How to access the Bioenterprise Seed Fund

How to access the Bioenterprise Seed Fund

Dave blog coinsThings to consider: Applicant eligibility, project criteria, matching funds, and mentorship opportunities

In March of 2016, Bioenterprise was awarded $4.84 Million from FedDev Ontario’s Investing in Business Innovation (IBI) program to deliver services to support early-stage innovation and commercialization in Southern Ontario’s agriculture and agri-food industries.

The program is co-delivered with Innovation Guelph, a regional accelerator, which provides services to innovative companies in the advanced manufacturing and social innovation sectors. This continues to be an exciting partnership that has increased accessibility to expertise and resources critical for success in the sectors identified above.

For the last three years, both organizations have worked collaboratively to support start-ups and SMEs successfully move along the commercialization path, allowing them to grow through the generation of revenues, job creation, and add-on investment. Support activities include mentorship, access to specialized technical expertise and/or industry-specific business advisory services, as well as access to seed financing.

With the fourth open call for proposals launching January 11th, here are a few considerations for the application process.

Applicant eligibility

To be eligible for this Program, companies must be:

  • Headquartered in Southern Ontario

  • Incorporated in Ontario or federally

  • Innovative and/or have a unique agricultural or agri-food innovation

  • Able to demonstrate matching funds up to a maximum of $30,000 in order to receive seed

    funding

  • Able to demonstrate benefit to provincial agriculture and/or the producer-processor

    communities

  • Able to, or have potential to, address Canadian or North American markets

Companies must not have previously accessed other IBI seed funding programs. A complete list of these programs can be found in the Program Guide.

Project criteria

Eligible companies can apply for seed financing on a project basis, seeking matching funds up to $30,000.

In order to be considered, applicants must clearly describe the purpose of the project, or problem being addressed, as well as projected outcomes relating to the overall growth strategy of the company through a formalized application process. Projected impact on revenues, job creation, potential for investment, and cost savings related to water, waste, or energy will be crucial considerations.

There are ten (10) eligible project types, including:

  • Business Management & Strategy

  • Technical Expertise Development (IT or Engineering)

  • Leadership Training

  • Talent Recruitment

  • Branding & Marketing

• Process Efficiency & Optimization
• New Product Development
• Prototyping & Product Piloting
• B2B Sales & Business Development • Investment Readiness & Preparation

Applicants will also be asked to develop a Project Milestone Plan and Activity Budget to support the project objectives. For more information regarding eligible activities and the application process please click here to view the 2018 Bioenterprise Seed Funding Program Guide.

Matching funds

Seed financing is available on a 1:1 matching basis, and will be provided if the applicant provides a financial statement or a letter from their financial institution demonstrating matching funds up to a maximum of $30,000.

Mentorship and commercialization support services

The final, and potentially the most important consideration for the Bioenterprise Seed Fund refers to mentorship and commercialization support services that are available to applicants.

Eligible applicants will be connected to the appropriate sector-specific Analyst who will provide feedback on the project plan outlined in the Letter of Intent (LOI) in preparation for development of the full application. LOI’s will be accepted until February 13, 2018.

Successful LOI applicants will be invited to complete a full application, which will be accepted until 2:30 pm EST on February 20, 2018. If interested, please get connected or apply today.

Sources:
Guelph Tribune
Ontario Farmer

Jessica Bowes
Manager Business & Technology Analyst Group

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