Mitacs — Business Strategy Internship
Highlights
This program is designed for businesses like yours to help you innovate and grow. By participating, you can gain access to talented interns who will work on projects tailored to your needs. This can lead to improved products, processes, or services, giving your business a competitive edge.
Key Benefits:
- Funding: Receive $10,000 or $15,000 per intern to support your innovation projects.
- Expertise: Interns bring fresh perspectives and specialized skills to tackle your business challenges.
- Flexibility: Projects can be designed as four-month internships, with an option to extend to six months.
Why Apply?
- Cost-Effective: The program reduces the financial risk of engaging in innovation by sharing costs.
- Professional Development: Interns receive professional development through Mitacs’s e-Campus, enhancing their contributions to your projects.
- Easy Qualification: The application process is straightforward, and your business is already eligible.
By joining this program, you can strengthen your innovation capabilities and drive meaningful improvements in your business.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Intern stipends.
- Project-related costs, up to $5,000 (if opting for the $15,000 funding model).
Use of Funds:
- Funds must be used for innovation activities, including improving products, processes, or services.
- At least $10,000 must be allocated towards the intern's stipend.
Restrictions on Use of Funds:
- Funds cannot be used for general operational expenses unrelated to the project.
- Funds cannot be used for any activities outside the scope of the approved project.
Fees:
- No application fees.
- No administrative fees.
Qualifications
- Must be a for-profit company or an eligible not-for-profit organization.
- Must be located in Canada.
- Must be willing to contribute financially to the intern's stipend.
- Must be able to provide supervision for the intern.
Must not have a conflict of interest with the intern (e.g., ownership, employment, or influence over daily operations).
Disqualifications:
- Businesses with interns who have close family or intimate relationships with academic supervisors or employees of the partner organization.
- Businesses where the intern has any position of ownership, employment, or influence over daily operations.
- Businesses that cannot provide sufficient support or supervision for the intern.
- Businesses that cannot commit to the project duration requirements.
Description
This program offers your business a fantastic opportunity to innovate and grow. You can receive $10,000 or $15,000 to fund a four-month internship project. This money can help you improve your products, processes, or services. The funds are flexible and can be used for intern stipends or eligible project costs.
Here’s how it works:
- $10,000 Award: The full amount goes towards the intern’s stipend. Your business contributes $5,000.
- $15,000 Award: Up to $5,000 can be used for project costs or to top up the intern’s stipend. Your business contributes $7,500.
The internship can be extended to six months to fit the intern’s schedule. This program also includes online professional development courses for interns, ensuring they gain valuable skills while working on your project.
Benefits to your business:
- Access to specialized talent: Interns bring fresh perspectives and expertise to help solve your business challenges.
- Cost-effective innovation: The program reduces the financial risk of engaging in innovation activities.
- Enhanced capabilities: Improve your business models, products, or services through targeted projects.
This program is a great way to support your business’s innovation goals while providing valuable experience to post-secondary students or recent graduates.
Program Steps
Register on the Mitacs Registration and Application Portal (RAP): Create an account on the RAP to start your application process.
Connect with a Mitacs Advisor: Reach out to your local Mitacs Advisor to discuss your project and gain insights into the application process.
Co-design the Project: Collaborate with your academic supervisor and partner organization to design a four-month project that aligns with the program's goals.
Prepare Documentation: Gather the necessary documents for your application, including:
- Project proposal
- ORS sign-off template
- Conflict of Interest (COI) disclosure (if applicable)
- Financial Report template
Complete the Application: Fill out all sections of the application on the RAP, ensuring all details are accurate and complete.
Obtain Signatures: Ensure all participants (intern, academic supervisor, partner organization) sign off on the application through the RAP.
Download and Submit Documents: Download the completed project proposal and ORS sign-off template. Send these documents to the Office of Research Services (ORS) or equivalent office for review and signature.
Upload ORS Signature Page: Upload the signed ORS signature page to the RAP and submit the application.
Application Review: Mitacs will review your application for eligibility and completeness. This process takes approximately four weeks.
Revise if Necessary: If any sections are incomplete, you may be asked to revise your project proposal.
Approval and Funding: Once approved, Mitacs will release the award funds to your academic institution. Ensure all partner contributions have been received.
Project Launch: Begin your project once the funds have been received by your academic institution. Projects should not start until funding is confirmed.
Weekly Meetings: Meet weekly with both your academic supervisor and partner organization supervisor(s) to discuss project progress.
Final Presentation: Deliver a final presentation to your supervisors summarizing the work at project completion.
Complete Exit Survey: All participants must complete an exit survey within 30 days of the project end date.
Submit Financial Report: The academic institution must submit a Financial Report to Mitacs once all project funds have been paid out.