Muskoka Futures has launched Muskoka 4.0, opening applications for the $250,000 investment competition, in which entrepreneurs must pitch a business or idea that could positively impact the Muskoka region.
Applicants don’t need to be residents of Muskoka, but must have a business that could impact the region.
Entries will be short-listed based on three, equally weighted criteria: the potential impact on Muskoka, strength of the founder team, and business viability and scalability. Applicants will then be interviewed by the selection committee, with only successful entrants continuing on as finalists. According to Muskoka Futures, businesses will then undergo a “due diligence” stage, where Muskoka Futures will use external expertise and consultants in order to gauge businesses.
Finally, applicants will participate in a live pitch event where Muskoka Futures will select a winner. Pitch presentations are capped at 10 minutes in length, followed by a 10 minute question and answer period. The $250,000 investment winners will be announced at the pitch event on May 30.
For the duration of the competition, finalists will receive access to entrepreneurial support, including a pitch workshop and personalized advice from Muskoka Futures.
Applicants do not need to be residents of Muskoka to apply, but must prove how their business could impact the region. There is no entry fee, and entries may be submitted by individuals, partnerships, or corporations. However, Muskoka Futures noted, applicants must incorporate in order to receive the $250,000 investment.
Muskoka Futures is an organization that seeks to support the startup economy in Muskoka, a region two hours north of Toronto. As one of 270 Canadian not-for-profit community futures development corporations, the organization seeks to assist entrepreneurs in rural and non-urban regions with a $9 million dollar investment fund and strategic advice and support for entrepreneurs. It’s also a part of a 30 plus year federal government initiative under the Ministry of Innovation, Science, and Economic Development.
Applications for the competition are due by March 11. Short-list selection occurs on March 20. Entrepreneurs must disclose investments raised to date, as well as a financial summary including cash flow and a budget. Individuals that are interested in applying can find more information here.
Feature image courtesy Muskoka Futures