Runway Accelerator Program Outline
Gain access to expert mentorship, webinars, workshops, and more from a program tailored to fit your business needs. Start building your innovation ecosystem before you arrive. Move your business to Canada the right way with Innovation Factory’s Runway Accelerator.
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Overview
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Eligibility
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Fees
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Application Process
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Due Diligence
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Details
Program Overview
The Runway Program is a six-month comprehensive accelerator followed by a six-month program of settlement support that aims to assess, select, and support start-ups as they work through the Start-up Visa Program. Companies accepted into this program receive customized services and resources that help them set their business up for success in Canada, along with a Letter of Support.
These services and resources include, but are not limited to:
- Access to expert advisors for coaching and mentoring
- Designated Innovation Advisor to assist in navigating our resources
- Opportunities to attend virtual webinars and workshops
- Partner introductions and ecosystem opportunities
- Personalized settlement guidance from a designated Runway Concierge
- Community integration with networking events and seminars
- Access Innovation Factory’s Academy for advanced business courses
- Drop-in workspace available in Hamilton and Halton offices
Program Eligibility
Start-up Visa Program
Canada’s Start-up Visa Program offers Canadian Permanent Residence to immigrant entrepreneurs with the skills and potential to build a business in Canada. The program targets companies that are innovative, can create jobs for Canadians, and can compete on a global scale. If you have an innovative business, you may be able to immigrate to Canada.
To be eligible for the Start-up Visa Program, you must:
- Have a qualifying business
- Get a letter of support from a designated organization
- Meet the language requirements
- Bring enough money to settle
We strongly recommend that you review the Start-up Visa Program to determine if your company is eligible before applying to the Runway Accelerator.
Some people may not be allowed to come to Canada for security or medical reasons. They’re considered “inadmissible” under Canada’s immigration law. Innovation Factory may refuse your application if you are inadmissible to Canada.
Runway Accelerator
To be eligible for the Runway Accelerator, you must:
- Be eligible to apply for the Start-up Visa Program (see above)
- Pass our initial interview and any external review
- Pass our due diligence assessment
Our Preferences
Innovation Factory is prioritizing applications from businesses that:
- Have a product or service on the market
- Have intellectual property or plan on creating intellectual property
- Are beyond the “Idea Stage” in their development
- Have the financial resources in place to fund at least the first year of operation in Canada, most likely over $100,000 of working capital
Note: You are able to apply to the Runway Accelerator program if you are already in Canada for work or study.
Program Fees
Upon acceptance into the program, we will issue you an agreement for signing, and then an invoice for payment.
The program fee is $100,000, expected in full within two weeks of signing our agreement.
- We accept electronic fund transfers or credit card payments. Please note that credit card payments have an extra 3% service fee.
- If the payment is from outside Canada, the invoice has no tax. If it is from a Canadian account, a 13% HST will be added.
There are no other costs or hidden charges from Innovation Factory.
Runway Accelerator Application Process
1. Submit Your Application
You must apply to be considered for the Runway Accelerator. Our team will review your application and determine whether your business is eligible.
Time required to complete stage: ~3 weeks after applications close.
2. Due Diligence Assessment
If you pass our review, we will request documents that confirm the applicants and business are eligible for the Start-up Visa Program and Runway Accelerator.
Time required to complete stage: This stage depends on the applicant’s ability to submit the required information in a timely manner. Estimate ~2 weeks.
3. Final Interview and Review
If you are eligible, we will schedule a final interview to meet all the applicants and hear them pitch their business. We will ask questions to determine whether we will proceed with your business.
Time required to complete stage: ~2 weeks
4. Sign Agreement and Invoicing
If you pass our due diligence assessment and interview, we will send you our Agreement to review and sign and then your invoice for the program fees.
Time required to complete stage: ~2 weeks
5. On-boarding
Congratulations! You are officially in the Runway Accelerator. We will meet to discuss a starting date for our 12-month engagement and introduce you to your Expert Advisor and Innovation Advisor.
Time required to complete stage: Once accepted to the program, and you have signed your agreement and paid the invoice, you will start the Runway Accelerator and receive your Commitment Certificate within 1 month.
Due Diligence
- Business plans
- Pitch presentations
- Corporate documents
- Financial information
- Intellectual property documents
Note: All employees of Innovation Factory are bound by an internal NDA. By submitting an application, you are giving permission to Innovation Factory to confidentially store and review this information for the purposes of your application to the program. You are also representing that all the information provided is true and accurate to the best of your knowledge.
