FREQUENTLY ASKED QUESTIONS (FAQ)
Do you take equity?
Is there an age limit?
Nope! But all participants must be 19+.
Do I need a post-secondary degree to apply?
Nope! We accept entrepreneurs of all backgrounds. No formal education is required.
Do I need to be a Canadian citizen to apply?
Nope! We accept participants from around the world.
When is the program?
Our program will run from April 29th - July 19th, 2019.
What kinds of businesses do you accept?
If you take a peek at our alumni page, you'll see that we accept businesses from many industries. As long as you have a creative business or innovative product/service idea, we'll consider your application.
Does my business need to be operational before applying?
It is recommended, but not required. Past participants have opened their businesses on Day 1 of the program.
What kind of facilities are available?
We have a co-working space for teams to collaborate and hold meetings. Fortunately, being connected with the University of New Brunswick, we can also access top-notch equipment and labratory space. Any facilities not immediately available, our team will try to arrange access too. However, please talk to us about your needs during the application process so we can prepare solutions for you before the program begins.
How much is the scholarship?
Each founder receives a fulltime minimum wage stipend ($11.25/hr) during the program. With tax reductions, this works out to be a scholarship of approximately $5300. Obviously minimum wage is not going to be profitable (that's what your business is for) - it's just to help cover the necessities.
Are there funds available to help develop my product?
Yes, each venture has access to a $2,000 grant for prototyping.
I'm applying as a single founder. Can I get accepted, or do you look for teams?
Teams are recommended given the demands of the program. However, when reviewing applications, we treat single founders and teams equally. We trust that you know how you'll work best. If you want to build the business by yourself, we'll do our best to support you every step of the way.
Can I send an employee on behalf of my company?
No. Only company founders may participate.
Is there a maximum number of team members who can apply?
We can only provide funding for three founders per business. If you have a larger group, talk to us about your situation. Although we may not be able to fund each team member, we can likely negotiate access to education and mentorship for all.
When will I know if I'm accepted?
I'm coming from outside Fredericton. Where will I live?
Our team will help you find living arrangements for the duration of your stay. Your scholarship will help cover the costs. Reduced rates are available for those interested in staying in a UNB residence.
Can I do this while working another job?
Probably not, but talk to us about your situation if you think it's a good idea. In any case, we'll need everyone to be 100% committed to our scheduled program days.
I'm a student. Can I get course credit for this?
Yes. The Summer Institute will allow you to claim credit for TME 3913: Experiential Learning - Technology Management and Entrepreneurship. If you wish to receive course credit, you must register for TME 3913 as a University of New Brunswick student and pay the associated course fees. There is no charge to participate in the Summer Institute, but we cannot award course credit to unregistered students.
Is my company "too far along" to apply?
Definitely not. We want to work with great people who are crafting impactful ventures (no matter the stage). Our team will work with you to develop a personalized plan and ensure you get the most out of the program.
I want to apply but I don't have a team or an idea. Will you pair me with someone?
We do not offer this service. However, there are plenty of community events and classes offered at the University of New Brunswick where you can find likeminded people and great ideas. If you're interested, we recommend you head to the J Herbert Smith Centre for Technology Management & Entrepreneurship to chat about their events and programs.
When are applications open?
Applications are always open. However, for our 2019 season you must apply by February 15th.
How much do I need to pay to participate?
Nothing. If you are accepted, the program is free.
What does a regular week look like?
There are normally three program days each week that run from 8:45 to 5. Program days can be anything from skills workshops to one-on-one time with residents and mentors. Program days are held Monday through Friday.