Letter from the CEO
Dear AC Community,
This year, nearly 200 startups from across Canada — and around the world — chose the AC to help bring their vision to life. Together, those companies created nearly 270 new jobs, raised over $38 million in investment, and generated more than $49 million in revenue.
That’s not just growth. That’s impact.
And it’s the kind of impact that matters more than ever.
In a year marked by economic uncertainty and political instability, founders did what they always do — they showed up. They built. They adapted. And they created the jobs, technologies, and solutions that will shape the future of our communities and our economy.
At the AC, we showed up too.
With the launch of our 2025–2028 Strategic Plan, we set out to sharpen our focus, elevate our standards, and deliver more value to founders. Just one year in, we’re proud to say — we’re well on our way.
Our four strategic pillars, early-stage access to diversified capital, real support from experienced experts, industry connections that open doors, and optimized operations, aren’t just guiding principles. They’re showing up in real, measurable ways across our programs.
Our approach remains grounded in efficiency, focus, collaboration, and the best interest of Waterloo-based tech founders.
Our annual report is a celebration of the people and programs that made 2024 a success and a look ahead to our vision for the next chapter.
Thank you for being part of our journey. Whether you’re a founder, mentor, partner, or funder, we’re grateful for your commitment and support of the AC community.
Warmly,
Ruth Casselman, Chief Executive Officer, AC
The past year marked a pivotal time of transition and renewal for the AC and for innovators across Canada. Through this time of political uncertainty and change, we recommitted to doing what we do best: delivering high-impact programs that create real value for founders and drive the innovation economy.
While the past few years brought exciting growth, new partnerships, and expanded programming, we also heard a clear message from the people who matter most: our founders. They reminded us that what makes the AC truly special is our ability to deliver hands-on, tactical support that accelerates progress and unlocks potential.
We believe that entrepreneurship and innovation are the beating heart of our economy and that in times of uncertainty, founders rise. They show up with grit, vision, and relentless determination to build what’s next. In an increasingly complex ecosystem, we know our job is to cut through the noise and be the most trusted partner for early-stage founders.
As we look ahead, we are proud to introduce our 2025–2028 Strategic Plan, which charts a bold, founder-first path forward. This strategy is more than a roadmap — it’s a recommitment to our roots, our values, and the early-stage entrepreneurs who are building the future.
Our strategic focus areas
In our 2025-2028 Strategic Plan, we’re not just raising the bar, we’re defining it.
Our new strategy positions the AC as the go-to destination for high-potential, early-stage tech founders in the Waterloo Region.
We are doubling down on quality, outcomes, and founder experience.
Our four strategic pillars:
Early-stage access to diversified capital
Ensuring founders have the funding they need through direct investments, revenue-focused programming, and investor readiness training.
Industry connections that open doors
Opening doors to customers, investors, alumni, and industry partners that accelerate growth and spark opportunity.
Real support from experienced experts
Delivering real help — not just advice — through hands-on mentorship, expert-led services, and milestone-driven coaching.
Optimized operations
Running like the startups we serve — agile, efficient, and laser-focused on founder outcomes.
The next chapter of the AC is about doing what we do best — and doing it better than ever before.
Empowering founders at the earliest stage of their journey.
AC:Studio is a hybrid accelerator and venture studio program designed to support high-potential startup founders, whether they have an existing business idea or are seeking their next startup adventure. Participants receive up to $100,000 in seed funding grants, one-to-one mentorship from in-house and specialist mentors, and tactical support in product development, marketing, and sales.
Looking ahead
In the coming years, Cohorts 2 and 3 will build on the strong foundation of our inaugural cohort but with a bold new focus. Through the program, we will welcome 46 new founders working on solutions that align with the United Nations Sustainable Development Goals (SDGs), empowering Southern Ontario founders to build solutions that address the world’s most pressing challenges, including climate action, quality education, clean energy, and health innovation.
Our flagship program — now reimagined.
AC:Incubate is built to support early-stage, tech-based startups that are ready to grow. The program offers high-touch, high-impact support, including one-to-one mentorship, access to funding opportunities, and connections to a thriving community of innovators. With a focus on execution, accountability, and long-term growth, AC:Incubate continues to be the cornerstone of our programming.
In 2024, we launched a new digital program delivery platform — powered by Canadian LMS startup, DISCO — that ensures founders have 24/7 access to everything the AC has to offer. In tandem with this digital transformation, we also introduced a refreshed mentor engagement model designed to increase impact and accessibility for our founders.
