10 startups from Waterloo university will compete for a share of the grant.

Ten Waterloo University startups have made it into the final round of the Velocity Fund, a grant worth a total of $113,000. The highest any one company could win is $35,000.

The startups cover a wide range of areas, including biotech, engineering and nanotechnology. ExVivo, for example, offers a new and safer approach to testing allergies. EyeCheck’s technology on the other hand creates a fast and cheap prescription, and is aimed chiefly at poorer countries where vision care may not be affordable otherwise. Another company, Localmotive, serves as an online marketplace to sell locally sourced groceries.

Velocity is a programme by the university, and besides the funding also consists of an incubator and runs weekly workshops open to any current student. To be selected for the Velocity Fund Finals, each startup needs to submit a written proposal and deliver a 3-minute pitch to judges.

During the event on July 24, 2014, the ten startups will need to deliver their pitch again, in front of a new panel of judges and a live audience. The judges this year include Ted Livingston – founder and CEO at Kik, and Velocity alumnus – who donated $1m in 2011 to establish the fund.

The ten startups are competing for four grants worth $25,000 each. An additional $10,000 may be awarded to the best hardware company who wins one of the $25,000 prizes. Ten early-stage companies will also compete for one of three $1,000 grants. Velocity takes no equity nor intellectual property.

Mike Kirkup, director of Velocity, said: “It is great to see a solid mix of hardware and software startups competing at the Velocity Fund Finals. These companies are not only competing for funding, they are also competing for workspace at the Velocity Garage for software companies, or the soon-to-open Velocity Foundry for hardware, materials and life sciences companies.”