Alberta Innovates is Alberta's largest research and innovation agency, focused on driving sustainable jobs, economic growth, improved health, and environmental benefits across the province. The agency emphasizes inclusivity and diverse representation within the research and innovation ecosystem, ensuring fair opportunities for all qualified parties.
Projects funded by Alberta Innovates, such as those under the Innovation Micro Voucher Program, align with the Government of Alberta's research and innovation priorities, benefiting Albertans. Managed by the Entrepreneurial Investments Unit, the program supports businesses in commercializing technology and fostering economic growth. This unit drives innovation through coaching, community engagement, and capital investment.
Program Overview
The Micro Voucher Program supports small and medium-sized enterprises (SMEs) by providing non-dilutive funding and mentorship from experienced business advisors. This program helps SMEs navigate commercialization and scale-up, aiming to improve business outcomes and nurture globally competitive SMEs. The program targets outcomes such as job creation, revenue and export growth, and technological advancement.
Applicant Eligibility
The program is open to Small and Medium-sized Enterprises (SMEs) aiming to advance a technology-based opportunity towards commercialization. Applicants should be at the Conception stage, have a Technology Readiness Level of 3-7, completed market and industry assessments, and have a founding team or advisors. Additionally, they must be Alberta-based, have a significant operational presence in Alberta, and intend to benefit the province.
Service Provider Eligibility
Service providers must be corporate entities, authorised to undertake the project, and operate at arm's length from the applicant. They must provide services at reasonable market rates and have no outstanding debts or poor financial standing with Alberta Innovates.
Project Eligibility
Eligible projects must align with the program’s goals. Projects must include a quote for the proposed work, be completed within a 6-month term, and meet any additional guidelines set by Alberta Innovates. Eligible activities include prototype development, product testing, patent development, advanced business strategies, and technology development.
Funding
The Micro Voucher Program offers up to $10,000 in support for six-month projects to advance technology commercialization. Applicants must contribute at least 25% of the total eligible project costs. Funding is disbursed after the final report approval and covers only reasonable costs incurred after signing an Investment Agreement.
How to Apply
- Phase 1: Engagement and Intake
- Applicants should identify their project needs and obtain a quote from a service provider. It's recommended to consult with a Technology Development Advisor (TDA) for guidance.
- Phase 2: Application and Evaluation
- Applicants submit their application via the online portal, outlining their business readiness, project details, and financial state. The application is rigorously evaluated for alignment with Alberta’s economic goals.
- Phase 3: Project Management
- Approved projects enter into an Investment Agreement. A TDA is assigned to monitor progress and provide support. Applicants must proactively manage their projects, working closely with their TDA.
Evaluation Process
Alberta Innovates uses a thorough evaluation process, assessing projects based on technology, business opportunity, and potential return. Both internal staff and external experts contribute to the evaluation while maintaining impartiality. All decisions are made at Alberta Innovates' discretion.
Performance Measurement
Alberta Innovates emphasises performance measurement. Funding is contingent on achieving specific milestones, and applicants must report progress throughout and up to five years post-completion. These reports evaluate the project’s contribution to Alberta’s economic growth.
Terms and Conditions
Funding is disbursed only after all parties sign the Investment Agreement. Meeting eligibility criteria does not guarantee funding, as all decisions are at the discretion of Alberta Innovates. All communication is in writing and directed to the applicant’s authorized representative.
Alberta Innovates may update the program guide over time to reflect changes in the program. Applicants are encouraged to check for updates.
Conclusion
The Micro Voucher Program is a significant step toward enhancing Alberta's technological landscape and driving economic diversification. By supporting SMEs, the program contributes to Alberta's future prosperity. For Alberta-based SMEs, this is a prime opportunity to leverage innovation for growth and contribute to the province's economic success.
As Henry Ford said, "If everyone is moving forward together, then success takes care of itself." Let’s move forward with the Micro Voucher Program and build a success story for Alberta.
