduate into a well-coordinated network within our ecosystem that includes partners like the Accelerator Centre and Communitech that offer support and mentorship to scaling companies.
The ecosystem behind Velocity
Velocity’s success is deeply connected to Waterloo’s innovation ecosystem, which provides the talent, community and collaborative culture that make founder-focused programs possible.
“We have a university that’s very focused on solving world challenges which has helped create an ecosystem rich with incredible talent,” says Dick.
“There’s really great talent here – intelligent individuals who want to innovate, make an impact and do big things. They come to Waterloo for their education, get a taste of the ecosystem, start and establish companies and continue to be supported throughout their entire business journey.”
But it’s not just technical talent that makes this ecosystem special. “People often underestimate the business talent that is in Waterloo,” shared Dick. “While our tech talent is well known, we also have innovative business minds who have built fantastic companies.” Our region is rich in both technical and business expertise, which makes it a unique place to build and grow businesses.
Velocity, along with Waterloo’s dynamic ecosystem, isn’t just creating startups – it’s shaping a culture of innovation. In 2025 alone, the incubator engaged nearly 1,700 students from the University in hands-on entrepreneurial experiences. “Not all of them are going to start a company, but they built an entrepreneurial mindset and a curiosity that drives problem solving mind,” said Dick. “I’m optimistic that we’re training the next generation to tackle the challenges of the future.”
For business leaders and investors, Waterloo ecosystem and Velocity offer something promising: a deeply talented pipeline and the supporting infrastructure designed to get ideas out of the lab and into the market to create real impact.