FedDev Ontario

VSA BootCampToronto, ONTARIO

July 18, 2012

VSA BootCampToronto, ONTARIO

July 18, 2012

FedDev Ontario FedDev Ontario

FedDev Ontariowww.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.

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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

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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”

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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

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Programs applicable to this audience• Prosperity InitiativeProsperity Initiative• Youth STEMYouth STEM• Investing in Business Innovation• Scientists & Engineers in Business• Graduate Enterprise Internship• Applied Research and Commercialization• Technology Development ProgramTechnology Development Program

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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

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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

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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

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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

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• 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” networkhttp://venturestart.riccentre.ca/

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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/

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

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Graduate Enterprise InternshipApplications

Guelph/Waterloo

Windsor

London

PeterboroughKingston

Ottawa

Chatham

Mississauga

Toronto

York

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

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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

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3rd Party Deliverer Original contribution

(up to, $)

Algonquin College of Applied Arts and Technology 750,000

Brock University 750,000

Centennial College of Applied Arts and Technology 525,000

Conestoga College Institute of Technology and Advanced Learning 747,400

Durham College of Applied Arts and Technology 750,000

La Cite Collegiate 475,300

Lambton College of Applied Arts and Technology 230,700

Loyalist College Of Applied Arts & Technology 155,000

Mohalk College of Applied Arts & Technology 750,000

Niagara College of Applied Arts & Technology 750,000

Ontario College of Art & Design 359,800

Queens University 750,000

Ryerson University 750,000

St. Lawrence College of Applied Arts and Technology 154,993

Seneca College of Applied Arts and Technology 750,000

Sheridan College Institute of Technology and Advanced Learning 750,000

Sir Sandford Fleming College of Applied Arts and Technology 161,838

University of Guelph 750,000

University of Ontario Institute of Technology (UOIT) 739,000

University of Ottawa 750,000

University of Toronto 750,000

University Of Waterloo 750,000

University of Western Ontario 750,000

University of Windsor 483,240

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

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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!

[email protected]

FedDev Ontario

Education

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