Fast-Track to Financing Program
Canada
Funding to engage an expert
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateSeptember 01, 2021
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
- Manufacturing
- Administrative and support, waste management and remediation services
- Health care and social assistance
grant_single|grantors
- Natural Products Canada (NPC)
grant_single|status
grant_card_status|open
grant_single_labels|preview
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
grant_single_labels|projects
Projects or activities eligible for this grant should focus on developing strong business or commercialization plans to attract public financing or private investment for natural products or technologies with potential market growth. Eligible projects must align with the guidelines outlined for the Fast-Track to Financing Program.
- Natural product or technology development
- Market analysis and growth potential assessment
- Business or commercialization plan creation
- Engagement of experts to strengthen plans
- SMEs, start-up companies, and academic research institutes
grant_single|admissibleProjectsExample
$25,000
Creation of a commercialization plan for a new biotech innovation
$12,000
Developing a market analysis for a new eco-friendly cleaning product line
$25,000
Creation of a financial plan for a new renewable energy technology
$20,000
Developing a commercialization plan for a new biodegradable packaging technology
$16,000
Creating a business plan for a new herbal supplement targeting mental wellness
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's profile and the nature of their innovation.
- The applicant must be a Canadian incorporated SME, start-up company, or academic research institute.
- The applicant must have a novel natural product or technology that aligns with NPC’s definitions of natural products or technologies and fits within the TRL 4-9 of the Government of Canada’s established Technology Readiness Levels.
- SMEs and start-up companies must have the potential to achieve $10MM to $15MM in annual revenue within a reasonable period for the market or sector.
- Products or technologies from academic research institutes must address an industry/sector challenge with significant market potential.
- The project must have the potential for significant economic, social, health, and/or environmental benefits.
- The technological advancement must benefit the natural products ecosystem across Canada.
- The project must demonstrate technical feasibility.
- The innovation must have potential for commercialization in Canada.
- The project should exhibit potential spillover benefits to more than one sector.
- The project must potentially improve the representation of women, visible minorities, and Indigenous peoples in the natural products ecosystem.
- The applicant must be a member of Canada’s Natural Product Innovation Cluster.
- A minimum NPC contribution request of $5,000 is required.
grant_eligibility_criteria|who_can_apply
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.
grant_eligibility_criteria|who_cannot_apply
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.
grant_eligibility_criteria|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.
grant_eligibility_criteria|zone
This program supports the costs associated with engaging experts to assist in the development or revision of business or commercialization plans.
- Costs of engaging one or more experts (external consultant or service provider).
grant_single_labels|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)
grant_single_labels|register
- 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.
grant_single_labels|otherInfo
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.
Apply to this program
Fast-Track to Financing Program for Canadian Innovators
The Fast-Track to Financing Program offers Canadian SMEs, start-ups, and academic institutes a chance to develop robust business or commercialization plans that attract investment for innovations in natural products or technologies. This grant supports projects aimed at advancing technologies from TRL 4 to 9, focusing on biologically-based innovations that positively impact health, sustainability, and multiple sectors.
Unlocking Growth and Commercialization for Natural Innovations
The Fast-Track to Financing Program by NPC is strategically designed to foster innovation and growth in Canada's natural products ecosystem. Open to Canadian SMEs, start-ups, and academic research institutions, the program provides critical financial support to projects developing biologically-based innovations. Such innovations encompass technologies leveraging naturally-occurring molecules to positively impact human and animal health, environmental sustainability, food production, and waste management. These projects are poised to drive significant economic, social, health, and environmental benefits across Canada.
In a bid to elevate natural product innovations from TRL 4 through to TRL 9, the program addresses several critical aspects of business development. It encourages applicants to create comprehensive business or commercialization plans, essential for attracting private investors or public funding. As part of the program, successful applicants receive financial contributions to engage expert consultants who can enhance various components of their strategy, including market analysis, value proposition development, regulatory and IP plans, and sustainability assessments. This helps ensure that participating projects are equipped to navigate the complexities of commercialization successfully.
A notable feature of the Fast-Track to Financing Program is its focus on innovation with proprietary intellectual property, emphasizing technologies with potential spillover benefits across multiple sectors. This cross-sector approach not only maximizes the potential impact of funded projects but also strengthens the entire natural products ecosystem in Canada by encouraging technological advancements and expanded participation from diverse groups, including women, visible minorities, and Indigenous peoples.
Applicants must ensure they contribute at least 60% of the total project costs, with NPC offering to cover up to 40%, capping contributions at $25,000. This funding structure underscores a partnership approach between NPC and the project leaders, encouraging investment readiness and sustainable growth. Additionally, the program's non-dilutive, non-repayable funding is particularly advantageous for start-ups and SMEs aiming to maintain autonomy over their innovations while continuing to scale.
Transparency and accountability are pivotal to the grant process, with successful applicants entering into agreements outlining project scopes, deliverables, and reporting requirements. Quarterly and annual reports allow for the consistent tracking of progress and outcomes, ensuring that funded initiatives are on track to meet their initial objectives and maintain compliance with the program's stipulations.
Ultimately, the Fast-Track to Financing Program represents a significant opportunity for innovators within the natural products sector to access the resources and expertise necessary for scaling promising technologies. Through strategic financial support and expert guidance, participants can advance their innovations, secure meaningful partnerships, and significantly contribute to Canada's economic and environmental landscape. This program is more than just a funding opportunity; it is a catalyst for innovation and growth within the industry, ensuring that Canada remains at the forefront of natural product technology advancements.
