The MaRS Discovery District has opened applications for another round of its embedded executive funding program.
The program helps Ontario-based high-growth 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 towards the cost of the embedded executive’s salary. However, each recipient is also required to contribute $15,000 cash (or 30 percent of the amount requested) over the program’s six-month period.
OTI Lumionics, a startup that develops methods of manufacturing OLEDs, participated in the last round of the program. Michael G. Helander, CEO of OTI Lumionics, said the program helped the company attract talent, which led to the hiring of a COO and vice-president of manufacturing.
“We would definitely recommend the program,” said Helander. “It really helped accelerate our business by allowing us to bring in top talent that we otherwise couldn’t afford at that stage. We’ve received various forms of government support over the years, and the Embedded Executive program is one of the most effective in terms of the impact relative to the amount of money.”
Ontario startups in a mid-to-late stage of development are encouraged to apply. Applications, which are open until June 29, can be found here.