Lab2Market Validate
Highlights
This program is designed for you if you are a researcher looking to turn your idea into a viable business. It offers a 16-week experience that includes funding, workshops, and mentorship from industry experts. You will learn how to validate your idea, meet potential customers, and build a strong network.
Why Apply?
- $15,000 in funding to support your project.
- Access to industry experts and a vast entrepreneurial network.
- Hands-on experience through market research and customer engagement.
Benefits:
- Free of cost participation.
- Structured phases to guide you from idea validation to market entry.
- Supportive community of like-minded researchers and successful founders.
This program is a unique opportunity to bridge the gap between research and entrepreneurship, providing you with the tools and support needed to succeed.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Market research and validation activities
- Customer discovery and engagement
- Prototyping and product development
- Business model development
- Travel expenses related to program activities
Use of Funds:
- Funds can be used to cover costs directly associated with the program's activities.
- Funds cannot be used for unrelated business expenses, personal expenses, or capital purchases not related to the program.
Repayment Terms:
- As this is a grant, there is no repayment required.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be a researcher (Masters, Ph.D., or Postdoc).
- Must be based in Canada.
- Must be involved in Pharmaceutical, Medical Device, Med-Tech, Human and Animal Health, or Health IT projects for the National Lab2Market Health Cohort.
- Must be eligible for the Mitacs Business Strategy Internship (BSI) program.
- For Quebec region: Must be bilingual or francophone, and the program is offered in French only.
For Atlantic Canada: Must be within Atlantic Canada.
Disqualifications:
- None specified.
Description
This program offers a fantastic opportunity for your business to grow and succeed. You can receive up to $15,000 in funding. This money can be used for various purposes, such as market research, meeting customers, and building a network. The program is designed to help you unlock the business potential of your research idea.
The program spans 16 weeks and is divided into three phases. In the first phase (4 weeks), you will get inspired and learn essential market research techniques. The second phase (8 weeks) is more intense, where you will actively engage with customers and apply your learnings. The final phase (4 weeks) involves analyzing your findings and planning your next steps.
Throughout the program, you will benefit from workshops, mentorship from industry experts, and a supportive community. This is a full-time commitment, but the rewards are substantial. You will gain valuable insights and skills that can significantly boost your business's chances of success.
Program Steps
Gather Required Documentation:
- Business Plan
- Financial Statements
- Proof of Research Background (e.g., degrees, certifications)
- Project Proposal
- Budget Outline
Complete the Online Application Form:
- Visit the program's official website.
- Fill in all required fields with accurate information.
Prepare a Detailed Project Proposal:
- Outline your research idea.
- Explain the potential market impact.
- Include any preliminary data or findings.
Submit Supporting Documents:
- Upload your business plan, financial statements, and project proposal.
- Ensure all documents are in the required format.
Attend an Information Session:
- Register for an upcoming info session.
- Gain insights into the program and ask any questions you may have.
Review and Finalize Application:
- Double-check all information and documents.
- Ensure everything is complete and accurate.
Submit the Application:
- Submit your completed application through the online portal.
- Note any confirmation or reference number provided.
Follow Up:
- Monitor your email for any communication from the program.
- Be prepared to provide additional information if requested.
Prepare for Interviews or Presentations:
- If shortlisted, you may need to present your project.
- Practice your pitch and be ready to discuss your proposal in detail.
Await Decision:
- Wait for the official decision.
- If accepted, follow the next steps as instructed by the program.