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Global Blue Innovation Challenge

Grants and Support to USA, Canada, and International Marine
Technology Businesses to Relocate to Canada

Agency Type:

Foundation / Corporation

Funding Source:

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Innovacorp

Deadline Date:

06/11/21 11:59 PM ADT

Description:

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Grants of $25,000 and in-kind support to USA, Canada, and International small marine technology companies to relocate to Nova Scotia. Funding is intended for product development and commercialization. Companies selected will receive additional support and resources beyond the funding. Innovacorp’s 2021-2022 Global Blue Innovation Challenge is open to immigrant entrepreneurs only.

The Start-Up Visa Program is intended to attract foreign entrepreneurs who wish to establish new, high-growth businesses in Canada that will support innovation and job creation. Innovacorp can recommend entrepreneurs to receive a start-up visa from Immigration, Refugees and Citizenship Canada under the business incubation stream.

In addition to funding, companies will get access to a series of acceleration activities and resources. Resources will be tailored to the cohort to provide support where participants need it most. Each company will be assigned an advisor. Participants should make every effort to take advantage of the workshops, activities and other resources offered, including:

  • Shared office space
  • Expert advice and workshops
  • Market intelligence

For further information on these resources, see: https://innovacorp.ca/sites/default/files/acceleration-initiatives/2021_2022_global_blue_innovation_challenge_info_kit.pdf#page=2

Submissions will be evaluated based on the following Innovacorp criteria:

  • Pain & Solution: Description and quantification of the market problem/pain, uniqueness and significance of product, current stage of development, proprietary position
  • People: Industry knowledge and management experience, commitment to venture
  • Market: Large, growing international market
  • Competition: High barrier to competitive entry
  • Traction & Milestones: Credible plan to reach key milestones
  • Investment Potential: Company has a clear idea of future financing needs and is an attractive target for potential venture capital investment (i.e., high growth potential, large market opportunity, attractive return prospects)

GrantWatch ID#:

GrantWatch ID#: 190824

Number of Grants:

Up to four companies will be selected

Estimated Size of Grant:

- Companies selected will receive $25,000 in non-dilutive, non-repayable funding.
- An additional $25,000 per company may be available based on milestone progress.
- Six months of shared office space and access to expert advice and other acceleration support at no charge

Additional Eligibility Criteria:

Innovacorp’s 2021-2022 Global Blue Innovation Challenge is open to immigrant entrepreneurs only. Innovacorp is a designated business incubation organization under the Government of Canada’s Start-Up Visa Program. To be eligible to receive a start-up visa, you must prove your business venture is supported by a designated organization; meet the language requirements; meet the ownership requirements; and have a sufficient settlement fund.

Fur further eligibility details, see https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa/eligibility.html .

The business must be registered in Nova Scotia once the company is accepted into the program and issued a letter of support. They must have a new knowledge-based product (i.e., a unique technology solution that cannot be easily duplicated). The intellectual property must move to the new Canadian entity.

Entrants must have identified a large market pain and established a company around a customer-validated problem. Competitive applicants should have a strong technical or business founder.

Entrants must be the majority owner(s) (51 per cent or more) of the start-up and plan to work full-time with the business.

Entrants must have less than $1 million in cumulative sales in the most recent three years.

Pre-Application Information:

Important dates:
- April 22, 2021: Program launch
- June 11, 2021: Submission deadline at 11:59 PM ADT
- June 18, 2021: Submission review and shortlist. All applicants will be contacted with their status.
- June 25, 2021: Shortlist interviews
- June 25 to September 21, 2021: Innovacorp will undertake due diligence on the shortlisted companies.
- September 21, 2021: Winners announced
- September 21, 2021: Letters of Award issued to companies and Commitment Certificate issued to Immigration, Refugees and Citizens Canada (IRCC); companies may also be issued a work permit, usually within a month but timelines depend on the IRCC process
- Arrival in Nova Scotia with work permit or permanent residence status

Shortlisted companies will be notified by Friday, June 18, 2021, and will pitch to the judging panel on Friday, June 25, 2021. Winners will be notified by Tuesday, September 21, 2021.

Shortlisted participants will each have 20 minutes to present their business overview, followed by a 10-minute question and answer session. It is anticipated that all interviews will be conducted virtually, due to evolving COVID-19 travel restrictions. Companies selected for interviews on July 25 will receive one-on-one support from an Innovacorp employee prior to their interview to prepare and practice.

* Due to ongoing developments with COVID-19, the date and format for any events related to the challenge are subject to change.

* Becoming an Innovacorp client through the Start-Up Visa Program does not guarantee that you will obtain financing through Innovacorp’s venture capital fund.

Incubation Facilities:
https://innovacorp.ca/incubation/start-yard-cove
https://innovacorp.ca/incubation/the-bays-at-innovacorp
https://innovacorp.ca/incubation/the-labs-at-innovacorp

Contact Information:

Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.

Submit application online:
https://innovacorp.ca/global-blue-innovation-challenge-submission-page

Questions can be directed to Ding Fan, Start-Up Visa Program Coordinator, Innovacorp, at 902.424.8670 ext. 1603, 1.800.565.7051 ext. 1603, or startupvisa@innovacorp.ca.

Innovacorp
400 - 1871 Hollis Street
Halifax, Nova Scotia B3J 0C3
Canada

URL for Full Text (RFP):

Geographic Focus:

USA: Alabama;   Alaska;   Arizona;   Arkansas;   California;   Colorado;   Connecticut;   Delaware;   Florida;   Georgia;   Hawaii;   Idaho;   Illinois;   Indiana;   Iowa;   Kansas;   Kentucky;   Louisiana;   Maine;   Maryland;   Massachusetts;   Michigan;   Minnesota;   Mississippi;   Missouri;   Montana;   Nebraska;   Nevada;   New Hampshire;   New Jersey;   New Mexico;   New York City;   New York;   North Carolina;   North Dakota;   Ohio;   Oklahoma;   Oregon;   Pennsylvania;   Rhode Island;   South Carolina;   South Dakota;   Tennessee;   Texas;   Utah;   Vermont;   Virginia;   Washington, DC;   Washington;   West Virginia;   Wisconsin;   Wyoming

USA Territories: American Samoa (USA)   Guam (USA)   Puerto Rico (USA)   Virgin Islands (USA)   Northern Mariana Islands (USA)

USA Compact Free Associations: The Federated States of Micronesia (USA)   Marshall Islands (USA)   Republic of Palau (USA)

Canada: Alberta;   British Columbia;   Manitoba;   New Brunswick;   Newfoundland and Labrador;   Northwest Territories;   Nova Scotia;   Nunavut;   Ontario;   Prince Edward Island;   Quebec;   Saskatchewan;   Yukon;

Israel

International country outside of the USA, Israel and Canada.

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