Innovate BC — Innovator Skills Initiative
Highlights
This program is designed for your business to thrive by addressing talent shortages and promoting diversity. You can receive up to $10,000 per new hire to supplement their salary, with the potential to secure up to 10 grants annually. This financial support can significantly reduce your hiring costs and help you bring in fresh, skilled talent.
What You Get:
- Up to $10,000 per new employee to cover salary costs
- Up to 10 grants per year for different employees
- Access to resources for recruiting, retaining, and developing under-represented employees
Why Apply:
- Financial Relief: Lower your hiring expenses with substantial grants.
- Talent Acquisition: Fill critical tech roles with skilled workers.
- Diversity and Inclusion: Support under-represented groups, including Indigenous placements.
Qualifying for this program is straightforward, and the benefits are substantial. By participating, you not only gain financial support but also contribute to a more inclusive tech sector.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Salary supplementation for new employees.
- Costs associated with hiring for tech or tech-related roles.
Ineligible Expenses:
- Funds cannot be used for non-salary related expenses.
- Cannot be applied to existing employees' salaries.
Fees:
- No fees associated with the program.
Qualifications
- Must be a B.C.-based technology business/organization hiring for a business or tech role.
Must be a B.C.-based non-tech business/organization, including public body and Indigenous community, hiring for a tech role.
Employee Eligibility:
- Must self-identify as belonging to an under-represented group.
- Must be living in B.C. and eligible to work in B.C.
- Must be a new hire on or after April 1, 2023.
- Must have completed training or education on or after December 1, 2019, whether at a post-secondary institute or through other recognized pathways.
Placement Eligibility:
- Must be at minimum a 4-month period.
- Must start no earlier than April 1, 2023, and end no later than October 31, 2023.
- Must be at minimum an average of 15 hours per week.
Disqualifications:
- Employees residing outside of B.C.
- Employees hired before April 1, 2023.
- Employees who have not completed training or education on or after December 1, 2019.
- Placements shorter than 4 months or less than 15 hours per week.
Description
This program offers your business up to $10,000 per new hire. This money can help you bring in new talent, especially from under-represented groups. You can use these funds to cover part of the new employee’s salary.
You can receive up to 10 grants per year, which means you could get funding for 10 different employees. This is a great way to grow your team and fill skill gaps.
The program also provides resources to help you recruit, retain, and develop employees. This support can make it easier to find the right people and keep them on board. By participating, you not only get financial help but also contribute to a more diverse and inclusive tech sector.
Program Steps
Read the Program Guidelines: Familiarize yourself with the program's requirements and objectives to ensure you understand the process.
Prepare Documentation: Gather the necessary documents for your application. These include:
- Business registration details
- Financial statements
- Job description for the new hire
- Proof of eligibility for the new hire (e.g., self-identification as under-represented, proof of residency in B.C., and eligibility to work in B.C.)
Submit the Application Form: Complete and submit the application form provided on the program's website. Ensure all required fields are filled out accurately.
Wait for Application Review: The application process can take up to 30 business days. You will be notified of your application status via email.
Hire the Employee: Once your application is approved, proceed with hiring the new employee as per the job description provided in your application.
Complete the Work Term: Ensure the new hire completes the work term as specified, which must be a minimum of 4 months and an average of 15 hours per week.
Submit a Claim for the Grant: After the work term is completed, submit a claim for the grant. If you reach $10,000 in salary payments and at least 3 months have passed, you may inquire about submitting an early claim.
Receive Grant Funds: Upon approval of your claim, the grant funds will be disbursed to supplement the new employee’s salary.