Applications have opened for the third Ocean Startup Challenge, which will offer idea- and early-stage bluetech startups up to $40,000 each, as well as specialized training, mentorship, networking, and events.
Organized by the Ocean Startup Project, the Ocean Startup Challenge is a program that provides funding and mentorship to early-stage oceantech startups. Each year, it awards development capital to dozens of emerging companies with the goal of building out the pipeline of Canadian bluetech companies. This year, it will award a total of $750,000.
“In just a few short years, we have seen the Canadian ocean startup ecosystem blossom, and that's thanks to a country that is awakening to the incredible opportunities that exist for innovation in the blue economy,” said Ocean Startup Project Director Don Grant in a statement. “We want to continue building on the success we have seen from past Challenge winners by creating more new ocean startups and empowering founders to explore and pursue unique ocean tech solutions that will make a significant impact in Canada and around the world.”
The Ocean Startup Challenge began in 2020 and helps turn entrepreneurial ideas or technology into viable businesses.Organizers said that since 2020, more than $1.4 million in funding has been provided to 43 teams through the first two cohorts of the Startup Challenge.
The upcoming program, which is open to pre-revenue companies with no institutional investment so far, will run until March 2023.
You can apply here. The deadline to apply is Sept. 1.
In the past two years, the Ocean Startup Challenge has supported 43 startups with more than $1.6 million in funds. These companies now employ more than 70 people and have raised about $8.5 million in equity investment.