Alberta Innovation Voucher Program
The intent of the Opportunity Assessment is to provide the entrepreneur/small business with vital decision-making information on the potential success of their technology or business concept, allowing them to make an informed decision on whether or not to further pursue their opportunity. It serves as a solid basis for a business plan, should the assessment be positive. At the same time, the assessment provides Alberta Innovates -Technology Futures (AITF), and other potential future investors, with important due diligence information relating to the business opportunity. It is a critical organizational piece in making an informed funding decision; ensuring that there is a market for the idea and that it is technically feasible. The Opportunity Assessment may also open the door to other funding opportunities within or outside of Alberta.
The Alberta Innovation Voucher Program helps small, early-stage technology and knowledge-driven businesses in Alberta get their ideas and products to market faster. The program assists pre- or low-revenue Alberta companies that are in the concept and formation stages of their business and helps to facilitate their movement into the growth stage, preparing them for success.The Voucher program is designed to enhance the ability of small businesses operating in Alberta to be successful in the global marketplace. The Voucher program aims to assist small rural and urban businesses to move more rapidly from concepts and ideas to commercial products or services, thereby gaining a competitive advantage in domestic and export markets.Innovation Vouchers are available in two denominations:
- A Voucher to a maximum value of $15,000 for an Opportunity Assessment Report OR for specialized services required to assist the entrepreneur related to business development and mentoring for the purpose of supporting the advancement of technology, small scale prototyping or intellectual property services.
- A Voucher for a maximum value of $50,000 for more substantial technology development activities such as product prototyping, lab verification, field testing, intellectual property protection, etc.
Companies, or company principal(s) are potentially eligible to receive one of each type of Voucher throughout the duration of the program. Companies who do not use the $15,000 Voucher for an opportunity assessment will be required to have a valid third party opportunity assessment, prior to consideration for funding through the $50,000 Voucher.
Four competitions are held each year. The deadlines are at 4:00pm MST January 1st, April 1st, July 1st and October 1st. (Please note that when the competition deadline falls on a weekend or statutory holiday, the deadline shifts to the first working day following the holiday.) Information on the outcome of the application will be emailed, as a PDF document, to the company contact and service provider contact(s) 6 to 8 weeks after the competition deadline, at the email addresses provided on the application form. Information on the outcome will not be provided over the telephone or via email prior to the official letter release.
- All applicant companies are expected to be ready to commit to the proposed Voucher project, both financially and time-wise, at the time of application (arrangements to have an authorized person to sign the Agreement letter & 25% deposit payment, if approved, must be in place, as AITF will not allow a delay for this reason).
- All program deadlines are firm; exceptions will not be made - this includes all applications, Voucher Agreement/25% deposit and Voucher deadlines.
Let us help you with your Idea & Opportunity Assessment to get you the maximum benefit of Alberta Innovation Venture Program.