Embark Funding helps place a young professional (aged 22-29) with a novel Ontario-based technology venture to accomplish specific goals or milestones.
Ventures can receive up to $20,000 (which includes costs of HST) towards the cost of the Embark candidate’s salary. Each recipient will also be required to contribute $2,500 cash (or 12.5% of amount requested) over the program’s six-month period.
Embark Funding is a program of the Youth Business Acceleration Program (BAP), supporting entrepreneurs of the ONE network.
Applications Open: September 28, 2015
Deadline for Application Submission: October 26, 2015
Projects Begin: January 1, 2015
- Novel Ontario-based technology companies with a clear, sustainable technological advantage.
- Since its inception, the venture may have raised up to $2 million in total funding 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 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 million in revenue for a given year.
- Must be a client with a Regional Innovation Centre (RIC).
- Cannot be a subsidiary of a larger parent company that would be ineligible.
- Must be established for at least one year and may not be established for more than eight years.
- May not be established for more than eight years.
- Must have at least one full-time employee.
- Ventures that have founders, staff or contractors who may also be a paid advisor, EIR or staff on contract at a RIC are not eligible.