Alberta Innovates — Commercialization Associates Program
Highlights
This program is a great opportunity for your business to grow and thrive. It offers up to $120,000 in non-dilutive funding per year for up to two years to help cover the salary of an employee focused on commercializing your business. This means you can attract and retain top talent without giving up any equity in your company.
Key Benefits:
- Financial Support: Up to $120,000 annually to cover employee salaries.
- Talent Acquisition: Attract and retain skilled professionals.
- Risk Reduction: De-risk the commercialization of new technologies and innovative products.
- Growth Potential: Promote revenue, export growth, and investment positioning.
By participating in this program, you can accelerate the commercialization of your new technology or innovative products, leading to increased revenue and market expansion. The application process is straightforward, and with continuous intake, you can apply at any time. This program is designed to support your business's growth and success.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment is required. This is a non-dilutive grant.
Eligible Expenses:
- Employee salaries specifically for promoting the commercialization of your business.
- Costs associated with attracting and retaining business talent.
- Expenses related to accelerating the commercialization of new technology and innovative products.
Ineligible Expenses:
- Funds cannot be used for general operational costs not related to commercialization.
- Expenses not directly tied to the salary of the employee hired under this program.
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must have fewer than 500 full-time employees.
- Must have less than $50,000,000 in annual gross revenue.
- Must be an Alberta-based and owned company.
- Must commit a minimum 25% cash contribution of the total annual base salary of the Associate.
Must not have more than two active Alberta Innovates-funded Associates simultaneously.
Disqualifications:
- Businesses with more than 500 full-time employees.
- Businesses with annual gross revenue exceeding $50,000,000.
- Businesses not based or owned in Alberta.
- Businesses unable to commit a minimum 25% cash contribution of the total annual base salary of the Associate.
- Businesses with more than two active Alberta Innovates-funded Associates simultaneously.
Description
This program offers your business up to $120,000 per year for up to two years to help cover employee salaries. This funding is specifically for employees who will help promote the commercialization of your business.
Benefits include:
- Attracting and retaining top talent to drive your business forward.
- Accelerating the commercialization of new technology and innovative products.
- Accessing financial resources to reduce the risk associated with bringing new tech or products to market.
- Promoting revenue growth, export opportunities, and investment positioning.
To participate, you must commit to a minimum 25% cash contribution of the total annual base salary for the employee. This program is a great way to enhance your team and push your business to the next level.
Program Steps
Connect with a Business Expert: Reach out to Alberta Innovates to discuss your interest in the program. A business expert will review your details and guide you through the next steps.
Access the Online Application Portal: If you are a current client, log in to the SmartSimple online application portal. If you are new, your business expert will provide access details.
Prepare Necessary Documentation: Gather the required documents for your application. These include:
- Business Plan
- Financial Statements
- Details of the employee role you are seeking funding for
- Proof of Alberta-based business ownership
- Evidence of your ability to contribute a minimum of 25% cash towards the employee's annual base salary
Complete the Application Form: Fill out the application form in the SmartSimple portal. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Once your application form and documents are ready, submit them through the SmartSimple portal.
Evaluation Process: Your application will be reviewed by Alberta Innovates staff and external experts to ensure it aligns with the program’s objectives. Be prepared to provide additional information if requested.
Await Approval: After the evaluation, you will be notified of the decision. If approved, you will receive details on the funding agreement and next steps to access the funds.