Scientists and Engineers in Business

About the Initiative

The Northumberland CFDC is seeking entrepreneurs from Science, Technology, Engineering and Mathematics (STEM) fields who have a market-ready product or process innovation that they wish to commercialize in Northumberland County.

Watch the video on the right to learn from four young scientists and engineers about business, innovation and lifestyle in Northumberland County. We believe that this is a great place to establish and grow a High Technology Firm.

Funded by FedDev Ontario, and in collaboration with the Municipality of Port Hope’s Business Incubator IdeaHub, Regional Innovation Centres (Innovation Durham Northumberland), our colleges and universities, the Northumberland Manufacturers’ Association and other partner networks, we are pleased to offer an array of exciting opportunities for entrepreneurial training and support.

High Technology Firms launched in Northumberland through the Scientists and Engineers in Business (SEB) Initiative may be eligible to receive up to $20,000 in the form of non-repayable performance-based contributions matching the STEM Entrepreneur’s equity in their new company.

You will develop a fully substantiated and up-to-date business plan. In addition to direct financing, the Northumberland CFDC will act as your business support team in year one. We will ensure that you have a solid plan for year two as well. You will receive independent review of your business plan, mentorship connections, business incubation opportunities, free memberships, conference admission, and much more.

The application process is simple. The Northumberland CFDC will respond to Expressions of Interest within two weeks and select potential STEM Entrepreneurs for an interview.

Who is Eligible?

STEM Entrepreneurs (see below) who intend to launch a High Technology Firm that will be registered and located in Northumberland County are eligible.

Definitions

STEM is an abbreviation of Science, Technology, Engineering or Mathematics.

STEM Entrepreneur(s) means:

(a) a graduate from a university undergraduate (bachelor level) or college advanced diploma (minimum 3 years excluding co-op or internship years) of a STEM program that has developed innovations or ideas for business start-ups,

(b) a student at the master’s or doctoral level or a graduate from a master’s or doctoral level in a STEM program, including post-doctoral fellows that has developed innovations or ideas for business start-ups.

High Technology Firm is a company started by a STEM Entrepreneur supported under this SEB Initiative, operating in a STEM field and involved in the commercialization of an innovation. The High Technology Firm may be structured as a sole proprietorship, partnership or incorporated for-profit.

How do I apply and how does the initiative work?

Step 1

Download, complete the Scientists and Engineers in Business (SEB) Initiative Expression of Interest.

You may submit the form electronically, save and attach and email the form, fax a copy, or mail or drop it off in person to the Northumberland CFDC at 600 William Street, Cobourg, Suite 600, K9A 3A5.

The Northumberland CFDC will select applicants to proceed to an interview. Northumberland CFDC will respond to Expressions of Interest within two weeks. Selected applicants will be advised in writing and invited to present their idea for commercialization of an innovation to the Northumberland CFDC in person.

Step 3

After a successful interview, and conditional upon submission of any documentation or substantiation requested by Northumberland CFDC, the Northumberland CFDC may invite the applicant to sign a Program Agreement.

Step 4

If the STEM Entrepreneur does not have a viable, up-to-date business plan, he/she will take part in an intensive Business Planning Seminar (normally 4 weeks) led by the Northumberland CFDC’s business professionals. A complete, up-to-date and viable business plan, including cash flow projections and key financials, is required in order to proceed to the next stage.

Step 5

If the Committee of the Board of Directors approves the STEM Entrepreneur’s business plan, the STEM Entrepreneur may choose to continue in the program. The STEM Entrepreneur will sign a Contribution Agreement between the High Technology Firm and the Northumberland CFDC. This Contribution Agreement will reference benchmarks and objectives laid out in the approved business plan. The STEM Entrepreneur’s High Technology Firm will pay a $1,000 participation fee under the terms of the Contribution Agreement.

Step 6

Up to $20,000 of a STEM Entrepreneur’s equity in their High Technology Firm can be matched under the terms of the Contribution Agreement by FedDev Ontario through Northumberland CFDC’s SEB Initiative in the form of non-repayable performance-based contributions. Note: if the STEM Entrepreneur does not have access to start-up funds, seed financing can be requested separately from traditional lending sources (i.e. commercial banks) or from the Northumberland CFDC in order to cover the STEM Entrepreneur’s portion of the project (50%).

Benefits of Participation in the SEB Initiative

STEM Entrepreneurs will have access to direct mentoring and support, including assistance in developing a go-forward plan for year 2. This includes access to SEB partners, including:

IdeaHub (The Municipality of Port Hope’s business incubator)
Regional Innovation Centres including Innovation Durham Northumberland (IDN)
Northumberland Manufacturers Association (NMA)

For more information, please contact:

John Hayden
Manager, Enterprise Programs
905.372.8315 x224
john.hayden@northumberlandcfdc.ca

A Message from the Northumberland CFDC Board of Directors

“We believe that one of the clearest pathways to economic prosperity lies in the mobilization of science and technology and the commercialization of research and innovation. Working with many partners, Northumberland CFDC is proud to lead FedDev Ontario’s Scientists and Engineers in Business Initiative in 2012. We are targeting the launch of 22 new firms in Northumberland County which will have strong growth potential in a highly competitive global marketplace. We thank the Government of Canada for their ongoing support in partnering with us to strengthen our local economy.”

Hugh Parker
Northumberland CFDC Board Chair