Innovative Protein Technologies created Frost Armour, a spray-on-foam, after witnessing the effects of a devastating spring frost in 2012 that knocked out about 80 per cent of Ontario’s apple crop. Farmers would remove it after several days with another solution that converts it into a fertilizer.
"Frost damage not only affects farmers’ livelihoods, but also our food supply," said Erin Laidley, a Waterloo alumnus, who co-founded the company with Tom Keeling and Dan Krska, two alumni from the University of Guelph. "There are other spray-on solutions, but ours is non-toxic and has no negative environmental impact.”
During the competition, 10 companies pitched their businesses to a panel of judges representing the investment, startup and business communities. Judges considered innovation, market potential, market viability and overall pitch.
The following three companies were also grand-prize winners of $25,000 and space at Velocity. Three of the five top-prize-winning companies are based at Velocity Science.
- Altius Analytics Labs is a health-tech startup that helps occupational groups better manage musculoskeletal injuries.
- EPOCH is a skills and services marketplace that connects refugees and community members, using time as a means of exchange.
- VivaSpire is making lightweight wearable machines that purify oxygen from the air without the need for high pressure.
During the VFF event, an additional 10 teams of University of Waterloo students competed for three prizes of $5,000 and access to Velocity workspaces.
The winners of the Velocity $5K are:
- HALo works to provide manual wheelchair users with accessible solutions to motorize their wheelchairs.
- QuantWave provides faster, cheaper and simpler pathogen detection for drinking water and food suppliers.
- SheLeads is a story-based game that helps girls realize their unlimited leadership potential.
The judges for the Velocity Fund $25K competition travelled from Palo Alto, San Francisco and Toronto. They were Seth Bannon, founding partner, Fifty Years; Dianne Carmichael, chief advisor of health tech, Council of Canadian Innovators; Eric Migicovsky, visiting partner, Y Combinator; Tomi Poutanen, co-CEO, Layer 6 AI.
The judges for the Velocity Fund $5K competition were Kane Hsieh, investor, Root Ventures; Tobiasz Dankiewicz, co-founder, Reebee; Karen Webb, principal, KWebb Solutions Inc.
For more information on the Velocity Fund Finals, please visit www.velocityfundfinals.com