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Entrepreneurship and Community Innovation Fund

Purpose

The Entrepreneurship and Community Innovation Fund embraces and fosters innovation by fully supporting promising early-stage entrepreneurial start-ups and ventures. With an annual commitment of $300,000 from Canadore College, this fund aims to initiate, support, and leverage innovation and entrepreneurship in Northern Ontario communities.

The Entrepreneurship and Community Innovation Fund offers a one-to-one matching of funds and independent financing options for proposed projects. The fund will be exclusively administered by Canadore College, with the proceeds dedicated to projects inclusive of Canadore students and their professional development.

This initiative provides an opportunity to increase innovation and elevate sustainability in Northern Ontario communities while expanding inclusion, diversity, and accessibility. More specifically, the Entrepreneurship and Community Innovation Fund provides qualified Canadore faculty and students with up to $300,000 in funding that boosts productivity and innovation in Northern Ontario communities.

Application Requirements
  • Applications are open until 4:00 p.m. on February 18, 2022
  • Completed application form
  • Project plan including proposed budget and cash flow
Eligibility

The application must showcase how the funding will accelerate growth and/or support innovation and sustainability in Northern Ontario and/or local economies in Northern Ontario. Further, the proposed Project should clearly articulate the involvement of Canadore students and commitment to fostering community development.

The following application guidelines have been established for eligible applicants:

  • Engaged and/or willing to engage with an innovation partner for at least six months upon being awarded the funds;
  • Venture size of 1-10 team members, inclusive of Canadore faculty and students;
  • The product or solution proposed is aligned with the purpose of the fund; and,
  • Applicants across all industries and/or sectors are equally eligible to apply.
Fund Disbursement Guidelines
  1. Awarded funds will be disbursed after signing the Funding Agreement within 30 business days.
  2. Fund recipients are asked to demonstrate project completion by submitting a Final Project Report.
  3. Applicants are limited to one application each round, and previously funded recipients will not be eligible for a second round of funding.
Selection Criteria

A Review Committee established by the College will evaluate the applications based on the following areas:

  • Challenge and purpose alignment;
  • Business viability and growth/scaling potential, i.e. value proposition, team, market, financing, business model & consumer traction;
  • Community impact and economic benefits for Northern Ontario;
  • Proposed use of funds and impact on local industry and business; and,
  • Quality of application, i.e., clear, concise, and complete.

For more information, please contact:

Colin Williams
Dean, Arts, Design, and Entrepreneurship

Colin.Williams@canadorecollege.ca

Michael Bodkin
Professor/Coordinator, Entrepreneurship Academy

Michael.Bodkin@canadorecollege.ca

Andrew Layne

Professor/Coordinator, Entrepreneurship Academy

Andrew.Layne@canadorecollege.ca