Policies- Catalyst Fund & SJTGF
This funding is specifically for idea and market validation expenses which may include market studies or surveys, travel to access potential markets or customers, the development of prototype or beta product required to test the market, the hiring of expertise to help develop a business/financial model, any costs relating to connecting to the market or potential customers (web presence, marketing, etc.)
Funding will be subject to the Letter of Award which specifies the amount of the award, the term of the funding, and the eligible expenses.
Funding will be subject to a Terms & Conditions contract which specifies the amount of the award, the term of the funding, and the requirements for funding recipients including provision of regular progress reports.
This document will also specify the holdback which will issued upon successful completion and reporting of the project for which the award was issued.
Funding cannot be applied to
expenses not specified in the letter of award or otherwise approved by the PDC
wages & salaries with the exception of PDC agreements with MBA programs with regard to consultation. Funding may be used for consultants as appropriate. Please note that consultants must be at arms length from the applicant.
Applicants are only eligible to be awarded total Catalyst Funding and Saint John TGF to a maximum of $5,000.
If a student is awarded $1000 in Catalyst Funding, provided that the milestones & funding terms are successfully met, where appropriate, the same student may be eligible for up to $4000 in additional Catalyst Funding to further test and develop this idea.
If an entrepreneur/company is awarded less than $5000 in Catalyst Funding, and successfully meets the project milestones & funding terms, the entrepreneur/company may be eligible for additional Catalyst Funding.
Applicants are eligible for only one funding application per idea/venture. For example, if the $5000 has already been received, an applicant cannot again apply for an additional $5000 in Funding. As well, if one partner in a company applies for funding, another partner cannot also apply with the same idea/venture.
Applicants are only eligible to be awarded maximum total funding of $15,000 from all eligible PDC funding programs.
ALL funding recipients are REQUIRED to participate in the Innovators' Jump Start Program.
For applicants who are eligible for, or registered in other programs including, but not limited to, B4Change Social Venture Accelerator & NouLab, all or part of any funding awarded may be linked to participation in and/or successful completion of said program.
Catalyst Fund Applicants must reside in New Brunswick or PEI (subject to discretion of PDC Executive Board). (B4 Change- Launch/Growth Stage applicants must reside in NB, PEI or NS). In the case of corporations, the majority of shareholders must reside in the eligible province. In the case of partnerships, the majority of partners and ownership must reside in the eligible provinces.
Saint John True Growth Applicants must reside in the Saint John region.
The PDC reserves the right to request proof of residency of all applicants and to request and review incorporation and legal documents pertaining to the business structures of applicants at any time related to the purposes of our funding programs including verification of residency of applicants and/or partners/and or shareholders.
Time is of the essence: failure to provide documentation in a timely manner upon request will lead to disqualification of application or discontinuation of funding.
Funding recipients are required to bootstrap their operations in order to make the most efficient and effective use of awarded funds.
Funding recipients are required to provide interim and final progress reports (see Terms & Conditions). Failure to provide these updates in a timely fashion will result in delays in receipt of funding installments and may result in funding being terminated.
Funding Program recipients (grantees & partners) are expected to conduct themselves in an appropriate and respectful manner with PDC team members, and within the entrepreneurial ecosystem. Failure to do so may result in termination of funding and support.