Program Name: Embedded Executive Funding Program
Deadline To Apply: June 29, 2018
Embedded Executive Funding helps place a C-level or other senior-level executive with an Ontario-based technology venture to support achieving their next growth milestone. Ventures can receive up to $50,000 toward the cost of the Embedded Executive’s salary. Each recipient will also be required to contribute $15,000 cash (or 30% of amount requested) over the program’s six-month period. This program is best suited for novel Ontario-based tech ventures in a later discovery stage or approaching validation and efficiency stage of development. Embedded Executive is funded through the Business Acceleration Program (BAP) to support entrepreneurs of the ONE network. BAP is funded by the Government of Ontario, and delivered and managed by MaRS.
Novel Ontario-based technology companies with a clear, sustainable technological or market advantage with the following criteria:
- Since its inception, the venture may have raised up to $2.5 million in total funding since its year established from sources such as venture capital, angel, personal capital, friends, family, government-funded investment programs and bank loans. This does not include funds raised from government research and development grants. In some exceptional cases, the venture may have raised up to $3.5 million in total funding. These exceptions include:
- Cleantech ventures developing capital-intensive assets such as energy storage and energy generation technologies.
- Life sciences ventures operating in the drug development, biotechnology, and medical and assistive device industries.
- The venture may be pre-revenue or have under $1.5 million in revenue for a given year.
- The venture cannot be a subsidiary of a larger parent company that would be ineligible.
- The venture must be established for at least one year and may not be established for more than eight years.
- The venture must have at least one full-time employee.
- The venture must be a client with a Regional Innovation Centre (RIC).
- Ventures with founders, staff or contractors that may also be a paid advisor, EIR or staff on contract at a RIC are not eligible.
- Ventures that were recipients of the November 2017 round of Embedded Executive funding are not eligible to apply for this round of funding.
- Ventures who have received funding from this program in the past should demonstrate a recurring need which will be considered on review.
Applications for the program are open until June 29, 2018.
- May 28, 2018 Applications open for the Embedded Executive Funding Program
- June 29, 2018 Deadline for application submission
- July to October 2018 Review and Selection period
- November 2018 Projects can be expected to begin