ventureLAB — Accelerate AI
Overview
The Accelerate AI program by ventureLAB is a six-month initiative designed to support tech startups integrating AI and machine learning into their products. Eligible activities include talent acquisition, customer acquisition, technology development, and accessing capital. The program targets Canadian-based ventures at the validation stage with a developed MVP and initial market traction.
At a glance
Funding available
- Integrate new technologies
- Improve employee retention
- Develop a new product
- No Condition
- Open Date : July 2, 2023
- Closing date : August 6, 2023
Eligible candidates
- Information and cultural industries
- Professional, scientific and technical services
- Ontario
- For-profit business
- All revenue ranges
- All organization sizes
- Startups
Activities funded
This grant supports startups in the integration and commercialization of artificial intelligence and machine learning technologies. The eligible activities focus on technology development, talent acquisition, customer acquisition, and capital access.
- Development and enhancement of artificial intelligence and machine learning technologies.
- Acquisition and retention of skilled tech talent.
- Strategies for acquiring new customers and expanding market reach.
- Navigating the fundraising process and accessing investment capital.
Eligibility
Eligibility for this grant is determined by specific requirements related to the venture's profile and operations in Canada.
- The venture must be incorporated, based, and operating in Canada.
- The focus should be on applied AI and intelligent value chain products and/or services.
- The venture must be less than two years old.
- Employ fewer than 500 individuals globally, including affiliates.
- The venture must be at the validation stage with a minimum viable product (MVP) or at the efficiency stage showing initial market traction.
- There must be evidence that the technology solves a real problem for an identified market.
- The venture must fall under one of the industry sectors and value chain categories outlined in the application form.
Who is eligible?
The program is best suited for scale-up and later-stage companies throughout Canada that are focused on integrating artificial intelligence into their products and services. Applicants must be Canadian-incorporated companies, operational within Canada, and engage in applied AI or intelligent value chain sectors.Eligible expenses
The Accelerate AI program is designed to foster growth and innovation among startups focused on applied AI and intelligent value chain products or services. Eligible activities for this grant involve technological advancement, strategic talent acquisition, customer engagement, and capital access.
- Enhancing product development through advanced AI and machine learning technologies.
- Implementation strategies for attracting and retaining skilled talent in the AI sector.
- Initiatives for effectively acquiring and maintaining a customer base.
- Activities related to securing investment and funding.
Eligible geographic areas
This program accepts applicants from across Canada, allowing a wide range of Canadian companies to participate. The initiative is designed to leverage businesses operating and incorporated within Canadian regions.
- Companies incorporated and operating anywhere in Canada.
Selection criteria
Yes, the evaluation and selection criteria for the Accelerate AI program involve several stages of review to determine the fit for the program, focusing on various aspects of the venture and its product. The criteria ensure that the participating ventures are well-aligned with the goals of the program and have the potential for growth and innovation in the AI landscape.
- The venture must be incorporated, based, and operating in Canada.
- The focus should be on applied AI and intelligent supply chain products and/or services.
- The venture must be less than two years old.
- Employ fewer than 500 globally, including its affiliates.
- The venture must be at the validation stage and have developed a minimum viable product (MVP).
- Should be at the efficiency stage, experiencing initial traction in a receptive-enough market to build a business.
- Able to demonstrate evidence that their technology solves a real problem for an identified market.
- The venture must fall under one of the industry sectors and supply chain categories outlined in the application form.
- Submit an Expression of Interest Form for initial fit assessment.
- Undergo a review call with the Program Manager to discuss the opportunity and assess fit for the program.
- Complete the Accelerate AI Application Form upon initial evaluation.
- Subject to rolling reviews and approval throughout the application period.
How to apply
Expression of Interest
Initial Contact
- The Accelerate AI Program Manager will contact you to schedule a review call.
- Discuss the opportunity and assess the fit for the program during the call.
Application Form Completion
Submission and Review
- All applications are subject to a rolling review process throughout the application period.
- Ensure application submission before the deadline.
Additional information
The Accelerate AI program by ventureLAB offers comprehensive support for Canadian startups integrating AI and machine learning into their products, focusing on talent acquisition, customer acquisition, capital access, and technology development.
- Access to over 40 mentors and 15 advisors
- Personalized support for product development
- Access to personalized support from the Capital Investment Program team for fundraising
- Advisory on attracting top talent
- Free access to ventureLAB’s Innovation Space in Markham
- Personalized and promotional videos and articles tailored to each company
- Demo Days for visibility and product demonstration to a wide audience
- Access to ventureLAB’s network of over 60 partners including AWS, Siemens, Keysight, Dell, MicroArt, and more
