Keep Me Informed

Compete for up to $50K in financing to launch your innovative start-up

Keep Me Informed

What is the Spin Master
Innovation Fund?

Do you have an innovative business idea? Think you have what it takes to disrupt your industry and change the game?

We’re looking for young innovators to compete for up to $50K in financing from the Spin Master Innovation Fund.

Futurpreneur Canada and Spin Master Ltd. are partnering for the fifth consecutive year to offer financing, mentoring and expert-led workshops for up to 10 young entrepreneurs who meet our criteria for innovative business ideas.

Successful entrants will receive:

  • Up to $50K in start-up financing.
  • Mentoring by one of Futurpreneur Canada’s mentors, hand-matched to your individual needs, and an opportunity to meet Spin Master Ltd. executives.
  • A paid trip to Toronto in the fall to attend the two-day Innovation Launch Pad Workshop.
  • A paid trip to Toronto in the spring to attend the two-day Accelerator Workshop.

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Eligibility

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

  • 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.
  • Non-Profit organizations (NPOs) that can demonstrate a capability to generate a minimum of 20% of their gross revenue from ongoing, sustainable commercial activities are eligible to apply.
  • 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.
  • Any age eligible entrepreneur (18-39 years old) who owns 5% or less of the business does not need to be party to Futurpreneur Canada and BDC application.

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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 $15,000 per business. If you need more money, BDC may provide another $35,000.

Futurpreneur Canada Repayment Terms & Fees.

  • $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.

  • $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.

*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.

  • Choice of either $15,000 or $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.

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

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Program Details

If you meet our criteria for an innovative business, you can apply for the Spin Master Innovation Fund program. We limit the number of successful applicants to 10 young entrepreneurs each year to ensure that we can provide expert one-on-one support as you break into your industry.

  • The Spin Competition

    The Spin Competition

    A selection of candidates will be invited to pitch their innovative enterprises to a panel of Spin Master executives and industry leaders. It’s a great way to sharpen your pitching skills and compete for a place as a Spin Master Innovator.

  • Innovation Launch Pad Workshop

    Innovation Launch Pad Workshop

    Our 2015 Spin Master Innovation Fund recipients will get a two-day paid trip to Toronto to meet one-on-one with Spin Master executives and participate in exciting professional development opportunities.

  • Accelerator Workshop

    Accelerator Workshop

    Our 2015 recipients will also get a two-day, paid trip to Toronto for the Accelerator Workshop where they will join Spin Master Innovation Fund alumni to meet with Spin Master executives and participate in further development opportunities.

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Important Dates

The application period for 2015 will open on May 1. Stay informed on the next round so you can apply to be one of our innovators.

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Apply

Applications will open May 1, 2015. In the meantime, if you would like to find out more info about the program or to stay informed on the next round of applications please fill out this form.

Please read all steps below and review the application checklist to ensure you fully understand the application process.

  • 1
    You’re going to check to see if we’re accepting applications, if open then submit your application.
  • 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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Application Checklist

  •  I meet ALL Spin Master Innovation Fund Eligibility criteria
  •  I have completed online registration for the Spin Master Innovation Fund on the Futurpreneur portal for all age-eligible applicants. Be sure to select Spin Master Innovation Fund as Program Type.
  •  I have attached the following documents to my online registration:
  1. Scanned copy of Driver’s License of all age eligible applicants
  2. Copy of Articles of Incorporation or Sole Ownership/Partnership Registration
  3. Copy of Shareholder Agreement (if Incorporated and there is more than one shareholder)
  4. A copy of my completed business plan (for assistance in writing your business plan, please visit Futurpreneur Canada’s interactive Business Plan Writer or take one of our online Crash Courses: Business Plan Essentials: A quick overview of what’s needed.)
  5. Your Business Plan must also include Two-Year Cash Flow Projections on the Futurpreneur Canada Template The Cash Flow Basics

To be considered, your Spin Master Innovation Fund application and all required documentation must be received by Futurpreneur Canada prior to 5:00 p.m. Eastern Standard Time on Friday, June 19, 2015.

Please note that we require separate registration and application documents for all partners in your business who are between the ages of 18 and 39 before we can review your application. If you have questions about partnerships, or are experiencing technical difficulties with the uploading of documents please contact innovation@futurpreneur.ca.

Please also ensure to read all the terms and conditions below, as this section includes important information about deadlines and required documentation.

Spin Master Innovation Fund Terms and Conditions.

