Alberta Innovates — Product Demonstration Program
Highlights
The Product Demonstration Program is designed for Alberta tech companies like yours. This program offers up to $150,000 to help you commercialize your product and achieve a strong market position. By partnering with a strategic partner, you can validate your product, increase sales, and expand your market reach.
What You Get:
- Up to $150,000 in funding
- Partnership opportunities with industry leaders
- Increased sales revenue within 18 months
- Expanded distribution channels and global competitiveness
This program provides a unique opportunity to build relationships with strategic partners who can help you leverage industry knowledge and distribution channels. It’s easier to qualify than you might think, and the benefits can significantly boost your business growth and market presence.
Financing Details
Type of Financing: Grant
Repayment Terms:
- This is a non-repayable grant. There are no repayment terms or interest rates.
Eligible Expenses:
- Costs associated with conducting a product pilot or demonstration.
- Expenses related to building a relationship with a strategic partner.
- Costs for validating your product to a potential customer or market.
- Expenses for expanding supply or distribution channels.
Ineligible Expenses:
- General operating expenses not directly related to the product demonstration.
- Capital purchases not associated with the pilot or demonstration.
- Marketing and sales expenses unrelated to the product pilot or demonstration.
Fees:
- There are no fees associated with this grant program.
Qualifications
- Must be based in Alberta.
- Must be a small to medium enterprise (SME).
- Must have fewer than 500 full-time employees.
- Must have less than $50,000,000 in annual gross revenue.
- Must have a product ready to pilot in an operational setting.
- Must be looking to expand sales or broaden market segments.
- Must have identified a potential strategic partner.
- Must be able to match the total eligible project costs, up to a maximum investment of $150,000.
- Must be able to complete the pilot or demonstration within one year.
- Must reasonably expect a first sale or distribution agreement within 18 months if the pilot is successful.
- Must reasonably expect expanded sales or distribution agreements within 18 months if the demonstration is successful.
Description
This program offers your business up to $150,000 to help you commercialize your product and achieve a strong market position. The funds can be used to conduct a product pilot or demonstration, proving your product’s technical and business merits.
Key benefits include:
- Building a relationship with a strategic partner: Leverage their industry knowledge and distribution channels.
- Validating your product: Show potential customers or markets that your product works.
- Increasing sales revenue: Aim for your first sale or boost sales within 18 months after the project.
- Expanding your supply or distribution channels: Reach more customers.
- Enhancing global competitiveness: Make your business more competitive worldwide.
The strategic partner could be your first buyer, distributor, or an influential client. This partnership helps reduce the risk of new technology for the partner and provides them with innovative solutions to operational challenges.
Program Steps
Connect with Alberta Innovates: Reach out to Alberta Innovates to express your interest in the program. They will review your details and guide you on the next steps.
Prepare Documentation: Gather the necessary documents to support your application. You will need:
- Financial statements
- Business plan
- Details of the intended use of funds
- Quotes for equipment or services
- Information about your strategic partner
Access the Online Portal: If you are a current client, log in to the SmartSimple online application portal. If you are new, Alberta Innovates will provide access details.
Complete the Application Form: Fill out the application form in the SmartSimple portal. Ensure all sections are completed accurately and thoroughly.
Submit Supporting Documents: Upload all the prepared documentation to the SmartSimple portal along with your application form.
Review and Submit: Double-check your application and all attached documents for completeness and accuracy. Once satisfied, submit your application through the portal.
Follow Up: Stay in touch with Alberta Innovates or your Technology Development Advisor for any additional information or clarification needed during the evaluation process.
Await Evaluation: Alberta Innovates will review and evaluate your application. They may reach out for further information or clarification during this period.
Approval and Agreement: If approved, discuss the final terms and conditions of the investment agreement with Alberta Innovates. Once agreed, sign the investment agreement.
Receive Funds: Upon signing the agreement, the funds will be disbursed to support your product demonstration project.