Natural Products Canada is launching three new programs to help companies in its space grow to become companies bringing in eight figures in revenue each year.
Based in Charlottetown, NPC is an association that helps grow Canadian ventures that make products from natural substances. The organization recently launched new Proof of Concept and Executive Talent programs. Next week, it will launch a Go To Market program. All the programs have an ongoing intake, meaning companies can apply at any time.
The Proof of Concept program is designed to help companies validate commercial applications of natural products or technologies.
“Our network has been telling us that proof of concept testing is a real challenge,” said the organization’s CEO Shelley King in a statement. “They need to validate their products, but it’s difficult to find the funds from either government programs or private capital.”
The new program offers up to half of the project costs to a maximum of $100,000. For companies, the funds are repayable based on gross revenues generated by the resulting product or technology. For research institutions, funds are conditionally repayable based on licensing agreements.
King said the goal is to help companies and institutions secure enough money to clear hurdles at key stages of the development process. Once they succeed, the borrowers can repay the money so NPC can re-channel the funds into other projects.
“The program targets projects that go beyond basic research or early product development,” said King. “We’re looking at things like preliminary animal, field, demonstration or human trials that verify the commercial potential of the technology.”
You can find more information on the program here.
The Executive Talent program is designed to help high-potential companies hire key personnel as they scale. The program will lend companies as much as $50,000 to cover half of the salary for one year of a key team member.
You can learn more about the Executive Talent program here.
The organization, which aids natural products companies across Canada, will release the details of its Go To Market program next week.