The new model prioritizes quality over quantity, focusing on curating a community of high-calibre, sought-after mentors who bring both deep industry expertise and a strong commitment to founder success.
Looking ahead
AC:Incubate will continue to evolve to meet the changing needs of early-stage founders. As we look to 2025 and beyond, we’ll continue building on this momentum incorporating founder feedback, expanding our mentor roster, and doubling down on what makes AC:Incubate one of the most respected early-stage programs in Canada.
Building Canada's next aviation hub.
In collaboration with the Region of Waterloo and NAVBLUE, the Aerospace Accelerator supports startups in the aerospace, aviation, and aeronautics sectors. Participants engage in a 9-month program featuring mentorship from industry experts, access to testing facilities at the Region of Waterloo International Airport, and connections to NAVBLUE's global network.
Looking ahead
Following a successful inaugural cohort, the Aerospace Accelerator will return in 2025 for Cohort 2. The program will build on the momentum of its first year, welcoming a new group of aviation innovators to Waterloo Region. Plans include a second exclusive demo day, bringing together startups, global investors, airport operators, and corporate partners to accelerate commercialization and collaboration in Canada’s emerging aerospace innovation hub.
“We are thrilled to be a founding partner in this innovative program. This unique partnership with the Accelerator Center and NAVBLUE creates an environment that fosters growth and development. We know that collaboration between government, academia, and the private sector continues to foster vibrant partnerships that fuel innovation and cutting-edge technologies,”
Karen Redman, Regional Chair, Region of Waterloo
Supporting mission-driven entrepreneurs solving global challenges.
In partnership with the University of Waterloo, the Global Impact Creator program empowers students, faculty, and recent graduates to explore unmet needs in human, animal, and planetary health through the lens of entrepreneurship. Participants receive mentorship, funding support, and opportunities to develop and pilot innovative, real-world solutions that create measurable impact.
This isn’t just a startup program — it’s a launchpad for the next generation of social innovators. It’s where bold ideas meet global need, and where participants learn to use entrepreneurship not just as a business tool but as a force for good.
Looking ahead
Following a successful pilot, the Global Impact Creator program will return in Fall 2025 with a second cohort. The upcoming round will expand its reach, foster deeper collaborations, and support a greater number of ventures tackling issues from climate change to global health inequities. With each project, we’re not just solving problems, we’re showing that entrepreneurship can change the world.
"The Global Impact Creator Program is a powerful reminder that innovation isn’t just about building the next big tech company, it’s about using entrepreneurial thinking to solve real-world problems. Social innovation has a critical place in our ecosystem, and this program proves that founder don’t have to choose between purpose and profit,”
Tabatha Laverty, Chief Operating Officer.
Welcoming global talent to Canada.
Our Startup Visa program connects high-potential international entrepreneurs with the Canadian innovation ecosystem, providing mentorship, market access, and personalized support to help them establish and scale their businesses in Canada. The program offers a soft landing for newcomers, ensuring they have the guidance, community, and resources needed to succeed both in business and in life.
In 2024, we expanded the program to include membership to PORCH, a community-driven platform that helps newcomers integrate into Canadian life by providing access to housing resources, financial literacy tools, local events, social networks, and settlement services. By partnering with PORCH, we’re ensuring that founders are not only supported in building their companies, but also in building their new lives in Canada.
Looking ahead
We plan to further enhance support services for incoming founders by expanding tailored mentorship offerings, strengthening community-building opportunities, and building out a more robust referral network to support everything from business incorporation to family settlement.
Because when newcomers thrive, Canada thrives.
CLIENT SPOTLIGHT
SWIFT WELLNESS
Swift Wellness is delivering accessible financial tools to employees and employers across Canada
Advancing gender equity in tech entrepreneurship.
AC:Incubate+ is our dedicated initiative to address systemic barriers in the tech industry by providing actionable tools, mentorship, and a supportive community for women, women-identifying, and gender-diverse founders. Delivered through weekly in-person sessions, curated resources, and peer connection opportunities, the program helps participants build confidence, gain traction, and launch or grow their tech ventures.
Looking ahead
In summer 2025, we’ll welcome a new cohort of 10 women-led companies into the AC:Incubate+ program. As the initiative continues to grow, we remain focused on delivering expanded supports, including new workshops on industry-specific challenges and deeper integration into the region’s innovation ecosystem.
Together with our partners, we’re committed to building a more inclusive, equitable, and representative tech community in Waterloo.
