Invest Nova Scotia — Greenshoots
Highlights
This program is designed for early-stage agri-technology and bioeconomy companies like yours. It offers up to $40,000 in non-repayable, non-dilutive funding. This means you get the financial support you need without giving up equity or worrying about repayment. Additionally, you will receive business guidance from seasoned professionals to help you put your plans into action.
What You Get:
- Up to $40,000 in funding
- Expert business guidance to refine your strategy and execution
Benefits:
- Non-repayable and non-dilutive funding, so you keep full control of your business
- Enhanced export potential, job creation, and economic impact in rural areas
- Support for climate change initiatives
Applying is straightforward, and if approved, this program can significantly boost your business's growth and competitiveness.
Financing Details
Type of Financing:
- Grant: This program offers non-repayable, non-dilutive funding.
Repayment Terms and Interest Rates:
- Non-repayable: The funds provided do not need to be repaid.
- Non-dilutive: The funding does not require giving up equity in your business.
Eligible Expenses:
- Technology Development: Costs associated with developing new technology.
- Business Expansion: Expenses for expanding business operations.
- Market Research: Costs for conducting market research and validation.
- Prototyping: Expenses related to creating and testing prototypes.
- Marketing: Costs for marketing and promotional activities.
Ineligible Expenses:
- Debt Repayment: Funds cannot be used to repay existing loans or debts.
- Personal Expenses: Personal expenditures are not covered.
- Non-business Activities: Any expenses not directly related to business operations.
Fees:
- No Fees: There are no application or processing fees associated with this grant program.
Qualifications
- Must be a start-up registered and based in Nova Scotia.
- Must have a new knowledge-based product (i.e., a unique technology solution that cannot be easily duplicated).
- Must have a technology at or beyond Technology Readiness Level 4 (TRL 4+).
- Must have identified a large market pain and established a company around a customer-validated problem.
- Must be the majority owner(s) (51 per cent or more) of the start-up and plan to work full-time with the business.
- Must be from the agri-technology or bioeconomy sector, including:
- Agri-management and agri-waste management
- Anaerobic digestion
- Aquaculture
- Bioenergy
- Bioproducts (e.g., biofibers, biocomposites, biomaterials, bioplastics)
- Crop science and/or protection
- Fermentation processes
- Plant genetics
- Precision agriculture and data analytics
- Consumer and industrial agri-food innovations
- Natural health products
- Cannabis technology
Must have less than $1 million in cumulative sales.
Disqualifications:
- Companies that have raised more than $25,000 in equity investment from Invest Nova Scotia.
- Stacking Invest Nova Scotia and other government funding programs is subject to review and approval by the judging panel.
Description
This program offers your business up to $40,000 in non-repayable, non-dilutive funding. This means you don’t have to pay the money back or give up any ownership in your business.
You can use this funding to:
- Develop new products
- Improve your existing technology
- Expand your market reach
- Enhance your business operations
In addition to the financial support, you will receive guidance from experienced business professionals. This mentorship can help you refine your business strategy and achieve your goals more effectively.
The aim of this program is to boost your business’s potential for export, create jobs, and make a positive economic impact in rural areas. This is a great opportunity to grow your business and contribute to the local economy.
Program Steps
Complete the Application Form: Download and fill out the Microsoft Word APPLICATION FORM. Answer all questions in the provided boxes.
Prepare Documentation: Gather the necessary documents to support your application. These include:
- Proof of business registration in Nova Scotia
- Proof of majority ownership (51% or more)
- Proof of Technology Readiness Level (TRL 4+)
- Financial statements showing less than $1 million in cumulative sales
- Documentation of any previous equity investment from Invest Nova Scotia (if applicable)
- Business plan, including a detailed budget and milestone plan
Submit the Application: Submit the completed application form and all required documents online by the deadline (Friday, February 16, 2024, by 11:59 pm AT).
Prepare for Shortlist Pitches: If shortlisted, prepare a 10-minute presentation covering your business overview, proposed budget, and milestone plan. Submit an electronic copy of your presentation 24 hours before your scheduled pitch time.
Deliver the Pitch: Present your pitch virtually over Zoom. Be ready for a 10-minute question-and-answer session following your presentation.
Await Notification: Wait for notification of the judging results. Shortlisted applicants will be notified by Thursday, February 22, 2024, and successful applicants by Wednesday, March 6, 2024.
Engage with Program Advisors: If approved for funding, engage in a discussion with program advisors as your first milestone. This will help you refine your plans and ensure you meet program expectations.
Sign Program Agreement: Enter into a program agreement with the Greenspring Bioinnovation Hub, Bioenterprise Canada Corporation, and Invest Nova Scotia to formalize the funding and support arrangement.
Receive Funding: Upon signing the agreement, receive up to 90% of total eligible costs, to a maximum of $40,000, in non-dilutive, non-repayable funding.
Implement Your Plan: Use the funding to achieve the milestones outlined in your application and business plan. Regularly update the program advisors on your progress.