Scale-up Hub Cambridge Guidelines
1. Program Objective
The purpose of the NSBI Scale-up Hub Cambridge Program (the “Program”) is to expedite and scale export growth opportunities for Nova Scotia businesses in the US market and beyond. It is a discretionary, non-entitlement program. The Program is designed to provide participating businesses with professionally guided entry into the New England market. Export growth opportunities and business performance expectations will be established collaboratively and managed uniquely with each participating business.
The Program will provide participating businesses with access to a shared office space in Cambridge, Massachusetts for a one-year term. Participating businesses will also have access to an experienced, in-market business development professional whose goal is to drive export sales and facilitate strategic business development connections.
The primary objective of the Program is to provide innovative, high-growth potential Nova Scotia businesses with an efficient and focussed gateway into the US market and to gauge and exploit their international competitiveness in an effort to expand their export sales.
2. Eligible Applicants
To be eligible for the Program, the business must:
- Be a technology-enabled, high growth, business possessing distinct innovation;
- Possess a proven record of annual sales growth;
- Be a Nova Scotia registered business in good standing; headquartered in Nova Scotia;
- Be engaged in commercial activities outside of Nova Scotia;
- Possess a fully-developed exportable innovative product and/or service, including proprietary intellectual property, that can be sold into the New England market;
- Have an export plan for the New England market outlining the following:
- The products and services, and all related technologies and innovations that the business plans to market and modifications, if any, that must be made to adapt them to the target market;
- Supporting research on product/service market fit;
- Identification of required in-market distribution channels;
- Challenges (competition, cultural differences, import controls, intellectual property status, certifications, regulatory, legal, financial, etc.) and how these will be overcome;
- The strategy intended to be used to succeed in the marketplace, including timelines and organizational resources (human and financial) dedicated to support an in-market presence;
- Any planned expansion inclusive of projected increase in staff or establishment of a long-term in-market presence in New England;
- Expected outcomes in the New England market;
- Plans and factors affecting a permanent presence in the target market.
Businesses not eligible for this Program include:
- Games of chance operations, bingo halls, small scale gaming operations
- Real estate developers
- Licenced liquor establishments whose primary business is alcohol sales (except production breweries, brew pubs, wineries, and distilleries)
- Distributors, agents, or associations
- Creative industries businesses including Music, Written and Published Work, Performing Arts (touring), Visual and Applied Arts (Contemporary Art, Production Craft, Photography, and Fashion Design)
- Publicly funded organizations
If your business is in the Creative Industries, please refer to the Creative Industries Fund.
3. Program Commitments
Participating businesses will be expected to commit the appropriate personnel, in-market time and financial resources necessary to develop and execute on business development opportunities.
Participating businesses are required to pay a non-refundable fee of $5,000.00 CAD plus HST.
Participating businesses will be required to provide monthly progress updates to the in-market business development professional for consistent tracking of potential opportunities and challenges. At program completion, the business must complete a final survey to summarize results and evaluate the Program.
4. Program Criteria
Businesses must demonstrate how participation in the Program is linked to the company's export plan for the New England market and will help accelerate growth in the business’ export sales in this market. The primary outcome of participation in the Program should be a substantial increase in export sales in the New England market.
Applicants will be evaluated on:
- The strength of the company's export plan for the New England market;
- How clearly they articulate how participation in the Program is linked to their export plan for the New England market, and will help accelerate export sales in this market.
5. Application Submission Deadline
NSBI Scale-up Hub Cambridge Program Applications must be submitted by 5:00 pm (Atlantic Daylight Time) on October 30, 2017.
6. Application Process
- A completed NSBI Scale-up Hub Cambridge Program Application Form must be submitted online through NSBI’s website at novascotiabusiness.com/scaleuphub.
- Applications received after the submission deadline will not be considered.
- Once evaluated, short-listed businesses will be notified via a phone call and required to participate in an interview process for final selection. The anticipated interview period will be November 20-21, 2017 and will be scheduled upon short-list notification. Third party reviewed financial statements will also be required in advance of the interview.
- Following evaluation, approved businesses will be extended an NSBI Scale-up Hub Cambridge Program Agreement (the “Agreement”). The Agreement must be accepted, signed and returned within 15 days to be valid. NSBI reserves the authority to remove a participating business from the Program if they are not compliant with the contractual agreement.
7. Other Pertinent information
a) Freedom of Information and Protection of Privacy Act
Information collected in connection with this Program is subject to, and will be treated in accordance with, the Freedom of Information and Protection of Privacy Act.
b) Public Announcements and Disclosure of Information
Approved businesses hereby consent to:
- Participate in any public announcement or public ceremony relating to the business’ acceptance into the NSBI Scale-up Hub Cambridge Program and related accomplishments, at a mutually agreeable time; and
- The public release of project information including: business name, sector, region, cost to NSBI per participating client in the Scale-up Hub Program, and cohort median sales growth in the target market through participation in Scale-up Hub Program.
c) Contact Information