Fast-Track to Financing Program
Canadian SMEs, start-up companies, or academic research institutes with a focus on developing biologically-based innovations that fit within Technology Readiness Levels (TRL) 4-9 are eligible to apply for the Fast-Track to Financing Program. Applicants must demonstrate novel natural product or technology ideas that align with the context of the program and have potential market or sector growth. SMEs and start-up companies should aim to achieve significant revenue growth potential, while academic institutes need to address industry challenges with notable market potential. The program is specifically designed for members of Canada's Natural Product Innovation Cluster who can show substantial social, economic, or environmental benefits from their projects.
Overview
If you're a Canadian incorporated SME, start-up company, or academic research institute, you can get a contribution of up to $25,000 to cover up to 40% of the cost of an external consultant or other service provider that will help develop a business or co
At a glance
Funding available
- Develop a new product or service
- Reduce environmental footprint
- Launch or market a product/service
- Maximum amount : 25,000 $
- Up to 40% of project cost
Eligible candidates
- All industries
- Canada
- Non-profit
- Public or Parapublic institution
- For-profit business
- All revenue ranges
- All organization sizes
- Startups
- Higher Education
- Research
- Other Health Services
- Environment
- Animal Protection
- Economic, Social and Community Development
- Business Associations
- Diversity and Inclusion
- Indigenous peoples
- Women & girls
- Business owners / entrepreneurs
- Academia / students
- Minority groups
- All structures
- National
Next Steps
Activities funded
The Fast-Track to Financing Program supports initiatives focused on creating comprehensive business or commercialization plans to secure public funding or private investment. These activities are tailored to enhance the growth potential of biologically-based innovations.
- Engagement of experts for strengthening or revising business or commercialization plans.
- Conducting market, customer, and competitive analysis.
- Developing and refining a value proposition.
- Creating a comprehensive regulatory plan.
- Formulating an intellectual property (IP) plan.
- Designing a robust financial plan.
- Drafting a detailed production plan.
- Performing a sustainability assessment.
Official resources
Eligibility
Who is eligible?
Canadian SMEs, start-up companies, or academic research institutes with a focus on developing biologically-based innovations that fit within Technology Readiness Levels (TRL) 4-9 are eligible to apply for the Fast-Track to Financing Program. Applicants must demonstrate novel natural product or technology ideas that align with the context of the program and have potential market or sector growth. SMEs and start-up companies should aim to achieve significant revenue growth potential, while academic institutes need to address industry challenges with notable market potential. The program is specifically designed for members of Canada's Natural Product Innovation Cluster who can show substantial social, economic, or environmental benefits from their projects.Who is not eligible
This grant has specific exclusions to ensure alignment with its objectives to promote biologically-based innovations. Companies or industries that do not fit within these criteria are ineligible.
- Companies or technologies based on IT (software, hardware, AI, etc.) or mechanical solutions (drones, automation, etc.) that exclude a biological element.
Eligible expenses
The Fast-Track to Financing Program supports projects that aim to create robust business or commercialization plans to attract investment and funding. These initiatives are tailored for enhancing the potential of natural products or biologically-based technologies.
- Engagement of experts to strengthen or revise business or commercialization plans covering components like market analysis, value proposition, and regulatory plan.
- Development of intellectual property and financial plans to secure private capital or public funding.
- Production and sustainability assessment plans to ensure economic and environmental viability.
Eligible geographic areas
This grant is open to Canadian incorporated SMEs, start-up companies, or academic research institutes. Therefore, eligibility is geographically limited to entities within Canada.
- Businesses and academic institutions located anywhere within Canada.
Selection criteria
There are evaluation and selection criteria for this grant. The applicants are evaluated based on the novelty of the natural product or technology, market opportunity, business model/commercialization strategy, competitors, strength of the management/research leadership team, need for the business or commercialization plan, anticipated outcomes, and statement of work(s) and qualifications of the selected expert(s).
- Novelty of the natural product or technology
- Market opportunity
- Business model/commercialization strategy
- Competitors
- Strength of the management/research leadership team
- Need for the business or commercialization plan
- Anticipated outcomes
- Statement of work(s) and qualifications of the selected expert(s)
How to apply
- Step 1: Contact NPC
- Reach out to NPC at info@naturalproductscanada.com to express interest in the Fast-Track to Financing Program.
- An NPC team member will connect with you to review eligibility criteria and potential project scope.
- Step 2: Eligibility Assessment
- Ensure your project meets the Minimum Eligibility Requirements.
- If you meet the requirements, you will be invited to submit a formal application.
- Step 3: Prepare Application
- Gather all necessary information and documents required for the application.
- Develop a comprehensive business or commercialization plan with the assistance of experts, if needed.
- Prepare a Statement of Work (SOW) and qualifications for the chosen expert(s).
- Step 4: Submit Application
- Submit your application following the guidelines provided by NPC.
- Include all required documentation and information regarding your project and expert(s).
- Step 5: Application Evaluation
- Your application will be evaluated based on criteria such as novelty, market opportunity, and the strength of your team.
- You will receive feedback and may be asked to revise parts of your application.
- Step 6: Notification
- Receive notification about the funding decision from NPC.
- If unsuccessful, obtain feedback and, if desired, request an appeal within 15 days.
Additional information
Here are additional relevant details for this grant:
- Funding is provided through reimbursement of eligible project costs upon approval of quarterly reports.
- Successful applicants must pay a non-refundable project administration fee of 5% of total project costs plus applicable GST/HST.
- NPC's contribution is non-dilutive, non-repayable funding.
- Successful applicants will receive a contract outlining project scope, reporting requirements, and key deliverables.
- An annual report is required during the project and for each of the five years following project completion.
- The funding cannot exceed 75% of eligible costs for SMEs and start-ups, and 100% for academic research institutions, including all government assistance.