If you are an entrepreneur looking to move to Canada, then Canada’s Startup Visa is the one of the best programs available. You can get more details about the program here, What is Canada Startup Visa Program.
If you are someone who has already decided to apply to the program, then here are 5 things which you need before you start applying to incubators.
1. Innovative Idea
Your idea for your startup needs to be innovative. What does IRCC mean by innovation? There is no clear answer to this, but one thing is very clear, you can not offer to buy a franchise or start a traditional business. When thinking about your business idea for SUV, try to be more creative and try to think of something which probably no one is doing or present it in a way that feels like a new, unique idea. It doesn’t necessarily have to be a technology product, but as a tech product, it is fairly easy to show innovativeness in your approach to solve a problem.
2. Pitch Deck
You definitely need a pitch deck before you start applying to incubators. Every incubator will ask for a Pitch deck. If you are a serial Entrepreneur like me, you must have created or seen pitch decks from other Startups. Your pitch deck doesn’t have to be very fancy, but it does need to cover all the relevant information expected from a pitch deck.
Here is an article from Toronto Business Development Center on How to write a pitch deck
3. Business Plan
Your Business plan is an explanation of all the information in your pitch deck. It contains much more elaborate information about everything. Be sure to include as much detail as you can about
- Your Idea
- Target Market
- Why you and your team are the right people to solve it
- Customer profile
- Marketing Plan
- Product Details
- 5 year financials
- Investors if any
MVP stands for minimum viable product and is a very general term used for Tech products. Almost all the incubators I applied to, asked to see the product, mostly during the initial interview. Make sure you have a ready product before you start applying to incubators. Your chances of getting accepted are very minimal if you don’t have a running product to show. My advice would be not just show your product but also demonstrate that you have actual customers using your product. These customers do not have to be paying customers, they can be free users with a potential to pay but having customers is always going to work in your advantage.
5. Relevant Experience
What relevant experience means that in reference to the Business idea you are pitching. You and your team members need to be able to prove that you have relevant experience from your past which equips you to execute this Business idea. If you can not prove that you have relevant experience, then your application will probably get rejected.
Conclusion Canada Startup Visa
Embarking on the entrepreneurial journey in Canada through the Startup Visa Program is an exciting opportunity, but it demands thorough preparation. From fostering a unique and innovative business idea to creating an impactful pitch deck and MVP, each step plays a pivotal role in showcasing the viability and promise of your startup. Furthermore, grounding your venture in relevant experience fortifies its credibility and increases the likelihood of acceptance by incubators. As you consider applying, ensure that your idea doesn’t just shine on paper but also holds practical merit in the real world. By ticking these essential boxes, aspiring entrepreneurs can optimize their prospects in Canada’s dynamic startup ecosystem.