PacifiCan — Regional Economic Growth through Innovation — Regional Innovation Ecosystems
Highlights
This program is designed for businesses like yours to thrive in the competitive market. It offers non-repayable funding to support your innovation and growth. This means you can focus on scaling up without the burden of paying back the funds. The program is ideal for businesses in sectors such as clean technology, life sciences, and advanced manufacturing.
What You Get
- Support for technology commercialization: Enhance your innovation efforts and modernize your facilities.
- Business scale-up assistance: Develop your market, attract investments, and analyze global demand changes.
- Productivity improvement: Adopt new technologies and enter new markets.
- Ecosystem capacity building: Form strategic alliances and address barriers to growth.
- Business acceleration and incubation: Receive expert advice, office space, and specialized equipment.
Applying is straightforward, and if approved, you will receive periodic reimbursements for eligible project costs. This program not only provides financial support but also helps you build a robust business ecosystem, making it easier to achieve long-term success.
Financing Details
Type of Financing:
- Non-Repayable Contribution: Your not-for-profit organization could receive a financial contribution to help businesses at all stages of development scale up and enhance global competitiveness.
Repayment Terms and Interest Rates:
- Non-Repayable: The funding does not need to be repaid, offering financial support without the burden of repayment obligations.
Eligible Expenses:
- Business Support Networks: Investments focus on enhancing business support networks for under-represented groups, including women, Indigenous peoples, and young entrepreneurs.
Ineligible Expenses:
- Non-Business Expenses: The funds cannot be used for personal or non-business-related expenses to ensure they are solely directed towards business growth and innovation.
Fees:
- No Fees: There are no fees associated with the program, allowing you to access the financial contribution without incurring additional costs.
Qualifications
- Must be a not-for-profit organization.
- Must support businesses, innovators, and entrepreneurs.
- Must be one of the following types of organizations:
- Post-secondary educational institutions
- Business Accelerators and Incubators
- Angel networks
- Indigenous (First Nations, Inuit, Métis) organizations, including Indigenous-led not-for-profit organizations and Indigenous-owned businesses
- Social enterprises
- A group of eligible recipients such as an industry association or consortium
- A municipality and all other municipal-type organizations
Must be a legal entity capable of entering into legally binding agreements.
- Disqualifications:
- For-profit organizations.
- Organizations not located in British Columbia.
Description
This program offers your business a valuable opportunity to grow and innovate. You can receive financial contributions to help your business at any stage of development. The funds can be used to scale up operations, improve productivity, and become more competitive globally.
Key benefits include:
- Support for technology commercialization: Enhance your innovation efforts or modernize facilities with specialized services.
- Business scale-up: Get help with market development, export, and investment attraction.
- Productivity improvement: Adopt new technologies and enter new markets.
- Ecosystem capacity building: Develop strategic business alliances and address barriers to growth.
- Business acceleration and incubation: Receive advice on business planning, marketing strategies, hiring, and other start-up essentials.
The program also focuses on inclusive growth, supporting under-represented groups such as women, Indigenous peoples, and young entrepreneurs. This ensures a diverse and dynamic business environment, fostering innovation and economic prosperity for all.
Program Steps
Contact PacifiCan: Reach out to PacifiCan at [email protected] or call 1-888-338-9378 to discuss your project idea and get guidance on the application process.
Prepare Documentation: Gather the necessary documents to support your application. These include:
- Business plan
- Financial statements
- Proof of non-PacifiCan funding (e.g., bank statements, letters of intent from third parties)
- Details of the project, including objectives, expected outcomes, and alignment with RIE priorities
Develop Project Proposal: Clearly outline your project, demonstrating how it aligns with one or more of PacifiCan’s priorities. Include:
- Market/industry demand
- Measurable economic benefits for British Columbia
- Governance measures and management team
- Financial sustainability
- Leveraged funding sources
Submit Application: Use the guidance provided by PacifiCan to complete and submit your application through the appropriate channels.
Await Decision: PacifiCan aims to provide a funding decision within 90 business days for 90% of applications. Be prepared to provide additional information if requested.
Sign Contribution Agreement: If your application is approved, sign the standard Contribution Agreement outlining your obligations, including submission of claims and periodic progress reports.
Plan Project Cash Flows: Ensure you have secured all non-PacifiCan funding and plan your project cash flows based on the timing of claims and reimbursement periods.
Implement Project: Begin your project, adhering to the timelines and milestones outlined in your proposal. Submit claims for reimbursement as per the agreement.
Submit Progress Reports: Provide periodic progress reports (minimum 2 per year) to PacifiCan, detailing the project's advancement and any challenges faced.
Complete Project: Ensure all project activities are completed within the agreed timeframe, typically ranging from a few months to 3 years.