Business Incubation & Commercialization Grant Program: Multi-Year Operating Stream

Overview of the Business Incubation & Commercialization Grant Program: Multi-Year Operating Stream program:

BICP is designed to support not-for-profit entrepreneurship, incubation and accelerator activities whose primary goals are to create businesses and jobs, encourage the development of new ideas, and work towards organizational efficiency, sustainability and while utilizing industry best practices. The program does not provide grants to individual for-profit businesses, but instead is aimed at not-for-profit organizations that offer entrepreneurship and incubation or acceleration programming to entrepreneurs. The program 2 streams: 1. Multi-Year Operating Stream 2. Programs and Events Stream

Benefits of the Business Incubation & Commercialization Grant Program: Multi-Year Operating Stream program:

• Up to 20 per cent of eligible expenses, to a maximum of $100,000, for applicants in the multi-year operating stream. Grants will be dispensed in two parts: 75 per cent provided upfront and 25 per cent held back until completion.

Eligibility criteria of the Business Incubation & Commercialization Grant Program: Multi-Year Operating Stream program:

• Applicant has been incorporated for three years or more and has paid staff. Multi-Year Operating funding
• Applicant must demonstrate a history of successful entrepreneurship and robust incubation or accelerator programming for three years or more.
• Applicant must provide its most recent audited financial statements demonstrating revenues between $100,000 to $1 million.
• To be eligible for funding from the BIC program, an organization must have legal not-for-profit or charitable status and cannot be taking any equity from any of the start-ups it supports.
• Applicants receiving any other core funding from the City are ineligible for a multi-year grant.
• BIC Program supports college and university campus-led incubators and accelerators.