The place where work gets done.
Our coworking program offers flexible, founder-friendly office space designed to foster connection, creativity, and collaboration. Amenities include high-speed internet, 24/7 secure access, bookable meeting rooms, kitchen facilities, and proximity to a dynamic community of innovators, mentors, and partners. Whether you're building your first prototype or scaling your team, the AC is designed to support the way you work.
Our space remains a hotbed for innovation — a vibrant hub where entrepreneurs come not just to work, but to connect, grow, and belong. Currently, the AC is sold out of private office space, a testament to the energy and demand in our community. But we’re still welcoming hot desk members and encouraging local startups, remote teams, and ecosystem partners to join us in our shared spaces and be part of the momentum.
AC:RevLab
Helping founders turn traction into transformation.
AC:RevLab is our bold new initiative designed to help early-stage tech startups turn early traction into repeatable, sustainable growth. AC:RevLab goes beyond theory, offering hands-on support to help founders build and execute effective go-to-market strategies, close their first deals, and lay the foundation for scalable revenue.
While many founders focus heavily on raising investment, AC:RevLab reframes revenue as a powerful, often underutilized source of early capital. Generating revenue not only builds financial resilience, it unlocks investor confidence and long-term optionality — helping founders grow on their own terms. Built for founders who are past ideation and ready to sell, the program delivers:
- Tactical sales coaching from experienced operators
- Market validation and pricing strategy support
- Help setting up and optimizing CRM and lead funnels
- Access to a curated network of mentors, advisors, and peer founders
AC:RevLab is delivered as part of the Scale-Up Support Program, delivered in collaboration with Communitech, and is designed to bridge the critical gap between product validation and scalable growth.
Together, we’re creating a seamless founder journey with structured referrals between the AC and Communitech ensuring that companies have access to the right support at the right time.
Our goal is simple:
To build a stronger pipeline of revenue-ready companies that can thrive in competitive markets, attract investment, and grow with intention. Because real revenue is momentum.
Events that sparked connection, celebration, and impact.
From pitch competitions to community celebrations, our events this year brought founders, funders, mentors, and partners together in meaningful ways — building relationships, elevating stories, and creating momentum for what’s next.
Here are just a few highlights from 2024:
Battle of the Bands: The intersection of tech, music and mental health
Part rock concert, part startup showdown — Battle of the Bands was one of the most talked-about nights of the year. The event brought together startup founders and tech leaders from across the region for an unforgettable evening of live music, friendly competition, and meaningful fundraising.
Performances featured hidden musical talent from the Waterloo tech ecosystem with founders, funders, and innovation leaders trading in their laptops for guitars, mics, and drum kits.
And the best part? The community rallied together to raise over $8,000 in support of Canadian Mental Health Association Waterloo Wellington (CMHAWW).
Tech Connect Mixers
Where Waterloo’s innovation community comes to connect.
Hosted in collaboration with our ecosystem partners, the Tech Connect Mixers are informal, high-energy events that bring together founders, funders, service providers, and community champions for an evening of networking, storytelling, and shared opportunity.
These events are designed to break down silos across the innovation community — creating space for serendipitous conversations, new partnerships, and resource-sharing. Whether you’re a first-time founder, a seasoned entrepreneur, or a mentor looking to give back, Tech Connect offers a welcoming environment to grow your network and deepen your ties to the Waterloo tech ecosystem.
Attendees consistently told us they left with new ideas, fresh connections, and a deeper sense of belonging, and that’s exactly what we hoped for.
She Talks Tech: Pay Transparency
This special edition of our She Talks Tech series tackled one of the most pressing issues in workplace equity: pay transparency. We brought together founders, HR leaders, and policy advocates to discuss how transparent pay practices can support equity, retention, and trust, especially for women and gender-diverse professionals in tech.
From demystifying salary bands to sharing practical implementation strategies, the event sparked open, honest conversations about the role employers and founders can play in closing the wage gap and building fairer workplaces from day one.
Attendees left with actionable insights and a renewed commitment to creating more inclusive, transparent, and equitable companies — not just because it’s the right thing to do, but because it’s good for business.
Building an innovation economy that works for everyone.
As we look ahead, our commitment to equity, diversity, and inclusion (EDI) is stronger than ever. At a time when economic uncertainty and systemic inequities continue to impact access to opportunity, we believe that fostering a truly inclusive innovation ecosystem is not only the right thing to do — it's essential for progress.
