Communitech HYPERDRIVE Joins Global Accelerator Network as Deadline for Applications Approaches

WATERLOO REGION, ON, May 24, 2012 /PRNewswire/ - Prestige, perks, and powerful partnerships are just a few of the benefits HYPERDRIVE, Communitech's new tech accelerator, will enjoy as it officially joins the ranks of the influential and innovative organizations that comprise the Global Accelerator Network (GAN). Created in 2010 in conjunction with the White House Startup America Initiative, the Network currently includes most of the top accelerators in the world including TechStars, Excelerate Labs, StartupBootcamp and Springboard.

"Internationally recognized as the source for startups going through accelerators, the Global Accelerator Network looks to enhance and expand our connections by attracting new funding accelerators like HYPERDRIVE," said Patrick Riley, Executive Director of the Global Accelerator Network. "HYPERDRIVE's accelerator platform, which takes a hands-on mentoring approach, not only meets GAN's rigorous standards, but infuses a sense of edgy entrepreneurialism into the high-tech industry, bringing excitement to the group as a whole."

Additionally, as a network member, HYPERDRIVE and its incubator startups will have access to a number of exclusive GAN resources, including professional development offerings, workshops, discounts, and free bonuses from top companies such as Microsoft, PayPal, and Amazon Web Services, totaling over $100,000 for every founder who goes through HYPERDRIVE's accelerator platform.

"GAN is a world renowned accelerator giant and we are beyond excited to be welcomed as its newest member," said Iain Klugman, CEO of Communitech. "At HYPERDRIVE, we encourage the creative, and support the ambitious; however without the right resources we would fall flat in offering our entrepreneurs the opportunities required to effect change and elevate the tech industry both at home and abroad."

HYPERDRIVE's intake engine is in high gear as startups enter their applications on-line http://www.communitech.ca/hyperdrive/ for the June 4^th closing date.

"It's a search for the cream of the high-tech crop that will no doubt lead to development of more successful companies," said Klugman.

About Communitech
Communitech is located in Waterloo Region, 110 kilometres (66 miles) west of Toronto, Ontario, Canada in an area that includes the cities of Kitchener and Waterloo. Founded by a group of dedicated entrepreneurs in 1997, Communitech is the regional hub for the commercialization of innovative technologies supporting and building a Southwestern Ontario tech cluster of more than 800 companies that now generates more than $25B in revenue. A member of the Ontario Network of Excellence, which is funded by the Ontario government, Communitech supports tech companies at all stages of their growth and development - from startup companies, to rapidly growing SMEs, to large global players - to create greater numbers of successful global businesses for Ontario and for Canada.

About Communitech HYPERDRIVE
Communitech HYPERDRIVE http://www.communitech.ca/hyperdrive/ is a startup incubator that will provide enhanced mentorship and other life cycle services to early stage tech companies. The goal of the program is to maximize the ability of these companies to commercialize innovations and prepare the companies for investment opportunities. The program will also enable 'soft landings' for experience in foreign markets, and higher visibility for investment sources and business connections.

About Global Accelerator Network
The Global Accelerator Network consists of 45 of the highest quality independently owned and operated startup accelerators from around the world that utilize a mentorship-based, short-term model. The Network was championed by TechStars and continues to provide networking opportunities, training, special perks, and ongoing support for its members and entrepreneurs.

In the spirit of supporting more entrepreneurs around the world, the Network's mission is to ensure that 5,000 successful and experienced entrepreneurs and investors will mentor and support 6,000 promising young entrepreneurs. The goal is to increase their success rate tenfold and create 25,000 new jobs by 2015 as well as a sustained engine for growing these figures over time.

SOURCE Communitech Ltd.