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VSA BootCamp Toronto, ONTARIO July 18, 2012

FedDev Ontario. VSA BootCamp Toronto, ONTARIO July 18, 2012. FedDev Ontario www.FedDevOntario.gc.ca

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VSA BootCamp Toronto, ONTARIO July 18, 2012

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  1. FedDev Ontario VSA BootCamp Toronto, ONTARIO July 18, 2012

  2. FedDev Ontario www.FedDevOntario.gc.ca With a five-year mandate, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) was launched in August 2009 to help respond to Ontario's economic challenges. Through its funding initiatives, FedDev Ontario is driving economic and community development, innovation, and economic diversification, while contributing to the success of communities, businesses, educational institutions and not-for-profit organizations. All of these activities contribute to FedDev Ontario’s vision: a prosperous and globally competitive Ontario. 6

  3. FedDev Ontario • www.FedDevOntario.gc.ca • What are we? • Regional Development Agency • One of six RDA across Canada • Operate only in Southern Ontario • Very new – existed since in August 2009 • 5 year mandate ending on March 31, 2014 • Deliver a suite of programs responding to southern Ontario’s economic challenges 6

  4. FedDev Ontario • www.FedDevOntario.gc.ca • How we operate? • Generally work through other agencies called “3rd party” • But not always • Focus on “innovation” • But not always • Wrt to private sector – provide repayable loans at extremely favourable terms • Wrt not-for-profits (i.e. universities, colleges, regional innovation centres) – provide grants called “non-repayable contributions” 6

  5. FedDev Ontario • www.FedDevOntario.gc.ca • Our current programs • Prosperity Initiative • Youth STEM • Investing in Business Innovation • Scientists & Engineers in Business • Graduate Enterprise Internship • Applied Research and Commercialization • Technology Development Program 6

  6. FedDev Ontario • www.FedDevOntario.gc.ca • Programs applicable to this audience • Prosperity Initiative • Youth STEM • Investing in Business Innovation • Scientists & Engineers in Business • Graduate Enterprise Internship • Applied Research and Commercialization • Technology Development Program 6

  7. Investing in Business Innovation (IBI) • Objective - boosts private sector investment in start-up businesses • Delivered directly • Start-up? • 50 employees or less? • Secured angel or VC round? • Bring term sheet to FedDev • Secure funding up to ½ of your angel or VC raise as favourable term loan 6

  8. Investing in Business Innovation (IBI) Examples: I Think Security - $75,000 to develop and commercialize a mobile digital content security device ANTVibes Inc - $300,000 to develop and commercialize its Audible Name Tag tool BigRoad Inc - $750,000 to develop and implement a mobile tracking and management system for truck transportation companies ClevrU Corp - $988,583 to develop an e-teaching platform for Canada's international education market that delivers customized, on demand learning for a mobile device 6

  9. Scientists & Engineers in Business (SEB) • Objective – enhance risk-taking & support entrepreneurs through mentoring and financial support • Be a STEM grad from university or college (at some point in your history) to qualify • Operate your start-up in southern Ontario • Provides up to $30K seed funding (grant) • Seed funding must be matched • Delivered via 3rd party agencies • Follow program guidelines (rules) set by 3rd party 6

  10. Scientists & Engineers in Business (SEB) • 3rd Party Deliverers • Mississauga RIC - $4.9M to implement VentureStart • Ontario Centres of Excellence - $1.1M to implement SmartStart • Northumberland Community Futures Development Corporation - $529,200 to implement Scientists & Engineers in Business 6

  11. Technology must form the basis for the core product or service • University or college degree in STEM • Must be based in Southern Ontario • A fee of $1,700 (+tax) for business skills training applies + Critical Factors Assessment (CFA) tool • Access program through Mississauga RIC or any member of Ontario’s “ONE” network • http://venturestart.riccentre.ca/ 6

  12. SmartStart • Supporting new ventures by Ontario’s next generation entrepreneurs • Seeking very early stage, technology driven • Must be based in Southern Ontario • $30,000 seed investment, $30,000 cash matching from non-governmental sources is required • 3 competitions or rounds are to be run • 1st round is complete with 10 start-ups accepted and now being mentored • Upcoming rounds TBD • http://www.oce-ontario.org/programs/commercialization-programs/smartstart-(ccr) 6

  13. Northumberland CFDC • Community Futures Development Corporation • Serving Cobourg/Port Hope region • Up to $30,000 seed funding available with matching required • Uses interview process to select candidates • Hoping to attract entrepreneurs to region • Plan is to train/seed fund 22 start-ups – 6 so far • Incubator available – very attractive rents • http://www.northumberlandcfdc.ca/seb/ 6

  14. Graduate Enterprise Internship (GEI) • Objective – bring technology and innovation to SMEs (including start-ups) while learning about business • 8 universities and colleges + MITACS are currently delivering program • Possibility to access highly qualified grad for your start-up at subsidized rates • $15K for a Masters or PhD in STEM • $10K for a graduating student in STEM 6

  15. Mitacs Graduate Enterprise Internship Applications Ottawa Carleton Waterloo Conestoga Kingston Peterborough Mitacs York Mississauga Guelph/ Waterloo Toronto Ryerson UofT Sarnia London Chatham UWO McMaster Niagara College Windsor

  16. Mitacs Enterprise • Example –Global Spatial Technology Solutions Inc. (GSTS) • GSTS is a start-up looking to expand in size and scope in Ottawa • GSTS needed to hire capable individuals to lead its research and development activities • Mitacs “Enterprise”program secured intern with unique skills and experience to help GSTS • Graduate obtained excellent exposure to business and business strategy at GSTS 6

  17. Applied Research & Commercalization (ARC) • Objectives: • Encourage greater collaboration and partnerships between post-secondary institutions with applied research development expertise and SMEs with pre-commercialization needs • 24 colleges and universities across southern Ontario involved • Accelerate innovation in SMEs = improve productivity & competitiveness • Program replenished with additional funding in June 2012 6

  18. Applied Research & Commercalization (ARC) • Example: Seneca College • Provided $750,000 in 2010 • Seneca assisted over 10 SMEs (including start-ups) to bring their products or services closer to the market • Companies get to “leverage” the resources (expertise, lab & office space) of Seneca • ICT; health and wellness; simulation-based technologies and financial securities software • Basically a company pays in 1/3 the cost (cash & in-kind) of an R&D project (example: developing prototype or minimum viable product) and obtains the other 2/3 for free 6

  19. FedDev Ontariowww.FedDevOntario.gc.ca Key Learnings: • Government can be a friend • Supporting STEM, risk taking, early stage innovation • Networking is key • Be aware of Government programs Keep in touch! Stuart.mckeen@feddevontario.gc.ca

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