The University of Toronto Early-Stage Technology – UTEST – has announced its third round of computer science start-up companies to be added to its incubator program. The incubator co-directed by U of T’s Innovations & Partnerships Office and MaRS Innovation will provide qualifying businesses with $30,000 start up funds once they complete the 90 day try-out period.
UTEST has added five new companies to its startup development program. FlatFab Inc. is a business that develops technology that allows 3D objects to be created from objects that print in 2D. ICE3 Power Technologies Inc. is developing a universal power charger for phones and other portable devices. Onyx Motion Inc. is developing wearable technology and smart watches. Nvest Inc. wants to crowdsource stocks and investments, which doesn’t sound like a horrible idea at all. And the fifth startup is fatigue management company Syncadian Inc.
“We had an excellent response from the U of T community this year with over 80 companies applying to join UTEST,” explained the Innovations & Partnerships Office co-director Kurtis Scissons. “In June, we selected 20 to present to the selection committee; seven promising companies made the short list in August. As always, we seek companies building business-to-business customer bases, preferably around operational products with a short term to market.”
Participants in UTEST receive $30,000 in startup funding, however before they are able to access it they must demonstrate that their idea is commercially viable and scalable. The prospective company must prove that they are capable of building and running a business during the three month long try-out period.
Several successful businesses have grown from UTEST, including Whirlscape, TrendMD, Crowdmark, eQOL and Granata Decision Systems. The UTEST program was developed to aid early-stage software or high-tech startups that are associated with the University of Toronto either as students or faculty. Aside from the investment funds, UTEST will provide dedicated workspace at the MaRS Centre incubator, mentorship and access to industry experts, investors and tech entrepreneurs.
“Getting into UTEST helped us take our idea from an idea to a company,” said CEO of ICE3 Power Technologies Sheikh Mohammad Ahsanuzzaman. “The mentoring and funding we’ve received has allowed us to smoothly and efficiently start building as we create a world-class power supply company.”
UTEST is part of the Banting & Best Centre for Innovation & Entrepreneurship, a large ecosystem of startup accelerators, incubators and commercialization support services available to students at the University of Toronto, and is supported by the U of T Connaught Fund. The UTEST program lasts for twelve months once the tryout period has ended.
The FlatFab software easily marries 3D modelling with traditional craftsmanship by allowing users to create 3D objects from common materials 2D that are relatively flat and able to be cut, like paper, stone, plastic, wood or steel. You can find out more about FlatLab by visiting their website.