It’s well established that diverse teams perform better and that inclusive environments drive innovation. Yet across the country, women-led startups still receive a fraction of available capital, and founders from racialized, marginalized, and equity-deserving communities continue to face disproportionate barriers.
At the AC, we are working to change that — by making sure our programs, services, and community are welcoming, accessible, and built to serve all entrepreneurs. We believe that inclusive spaces like the AC foster the entrepreneurial drive that powers Canada's innovation economy — and we’re proud to continue leading this work, both locally and nationally.
Through our participation in the 50 – 30 Challenge, we are committed to two aspirational goals:
• Achieving gender parity (50%) on our Board, senior leadership, and mentor teams.
• Achieving significant representation (30%) of equity-deserving groups, including racialized persons, people living with disabilities (visible and invisible), and members of the LGBTQ2+ community.
To turn these commitments into action, we’ve launched a 2-Year EDI Action Plan, a roadmap to making the AC one of the most inclusive innovation hubs in the world. That plan is being brought to life through tangible initiatives — from inclusive hiring practices and mentorship programs to specialized supports like AC:Incubate+ and newcomer founder programming.
And we’re just getting started.
We’re committed to transparency, accountability, and continued learning, and we look forward to sharing our progress in the months ahead. Because when all founders have a seat at the table, our entire innovation ecosystem becomes stronger.
Our progress on the 50-30 Challenge
It takes a village to build a thriving innovation ecosystem.
None of the impact we’ve shared in this report would be possible without the support of our funders, corporate partners, and most importantly the founders who choose to build their dreams with us.
Your investment, belief, and collaboration is what fuels the programs, mentorship, and community that define the AC. Whether you're contributing capital, sharing expertise, opening doors, or simply cheering on our founders, you’re helping build a stronger, more inclusive future for Canadian innovation.
2024 Corporate Sponsors & Partners
Our programs are made stronger through partnerships with organizations that believe in the power of entrepreneurship to transform communities and economies. Thank you to all of our sponsors for helping make our work possible.
Artemis Canada • BMO • Bonsai Growth Solutions • Cowan • Dentons • Flow • Gowling WLG • Innosphere • Magnet Forensics • Miller Thomson LLP • MNP LLP • NuBinary • OVHCloud • Oziel Law • Profound Impact • David Johnston Research and Technology Park • RBCx • RSM • Suresh Law • Smart & Biggar • Tory’s LLP
2024 Founders
To the founders — thank you for your trust, your grit, and your vision. It’s your ambition that inspires everything we do, and your success that defines our impact.
We are proud to have supported each of you this year.
3D Semantix • 3RA Group • 911 Incident • Aeroport AI • AI Quotient • AIcruiter • AIM Robotics • Ambature Ltd.• Anyon Systems Inc. • Apricotton • Aqua-Cell Energy • Aquam Air Water Ltd. • Aranas • Arcori • Arise Architects Co-operative Corporation • Artiman technology • Aterlo Networks Inc. • AutoCate • AuTodo • Avonhead Electric Corporation • Baneks • Best for Bees • Binta Financial • BizConnect24 • Bloobit • Bloomth • BlossomLeaf Legal Service Platform • BondedIn • Brightmir AI Inc. • Bubble Load Laundry Labs • Caerulean AI • Cappers Applications • Caredove Inc. • C-COM Satellite Systems Inc. • CELLECT Laboratories Inc. • ChargeSage Inc. • Circuit IQ • CLEANWATT SOLUTIONS INC. • Cleanworkscorp • Closer Collab • Cloudcure • Coach N Coachee • CodelessONE • Comet Venture Technologies Inc. • ConeLabs • ContractComplete • CrossAI Corporation • Daltonomous Inc. • Dean Group • DFN Freight Exchange Inc. • DiiG Inc. • Dog Child • EC Energy Technologies • Ecohunchbaby • Elate Pay • ENCA Technology & Services Ltd. • Encompass Health Insights Ltd. • ENVGO, Inc. • Equitary • Ergomorphology Inc. • Evoke Health • Exera