Canada-based phone handset company Research in Motion and Canada-based bank Business Development Bank of Canada have helped set up Hyperdrive, a $30m incubator fund this month.
The companies were joined backing Hyperdrive by Omers Ventures, the venture unit of the pension fund, Canadian Youth Business Foundation, an entrepreneurship organisation, and venture firms Canrock Ventures, iNovia Capital and Rho Canada Ventures.
Hyperdrive is backing 30 companies per year, with qualifying companies receiving $55,000 in equity loans, as well as $155,000 if they complete the programme and could receive up to $500,000 from venture investors when they are ready to grow.