Scale Up Ventures is a new type of Ontario government funding which aims to provide high potential startup companies with funding and mentorship opportunities to expand their business. A total of $50 million will be awarded to Ontario businesses through a venture capital collaboration between the Government of Ontario and private investors. Successful applicants are eligible to receive between $500,000 and $3,000,000 in repayable funding, in addition to mentorship from top Canadian executives.
Scale Up Ventures: Program Overview
The Scale Up Ventures program will also provide mentorship to startups and their owners. For many entrepreneurs, the ability to receive coaching from top business executives surpasses the benefit that extra capital could bring alone. Business owners will be able to learn from Scale Up Leadership Council executives such as:
- Nadir Mohamed – Former CEO of Rogers Communications
- Christine Magee – President and Co-founder of Sleep Country Canada
- Dave McKay – CEO of Royal Bank
- Brian J. Porter – President and CEO of Scotiabank
- Annette Verschuren – Former President of Home Depot Canada
- In addition to many others.
To be eligible for this opportunity, business owners must make their pitch to members of the Scale Up Leadership Council and provide due diligence like what would be required from any other venture capital program. Only established startups that show high potential will be selected for the program and may receive funding between $500,000 to $3,000,000, based on the Council’s strategic distribution of funds. As consistent with most venture capital programs, these amounts awarded are required be paid back over a period of time.
How to Apply for Scale Up Ventures
The program is set to launch this summer (2015) and has not begun to take applications yet. Interested startups are advised to keep reviewing the Scale Up Ventures website for updates on the program. For immediate inquiries, the Scale Up Venture Contact Page may be used.
Learn About Other Canadian Business Funding Opportunities
Not a startup? Not to worry, Mentor Works is here to help you find and apply for the Canadian and Ontario government funding that your business needs to grow. To learn more about opportunities which currently exist and be mentored through the funding process, register for one of our free Canadian government grant webinars. To stay updated with daily news, be sure to frequently check the Canadian government funding blog and also fill out our contact form so that we can let you know when funding you’re eligible for becomes available.