  • To be eligible for one of the 10 Spin Master Innovation Fund packages, an applicant must meet all eligibility criteria.
  • Applications must be received by the Spin Master Innovation Fund program office by 5:00 p.m. EST on Friday June 19, 2015. In addition to the online registration required by each partner under the age of 39, supporting documentation as outlined in the Spin Master Innovation Fund Entrepreneur Checklist or as requested by Futurpreneur Canada must be submitted through direct upload to the application or by email to innovation@futurpreneur.ca.
  • If you are unable to submit your entire application electronically, you may submit your supplementary documents in hard copy to:

    Spin Master Innovation Fund Program Manager
    c/o Futurpreneur Canada
    133 Richmond Street West, Suite 700
    Toronto, ON M5H 2L3
  • Note that the Futurpreneur Canada offices are open from 9:00 a.m. to 5:00 p.m. each business day. Any hard copies must be received during office hours. If you choose to submit via hard copy rather than electronically, you must submit ALL supplementary documents together.
  • Futurpreneur Canada is not responsible for any online communication problems, nor for any late, lost, misdirected, illegible or incomplete applications, which will be void.
  • Decisions made by any Spin Master Innovation Fund evaluators, application review committees, panels or judges are final and cannot be appealed.
  • By submitting an application to the Spin Master Innovation Fund, you agree and understand that, all partners in your business who are between the ages of 18 and 39 will need to fill out separate applications online and that should your business receive funding, you will each be personally guaranteeing repayment.
  • NOTE: Please be advised that Futurpreneur Canada does not take securities.
  • NOTE: The Spin Master Innovation Fund does not fund any products or businesses that are in the research & development stage. However, if there is a working prototype available, we may consider the application as long as realistic revenue stream can be shown.
  • By submitting an application to the Spin Master Innovation Fund, you agree that, if selected as a Spin Master Innovation Fund finalist, you are available July 29-30, 2015 (dates subject to change) to present your business to the Spin Master Innovation Fund Selection Panel. This presentation will either be via video conference or in person, to be determined at a later date. If the presentation is in person, your travel and accommodation expenses will not be covered by the Spin Master Innovation Fund program.
  • By submitting an application to the Spin Master Innovation Fund, you agree that, if selected as a Spin Master Innovation Fund recipient, you will attend the Spin Master Innovation Fund Launch Pad Workshop in Toronto in the fall of 2015, expenses for which will be covered by the Spin Master Innovation Fund program.
  • By submitting an application to the Spin Master Innovation Fund, you agree that, if selected as a Spin Master Innovation Fund finalist or recipient, you grant Futurpreneur Canada, the Business Development Bank of Canada (BDC) and Spin Master Ltd. the absolute and irrevocable right and permission to use your name, likeness, city and province of residence and any direct quotes made by you in respect to the Spin Master Innovation Fund program for publicity purposes without further compensation. You agree that this permission applies to any photographs, video or film recordings of you or your business at any Futurpreneur Canada, the Business Development Bank of Canada (BDC) or Spin Master Ltd. event related to the Spin Master Innovation Fund program.

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FAQ

Who can apply?

Entrepreneurs who meet our criteria for general eligibility requirements and conditions and our Innovation criteria (see below)

What are our Innovation criteria?

  • Have an entrepreneurial, innovative spirit and is willing to push the boundaries of what is possible
  • Can articulate a vision for the company that is highly innovative
  • Demonstrates 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

How can I apply?

You can apply through the Futurpreneur Application Portal, making sure to select Spin Master Innovation Fund as Program Type.

How often does the Spin Master Innovation Fund happen?

Applications are accepted once a year starting in the spring. See Important Dates for all program dates and deadlines.

How much financing is available?

A total of $50,000.

See Spin Master Innovation Fund Financing for more information on funding for this program.

Note that the BDC interest rate for Spin Master Innovation Fund recipients is lower than for our Financing + Mentoring Program (Start-up).

What happens if I’m not selected to compete in The Spin?

If eligible, you will be offered the opportunity to transfer to our Financing + Mentoring program.

What happens if I’m not successful at The Spin?

If eligible, you will be offered the opportunity to transfer to our Financing + Mentoring program.

What makes the Spin Master Innovation Fund different from other programs available through Futurpreneur Canada?

  • A greater amount of financing is available when compared to our Financing & Mentoring Program with preferential interest rates. See Spin Master Innovation Fund Financing.
  • Our Launch Pad and Accelerator workshops
  • Specialized mentoring is provided by Spin Master Ltd. executives at the workshops
  • Opportunities to attend further educational events

See Program Details

Can I apply to both the Spin Master Innovation Fund AND another Futurpreneur Canada Program for the same business idea?

No. As part of our application process you can only select one Program type. If you have an active Futurpreneur Canada loan, then you are ineligible for the Spin Master Innovation Fund. If you have a redeemed Futurpreneur Canada loan and wish to apply to the Spin Master Innovation Fund for a different business then you are welcome to do so.

I’ve recently submitted a Futurpreneur Canada Financing + Mentoring program application, can I change my application to the Spin Master Innovation Fund?

Yes. It is possible to transfer an application from the Start-up Program to the Spin Master Innovation Fund, which your Futurpreneur Canada Client Relationship Manager will be able to assist you with. These requests will be evaluated on a case by case basis and must be made during the application period.

I’ve started an application but not submitted it, can I change the Program Type to Spin Master Innovation Fund?

Yes. Please contact the Program Manager at innovation@futurpreneur.ca for assistance. These requests must be made during the application period.

What happens to applications which are incomplete by the submission deadline?

Incomplete applications cannot be considered for the Spin Master Innovation Fund however may be transferred to our Financing + Mentoring Program. Futurpreneur Canada staff will be able to assist you with this.

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