Call for Applications Now Open

Application Deadline: Friday, October 18th 2024

Eligibility

• At least one current Faculty of Science Faculty Member affiliated founder or co-founder
• Have worked for at least 6 months on the research project being commercialized. Initial experiments have been conducted and serve as a basis for pre-seed funding.

Key Dates

• Applications Open: Friday, September 20th 2024
• Applications Close: Friday, October 18th 2024

Expectations

• Recipients are expected to achieve significant research milestones such as generating data for a patent application or validating proof of concept. For example, successful demonstration of experiments or prototype development.
• Participate in business advisory meetings to develop intellectual property, fundraising, and business model strategies – to be organized by the McMaster Industry Liaison Office (MILO) and the McMaster Entrepreneurship Academy
• Recipients will participate in entrepreneurial workshops organized by the Associate Dean Research Office. Workshop dates will be arranged during the duration of the award.
• The research that is being commercialized will be disclosed to MILO through an invention disclosure within the 12 month funding period.
• Recipients are required to leverage the preliminary results to apply to the McMaster Seed Fund if appropriate or apply for additional external funding within 16 months of receiving the pre-seed investment.
• Minimum Technology Readiness Level (TRL) = 2 to 3 at the time of application, with the expectation to move closer to TRL=4 in preparation for the McMaster Seed Fund.
• Applicants will be expected to present an investor-style pitch, outlining their research project, and their path to commercialization at the end of the funding period. (December 1st 2025).
• Recipients must submit a detailed progress report within 12 months, highlighting fund utilization, research advancements, and initial results.

Funding Usage

Up to $50,000 pre-seed funding can be used for various expenses including, but not limited to, personnel costs, research materials, prototype development, and initial market research. A detailed budget plan must be included in the application.

Proof of Concept and Validation

• Preliminary research, conducting additional experiments or studies, developing prototypes that demonstrate that the scientific idea or technology has potential viability.

Initial Product Development

• Develop an early-stage prototype or minimum viable product (MVP). This may include creating functional versions of a technology or a product that can be tested and refined.

Market Research and Strategy Formation

• Comprehensive market research to understand the target market, customer needs, and competitive landscape.

Partnerships and Networking

• Engage in networking to build relationships with potential customers, advisors and investors.

Intellectual Property and Regulatory Readiness:

• For research projects working in regulated technologies, starting the process of regulatory approvals and compliance.
• Secure patents or other forms of IP protection to safeguard innovations and enhance the company’s value proposition.

Application Process

Applicants must complete an online application to be reviewed by an internal committee. The committee will review and assess each application based on the evaluation criteria and alignments with the program’s objectives.

Selection process

The review committee is led by the Associate Dean of Research and is adjudicated by an internal committee comprising a selection of the Associate Chairs of Research, the McMaster Industry Liaison Office, or alternates.

The applications will be evaluated based on the following selection criteria:

1. Novelty and Impact: Evaluation will focus on the project’s novelty, potential to make significant scientific advancements.
2. Feasibility and Milestones: The review committee will assess the clarity and feasibility of the research plan, including the likelihood of achieving proposed milestones.
3. Commercialization Potential: Potential for commercialization of McMaster IP through entrepreneurship.
4. Funding Potential: The potential of the project to attract additional funding and support from external agencies will be considered. In assessing candidates, the selection committee will actively adhere to principles of equity, diversity, and inclusion, in a manner that is aligned with the university’s Faculty Recruitment and Selection Policy and guided by the Policy’s companion Handbook.

Awards

Each award will provide up to $75,000 in pre-seed funding, including $50,000 in cash and $25,000 of in-kind support through the McMaster Industry Liaison Office, the McMaster Entrepreneurship Academy, and the Associate Dean’s Research Office. In kind support may include, but it is not limited to business advisory meetings to develop intellectual property as well as entrepreneurship programming throughout the 12 month period.

Expected Outcomes

The program is expected to enrich the entrepreneurial and commercialization culture of the Faculty of Science and enable researchers to advance their projects to a stage at which they can secure additional investments, especially towards the McMaster Seed Fund, and from external funding bodies. The fund will contribute to the Faculty’s mission to drive scientific excellence, address global challenges, and enhance McMaster University’s reputation as a leader in scientific research.

Recognition

Recipients will be acknowledged through Faculty communications, and where appropriate, at Faculty of Science events, enhancing the visibility of their research.

For additional information or questions please contact Monika Stolarz, External Research Partnerships and Commercialization at stolarmk@mcmaster.ca.

Application Form

Submit your application form online at the following link: Faculty of Science Pre-Seed Fund