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Innovation Guelph — Rhyze Ventures Program

Up to $10,000
Type
GRANTS AND FUNDING
EXPERT ADVICE
Application Difficulty
MEDIUM
Time To Complete4 weeksProgram Budgetno cap
See If You Qualify

Highlights

This program is designed specifically for women-led or women-owned businesses like yours. It offers a unique blend of mentorship, project funding, and leadership coaching to help you scale your business effectively. The program is inclusive, recognizing the vast spectrum of gender diversity, and aims to support all women entrepreneurs.

Why should you apply?

  • Financial Support: Receive $5,000-$10,000 in support for business scale-up services.
  • Mentorship: Up to 15 hours of fully funded mentorship to identify growth opportunities.
  • Leadership Coaching: Fully funded 1:1 leadership coaching sessions throughout the program.
  • Project Funding: A $5,000 subsidy for approved projects, with a client contribution of only $1,400.

Being approved for this program can significantly accelerate your business growth. It’s designed to be accessible and beneficial, making it easier for you to qualify and succeed.

Financing Details

  • Type of Financing: Grant
  • Repayment Term: No repayment required for the Discovery Phase (up to $2,000 value). For the Traction Phase, a $5,000 subsidy is available, with a client contribution of $1,400.
  • Interest Rates: No interest rates mentioned, as the program offers grants and subsidies.
  • Eligible Expenses: Funds can be used for business scale-up services, mentorship, project implementation, leadership coaching, and education.
  • Ineligible Expenses: No specific restrictions mentioned on what the funds cannot be used towards.
  • Fees: No fees mentioned for the Discovery Phase. For the Traction Phase, a client contribution of $1,400 is required.

Please note: The program provides financial support through grants and subsidies, with no repayment necessary for the Discovery Phase and a small client contribution for the Traction Phase. The funds can be utilized for various business growth services, mentorship, and coaching, with no specific restrictions on eligible expenses mentioned.

Qualifications

  • Must be women-led, women-owned, nonbinary-led, or nonbinary-owned.
  • Must be incorporated in Canada.
  • Must employ less than 500 staff.
  • Must generate a minimum of $200,000 in annual recurring revenue (ARR).

  • Disqualifications:
  • Founder cannot be a consultant or solo entrepreneur with a service or retail outlet focused on selling locally.
  • Founder must be willing and able to scale the business.

Description

This program is designed to help your business grow and succeed. You can receive $5,000 to $10,000 in support for business scale-up services. This money can be used to tackle key challenges and accelerate your company's growth.

Phase 1: Discovery
You will get up to 15 hours of mentorship to explore your company's growth options. This phase is fully funded and free for selected businesses, offering a value of over $2,000.

Phase 2: Traction
You will gain access to funding for your project. A $5,000 subsidy is available for approved projects, with a client contribution of $1,400. You will work with industry specialists to address challenges identified in the Discovery Phase.

Additionally, you will receive free 1:1 Leadership Coaching sessions throughout the program. This coaching will help you develop the skills needed to lead your business effectively.

This program provides valuable resources and support to help your business scale up and thrive.

Program Steps

To apply for the program, follow these steps:

1. Gather Required Documentation: Prepare the following documents to complete your application:

  • Proof of incorporation in Canada
  • Financial statements showing a minimum of $200,000 in annual recurring revenue (ARR)
  • Business plan outlining your company's growth strategy
  • Proof of women-led or nonbinary-led ownership
  • Employee records confirming less than 500 staff

2. Complete the Application Form: Visit the application page and fill out the form in detail. Provide comprehensive information about you and your company.

3. Submit the Application: Once the form is completed, submit it through the provided online portal.

4. Await Contact: After submission, someone from Boundless Accelerator will reach out to you within two business days.

5. Participate in the Discovery Phase: If selected, engage in up to 15 hours of mentorship to identify growth options for your company.

6. Collaborate in the Traction Phase: Work with industry specialists to tackle key challenges identified in the Discovery Phase. Utilize the $5,000 subsidy for approved projects, with a client contribution of $1,400.

7. Engage in Leadership Coaching: Take advantage of fully funded 1:1 leadership coaching sessions throughout the program.

By following these steps, you can effectively apply for and participate in the program, setting your business on a path to accelerated growth.

Visit Program Website