Solutions Inc. • EXO Insights Corp • Faino Inc. • Feel Good Games • Focused Mind Studio Inc. • ForesAIt Medical Technologies • GameDay.AI • GoodLabs Studio • Grobery Inc. • Guideline • GYMZEE • Halal Mart • Healtech Canada Inc. • Healthatastic • HolisticMindAI • HumanSystems Incorporated • illumiSonics Inc. • InfinityQ Technology Inc. • Infnity9 Cycle Corp. • Innorobix Automation Inc. • Innovative Automation • Insurance Squared Inc. • Inume • J C Ram services Inc. • J. Newman Corp. • JaneBunny Inc. • Jax Lab • Jetdocs • Kavodax • Kelsen Legal Technologies Inc. • KonarkPro • Kuzu Inc. • LandLogic • Langsy • Limosa • LoopX Innovation Inc. • Lukamoo • Magicare Smart Elderly Inc. • MAPflow Inc. • Maple GRC Inc. • MaRS Investment Accelerator Fund Inc. • Mawari Technologies Inc. • MedZen • Mgnite Inc. • Mindflix • MLTB Best Ontario Trailer Sales • Mmsense Technologies Inc. • Mutopia Inc. • Nano Sensor • Neptune Nanotechnologies Inc. • Nexus Lab • Nfinite Nanotechnology Inc. • Nmbrly • Numr Inc. • NURO CORP. • Octopodi Technologies • OneLink • Onlio • OptiFab • Oxyplug Corp. • Pamo Consulting • Paperstack • ParkCo • PatientCompanion • Pawmates • Pegasus Aeronautics • Photonic Inc. • Pivot Drive Inc. • Plantal Support • Preppod Systems Inc. • Pronti AI • QEYnet • Quantum Leadership Consulting Inc. • Qubic Inc. • QueryRight • Real Life Robotics • Receptiviti • ReNeuvo • RideAlike • Roqqu • Sailfish Intelligence • SchoolRoof • Scribenote • Selstan • Shearwater Aerospace • Shilahra • Sibli • Sifio Health • Simple Direct • Simplista • Single Quantum Systems Inc. • SkillsHive Inc. • Socliq Inc. • Spotwork • Sprightly E-Mobility • Stormflow Surfacing • StreamlinePlan Solutions Inc. • Sun Well Solar Inc. • Swift Wellness • Tablise • Technology Trace • TensorOne Inc. • TEZ IoT • The Culinary Studio • The Lyndall Project • The Owl Solutions • Tool Zero • Transify • TRIYO • Uni4Game • unlearn. inc. • Uprise • Urban Stalk Inc. • Vessl • vGIS • Visionary Semiconductor Inc. • Vivo Surgery • Water Services and Technologies Canada Inc. • Waterloo Controls Inc. • Wayble Inc. • Wizesly • WorkScore AI Solutions inc • Xcelerated Prototyping Inc. • Xperience Nxt Inc. • ZebraZebra • Zown RealtyWizesly
A note of gratitude to our Board of Directors.
We extend our heartfelt thanks to the members of our Board of Directors for their unwavering dedication, insightful guidance, and steadfast support throughout the past year. Their strategic leadership and passion for our mission have been instrumental in driving the Accelerator Centre forward.
Board of Directors:
Bruce Brown – Chief Commercial Officer at Kenota Health
Michelle Chretien – Vice President, Research and Innovation at Conestoga College
Charmaine Dean – Vice-President of Research and International at University of Waterloo
Brenda Halloran – District Governor at Rotary International
Cody Hines – Chief Financial Officer at Alert Labs Inc.
Karim S. Karim – Associate Vice President, Commercialization and Entrepreneurship at University of Waterloo
Claudia Krywiak – President and CEO at Ontario Centre of Innovation
Angela Larraguibel – Senior Vice President of Founder Services at Communitech
Benton Leong – Archangel Funds; Investor at Golden Triangle Angel Network
Shann McGrail – CEO and Co-Founder at Devreve, former CEO at Haltech Regional Innovation Centre
Maija Michell – Senior Vice President, Human Resources at Descartes Systems Group
Patricia Nielsen – Head of Specialist Sales at Amazon Web Services
Rod Regier – Commissioner of Planning - Development and Legislative Services at Region of Waterloo
Radhika Vaidyanathan – Partner at Gowlings WLG LLP
Other Board Volunteers
We also wish to recognize and thank our dedicated board volunteers whose contributions have been invaluable:
Manisha Mawji – COO and CFO, Connect Tech Inc.
Jacinda Reitsma – Vice President Administration and Finance, University of Waterloo
Jeff Szeto – CFO, Avana Capital Corporation
Lucinda Wallace – Senior Vice President, Waterloo EDC
Join Us
Are you an entrepreneur with a bold idea?
A funder looking to support Canadian innovation?
A mentor, investor, or partner ready to give back?
There’s a seat at our table — and the work is just beginning.