Program Details
Once our engagement begins, you will have access to all Innovation Factory has to offer. Your Innovation Advisor will help your team navigate all of our client resources, including upcoming events, workshops, and webinars. You will meet regularly with your Expert Advisor to work on key business milestones. Throughout our engagement, your dedicated support team will continue to connect you to partners in our ecosystem, introduce you to exclusive opportunities, and help you build your network.
Once you start on our accelerator, our team will start preparing your Letter of Support – a key document required for your application to Canada’s Start-up Visa Program. Your business will receive the Letter of Support within the first few weeks of our engagement.
We encourage everyone to visit Academy at Innovation Factory, our multidisciplinary learning platform. Academy features the courses you need to get your business moving; everything from sales, marketing, brand building, and design to legal, operations, and human resources. This platform is free to register and offers our clients more opportunities to learn.
Note: Participating in the Runway Accelerator does not guarantee that your Start-up Visa Program application will be approved by the Government of Canada.
Work permits for Start-up Visa applicants
You can apply for a short-term work permit under the International Mobility Program before submitting an application for permanent residence under the Start-up Visa Program.
Only foreign nationals who have received a Commitment Certificate and Letter of Support issued by a designated entity may be considered for a short-term work permit. The designated entity must support the request for a work permit.
If you meet the eligibility requirements, you can apply for a work permit. You do not need to apply for permanent residence first.
Learn more about short-term work permits.
Processing times for applications
We strongly recommend that you check the processing times for short-term work permit and start-up visa applications.
Instructions (Start-up Visa):
- Select “Economic immigration” application type.
- Select “Start-up visa” economic class application.
- Click “Get processing time” button.
Instructions (Short-term work permits):
- Select “Temporary residence (visiting, studying, working)” application type.
- Select “Work permit (from outside Canada)” or “Work permit from inside Canada (initial and extension)” temporary residence application (choose the applicable option).
- Select the country you are applying from (if outside of Canada).
- Click “Get processing time” button.
Applying doesn't need to be difficult!
As a designated organization, Innovation Factory collects and reviews a lot of information to assess your company’s viability for the Runway Accelerator. To make your application easier, we’ve put together a list of information you should have on hand when applying.
Frequently Asked Questions
I've been accepted! When do I start?
Congratulations! Our engagement will begin one month after you have been accepted into the Accelerator. This allows time to schedule an official start date, prepare your file, and secure your Expert Advisor and Client Services Manager.
How much time will I spend a week in the program?
We understand that you have a business to run. The time dedicated each week can vary and is dependent on what you need and what you can spare. As one of our clients, we want you to leverage all that Innovation Factory has to offer, including our programming, webinars, and networking opportunities. It’s about the quality of time spent with us, not the quantity.
When do I receive my physical workspace?
We’re glad you’ve made it to Canada! As a participant of the Runway Accelerator, we’ll provide you with up to six months of workspace to support your business. If you require a specialized workspace (wet lab, warehouse, etc.) we will contribute to the acquisition of that space.
When do I receive my Letter of Support?
A Letter of Support from a designated organization is required to apply to the Start-up Visa Program. Innovation Factory will issue a Letter of Support to businesses within one month of starting the Runway Accelerator.
Why do I need to provide so much information to Innovation Factory?
As a designated organisation approved to support entrepreneurs applying for the Start-up Visa Program, we need to do our due diligence to ensure that your business is eligible. We will review the documents you provide and determine whether the Runway Accelerator is right for you. Rest assured that we keep your documents secured and they are not shared externally to the Runway team.
What happens when our engagement is over?
It was a pleasure working with you, but we aren’t going anywhere. As a Canadian business in the start-up ecosystem, Innovation Factory will continue to support you as a client and provide you with the services and programs you need to succeed in Canada.
Why should I move my business to Hamilton?
Hamilton, Ontario, boasts a diverse and ever-expanding economy. Built on a foundation of advanced manufacturing and highly-skilled citizens, Hamilton continues to attract new and innovative businesses in a variety of industries. Learn more about what Hamilton has to offer your business.
Ready to apply?
Moving your business to Hamilton, Ontario, is a big deal. We are here to make sure you’re ready. If you think your company is a proper fit, submit your application and start your journey to business in Canada.