The Summer 2024 Velocity Pitch Competition saw a big turnout for the eight finalist teams who showcased their innovative solutions in front of a live audience and a panel of judges.
On July 25, the University of Waterloo community rallied around the final teams, vying for more than $20,000 in grants. The startups - Automax AI, Brewtrack, ComedySet, Doro, InnSight, MyPharmacist, PyroGuard, and Talk & Order - each delivered a three-minute pitch about their startup and path to market.
Whether to help businesses increase productivity, or improve personal mental health management, students drew on real-life experiences and market research to influence their startup ideas. Many are employing artificial intelligence (AI) to solve these challenges.
Four finalist teams take home the Velocity $5K grants
The winners of the $5,000 grants were Automax AI, Brewtrack, MyPharmacist and PyroGuard.
Automax AI
Photo: Automax AI's Humza Ahmed accepts grant from John Dick, director, Velocity Campus
Automax AI, developed by Humza Ahmed, an undergraduate in Mechanical Engineering, is an innovative assistant for real-estate appraisers. This startup aims to save time and money by automating the property valuation process, streamlining a traditionally labour-intensive task.
"I got the idea for Automax AI from one of my first co-op terms," Ahmed said. "An engineer gave me a spreadsheet with thousands of records, and I had to correspond those records to a part description. It required a lot of labour and time, and it was repetitive and tedious. As I learned more about automation, I figured out that I could use an LLM [large language model] and then came up with the idea to apply it to property appraisal."
Brewtrack
Brewtrack's Ernest Wong accepts grant from John Dick, director, Velocity Campus
Brewtrack, created by Ernest Wong, an undergraduate in Computer Science at Waterloo and Business Administration at Wilfrid Laurier University, offers an advanced solution for coffee shops. The startup helps businesses track inventory, understand costs and provide detailed analytics to enhance profitability by connecting directly to their point-of-sale software.
"I have always enjoyed problem-solving and looking at how businesses run and operate," Wong said. "The amazing thing about technology is that you can solve one problem, but it can benefit many people."
MyPharmacist
MyPharmacist team Musab Iqbal, Brian Hui and Aram Mohammadi accepts grant from John Dick, director, Velocity Campus
Co-founders and students in School of Pharmacy, Faculty of Science, Brian Hui, Aram Mohammadi and Musab Iqbal discovered inefficiencies in Ontario MedsChecks process, a consultation with patients on three or more medications or those with diabetes that is supposed to take 20-30 minutes. They discovered this problem while working in pharmacies on their co-operative terms.
Their solution, MyPharmacist, eliminates the need for manual forms and uses AI to convert speech into text. It automates pharmacists' processes by pre-populating medication forms and can perform therapeutic analysis. It is also integrated with up-to-date trials and drug databases, providing the pharmacist with potential talking points and freeing up both pharmacists' and patients' valuable time.
"We really want to emphasize that we are not replacing clinicians," Iqbal said. "We are simply helping them streamline their process, save time, and make their job easier. Ultimately, they get to make the clinical decisions that are best for their patients, freeing them up to help more people."
PyroGuard
PyroGuard team Drew Davidson and Kade Truman accept grant from John Dick, director, Velocity Campus
PyroGuard, spearheaded by Drew Davidson, a PhD candidate in Chemical Engineering, and Kade Truman (MBET '23), is developing a novel nanomaterial to protect firefighters from cancer. Their innovative technology replaces the carcinogenic moisture barriers currently used in firefighting gear with a much healthier alternative, significantly reducing cancer risks for those on the front lines.
"I decided to pursue my PhD so I could really develop and commercialize our technology," said Davidson, whose mother is a firefighter. "I gravitated to material science, and I really wanted to make an impact with my work. This issue is big, and our material can help protect firefighters and remove the deleterious effects that current materials have on their health."
Talk & Order won the people's choice award and $500. Ishan Baliyan and Daniyal Mohammed from the Faculty of Math pitched a solution that integrates phone orders directly into restaurants' systems to reduce missed sales.
Following the eight pitch presentations the audience was able to choose their favorite pitch through the people's choice award and were treated to a fireside chat with Rachel Bartholomew (MBET '14), founder and CEO of femtech startup Hyivy Health and founder of Femtech Canada.
Tina Wilton, strategic partnerships manager at Velocity and Rachel Bartholowmew, founder & CEO of HyIvy
Moderated by Tina Wilton, strategic partnerships manager for Velocity, the conversation delved into the unique challenges faced in femtech, a sector focused on improving women's health. They discussed how femtech founders receive only about four per cent of venture capital, with many investors lacking understanding on women's health and the need for solutions.
"Our startups frequently address sensitive issues, making it vital for men to be allies in this space - be vulnerable and be empathetic," Bartholomew said.
Additionally, they announced an upcoming femtech challenge coming to campus in fall 2024, where participants can ideate and develop femtech solutions.
Finals panel of judges
- Myra Arshad, co-founder and CEO of ALT TEXT
- Joel Palmer, associate at University of Waterloo Student Venture Fund
- Ross Robinson, general partner at Velocity Fund
The Velocity Pitch Competition epitomizes the University's commitment to fostering entrepreneurial talent focused on developing products with strong market fit.
Velocity, Canada's most successful incubator, has launched more than 400 companies since 2008, generating a cumulative enterprise value of $26 billion USD. Discover a wealth of opportunities in Waterloo's innovation centres through specialized programs, comprehensive courses and a variety of extracurricular activities.
