The SmartStart Seed Fund (SmartStart) supports new ventures led by Ontario’s next generation of entrepreneurs. The fund is designed to assist young entrepreneurs from the age of 18 to 29 transition their start-ups from product development to market entry and company building. The program provides seed financing and financing for entrepreneurship skills training to Ontario-based start-ups led by young entrepreneurs, helping them grow their companies and make them investment and customer ready. This program is open to:
- Students and recent graduates affiliated with Campus Linked Accelerator and On-Campus Entrepreneurship Activities programs
- Young entrepreneurs from across the province of Ontario with technology or innovation based start-ups
How Funding Works
SmartStart provides funding to incorporated Ontario-based start-up companies that are founded by young entrepreneurs from the age of 18 to 29. Applicants will be eligible for a non-repayable contribution toward direct eligible costs of up to $35,000 per start-up to launch and grow their businesses:
- $30,000 in seed financing
- $5,000 in entrepreneurship skills training and professional support services, specifically aimed at gaining new business and market development skills (i.e. attend workshops and seminars, participate in peer networks), augmenting education and accessing business professional services and mentorship
- Access to regional business and investment networks and resources
This funding is intended for early-stage opportunities in the Start-up Validation Stage, when the scientific, technical and commercial merit and feasibility of their product or service are determined. The seed financing will require a cash match of 1:1 by at least one other source, excluding other government of Ontario funding. The $5,000 for costs associated with business training and support services does not require a match. Funding for applications supported through this program is provided in the form of a grant. Projects can receive a lifetime maximum investment of up to $30,000 plus $5,000 for entrepreneurship skills training from this fund. It is anticipated that projects will take up to 12 months to complete. Program Objectives The award gives a new entrepreneur the financial resources to focus on the validation stage of the business. Objectives of the program are to:
- Help young entrepreneurs from the age of 18 to 29 launch and build their enterprises and business ventures
- Support the next generation of technology and innovation-focused entrepreneurs in developing prototype products, sourcing first customers and solving real business needs
- Generate economic outcomes such as job creation, revenue generation, and follow-on investments
- Provide youth-led ventures with access to regional business and investment networks and resources
- Assist emerging firms and young entrepreneurs in navigating complex and often difficult business waters
- Accelerate time to market for these ventures and achieve higher levels of success
– See more at: http://www.oce-ontario.org/programs/entrepreneurship-programs/smartstart-seed-fund#sthash.ILan1iRV.dpuf