smartstart seed fund program update december 2015
TRANSCRIPT
SMARTSTART SEED FUND PROGRAM UPDATE
December 2015
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AGENDA
• Training Context
• Program Background
• Program Partners and Principles
• Program Funding Streams
• Program Changes
• Contacts
• Questions
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TRAINING CONTEXT
• The SmartStart Seed Fund Program, launched July 2014, has supported over 150 start-ups to date.
• Since the launch of the program, the Ontario Centres of Excellence (OCE) has been regularly monitoring and documenting areas of improvement to the program in which clarity can be provided to the applicants and our program partners.
• The demand for the program is significant and OCE would like to ensure the highest quality of applications are submitted to the program to be assessed through the Peer Review process.
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PROGRAM AT A GLANCE
• Up to $60,000 grant with 1:1 matching
• +$7,500 available for entrepreneurship skills training and professional advisory support
• Divided in to 3-streams: Youth $30K and $60K, Non-youth $30K
• Open to start-ups who are actively engaged at a CLA/OCEA/RIC
• Not restricted to academic-based IP
• Application submission deadlines posted on-line
• Heavy reliance on regional screening partners
• Based on lean startup principles
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PROGRAM PARTNERS
Seed Fund is a key part of CLA/RIC/OCEA:• Seed fund is integral component
of CLA/RIC/OCEA activities CLARIC
OCEA
$Outreach
Edu./ Training
(1-on-many)
Advice
(1-on-1)
Space
Linkages
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PROGRAM PRINCIPLES
Approx. 312 investments/4 years
(107 committed for FY2014-15)
Guiding Principles:• Fund the right deals (client focused)
• Move at the speed of business
• Leverage our partners to identify high quality deals
• Transparency and accountability
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PROGRAM CHANGES: PROGRAM INTAKE
• The application initiation process will be closed until early December as OCE implements the new guidelines, application form and AccessOCE interface.
• Eligible start-ups that currently have applications “In Development” will be notified of the new process and program guideline updates. OCE will work with them directly to be considered for the January 12, 2016 application submission deadline.
• After the January 12, 2016 intake, start-ups applying to the SmartStart Seed Fund that have been declined for funding two or more times will no longer be eligible to submit an application to the program.
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PROGRAM CHANGES: ELIGIBILITY QUESTIONNAIRE
• Applicants will now complete an Eligibility Questionnaire as a way of initiating their application
• Applicants must initiate applications at least 7 days before the application deadline
• Applicants may request a BD by sending an e-mail to OCE’s Application Support Team (AST)
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PROGRAM CHANGES: ELIGIBILITY QUESTIONNAIRE
Application Initiation: Step-by-step
• Eligibility Questionnaire completed by potential applicant
• Eligibility Questionnaire reviewed by OCE’s Application Support Team (AST) NOTE: This process takes 2 business days
• If applicant meets eligibility criteria, AST will initiate an application and the applicant will receive an email notification from AccessOCE
• Applicant logs into AccessOCE and begins completing the application
• Applicant submits application by the application submission deadline
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PROGRAM CHANGES: START-UP ENDORSEMENT
• Start-ups can receive only one award of the lifetime of the
• New Start-up Endorsements are required for each application
• Eligible start-ups must be actively engaged for a minimum of 4 months with a CLA/OCEA/RIC
• Start-up Endorsements will require a signature from a signing officer of the endorsing CLA/OCEA or RIC
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PROGRAM CHANGES: ADVISOR ASSESSMENT
• OCE will continue the practise of having a representative of the CLA/OCEA/RIC, the Advisor as the third reviewer of the application (2:OCE College of Reviewers and 1:Advisor)
• The Advisor is required to provide a formal assessment of the application (i.e. OCE will no longer outsource the third review to the OCE College of Reviewers)
• If the Advisor has not completed their review by the assessment deadline, the application will not be considered for funding by OCE in that funding round
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PROGRAM CHANGES: MATCHING CASH CONTRIBUTIONS
• Applicants are required to match OCE’s cash contribution on a 1:1 basis
• If the application is approved for funding: proof of matching cash contribution, in the form of a current bank statement, must be submitted to OCE Finance prior to project activation
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CONTACTS
For technical or general inquiries regarding the review process, please contact a member of the Review and Results Coordination Team.
• Todd Allen and Tim Luk, Program Coordinators [email protected]
For further program specific inquiries regarding the Entrepreneurial stream, please contact:
• Jennifer Moles, Program Manager(416) 861-1092 x1023, (available until December 4)
• Sam Saad, Program Manager(416) 861-1092 x1097,
• Laura Yu, Business Development Manager, Academic Entrepreneurship
(416) 861-1092 x 1015,
QUESTIONS