Embark Funding helps place a young professional (aged 22-29) with an Ontario-based technology venture to accomplish specific goals or milestones.
Ventures can receive up to $20,000 towards the cost of the Embark candidate’s salary. Each recipient will also be required to contribute $2,500 cash (or 12.5% of amount requested) over the program’s six-month period.
Embark Funding is funded through the Youth Business Acceleration Program (BAP) to support entrepreneurs in the ONE network. BAP is funded by the Government of Ontario, and delivered and managed by MaRS.
- Novel Ontario-based technology companies with a clear, sustainable technological or market advantage.
- Since its inception, the venture may have raised up to $2 million in total funding from sources such as venture capital, angel, personal capital, friends, family, government-funded investment programs and bank loans. This does not include funds raised from government research and development grants. In some exceptional cases, the venture may have raised up to $3 million in total funding. These exceptions include:
- Cleantech ventures developing capital-intensive assets such as energy storage and energy generation technologies.
- Life sciences ventures operating in the drug development, biotechnology, and medical and assistive device industries.
- The venture may be pre-revenue or have under $1 million in revenue for a given year.
- The venture cannot be a subsidiary of a larger parent company that would be ineligible.
- The venture must be established for at least one year and may not be established for more than eight years.
- The venture must have at least one full-time employee.
- The venture must be a client with a Regional Innovation Centre (RIC). (Become our client to be eligible)
- Ventures that have founders, staff or contractors who may also be a paid advisor, EIR or staff on contract at a RIC are not eligible.
- Ventures who have received funding from this program in the past should demonstrate a recurring need which will be considered on review.
Applications open: November 28, 2016
Deadline for application submission: January 11, 2017
Projects can be expected to begin: March 31, 2017