The Embedded Executive Funding program is designed to foster the growth of novel Ontario-based technology ventures by helping them hire an Embedded Executive—a C-level or other senior-level executive who will work with the venture to accomplish specific short-term goals or milestones. This program will provide ventures with up to $50,000 (including HST). It requires that the venture also contribute $15,000 cash (or 30% of amount requested) toward the Embedded Executive’s salary over the contract period.
The Embedded Executive Funding program is funded through the Business Acceleration Program (BAP) to support entrepreneurs of the ONE network.
Key Dates
Applications open on January 13, 2014.
Applications will be accepted until Monday, February 3, 2014 at 5:00 p.m.
Contracts can begin as of April 1, 2014.
Venture eligibility
- 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.
- Must have been a client with a Regional Innovation Centre (RIC) for at least one month.
- Cannot be a subsidiary of a larger parent company that would be ineligible.
- May not be established for more than eight years.
- Must have at least one paid 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.
Application requirements
- Applicants must attach a message from their RIC advisor to confirm that they have been referred by their RIC.
- Upon client selection and approval, the client’s RIC advisor will be asked to sign a letter of commitment that he/she will mentor the client during the course of the program contract. This will require at least two status meetings — the first to be held at the three-month progress reporting and the second at the final reporting period.
Embedded Executive candidate requirements
- Applicants must recruit their own candidate for this position; however, recruitment may occur after submitting the application.
- The Embedded Executive candidate shall not have an existing relationship with the applicant venture outside the scope of the role and objectives provided in the program application.
- The candidate should not, directly or indirectly, be involved (whether personally or as an employee, agent, consultant, contractor, investor, shareholder, joint venturer, partner or in any other capacity whatsoever) in any enterprise, association, corporation, joint venture or partnership directly or indirectly associated with the applicant venture.
- The Embedded Executive candidate may not be a paid advisor, EIR or staff on contract at a RIC.\
Note: This program is intended to encourage new growth opportunities for the applicant venture rather than support existing resources in the venture. As such, Embedded Executive candidates are typically new to the applicant venture. On a case-by-case basis, however, the Business Acceleration Program (BAP) may consider supporting an existing resource in the organization. For example, in cases where this resource has been recently engaged or engaged on a limited basis, provided that the applicant venture can clearly demonstrate an opportunity for growth and impact during the program contract period.
Selection
A volunteer panel of reviewers with related industry expertise will select the ventures, basing their decision primarily on the following criteria (in addition to the company information provided):
- Elevator pitch
- Value proposition
- Global market opportunity (include estimated monetary value)
- Competitive advantage
- Revenue model
- Embedded Executive candidate’s role description and objectives
- A short pitch deck (maximum10 slides)
- Upon selection, ventures will be conditionally approved, at which time they will be asked to submit their Embedded Executive candidate’s information (if not already provided). The venture will be invited for an interview with their candidate before final approval is made.
Additional program requirements
- The contract duration for this program shall not exceed six months and must begin upon contract signing, or the client will risk contract cancellation without payment.
- Incomplete contracts will be compensated for costs incurred up to that point in time.
- Compensation cannot be provided for work completed outside the term of the program contract.
- Costs should not exceed fair market value for services; incidentals and other expenses will be paid for by the Client Ineligible Expenses (in accordance with Ontario guidelines):
a) Costs related to proposal development (including related staff costs)
b) Capital costs (e.g., land, building, vehicles)
c) Entertainment expenses, gifts and alcoholic beverages
d) Expenses associated with lobbying or government relations activities
e) Costs associated with travel, activities or operations performed outside of Ontario
f) Passport and immigration fees
g) Reimbursement for airfare purchased with personal frequent flyer points programs
h) Legal, accounting and consulting fees in connection with financial reorganization, security issues, capital stock issues, obtaining of licenses and prosecution of claims against Ontario
i) Federal and provincial income taxes, excess profit taxes or surtaxes and any special expenses incurred in relation to taxes
j) Fines and penalties
k) Donations in the form of goodwill and other intangibles (such as intellectual property, including licenses and patents)
l) Opportunity costs
m) Standard discounts
n) Interest charges
o) Allowance for interest on invested capital, bonds, debentures, bank or other loans together with related bond discounts and finance charges
p) Losses on investments, bad debts and related collection expenses
q) Losses on other projects or contracts
r) Amortization of unrealized appreciation of assets
s) Depreciation of assets
t) Expenses and depreciation of excess facilities
u) Any costs, including taxes, for which the organization has received, will receive or is eligible to receive a rebate, credit or refund
Regional Innovation Centres For further information on this program, please connect with your Regional Innovation Centre at a city near you.
MaRS Advisory Services, Toronto
Communitech, Kitchener-Waterloo
HalTech, Halton
Innovation Initiatives Ontario North (IION), North Bay
Innovation Factory, Hamilton
Innovation Guelph, Guelph
Innovate Niagara, St. Catharines
Invest Ottawa, Ottawa
Launch Lab, Kingston-Eastern Ontario
NORCAT Innovation Centre, Sudbury
Northwestern Ontario Innovation Centre (NOIC), Thunder Bay
RIC Centre, Mississauga-Peel
Sault Ste. Marie Innovation Centre (SSMIC), Sault Ste. Marie
Spark Centre, Durham Region-Northumberland
TechAlliance, London-Southwestern Ontario
WEtech Alliance, Windsor-Essex
ventureLAB, York Region
