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Atlantic Innovation Fund Round VIII February 5, 2008
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AGENDA Provide an overview of AIF Define an “Ideal AIF project” Describe Common Pitfalls Q&A Provide contacts and our assistance
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AIF at a Glance 7 Rounds launched and completed to date 247 projects approved; $635 million committed Round VIII launched May 5, 2010 Expected announcement January, 2011
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AIF Objectives New technologies, products, processes or services Commercialization of R & D Partnerships that strengthen innovation capacity Maximum benefits from national R&D programs
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AIF Focus Based on merit Sectors where Atlantic Canada has comparative advantage Development of clusters Economic impact Collaboration
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Eligibility Discrete R&D projects Eligible proponents include: –Private Sector Firms –Universities and Colleges –Research Institutions
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Eligibility (continued) Eligible sectors: –Natural and applied sciences; –Social sciences and humanities, where linked to technology development & commercialization No block funding
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Funding Limits Non-repayable contributions: 80% max. for projects undertaken by non-commercial Proponents Conditionally repayable contributions: 75% max. for commercial projects requiring assistance above $1M Assistance per project : $3M max.
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Other Key Considerations Project Length: maximum 5 years Intellectual Property Environmental screening Ethics requirements for projects involving human/animal research
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Content of Letter of Intent Applicable Sector Project/research proposal description (incl. objectives, key team members & collaborators) Anticipated deliverables and challenges Estimated project costs, AIF request and sources of other funding Identified key project collaborators Commercialization potential Project Governance
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Letters of Intent Mandatory for project proposal to be considered Due by June 15, 2010 at 2 pm Standardized format in terms of content Must use template available on ACOA’s website (See Guide Annex B-1 of RLIPP)
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Content of Project Proposal Executive Summary Project Description Description of Proponent, Key Collaborators and Project Team Technical Details Financial Information Commercialization Potential/Strategy Economic Benefits Building Capacity
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Project Proposals Proposals due by September 1, 2010 at 2 pm Separate proposal for each stand alone project Standardized format in terms of content University projects submitted by the institution, not by individuals
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Complete Proposal Package Project Proposal Administration Form (Annex A) Declaration Form (Annex A) Costs and Financing Information (Annex C) Results Measurement Information (Annex D)
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Compliance Need to address at minimum the essential criteria All Annex’s must be provided at the time of submission Project must be ready
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Evaluation Process ACOA Account Managers will conduct initial project assessment and consult with scientific/technical reviewers Sector Teams will provide strategic overview and prioritize projects AIF Advisory Board will review and recommend projects to Minister for approval
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Criteria Evaluation Scientific/Technical Scientifically and/or technically sound Support new or improved technologies Builds on research excellence Management & Financial Management capabilities Adequate financing Leverages funding Commercialization Commercialization potential Private sector participation Capacity Building Strategic sectors/technologies Fills a gap in the Atlantic system of innovation & improves innovation Capacity Is pan-Atlantic in scope Builds critical mass through networks/cooperation Attracts new firms, institutions and researchers Fosters national and international affiliations Economic Benefit Significant economic benefits for Atlantic Canada Be Incremental
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Ideal AIF Project Good science, innovative R&D Strong technical expertise Good financial structure (e.g. leveraging) Strong commercialization potential Draws on collaborative expertise of universities, research centers and private sector Can be contracted and started within 6 months of AIF award
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Common Pitfalls Scientific/Technical Lack of Technical Detail Lack of Details on Technical Risks & Risk Mitigation Strategies/Contingencies Lack of Supporting Preliminary Data No Demonstration of Innovativeness and Uniqueness of Research No identification of who is doing what in the Research Plan Lack of Description of Deliverables/End Products
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Common Pitfalls Commercialization Lack of Demonstrated Private Sector Commitment Weak Commercialization Partner Unclear Definition of End Products and their Market Relevance Lack of Supporting Market Research and Assessment of Competition No Commercialization Strategy or Path to Commercialization not well defined
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Commercialization
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Common Pitfalls Management Lack of Demonstrated Experience in Managing Large Scale R&D Projects Lack of Experience in Commercializing Research Results Lack of Evidence of a Strong Scientific and Commercial Advisory Board Lack of a Strong Project Governance Structure Lack of Dedicated Project Manager Management Record of Past AIF Projects
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Common Pitfalls Financial Lack of Confirmed Financing History of Obtaining Financing Unclear Lack of Private Sector Cash Demonstrating Commitment Cash is King No Contingency or Back Up Plan for Alternative Funding Sources Maximum Leverage of Co-funding is Encouraged – 50% versus 80% Ask Requesting Maximum AIF Contribution - $3Million
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Common Pitfalls Building Capacity Duplication of Existing Regional Research Capacity Over budgeting to Build Research Infrastructure Beyond Project Needs Lack of Evidence of Strong, Meaningful Partnerships/Collaborations Pan Atlantic Collaborations Must be Meaningful, International Desirable
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Key Dates Mandatory Letter of Intent by June 15, 2010 – 2 pm. Complete proposal submitted by September 1, 2010 – 2 pm. Announcement of Round VIII AIF awards expected in January 2011. Contracts to be completed within 6 months of AIF award.
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Additional Information Further details, application templates and & updates can be viewed under the Atlantic Innovation Fund banner in the program information section at: www.acoa-apeca.gc.ca
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