Investment Activation, Funds and Reporting
Successful companies must complete the following requirements within 30 days of investment approval:
- Signature of OCE’s standard funding agreement. Please do not fill out this template; a copy of the agreement will be generated through AccessOCE and sent to the Applicant upon approval of the investment.
- Proof of Matching Funds: Please note that the proof of matching contribution in the form of a current bank statement (dated within 30 days of this letter) is required before your funding can be released.
- Electronic Fund Transfer (EFT)/ Direct Deposit form and void cheque
- Convertible Promissory Note
A member of the OCE commercialization team will contact you directly to discuss details regarding the financial terms and conditions of the investment.
Flow of Funds
Market Readiness 125 Investment (MR125)
- Upon receipt of the completed company’s electronic funds transfer (EFT) form, proof of matching funds, company’s profile, executed convertible promissory note and funding agreement, OCE will release a payment equal to 75 percent of the OCE investment. For example:
- OCE will not release any funds until the investment is activated, and will not be held responsible for any expenses incurred for the investment prior to activation. If for any reason the requirements for activation are not met within thirty (30) days from the date of release of the approval notification, the funding offer may be retracted.
- The holdback of 25 percent of the OCE investment will be released upon receipt and approval of the final report and attestation from the company regarding the use of funds.
Market Readiness 250 Investment (MR250)
- Upon receipt of the executed legal documentation, OCE will release the full amount of the OCE investment.
Investment ReportingThe following investment reports will be required. Please note that completion of all required reports is a contractual obligation to receive funding from OCE.
- The Milestones Report (including progress, financials and metrics) at the completion of the OCE-supported milestones (status and outcome of OCE-supported milestones, final metrics, detailed use of OCE funds). Finance will require receipts, proof of payments, etc. The report MUST be received and approved by OCE prior to release of the final tranche (25 per cent) of funding in order to maintain good financial standing with OCE.
Quarterly Hockeystick Reports
- The Quarterly Hockeystick Reports (including financials, talent and operations metrics) monitor the company’s progress and key financial data. Note the Hockeystick reports do not include metrics or financials on the OCE-supported project.
- If OCE-funded milestones and activities continue past a fiscal year end (March 31), the company will be required to complete an annual metrics survey each April, for the OCE-funded milestones and activities that have been completed since the previous March 31. This annual report is mandatory for OCE to fulfill its contract with the provincial government. Required metrics reports must be submitted for the company to maintain good financial standing with OCE.