The BC Technology Industry Association today announced the launch of HyperGrowth, a “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 and exposure to mentors.
“I wish a program like HyperGrowth had existed when our tech business was starting out,” said Warren Roy, founder of Global Relay. “For us, it would have compressed our journey by years.”
British Columbia boasts a robust startup community 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. “Current programming supports the launch and market-fit stages, but we need something to take these companies onto the global stage.”
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.
“When you’re building your own company, it’s easy to get caught in the trenches,” said Jeff Booth, 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.”
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.