Hardware Catalyst Initiative
Highlights
The Hardware Catalyst Initiative is designed specifically for businesses like yours, focusing on hardware and semiconductor development. This program offers a unique opportunity to accelerate your product's journey from concept to commercialization. You will gain access to a world-class $11M Hardware Lab, free workspace, and a global network of partners. This support can significantly reduce your lead times and help you overcome technical challenges.
Key Benefits:
- No cost and no equity requirement: Keep full ownership of your company.
- Dedicated advisors and mentors: Receive tailored guidance on product development, IP protection, and customer engagement.
- Comprehensive support: From financial planning to talent acquisition, every aspect of your business growth is covered.
By joining this program, you will be well-equipped to scale your business locally and compete globally. The application process is straightforward, and if approved, you will participate in a 2-month bootcamp to build a strong foundation for success. This is a rare chance to leverage top-tier resources and expertise without financial burden.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- There are no repayment terms or interest rates since this is a grant. The funds are provided at no cost to your business.
Eligible Expenses:
- Product development from proof-of-concept to manufacturing.
- Customer acquisition initiatives.
- Building strong intellectual property (IP).
- Talent acquisition and retention.
Ineligible Expenses:
- The funds cannot be used for personal expenses.
- The grant cannot be used for activities unrelated to the development and commercialization of hardware and semiconductor products.
Fees:
- There are no fees associated with this program. The grant is provided at no cost to eligible companies.
Qualifications
- Company must be incorporated in Canada.
- Must have a Canada Revenue Agency (CRA) business number.
- Company must have been founded within the last 5 years.
- Must have earned less than $5M in revenue in the last 12 months.
- Must be directly involved in developing a novel electronic product involving advanced elements such as a custom semiconductor, sensor, silicon-based IP, or embedded system hardware.
- Must have customer engagement that validates the need and demonstrates the ability to attract and work with customers.
- Must have 99 or fewer employees.
- Must have a co-founding team of at least 2 or more capable of product development, customer acquisition, and investment acquisition.
- If located outside Southern Ontario, must have plans to establish a long-term presence in Southern Ontario.
- If a Canadian corporation, all IP developed through the program must be assigned to the company.
If a foreign-controlled company, a Canadian entity in Southern Ontario must be established prior to commencing the program, and all IP developed through the program must be assigned to the Canadian entity.
Disqualifications:
- Companies not incorporated in Canada.
- Companies without a CRA business number.
- Companies founded more than 5 years ago.
- Companies earning $5M or more in revenue in the last 12 months.
- Companies not involved in developing a novel electronic product with advanced elements.
- Companies without customer engagement that validates the need.
- Companies with more than 99 employees.
- Companies without a co-founding team of at least 2 or more.
- Companies located outside Southern Ontario without plans to establish a long-term presence there.
- Canadian corporations not assigning all IP developed through the program to the company.
- Foreign-controlled companies not establishing a Canadian entity in Southern Ontario prior to commencing the program or not assigning all IP developed through the program to the Canadian entity.
Description
This program is designed to help your business grow and succeed. You can get support for up to 24 months, focusing on key areas like customer acquisition, product development, intellectual property, and talent acquisition.
You will have access to a world-class $11M Hardware Lab and a free workspace with up to 2 badges per company. This means you can use top-notch facilities to develop and test your products without worrying about extra costs. There is no cost to join the program, and you don't have to give up any equity in your company.
Dedicated advisors and mentors will work with you to create and track plans for product design, customer engagement, financial growth, and talent acquisition. This support can help you overcome challenges and scale your business to compete globally.
Program Steps
Submit Your Application:
- Complete the application form available on the ventureLAB website.
Prepare Appropriate Documentation:
- Business Plan
- Financial Statements
- Proof of Incorporation in Canada
- CRA Business Number
- Customer Engagement Proof
- IP Documentation (if applicable)
- Team Resumes
Application Review:
- A team of advisors and experts will review your application and may reach out for further details or conversations.
Initial Evaluation:
- If your application passes the initial review, ventureLAB will invite you to present to a panel for further consideration.
Panel Presentation:
- Present your business plan and answer any questions from the panel.
Notification:
- All candidates will be notified of their status within 6 weeks of the submission closure date.
Participate in Bootcamp:
- Successful candidates will participate in a 2-month Hardware Catalyst Initiative Bootcamp to establish relationships with the ventureLAB team and partners.
Engage with Advisors:
- Work with dedicated advisors and mentors to develop and track your product design, IP strategy, customer engagement, financial planning, and talent acquisition plans.
Utilize Resources:
- Access the $11M Hardware Lab and free workspace, and leverage the global network of partners and in-house advisors.
Ongoing Development:
- Continue to develop your product, engage with customers, and refine your business strategies with the support of ventureLAB.