Alberta Innovates — Micro Voucher Program
Highlights
The Micro Voucher Program is designed specifically for Alberta tech companies like yours. It offers up to $10,000 in non-dilutive funding to help you design and develop innovative technological solutions. This funding can be used for various activities, including design, engineering, prototype development, product testing, patent development, and advanced market assessments.
Why should you apply?
- Non-dilutive funding: You retain full ownership of your business.
- Flexible use: Funds can be used for a wide range of technology development activities.
- Expert support: Access to Technology Development Advisors for guidance.
What's in it for you?
- Financial boost: Up to $10,000 to advance your tech projects.
- Competitive edge: Helps you refine and test your products, making them market-ready.
- Ease of access: Continuous intake means you can apply anytime, and the qualification process is straightforward.
Applying for this program can accelerate your business growth, helping you bring innovative solutions to market faster.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- This is a non-dilutive grant, meaning you do not need to repay the funds or provide equity in your company.
Eligible Expenses:
The grant can be used for various activities, including:
- Design, engineering, and prototype development.
- Product testing and refinement.
- Patent development (excluding patent maintenance fees).
- Advanced market assessment or segmentation analysis.
- Certifications.
- Advanced business and/or marketing strategies.
- Other technology development activities considered on a case-by-case basis.
Ineligible Expenses:
The funds cannot be used for:
- Patent maintenance fees.
- Any expenses not directly related to the design or development of innovative technological solutions.
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be Alberta-based.
- Must be a small to medium enterprise.
- Must have fewer than 500 full-time employees.
- Must have less than $50,000,000 in annual gross revenue.
- Must be able to pay a minimum 25% cash contribution of the total eligible project costs.
- Must have a novel technology with an opportunity for intellectual property.
- Must have digital technology that could scale up in one to two years, if successful.
- Must have defined functional requirements and features, and be able to prove that the concept is technically feasible.
- Must have or be working towards establishing a management team and foundational business agreements.
- Must be able to identify target customers, customer segments, and possible markets.
- Must have completed an initial high-level competitive position analysis and understand any regulatory hurdles to entering the market.
- Must be able to complete the proposed project within six months.
Description
This program offers your business up to $10,000 in non-dilutive funding. This means you don't have to give up any ownership in your company to receive the money.
You can use the funds for:
- Designing, engineering, and developing prototypes
- Testing and refining your product
- Developing patents (excluding maintenance fees)
- Conducting advanced market assessments or segmentation analysis
- Obtaining certifications
- Creating advanced business and marketing strategies
Other technology development activities may also qualify, evaluated on a case-by-case basis.
This funding can help you move your innovative technology solutions forward without the pressure of immediate repayment. It’s a great opportunity to advance your projects and grow your business.
Program Steps
Connect with a Business Expert: Reach out to Alberta Innovates to discuss your project. A business expert will review your details and guide you on the next steps.
Access the Online Application Portal: If you are a current client, log in to SmartSimple, the online application portal. If you are not a current client, your business expert will guide you on how to access the portal.
Prepare Documentation: Gather the necessary documents to support your application. You will need:
- Business plan
- Financial statements
- Details of the project, including design, engineering, and prototype development plans
- Market assessment or segmentation analysis
- Certifications and advanced business/marketing strategies
- Proof of your ability to provide a minimum 25% cash contribution of the total eligible project costs
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 all required documents are ready, submit them through the SmartSimple portal.
Review and Evaluation: Alberta Innovates staff and external experts will review your application to ensure it aligns with the program's objectives. Be prepared to provide additional information if requested.
Approval and Funding: If your application is approved, you will receive up to $10,000 in funding to support your project. Discuss the terms and conditions with your business expert to understand the funding process and reporting requirements.