Yesterday on the VeloCity blog I announced the VeloCity workspace at the Communitech Hub. It is, to me, a piece that has missing at VeloCity as we have tried to do an awful lot in what is a residential building but what you can’t do is work as part of the startup community locally. The University of Waterloo campus is just too isolated with the way parking is and its size to try and have a space that is open to the community for various events and collaboration. When you add the cost of living in residence and housing rules that require you to be a current full time student (all understandable and reasonable) there was a clear need to have a ‘next step’ space for students that have other living arrangements and recent grads of the University.
Currently there is no better place to be than in the new Communitech Hub in Kitchener. With bigger companies like Desire2Learn (founded by a uwaterloo grad) and Google as well as smaller companies like DossierView in Tannery space along with the partner organizations within the Hub itself, it is a good opportunity to be in the middle of the best that the Waterloo Region has to offer. Plus I get to work with the Accelerator Centre and Communitech, something I love doing as they are both organizations that have climbed a big learning curve and are now really influencing the services offered to companies across Canada.
This is a fluid experiment and I am assuming certain details of how we run the space will change but it is really exciting to try. What I do know is that a similar space at Ryerson (the Digital Media Zone) is a success with a load of startups working away in a gorgeous space in downtown Toronto. VeloCity and the DMZ are working closely together to develop this new model for an incubator type service inside higher education which is also something I am excited about. My hope is that we can get more Universities and Colleges working with us but time will tell.
What I see as our big challenges going into this are:
- Cost of the space and covering the costs of the services — current guestimates place this kind of service for very early stage startups at around $1000 a month per startup. Our costs aren’t that but I will need to keep an eye on it. Certainly we do not have anywhere close to the same staffing level as Ryerson and I am not sure we need to but we do need more help to keep things moving. That will increase our cost.
- What does success look like? With the residence I am still not sure what success is. I know it isn’t having a startup launch out of the residence into the real world and it is more important to build a strong bond between future co-founders but I will need to work on that. With the workspace it could very well be measured by the number of startups that find some revenue.
- What are we missing? I try not to let this drive me nuts but I am constantly trying to find the gaps in what we are doing and ensure we stay focused on what are core mission is. That means saying no sometimes but a lot of the time the ‘no’ is because we just don’t have the staff to work with certain groups. Need to tackle point one above.
In a few months I will find new challenges and see if what I think are important problems really are. This is pretty exciting! Any questions, just ask. I aim to be as open as I possibly can about this whole thing