Innovation Factory — Support for Startups
Canada
Support for innovative startups
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- grant_single|noCondition
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- grant_single|openingDateDecember 14, 2022
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Expert Advice
grant_single|eligibleIndustries
- Information and cultural industries
- Professional, scientific and technical services
- Administrative and support, waste management and remediation services
- Educational services
- Health care and social assistance
- Other services (except public administration)
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- Innovation Factory
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grant_card_status|open
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Receive assistance to start and develop an innovative business through coaching and mentoring, value propositions, market intelligence, pitch training, business planning, operational analysis and more.
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There are several projects or activities eligible for support through Innovation Factory, aimed at helping businesses at various stages of growth.
- Business advisory services
- Networking opportunities with investors, experts, and peers
- Strategic referrals, expert advisors, and mentors
- Pitch development and competition opportunities
- Sales and market training
- Product and market validation support
- Exclusive funding opportunities
- Talent acquisition guidance
- Investor-readiness training and support
- Financial modeling support
- Early-stage fundraising direction
- International market direction
- Access to market intelligence and research
- Navigational support for government resources and funding
grant_single|admissibleProjectsExample
$50,000
Montreal
Developing a mobile app for mental health support
$72,000
Calgary
Launching an eco-friendly fashion line
$55,000
Winnipeg
Creating an online platform for indigenous art sales
$60,000
Ottawa
Setting up a recycling hub in urban areas
$60,000
Toronto
Launching an innovative fintech platform for small businesses
$70,000
Vancouver
Expanding a sustainable farming cooperative's operations
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To qualify for this grant, businesses need to meet certain stages of development and access various resources and support services offered by Innovation Factory.
- Must be in one of the following stages: Idea, Discovery, Validation, Efficiency, or Scale
- Eligibility for specific services and programs depends on the stage of business development
- Must be able to apply for and become a client of Innovation Factory
- Access to business advisory services, workshops, networking opportunities, expert referrals, and mentorship based on business stage
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Innovation Factory provides support for a wide range of companies across various stages of growth. However, specific eligibility criteria for types of companies are not explicitly mentioned.
- Start-ups and early-stage ventures
- Businesses in the idea stage
- Businesses in the discovery stage
- Businesses in the validation stage
- Businesses in the efficiency stage
- Businesses in the scale stage
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The eligible expenses for this grant include various forms of business support from advisory services to networking opportunities.
- Business advisory services
- Networking opportunities with investors, experts, and peers
- Strategic referrals, expert advisors, and mentors
- Pitch development and competition opportunities
- Sales and market training
- Product and market validation support
- Exclusive funding opportunities
- Talent acquisition guidance
- Investor-readiness training and support
- Financial modeling support
- Early-stage fundraising direction
- Growth coaching
- International market direction
- Value-added resources
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The eligible geographic zones for this grant are Hamilton and Halton in Ontario, Canada.
- Hamilton, ON
- Halton, ON
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- Evaluation of business idea and its potential for innovation
- Viability and scalability of the proposed business model
- Demonstrated market need and target market analysis
- Evidence of traction and potential for global expansion
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- Step 1: Apply Now - Navigate to the "Apply now" section to initiate the process.
- Step 2: Select Stage - Identify the stage your business is in (Idea, Discovery, Validation, Efficiency, Scale).
- Step 3: Complete Application - Fill out the application form with necessary details about your business and stage-specific needs.
- Step 4: Submit Application - Review and submit the application form.
- Step 5: Advisor Assignment - Upon acceptance, an Innovation Advisor is assigned to your business to provide guidance and support.
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Innovation Factory provides comprehensive support for businesses at various growth stages, guiding them through commercialization, funding, and networking opportunities.
- Accessible office space for early-stage prototyping direction.
- Strategic referrals, expert advisors, and mentors for different stages of business development.
- Investor-readiness training and financial modeling support.
- Unique pitch development and competition opportunities.
- Programs covering market intelligence, IP protection, and legal strategies.
- International market direction and governmental resource navigation for scaling businesses.
- Immigrant entrepreneurs can leverage the Canadian Start-up Visa Program for permanent residence.
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905-667-2611
Apply to this program
Innovation Factory's Business Growth Support Grant
Innovation Factory offers comprehensive business advisory services, specialized programs, and networking opportunities to support startups at every stage of their growth journey. From the idea stage to scaling up and accessing international markets, the grant empowers businesses to thrive.
Comprehensive Guide to Innovation Factory's Business Growth Support Grant
Innovation Factory is a prime contributor to the Canadian startup and innovation ecosystem, providing a diversified range of services designed to assist businesses at various stages of their growth. This comprehensive guide delves into the details of Innovation Factory's Business Growth Support Grant, detailing its benefits, eligibility criteria, and the support mechanisms available.
