Are you ready to give your innovative start-up the boost it needs? Futurpreneur Canada and Spin Master Ltd. have teamed up to offer the Spin Master Innovation Fund, providing personalized support for young entrepreneurs innovating in their field.

Important Dates and Deadlines

To provide personalized support and hands-on expertise to support you as you break through boundaries in your industry, we limit the number of businesses within the Spin Master Innovation Fund to 10 successful applicants per year.

The application period for 2014 is now closed. Make sure to stay informed on the next round so you can apply to be one of our innovators.

Stay Informed

Eligibility

The Spin Master Innovation Fund is built on providing personalized expert support to entrepreneurs whose business idea demonstrates innovation in their field. Our innovation criteria:

  • Have an entrepreneurial, innovative spirit and willing to push the boundaries of what is possible.
  • Can articulate a vision for the company that is highly innovative.
  • Demonstrate the domestic and international opportunities of the innovation in terms of job creation, and where applicable, export or international expansion potential.
  • Have a viable business plan that clearly demonstrates how the venture is going to be profitable and how it is innovative in its sector.
  • Although we do not fund any products or businesses that are in the research and development stage, if there is a working prototype available, we may consider the application as long as a realistic revenue stream can be demonstrated.

General eligibility requirements and conditions

  • Demonstrate some training/experience related to your business idea.
  • Create full-time sustainable employment for the applicant(s) with business idea.
  • Agree to work with a mentor.
  • Produce a complete and viable business plan by the end of the application process.
  • Business fully operating for fewer than 12 months.
  • Agree to complete Futurpreneur Canada status updates every three months.
  • Agree for Futurpreneur Canada to carry out a credit check.
  • Supply two personal references.
  • Assure that the business is NOT in the research and development stage.
  • Assure that financing proceeds may not be used for refinancing existing debt.
  • Assure that financing proceeds may not be used to fund businesses that are sexually exploitive or that feature sexually explicit entertainment, products or services; businesses that are engaged in or associated with illegal activities; businesses trading in countries that are proscribed by the Canadian federal government; and any other commercial activities inappropriate for government funding.
  • Demonstrate that you have been discharged from bankruptcy for at least five years or one year after receipt of a Certificate of Full Performance in the case of a Consumer Proposal.
  • For establishments serving alcohol, a maximum of 50% of revenues can be generated from the sale of alcohol when same is consumed on-site. Exempt from this are producers such as craft breweries, wine and spirit producers, brew-it-yourself type locations.

Financing

Futurpreneur Canada is focused on making it easier for innovative aspiring business owners to secure financing. And we’ve partnered with the Business Development Bank of Canada (BDC) so that we can extend our help further.

For 18 - 34 year olds

We offer collateral free loans at better interest rates than most banks. But we can’t do it alone. We’re able to finance up to $15,000 per business. If you need more money, BDC may provide up to another $35,000.

Futurpreneur Canada Repayment Terms & Fees

  • Up to $15,000 with a term over five years.
  • Interest is charged at CIBC’s prime rate plus 3%.
  • Interest-only payments for the first year.
  • Principal repayments are made in equal monthly instalments together with interest, over the remaining four years.
  • No penalty for early repayment.
  • Program registration fee of $50, payable by cheque.
  • A $15 program fee is charged monthly for the duration of your loan, added to your monthly repayment installment.

BDC Repayment Terms & Fees

  • Up to $35,000 in financing.
  • Interest-only repayment in the first year.
  • The interest charged is the BDC Floating Base Rate* + 1%.
  • Repayment of outstanding BDC principal by monthly repayment schedule similar to your Futurpreneur Canada loan. You may prepay all or any part of the outstanding principal, however, BDC must receive the interest owing to the time of repayment, together with an indemnity equal to three months’ interest on the principal prepaid.
  • Once a year (non-cumulative) on the anniversary date of the loan authorization date, you may repay 15% of the principal outstanding without indemnity.
  • BDC charges a $50 processing fee, which is deducted from the initial loan disbursement.
  • Applications are subject to BDC approval and eligibility criteria. Some restrictions may apply.
  • Applicant(s) must show a minimum investment of 10% of total value of the project.

