Purpose of the Entrepreneurship Innovation Fund
The Entrepreneurship Innovation Fund embraces and fosters innovation by fully supporting promising early-stage entrepreneurial start-ups and ventures. With a commitment of $300,000 from Canadore College, this fund aims to initiate, support, and leverage innovation and entrepreneurship across Northern Ontario.
The Entrepreneurship Innovation Fund is exclusively administered by Canadore College, with the proceeds dedicated to projects inclusive of Canadore students and their professional development.
This initiative provides an opportunity to increase innovation and elevate sustainability in Northern Ontario communities while expanding inclusion, diversity, and accessibility. More specifically, the Entrepreneurship Innovation Fund provides qualified Canadore faculty, staff, and students with one-time funding that boosts productivity and innovation in Northern Ontario communities.
Application Requirements
- Applications are open until 12:00 p.m. on February 9, 2023
- Completed application form
- Project plan including proposed budget and cash flow
Eligibility
The application must showcase how the funding will accelerate growth and/or support innovation and sustainability in Northern Ontario and/or local economies in Northern Ontario. Further, the proposed Project should clearly articulate the involvement of Canadore students and commitment to fostering community development.
The following application guidelines have been established for eligible applicants:
- Venture size consisting of 3-10 team members, inclusive of the requirement to include Canadore faculty, staff, and students; and,
- The product or solution proposed is aligned with the purpose of the fund.
Fund Disbursement Guidelines
- Awarded funds will be disbursed after signing the Funding Agreement within 30 business days.
- Fund recipients are asked to demonstrate project completion by submitting a Final Project Report.
- Applicants are limited to one application each round, and previously funded recipients will not be eligible for a second round of funding.
Selection Criteria
A Review Committee established by the College will evaluate the applications based on the following areas:
- Challenge and purpose alignment;
- Business viability and growth/scaling potential, i.e. value proposition, team, market, financing, business model & consumer traction;
- Community impact and economic benefits for Northern Ontario;
- Proposed use of funds and impact on local industry and business; and,
- Quality of application, i.e., clear, concise, and complete.
For More Information
For more information, please contact:
Colin Williams
Dean, Arts, Design, and Entrepreneurship
Colin.Williams@canadorecollege.ca
Michael Bodkin
Professor/Coordinator, Entrepreneurship Academy
Michael.Bodkin@canadorecollege.ca
Disclaimer
The College may, in its sole discretion and at any time during the process, reject or disqualify any or all of the Proposals, accept any proposal, elect not to proceed further with the process in its entirety, alter the timetable, change the process or cancel the process and subsequently conduct another competitive process for the same initiative or subsequently enter into negotiations with any respondents of this process.