Applications Invited for Ocean Startup Challenge 2020

About the Organization:

The Ocean Startup Project, driven by Canada’s Ocean Supercluster, is a Pan-Atlantic collaboration between Creative Destruction Lab (CDL) – Atlantic, Genesis, Innovacorp, New Brunswick Innovation Foundation, PEI BioAlliance, and Springboard Atlantic to create and grow high-quality ocean technology companies. The Ocean Startup Project launched the Ocean Startup Challenge to support individuals and teams who are developing technologies that have large market potential.

Ocean Startup Challenge 2020

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 for the ocean economy.

During its initial phase, the Ocean Startup Challenge will award up to 10 prizes of $25,000 and business support to the winning startups and scaleups. Applicants who are not selected as winners will still benefit from training during inviteonly bootcamps as well as guidance and support from partnering organizations in Atlantic Canada’s innovation ecosystem

Process

You will have 10 weeks to develop your skills and prepare your submission. Applicants will be shortlisted and invited to participate in further training opportunities. Companies will pitch their solution to panel of industry experts for the chance to be selected as one of up to 10 companies to receive $25,000 for prototyping and business development.

Eligibility Criteria

• Ocean Startup Challenge encourages individual or team applications from innovators of any gender, entrepreneurial Indigenous Peoples, and companies that have been in business for under five years and have fewer than 15 employees.
• Innovators, entrepreneurs and companies from across Canada and around the world may apply for the Challenge, but winners must register as a business in Atlantic Canada before funds will be released.
• Applicants from an existing company must be the majority owners of the company.

Evaluation Criteria

In selecting the competition winners, the quality of the idea/technology, the strength of the management team, and the clarity and persuasiveness of the written plan and oral presentation, all influence the judges’ decisions.

Key criteria for evaluation include:

• Pain & Solution: Description and quantification of the market problem/pain, uniqueness and significance of product, stage of development, proprietary position
• People: Tea, background and entrepreneurial track record of key individuals, ability to execute, commitment to venture
• Competition: High barrier to competitive entry
• Market: Large, growing international market
• Execution: Credible plan to reach key milestones

Key Dates

• Shortlist companies notified: September 4, 2020
• Pitch presentations: September 22-24
• Finalists selected: September 28, 2020

For more information please check the Link