The MaRS Discovery District has opened applications for another round of its embedded executive funding program.
The program helps Ontario-based tech startups reach their next milestone by pairing them with a C-level or another senior-level executive for six months.
MaRS said accepted companies can receive up to $50,000, which will go towards the embedded executive’s salary. However, each recipient is also required to contribute $15,000 cash (or 30 percent of the amount requested) throughout the program’s six-month period.
Toronto-based Perimeter Imaging, which develops, patents, and commercializes advanced surgical imaging tools, was a funding recipient of the program in 2016. Paul Weber, president and CEO of Perimeter Imaging, said the program helped the company attract talent and access regulatory resources.
“We leveraged Embedded Executive Funding to engage highly skilled regulatory resources to assist in regulatory strategy,” said Weber. “The program enabled us at an earlier stage to hire talent that we wouldn’t have been able to afford otherwise. This resulted in our very effective initial FDA clearance in about 90 days. I credit that to that program.”
Ontario startups in a mid-to-late stage of development are encouraged to apply. Applications can be found here.