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Atlantic Innovation Fund

Atlantic Innovation Fund. Round VIII February 5, 2008. AGENDA. Provide an overview of AIF Define an “Ideal AIF project” Describe Common Pitfalls Q&A Provide contacts and our assistance. AIF at a Glance. 7 Rounds launched and completed to date

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Atlantic Innovation Fund

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  1. Atlantic Innovation Fund Round VIII February 5, 2008

  2. AGENDA • Provide an overview of AIF • Define an “Ideal AIF project” • Describe Common Pitfalls • Q&A • Provide contacts and our assistance

  3. AIF at a Glance • 7 Rounds launched and completed to date • 247 projects approved; $635 million committed • Round VIII launched May 5, 2010 • Expected announcement January, 2011

  4. AIF Objectives • New technologies, products, processes or services • Commercialization of R & D • Partnerships that strengthen innovation capacity • Maximum benefits from national R&D programs

  5. AIF Focus • Based on merit • Sectors where Atlantic Canada has comparative advantage • Development of clusters • Economic impact • Collaboration

  6. Eligibility • Discrete R&D projects • Eligible proponents include: • Private Sector Firms • Universities and Colleges • Research Institutions

  7. Eligibility (continued) • Eligible sectors: • Natural and applied sciences; • Social sciences and humanities, where linked to technology development & commercialization • No block funding

  8. Funding Limits • Non-repayable contributions: 80% max. for projects undertaken by non-commercial Proponents • Conditionally repayable contributions: 75% max. for commercial projects requiring assistance above $1M • Assistance per project : $3M max.

  9. Other Key Considerations • Project Length: maximum 5 years • Intellectual Property • Environmental screening • Ethics requirements for projects involving human/animal research

  10. Content of Letter of Intent • Applicable Sector • Project/research proposal description (incl. objectives, key team members & collaborators) • Anticipated deliverables and challenges • Estimated project costs, AIF request and sources of other funding • Identified key project collaborators • Commercialization potential • Project Governance

  11. Letters of Intent • Mandatory for project proposal to be considered • Due by June 15, 2010 at 2 pm • Standardized format in terms of content • Must use template available on ACOA’s website (See Guide Annex B-1 of RLIPP)

  12. Content of Project Proposal • Executive Summary • Project Description • Description of Proponent, Key Collaborators and Project Team • Technical Details • Financial Information • Commercialization Potential/Strategy • Economic Benefits • Building Capacity

  13. Project Proposals • Proposals due by September 1, 2010 at 2 pm • Separate proposal for each stand alone project • Standardized format in terms of content • University projects submitted by the institution, not by individuals

  14. Complete Proposal Package • Project Proposal • Administration Form (Annex A) • Declaration Form (Annex A) • Costs and Financing Information (Annex C) • Results Measurement Information (Annex D)

  15. Compliance • Need to address at minimum the essential criteria • All Annex’s must be provided at the time of submission • Project must be ready

  16. Evaluation Process • ACOA Account Managers will conduct initial project assessment and consult with scientific/technical reviewers • Sector Teams will provide strategic overview and prioritize projects • AIF Advisory Board will review and recommend projects to Minister for approval

  17. Criteria Evaluation Capacity Building • Strategic sectors/technologies • Fills a gap in the Atlantic system of innovation & improves innovation Capacity • Is pan-Atlantic in scope • Builds critical mass through networks/cooperation • Attracts new firms, institutions and researchers • Fosters national and international affiliations Economic Benefit • Significant economic benefits for Atlantic Canada • Be Incremental Scientific/Technical • Scientifically and/or technically sound • Support new or improved technologies • Builds on research excellence Management & Financial • Management capabilities • Adequate financing • Leverages funding Commercialization • Commercialization potential • Private sector participation

  18. Ideal AIF Project • Good science, innovative R&D • Strong technical expertise • Good financial structure (e.g. leveraging) • Strong commercialization potential • Draws on collaborative expertise of universities, research centers and private sector • Can be contracted and started within 6 months of AIF award

  19. Common Pitfalls Scientific/Technical • Lack of Technical Detail • Lack of Details on Technical Risks & Risk Mitigation Strategies/Contingencies • Lack of Supporting Preliminary Data • No Demonstration of Innovativeness and Uniqueness of Research • No identification of who is doing what in the Research Plan • Lack of Description of Deliverables/End Products

  20. Common Pitfalls Commercialization • Lack of Demonstrated Private Sector Commitment • Weak Commercialization Partner • Unclear Definition of End Products and their Market Relevance • Lack of Supporting Market Research and Assessment of Competition • No Commercialization Strategy or Path to Commercialization not well defined

  21. Commercialization

  22. Common Pitfalls Management • Lack of Demonstrated Experience in Managing Large Scale R&D Projects • Lack of Experience in Commercializing Research Results • Lack of Evidence of a Strong Scientific and Commercial Advisory Board • Lack of a Strong Project Governance Structure • Lack of Dedicated Project Manager • Management Record of Past AIF Projects

  23. Common Pitfalls Financial • Lack of Confirmed Financing • History of Obtaining Financing Unclear • Lack of Private Sector Cash Demonstrating Commitment • Cash is King • No Contingency or Back Up Plan for Alternative Funding Sources • Maximum Leverage of Co-funding is Encouraged – 50% versus 80% Ask • Requesting Maximum AIF Contribution - $3Million

  24. Common Pitfalls Building Capacity • Duplication of Existing Regional Research Capacity • Over budgeting to Build Research Infrastructure Beyond Project Needs • Lack of Evidence of Strong, Meaningful Partnerships/Collaborations • Pan Atlantic Collaborations Must be Meaningful, International Desirable

  25. Key Dates • Mandatory Letter of Intent by June 15, 2010 – 2 pm. • Complete proposal submitted by September 1, 2010 – 2 pm. • Announcement of Round VIII AIF awards expected in January 2011. • Contracts to be completed within 6 months of AIF award.

  26. Additional Information • Further details, application templates and & updates can be viewed under the Atlantic Innovation Fund banner in the program information section at: www.acoa-apeca.gc.ca

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