Sponsoring Agency: Ocean Startup Project
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 06/01/2021
Size of the Fund: USD $50,000 to $500,000
Turn your idea or technology into a wave of opportunity! With the world’s longest coastline, globally renowned research facilities and experts, government programs and supports, and a steady flow of talent, Canada is the right place to start or grow a successful ocean tech company.
The Ocean Startup Challenge is a competition seeking innovative solutions to ocean industry problems. The Ocean Startup Project launched the Challenge to support innovators who are developing technologies with large market potential in the ocean economy.
The Ocean Startup Challenge is designed to support innovators who are leveraging Canadian ocean assets and capabilities to develop technologies that can be applied to global ocean problems.
Challenge Statements
Industry and thought leaders have identified their top pain points across these areas:
• Fisheries and Aquaculture: They are looking for innovative solutions to help improve water quality, fish health, waste management, pathogen recognition, remote sensing, data collection, autonomous control, inspection and maintenance, and address other industry challenges.
• Shipping and Marine Transportation: They are looking for innovative solutions to help increase efficiency, enhance marine security, optimize maritime traffic management, improve yard operations, optimize truck turnaround times, reduce environmental impact on local communities, and address other industry challenges.
• Offshore Energy: They are looking for innovative solutions to help increase energy efficiency, enhance marine security, monitor disruptions to marine habitats, optimize maritime traffic management, improve sustainability and increase profitability, and address other industry challenges.
• Marine Bioresources: They are looking for innovative solutions to help identify bio-active compounds in marine life, characterize biodiversity in marine environments, repel and exterminate sea lice naturally, enhance the microbiome in common fish species to improve fish health and performance, and address other industry challenges.
• Naval and Defence: They are looking for innovative solutions to help improve ocean monitoring, enhance communications and data telemetry systems, reduce strain on human resources, increase cybersecurity for marine assets, provide low-logistics underwater measurement and surveillance, and address other industry challenges.
Funding Information
Up to $1.4 million in cash and business supports will be awarded to winning startups and scaleups. All funds are nondilutive and non-repayable funding. The award amounts per category are below:
• Idea stream: Up to $25,000 per winner. Multiple winners in this category.
• Growth stream: Up to $100,000 per winner. Multiple winners in this category.
• Oceanshot stream: Up to $200,000 for one winner.
Special Awards
• Impact Awards: $25000
o The Impact award, supported by BDO Canada, will support a startup developing a technology or science based sustainable solution to help combat climate change, increase environmental monitoring capabilities, or restore ocean ecosystems. Up to one award will be dispersed.
o In addition to the general eligibility for the Challenge streams, entrants must:
Demonstrate how their solution to an ocean industry challenge will have a positive environmental impact
• Women Ocean Entrepreneur Award: $25000
o The Women Ocean Entrepreneur Award, presented by Cox & Palmer, will support a startup developing a technology or science-based solution to an ocean industry challenge. Up to one award will be dispersed.
o In addition to the general eligibility for the Challenge streams, entrants must:
Self-identify as a women and be based in a Canadian province or territory
• Indigenous Ocean Impact Award: $25000
o The Indigenous Ocean Entrepreneur Award will support an entrepreneur developing a technology or science-based solution for an ocean industry challenge. Up to one award will be dispersed.
o In addition to the general eligibility for the Challenge streams, entrants must:
Self-identify as Aboriginal or Indigenous (First Nation, Métis and Inuit)
Eligibility Criteria
• Winners must have an incorporated company in Canada before funds are released. See below for International Applicant criteria.
• Applicants must be the majority owners of the company.
• Existing companies must have been in business for less than five years and have 15 or few employees.
• International Applicants
o Applicants from around the world may apply for the Growth and Oceanshot competition streams.
o Any funds received from the Ocean Startup Challenge must be spent in Canada (e.g. equipment, materials, and consultants).
o International applicants must demonstrate how they will leverage Canada to advance their venture. The following are examples of how you can leverage Canadian assets:
Have a letter of support from a Canadian incubator or accelerator
Have a Memorandum of Understanding with a Canadian facility, organization, partner, or customer that can support the development of your technology in Canada
o International applicants need to incorporate their company in one of the Canadian provinces, territories or federally before funds will be released.
More information at: https://oceanstartupproject.ca/challenge/
