FY12 Program Details – July 2011

FY12 Program Details – July 2011

MaRS is a member of

Memory at Work

Pg 2

MaRS is a member of

• This program provides clients with up to $50,000 to enable them to hire C-level or other senior executives to work within the company to accomplish specific short-term goals or milestones.

• A total budget of $500,000 has been initially made available in this round.

• Client applications will be evaluated collectively by and independent panel of reviewers – the funding budget will not be allocated based on industry/discipline.

• Another call for candidates will be made this year as follows:• October 2011 - $500,000

BAP Embedded Executive FundingFY12 Program Details – July 2011

Memory at Work

Pg 3

MaRS is a member of

• The maximum provided to any one company will not be allowed to exceed $50,000 CAD (before HST).

• The maximum rate of pay contributed by BAP funds for an Embedded Executive cannot exceed $1000 per day.

• Costs in excess of this amount would be borne by the Client.

• Funding shall cover the costs of Embedded Executive salary only. All incidentals and other expenses will be paid for by the Client.

• Candidate will begin within one month of approval.

• The contract duration for this program shall not exceed 6 months.

• Compensation cannot be provided for work completed outside of the term of the program contract.


Memory at Work

Pg 4

MaRS is a member of

Costs should not exceed fair market value for services

Incidentals and other expenses will be paid for by the Client

Ineligible Expenses (in accordance with Ontario guidelines)• Costs related to proposal development (including related staff costs).• Capital Costs (e.g. land, building, vehicles).• Entertainment expenses, gifts and alcoholic beverages.• Expenses associated with lobbying or government relations activities.• Costs associated with travel, activities or operations performed outside of Ontario• Passport and immigration fees.• Reimbursement for airfare purchased with personal frequent flyer points programs.• Legal, accounting and consulting fees in connection with financial reorganization, security issues, capital stock issues,

obtaining of licenses and prosecution of claims against Ontario.• Federal and provincial income taxes, excess profit taxes or surtaxes and any special expenses incurred in relation to taxes.• Fines and penalties.• Donations in the form of goodwill and other intangibles (such as intellectual property, including licenses and patents).• Opportunity costs. • Standard discounts. • Interest charges.• Allowance for interest on invested capital, bonds, debentures, bank or other loans together with related bond discounts and

finance charges.• Losses on investments, bad debts and related collection expenses.• Losses on other projects or contracts.• Amortization of unrealized appreciation of assets.• Depreciation of assets.• Expenses and depreciation of excess facilities.• Any costs, including taxes, for which the organization has received, will receive or is eligible to receive a rebate, credit or

refund.


Memory at Work

Pg 5

MaRS is a member of

• Clients are technology-based companies

• ICT and Cleantech companies with no more than $2M in private investment, $1M annual revenue, or Life Sciences companies with no more than $4M in private investment, $2M annual revenue.

• Clients will have registered with the RIC and must have met with a senior advisor who will be referring the application.


Memory at Work

Pg 6

MaRS is a member of

July 21 Call for applications

July 22nd to Aug 30th

RIC Advisors work with key clients to develop projects and complete application

Aug 31st Deadline to submit application by 5 pm. Advisors will submit on the company’s behalf* and include a letter of recommendation

Sep 6th Review panel assembled and project reviews begin

Sep 21st ** Review panel convenes for decision-making

Sep 23rd** Funding decisions communicated to clients by BAP

* Applications will not be accepted from clients directly** Tentative depending on number of applicants and review process


Memory at Work

Pg 7

MaRS is a member of

Company’s potential impact on the economy – company is poised for job growth, sales, investment (x2 weight)

Company’s ability to exploit project results following the program term Candidate’s potential impact on company

Candidate’s role and deliverables are adequately scoped, priced, described and align to company’s objectives

Candidate’s ability to execute and complete project


Memory at Work

Pg 8

MaRS is a member of

Program Contract

• BAP notifies client of approval and sends program contract by email with cc to IION.

• The contract is a 2-way contract with the Client and BAP to cover off on program expenses.

• Client may arrange its own agreement with the Embedded Executive to cover off on issues such as non-competition, confidentiality, incidental expenses, ownership of IP, etc. if they feel as though the clauses in the contract template provided are not robust enough. A template for this additional agreement is the responsibility of the Client and will be provided to BAP on completion.

• Approved application and supporting documentation serve as the Statement of Work.

• Client proceeds with project once BAP contract is signed.


Memory at Work

Pg 9

MaRS is a member of

Compensation and Reporting

• Upon signing the BAP Program Contract, the Client will invoice BAP and receive half of the granted funding up front.

• After 3 months or the half-way point of the contracted term, the Client will submit a progress report on behalf of the Embedded Executive with approval to continue the project for the rest of the term.

• The Client will invoice BAP for the remainder of funds granted. Payment will not be made without an accompanying report and the Client’s signature of approval.

• The Embedded Executive will also provide a final report at the end of his or her term with the company.

• Compensation cannot be provided for work completed outside of the term of the program contract


Documents

FY12 Program Details – July 2011