According to Fortune, 90% of startups fail. This is particularly true in the technology industry where limited working capital and lack of access to crucial business resources (space, talent, mentorship) can cause significant problems. Although the odds are stacked against these innovative new businesses, accessing support networks can substantially improve the chances of long-term success.
One of the newest networks to back Ontario-based innovators is Burlington’s TechPlace. Established by the Burlington Economic Development Corporation (BEDC), TechPlace is a one-stop destination for growing technology companies. As a technology incubator, TechPlace provides space, programs, and resources to help technology leaders scale-up their companies in less time and with fewer hurdles.
TechPlace offers access to its growing partnership network that consists of angel investors, regional innovation centres (RICs), engineering firms, law firms, and other business consultants.
To get started, companies must complete a competitive application process where TechPlace and its referral partners evaluate its fit for the network. If TechPlace is a viable option to scale the business, firms are accepted and have full access to the technology incubator’s full range of support services.
TechPlace Burlington: Innovation Incubator
Regardless if your company is new or established, headquartered in Burlington or not so local – if innovation is your goal and technology is your strategy, TechPlace is for you. The technology business incubator offers a dynamic approach to supporting firms that are ready to scale and achieve the next level of success.
TechPlace’s approach to the innovation and growth process incorporates a wide range of supports to ensure their users scale efficiently and maximize their chances for future success. Endorsed users gain access to:
With more than 8,600 sq. ft. of space, TechPlace has the facility to support several small companies. This includes 24/7 access to fully furnished private offices and meeting rooms, collaborative open working spaces, a private secured wired/wireless network, and unlimited long-distance calling across North America. The facility can be accessed through LaunchPads, Hot Desking, and Meeting Rooms.
TechPlace works closely with partners to provide new and growing companies with opportunities to learn, network, and grow. This includes in-house workshops provided on a range of topics, from protecting intellectual property (IP), to pitching investors, to accessing Canadian government funding programs.
At its core, TechPlace is an organization dedicated to mentoring growing tech firms. By accessing its facilities and resources, tech leaders can build the skills and network needed to scale effectively. Its collaborative, sharing-focused environment maximizes knowledge transfer and retention.
TechPlace isn’t just an office to get work done; users can also host meet-ups, hackathons and workshops. Companies receive support designing the setup, planning the logistics and even helping get the word out. Available during or outside of office hours, TechPlace’s event spaces can accommodate between 20 and 80 people.
Working with several innovation partners, TechPlace maintains a wide network of resources that help companies access timely knowledge and support services. This could include meeting with the City of Burlington to discuss permits, holding a practice pitch with the Angel One Investor Network, or meeting with Mentor Works to discuss potential grant and loan funding options.
Who’s Eligible to Apply for TechPlace?
For innovation to truly thrive at TechPlace, it needs to have the right mix of tech-focused companies. While hot desking and booking meeting rooms can be done by a wide range of tech innovators, those accepted into TechPlace’s LaunchPad program are more focused. At this time, LaunchPad only seeks organizations that:
- Are developing new or innovative technologies;
- Have a scalable, growth-oriented model;
- Maintain a minimum two full-time employees; and
- Can demonstrate market traction.
Access TechPlace’s Offices
5500 North Service Road, Suite 801
Burlington, ON L7L 6W6
Mentor Works and TechPlace: Government Funding for Scaling Technology Firms
Mentor Works is excited to announce that we are the first corporate partner of TechPlace.
As a result of this partnership, we’ll frequently educate TechPlace firms on Canadian government funding programs to help support their growth. Some of the ways we’ll be educating TechPlace’s audience is through:
- Attending TechPlace’s networking events to educate members, as well as the greater Burlington innovation community;
- Establishing dedicated meeting times to review company priorities and develop a Proactive Funding Plan™; and
- Providing workshop-style programming that discusses how to prepare for government funding, as well as top programs for early-stage tech innovators.
TechPlace Seeking Additional Corporate Sponsors
In its mission to deliver a wide range of programming and support services to tech firms, TechPlace is seeking 10 corporate sponsors. Like Mentor Works, corporate sponsors can engage companies working in TechPlace and help scale their growth by providing advisory services.
This is a valuable opportunity for service firms, engineering firms, and other business support services to engage with a network of high growth potential companies.
How to Get Started with TechPlace Burlington
Now is an ideal time to get involved with TechPlace. If you’re ready to take the next step in growing your tech firm, or would like to help companies as they scale, consider reaching out to a referral partner or TechPlace directly to begin the process.
Tech Firms: To get started at TechPlace, your business must be endorsed by a referral partner. To get endorsement, contact one of its referral partners about the endorsement application process, and then complete the referral partner’s process to confirm the endorsement.
Corporate Sponsors: To become a corporate sponsor, business should reach out to TechPlace directly and discuss ways that they may educate or otherwise spur the development of early-stage tech businesses.
This post originally appeared on Mentor Works. Mentor Works helps established for-profit companies find and leverage Canadian business grants and loans.