*Please contact your local BDC office for the BDC Floating Base Rate.

For 35 - 39 year-olds

For applicants aged 35-39 you are applying to receive all your financing through the BDC (up to $50,000). You’ll still apply through us and work with a Futurpreneur Canada mentor, but your financing terms and conditions are from BDC.

BDC Repayment Terms & Fees

  • Up to $50,000 in financing.
  • Interest-only repayment in the first year.
  • The interest charged is the BDC Floating Base Rate* + 1%.
  • Repayment of outstanding BDC principal by monthly repayment schedule. You may prepay all or any part of the outstanding principal, however, BDC must receive the interest owing to the time of repayment, together with an indemnity equal to three months’ interest on the principal prepaid.
  • Once a year (non-cumulative) on the anniversary date of the loan authorization date, you may repay 15% of the principal outstanding without indemnity.
  • BDC charges a $50 processing fee, which is deducted from the initial loan disbursement.
  • Applications are subject to BDC approval and eligibility criteria. Some restrictions may apply.
  • Applicant(s) must show a minimum investment of 10% of total value of the project.

*Please contact your local BDC office for the BDC Floating Base Rate.

Mentoring

As part of the Spin Master Innovation Fund each successful innovator will participate in Futurpreneur Canada’s industry-leading mentoring program. We’ll match you with a business professional to suit your needs and increase your opportunity for success.

2 years of expert business mentoring can help you:

  • Gain insight and perspective by having someone to bounce your ideas off of.
  • Identify opportunities and risks by learning from someone experienced.
  • Focus on and strategically work towards your business vision.
  • Grow your own business network and enhance your business acumen.
  • Shorten your learning curve.
  • Build confidence knowing you have someone in your corner.

The Benefits of Becoming a FuturpreneurTM

Futurpreneur Canada offers education and development opportunities, online resources and in-house experts to help you launch and grow your business. We also host networking events to help you gain connections in your industry and the start-up community.

  • In-Person Workshops

    In-Person
    Workshops

    Meet 1:1 with Spin Master Ltd. executives to get advice, guidance and contacts at Launch Pad in Toronto (all expenses paid).

  • How-To’s & Templates

    How-To’s & Templates

    Use our Business Plan Writer to create your business plan or browse our library of examples and templates.

  • Build Your Network

    Build Your Network

    Attend workshops, meet other young entrepreneurs and gain peer advice. A start-up community is growing near you - join today!

  • Professional Development

    Professional Development

    Visit Toronto for the Accelerator Workshop to connect with other recipients and participate in professional development.

Applying and What to Expect

You’ve read everything above, you’re interested and you may be eligible. It’s only fair to set your expectations to make sure we are the best fit for you and your business needs.

  • 1
    You’re going to check to see if we’re accepting applications.
  • 2
    You’re going to tell us about you and your business.
  • 3
    You’re going to share your DRAFT business plan and cash flow with us. Don’t have one? Don’t worry, we’ll help.
  • 4
    We will assess your business for innovation and then ask for documents such as your final business plan, cash flow statement, registration and ID.
  • 5
    We perform a credit check to make sure you meet our eligibility requirements.
  • 6
    We’re going to let you know if you’ve been shortlisted.

    You’re going to have 10 minutes to pitch your business in person or via video.
  • 7
    We’ll decide if you’re one of our 10 finalists.
  • 8
    You’ll meet your mentor and complete orientation.
  • 9
    You’ll receive your money!
  • 10
    You’ll attend the Launch Pad Workshop in Toronto.
  • 11
    You’ll continue meeting with your mentor and attending networking events.
  • 12
    After 6 months, you’ll attend the Accelerator Workshop with all program alumni in Toronto.
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