VeloCity calls itself a "mobile + media incubator", but the reality is more interesting: it's a residence building at the University of Waterloo that is being set aside for students with an entrepreneurial bent and an interest in new media and mobile computing. It will undoubtedly be mocked as a frat house for would-be Baby Bills, but I think it's a great idea, and I'm keen to see how it plays out. (via StartupNorth)