The Science Commercialization Fellowship will support faculty members who are at the early stage of creating a spinoff company. Recipients will form the foundation for a group of researchers who can benefit from shared mentorship while receiving recognition and funding support for their commercialization efforts.
- Maximum of two fellowships awarded per year.
- Fellowship can be held for two years and is not renewable.
- Fellowship funded to a maximum of $60,000 in total (paid out at $30,000/year over two years).
- Faculty of Science tenured and tenure-track professors are eligible.
- Cannot be held at the same time as a Research or Teaching Fellowship.
- Must have an existing spin off company that the applicant wants to grow.
- Eligible expenditures include:
- new product R&D
- design, engineering, & prototype development
- product testing & refinement
- patent and IP costs
- market assessment fees
- teaching release buyout (one course teaching reduction per year, subject to Chair approval)
- product marketing and promotional activities
- Funds to be used for leveraging of existing government funding programs (e.g. NRC-IRAP) to bring in a minimum of 50% of the Fellowship funds as matching money.
- No cash payback required.
- Application submission date: January 15, 2018
- Applications are judged based on the quality of the nominee and their proposal.
- Nominations come from the Department Chair. An application consists of a one-page justification for the request from the Chair, a business plan written by the nominee, and a budget of how the funds will be spent and leveraged.
- Applications are to be adjudicated by the Dean, Vice Dean, Associate Dean (Research) or delegate, and industry member.
- In exceptional cases, the adjudication committee can consider an application outside the normal deadline process.
- Final report detailing the impact of the Commercialization Fellowship on the spinoff company, an objective assessment of the current state of the company, future plans for the company, and a summary of how the Commercialization Fellowship funds were spent.
- Second year of fellowship conditional upon review at the end of Year 1. End of Year 1 expected results: $50,000 in sales (product or services) and a plan to increase sales to $200,000 by the end of Year 2.
- Mentoring of one colleague on spin off activities required after completion of the fellowship
- One presentation to student entrepreneurs required.