FedDev Ontario
VSA BootCamp
Toronto, ONTARIO
July 18, 2012
FedDev Ontario
www.FedDevOntario.gc.ca
With a five-year mandate, the Federal Economic
Development Agency for Southern Ontario (FedDev
Ontario) was launched in August 2009 to help respond to
Ontario's economic challenges. Through its funding
initiatives, FedDev Ontario is driving economic and
community development, innovation, and economic
diversification, while contributing to the success of
communities, businesses, educational institutions and
not-for-profit organizations. All of these activities
contribute to FedDev Ontario’s vision: a prosperous and
globally competitive Ontario.
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FedDev Ontario
www.FedDevOntario.gc.ca
What are we?
• Regional Development Agency
• One of six RDA across Canada
• Operate only in Southern Ontario
• Very new – existed since in August 2009
• 5 year mandate ending on March 31, 2014
• Deliver a suite of programs responding to southern
Ontario’s economic challenges
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FedDev Ontario
www.FedDevOntario.gc.ca
How we operate?
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Generally work through other agencies called “3rd party”
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Focus on “innovation”
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But not always
But not always
Wrt to private sector – provide repayable loans at
extremely favourable terms
Wrt not-for-profits (i.e. universities, colleges, regional
innovation centres) – provide grants called “nonrepayable contributions”
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FedDev Ontario
www.FedDevOntario.gc.ca
Our current programs
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Prosperity Initiative
Youth STEM
Investing in Business Innovation
Scientists & Engineers in Business
Graduate Enterprise Internship
Applied Research and Commercialization
Technology Development Program
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FedDev Ontario
www.FedDevOntario.gc.ca
Programs applicable to this audience
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Prosperity Initiative
Youth STEM
Investing in Business Innovation
Scientists & Engineers in Business
Graduate Enterprise Internship
Applied Research and Commercialization
Technology Development Program
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Investing in Business Innovation
(IBI)
Objective - boosts private sector investment in start-up
businesses
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Delivered directly
Start-up?
50 employees or less?
Secured angel or VC round?
Bring term sheet to FedDev
Secure funding up to ½ of your angel or VC raise
as favourable term loan
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Investing in Business Innovation
(IBI)
Examples:
I Think Security - $75,000 to develop and commercialize a mobile digital
content security device
ANTVibes Inc - $300,000 to develop and commercialize its Audible Name
Tag tool
BigRoad Inc - $750,000 to develop and implement a mobile tracking and
management system for truck transportation companies
ClevrU Corp - $988,583 to develop an e-teaching platform for Canada's
international education market that delivers customized, on demand learning
for a mobile device
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Scientists & Engineers in Business
(SEB)
Objective – enhance risk-taking & support
entrepreneurs through mentoring and financial support
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Be a STEM grad from university or college (at
some point in your history) to qualify
Operate your start-up in southern Ontario
Provides up to $30K seed funding (grant)
Seed funding must be matched
Delivered via 3rd party agencies
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Follow program guidelines (rules) set by 3rd party
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Scientists & Engineers in Business
(SEB)
3rd Party Deliverers
Mississauga RIC - $4.9M to implement VentureStart
Ontario Centres of Excellence - $1.1M to
implement SmartStart
Northumberland Community Futures Development
Corporation - $529,200 to implement Scientists &
Engineers in Business
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• Technology must form the basis for the core
product or service
• University or college degree in STEM
• Must be based in Southern Ontario
• A fee of $1,700 (+tax) for business skills training
applies + Critical Factors Assessment (CFA) tool
• Access program through Mississauga RIC or any
member of Ontario’s “ONE” network
http://venturestart.riccentre.ca/
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Supporting new ventures by Ontario’s next generation entrepreneurs
• Seeking very early stage, technology driven
• Must be based in Southern Ontario
• $30,000 seed investment, $30,000 cash matching
from non-governmental sources is required
• 3 competitions or rounds are to be run
• 1st round is complete with 10 start-ups accepted
and now being mentored
• Upcoming rounds TBD
http://www.oce-ontario.org/programs/commercializationprograms/smartstart-(ccr)
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Northumberland CFDC
• Community Futures Development Corporation
• Serving Cobourg/Port Hope region
• Up to $30,000 seed funding available with
matching required
• Uses interview process to select candidates
• Hoping to attract entrepreneurs to region
• Plan is to train/seed fund 22 start-ups – 6 so far
• Incubator available – very attractive rents
http://www.northumberlandcfdc.ca/seb/
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Graduate Enterprise Internship
(GEI)
Objective – bring technology and innovation to SMEs
(including start-ups) while learning about business
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8 universities and colleges + MITACS are
currently delivering program
Possibility to access highly qualified grad for your
start-up at subsidized rates
$15K for a Masters or PhD in STEM
$10K for a graduating student in STEM
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Graduate Enterprise Internship
Applications
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Ottawa
Kingston
Peterborough
York
Mississauga
Guelph/
Waterloo
Sarnia
Chatham
Windsor
London
Toronto
Mitacs Enterprise
Example – Global Spatial Technology Solutions
Inc. (GSTS)
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GSTS is a start-up looking to expand in size and
scope in Ottawa
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GSTS needed to hire capable individuals to lead
its research and development activities
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Mitacs “Enterprise” program secured intern with
unique skills and experience to help GSTS
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Graduate obtained excellent exposure to
business and business strategy at GSTS
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Applied Research &
Commercalization (ARC)
Objectives:
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Encourage greater collaboration and partnerships
between post-secondary institutions with applied research
development expertise and SMEs with precommercialization needs
24 colleges and universities across southern Ontario
involved
Accelerate innovation in SMEs = improve productivity &
competitiveness
Program replenished with additional funding in June 2012
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3rd Party Deliverer
Original
contribution
(up to, $)
Algonquin College of Applied Arts and Technology
750,000
Brock University
750,000
Centennial College of Applied Arts and Technology
525,000
Conestoga College Institute of Technology and Advanced Learning
747,400
Durham College of Applied Arts and Technology
750,000
La Cite Collegiate
475,300
Lambton College of Applied Arts and Technology
230,700
Loyalist College Of Applied Arts & Technology
155,000
Mohalk College of Applied Arts & Technology
750,000
Niagara College of Applied Arts & Technology
750,000
Ontario College of Art & Design
359,800
Queens University
750,000
Ryerson University
750,000
St. Lawrence College of Applied Arts and Technology
154,993
Seneca College of Applied Arts and Technology
750,000
Sheridan College Institute of Technology and Advanced Learning
750,000
Sir Sandford Fleming College of Applied Arts and Technology
161,838
University of Guelph
750,000
University of Ontario Institute of Technology (UOIT)
739,000
University of Ottawa
750,000
University of Toronto
750,000
University Of Waterloo
750,000
University of Western Ontario
750,000
University of Windsor
483,240
Applied Research &
Commercalization (ARC)
Example: Seneca College
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Provided $750,000 in 2010
Seneca assisted over 10 SMEs (including start-ups) to
bring their products or services closer to the market
Companies get to “leverage” the resources (expertise, lab
& office space) of Seneca
ICT; health and wellness; simulation-based technologies
and financial securities software
Basically a company pays in 1/3 the cost (cash & in-kind)
of an R&D project (example: developing prototype or
minimum viable product) and obtains the other 2/3 for free
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FedDev Ontario
www.FedDevOntario.gc.ca
Key Learnings:
• Government can be a friend
• Supporting STEM, risk taking, early stage
innovation
• Networking is key
• Be aware of Government programs
Keep in touch!
Stuart.mckeen@feddevontario.gc.ca