Understanding the Grant
Innovation Factory's Business Growth Support Grant is a multi-faceted program aimed at helping startups and small businesses navigate the complex journey from ideation to scaling up. This grant is designed not only to offer financial support but also to provide businesses with access to expert advisory services, industry-specific knowledge, and valuable networking opportunities. By addressing the unique needs of businesses at different growth stages, Innovation Factory ensures a tailored approach to fostering innovation and commercialization.
Services Offered by Innovation Factory
Innovation Factory categorizes its services into five key stages of business development:
- Idea Stage: At this initial phase, businesses are defining problems and hypothesizing solutions. Innovation Factory offers limited business advisory services, access to courses and workshops, networking opportunities, early-stage prototyping direction, and support in problem identification.
- Discovery Stage: As businesses experiment to validate their ideas, they are provided with business advisory services, customer discovery support, business model canvas guidance, and referrals to programs. Networking opportunities with investors, experts, and peers are also available, along with drop-in office space and early-stage prototyping direction.
- Validation Stage: For businesses gathering evidence on market viability and scalability, Innovation Factory offers pitch development and competition opportunities, sales and market training, product and market validation support, and exclusive funding options. Strategic referrals and access to expert advisors and mentors are also key benefits.
- Efficiency Stage: At this point, businesses focus on streamlining operations and maximizing productivity. Services include investor-readiness training, financial modeling support, talent acquisition guidance, and early-stage fundraising direction. Market intelligence and time with Expert Advisors are also provided.
- Scale Stage: For businesses expanding operations into new markets, Innovation Factory offers growth coaching, value-added resources, and later-stage fundraising guidance. Strategic and investor referrals, along with international market direction, help facilitate global expansion.
Eligibility Criteria
To be eligible for the Business Growth Support Grant, businesses must meet certain criteria:
- The startup must be based in Canada.
- It should demonstrate a clear innovation or unique value proposition.
- The business should be at one of the predefined growth stages (Idea, Discovery, Validation, Efficiency, Scale).
- Commitment to leveraging the grant resources effectively to foster growth and commercialization.
Potential applicants are encouraged to visit Innovation Factory's website and fill out the application form provided for each stage. This ensures that the services availed are aligned with the specific growth needs of the business.
How to Apply
The application process is straightforward:
- Visit Innovation Factory's official website.
- Select the suitable growth stage based on your business's current status.
- Fill out the online application form, providing all required details about your business and its innovative concept.
- Submit the form for review by Innovation Factory's panel of advisors.
- Upon approval, an Innovation Advisor will be assigned to guide you through the next steps and resource allocation.
Key Benefits
- Expert Advisory Services: Tailored guidance from industry experts who provide strategic advice to navigate business challenges.
- Networking Opportunities: Access to a vast network of investors, mentors, and peers to help build strategic alliances and partnerships.
- Funding and Investment: Exclusive opportunities to pitch your business and access critical funding resources.
- Education and Training: Workshops, webinars, and specialized training sessions to enhance business skills and knowledge in diverse areas such as sales, marketing, and financial planning.
Support Programs and Resources
Innovation Factory offers an array of programs and resources that businesses can tap into for additional support:
- Workshops: Hands-on workshops covering business planning, marketing strategies, sales tactics, and more.
- Funding & Investment: Guidance on understanding investment types and preparing for investor pitches.
- IP Programming: Resources and strategies for protecting intellectual property as businesses scale.
- Academy at iF: On-demand and online courses specially crafted for growing businesses, covering essential areas of business development.
- Pitch Competitions: Opportunities to compete in signature pitch events that offer training, expert advice, and the chance to win prizes and cash.
- Peer Networks: Dynamic peer groups providing fresh perspectives and the chance to connect with other innovators.
Case Studies and Success Stories
Innovation Factory takes pride in the success stories of its clients. The platform showcases detailed case studies highlighting real-life examples of how businesses have leveraged its resources to innovate and grow. One notable success story is Remy Warren, Founder & CEO of MoxyPatch™, who reflects on how Innovation Factory's support helped her business transition from an idea to a market-ready product.
Conclusion
Innovation Factory's Business Growth Support Grant is a pivotal resource for Canadian startups aiming to navigate the complexities of business development and commercialization. By offering comprehensive support, expert advisory services, and valuable networking opportunities, Innovation Factory empowers businesses to innovate, grow, and ultimately scale globally. For any entrepreneur looking to take their business to new heights, applying for this grant could be a game-changing step in their journey.
For more information on how to apply and leverage the support services, visit Innovation Factory today.
