Editor’s Note: Since this article’s posting, TECTERRA funding programs have been re-launched to provide enhanced support. For details of these new funding streams, visit Mentor Works’ TECTERRA program page.
The Industry Investment Fund, offered through the government funded organization – TECTERRA, supports the development and commercialization efforts of SME’s, including start-ups, to develop and commercialize innovative technology in the field of geomatics.
TECTERRA Small Business Loan: Funding Amount
Investment funding is defined by TECTERRA as being an interest free loan that is repayable only if your project has commercial success. Payments are not expected until revenue is being generated. The investment amount available from TECTERRA is between $100,000 – $500,000 up to 50% of the cost of the project. Applicants are expected to provide the remainder of the project costs as cash or in-kind. Projects can be 6 months – 2 years in length.
TECTERRA Industry Investment Fund Small Business Loans: Project Eligibility
Projects eligible for funding under this program must be at the stage of being ready for commercialization. For a project to be successful in the application process, the applicant must indicate the intent to hire, at a minimum, one new HQP as a result of the project. The priority area for TECTERRA funding is integrated resource management but other geospatial projects will be considered for funding. The following types of projects are eligible to receive funding from the Industry Investment Fund:
- Technology development
- Manufacturing readiness
- Channel Development
- Other commercialization related expenses.
Project focus areas are solutions for energy, forestry, agriculture, environment, land management and land development.
TECTERRA Interest Free Business Loans: Company Eligibility
Applicants to the Industry Investment fund must be based in Canada and be a small-medium size business. Start-ups are also eligible applicants. Priority will be given to applicants who have partners in industry, academia or government, including foreign partners. The important benefits to TECTERRA’s funding programs for companies include access to TECTERRA’s laboratory for testing purposes. In addition, TECTERRA does not acquire any corporate equity from applicants and ownership of IP remains with the applicant. Applications for this program are only accepted in response to posted Calls for Proposal.