GLOBALSTART VOUCHER PILOT PROGRAM. Building a network to help young entrepreneurs reach global markets

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1 GLOBALSTART VOUCHER PILOT PROGRAM Building a network to help young entrepreneurs reach global markets

2 BORN GLOBAL STARTUPS Traditional approach: Start local, expand global New approach: Born Global startups PAGE 2

3 BORN GLOBAL STARTUPS What is a Born Global startup? International by design, not by emergence Differentiated products that target niche markets Regional or domestic market not large enough Product with few trade barriers Leading-edge technology Customer needs consistent between country-markets Founders have international linkages Need to use intermediaries to access international markets PAGE 3

4 YOUTH-LED GLOBAL STARTUPS Going global is uniquely challenging for youth-led startups: Limited capital for travel and living expenses Lack access to global intermediaries Struggle to integrate into global ecosystems Access to global incubators would be ideal PAGE 4

5 GLOBALSTART PROGRAM GlobalStart Network: Global network of Campus- Linked Accelerators GlobalStart Vouchers: Financial support for access to global markets PAGE 5

6 GLOBALSTART NETWORK Markets Identified (28) Markets Contacted (20)

7 GLOBALSTART NETWORK USA: New York Washington D.C. Austin, TX Chicago Europe: Bristol, Bath, London, Southampton, UK Dublin, Ireland Munich, Germany Turin, Italy Australasia: PAGE 7 Sydney, Australia Tokyo, Japan Seoul, South Korea Hong Kong, China Beijing, China Ontario 10 CLAs 20 OCEAs 17 RICs

8 GLOBALSTART AT A GLANCE Eligible to youth-led start-ups ranging from SSSF to MRCC stages Modeled after SSSF eligibility criteria Matching fund program: max $15K from OCE Nomination by CLA/OCEA or RIC before application initiation PAGE 8

9 GLOBALSTART VOUCHER PILOT PROGRAM 15 vouchers allocated by Spring 2016 A minimum of 15 globalized youth entrepreneurs (18-29 years old) Value of $30,000 with a 1:1 match (max. $15,000 OCE cash and min. $15,000 start-up cash) Eligible startups must demonstrate they have reasonable chance to achieve: > Sales > Investment and/or > Partnerships 9

10 FUNDING STRUCTURE Projects up to $30,000: Max. $15,000 from OCE Min. $15,000 matched by nominee Eligible Expenses: Exchange readiness activities and hosting costs Travel and accommodation Customer/partnership/investment development Networking events, tradeshows and conference in market Flow of Funds: Upfront payment based on application budget $5,000 holdback pending final report All receipts to be retained by applicant (OCE reserves right to audit) 10

11 NOMINATION AND SELECTION PROCESS Key Dates 2015 Oct 19 Nov 16 Nov Jan 4 Jan 31 Feb March Activities CLA/OCEA/RICs will receive nomination package CLA/OCEA/RICs nominate potential applicants by providing ranked list of qualified startups OCE shortlists nominees. Shortlist invited to submit voucher application Application submission deadline OCE evaluation of completed applications Applicants notified of funding decision Successful applicants complete funding agreements and prepare for global placement 11

12 CLA/OCEA/RIC ROLE Nomination CLA/OCEA/RIC know your companies best Submit ranked list of top nominees who can benefit from voucher Global host identified is not a pre-requisite Nominations should be submitted to globalstart@oce-ontario.org by 5:00pm, November 16,

13 OCEA/CLA/RIC NOMINATION Two step nomination: 1. Ranked list, startup information 2. Startup backgrounder Ranked list of top startups that are ready to take advantage of this voucher and achieve anticipated outcomes PAGE 13

14 OCEA/CLA/RIC NOMINATION This portion surveys OCEA/CLA/RICs on a number of important pieces: 1. Time with the incubator to date. 2. Need to access the global market. 3. Appropriateness of their business to take advantage of the global market. 4. Overall comment on how this startup would benefit from the Voucher. PAGE 14

15 NOMINEE 1-PAGER This 1-pager surveys the startup on the following: 1. Who they are and what they do. 2. Global market they have identified and why. 3. Objectives to be achieved with GlobalStart 4. Visit to global market and global host identification. 15

16 CLA/OCEA/RIC ROLE Full Application Support invited nominees to complete full application Support nominees to identify suitable global host Host who are not current OCE partners will be assessed OCE BD available to support application development and ensure eligible use of funds and activities Direct questions related to global host to CLA Team 16

17 CONTACTS General Inquiry Laura Yu Business Development Manager, Academic Entrepreneurship , x1015 Holly Gardner Program Manager , x