Anchor firms play a crucial role in sustaining economic prosperity and fostering robust labor markets across various industries. Recognizing their importance, the Canadian government has introduced the Global Hypergrowth Project (GHP), aiming to identify and support emerging companies with the potential to become industry leaders. This initiative seeks to scale operations, retain profits, and generate jobs within Canada, contributing to national economic growth. This article delves into the objectives, funding opportunities, eligibility criteria, and application process of the GHP.
The Objective of the Global Hypergrowth Project
The primary goal of the GHP is to provide Canadian businesses with the necessary resources and support to grow and expand within the national economy. By partnering with outstanding business leaders, the GHP aims to foster economic growth and nurture Canada’s brightest talents. Selected companies will have the chance to expand their networks and business operations, reinforcing Canada’s position in the global market.
Funding and Support Available
Successful applicants of the GHP will receive a comprehensive support package designed to accelerate their growth. This includes:
- Account Executive Assistance: Each company will be assigned an account executive to help with funding, international expansion, talent acquisition, federal regulation navigation, accessing procurement projects, mentorship, and expertise.
- Government Support: Companies will benefit from fast-tracked connections to government support, a tailored service plan, and expedited application assessments.
Eligibility Criteria
To qualify for the GHP, firms must meet specific financial and operational benchmarks:
General Eligibility:
- Revenue: $30 million in the last 12 months
- Gross Margin: 40% in the last fiscal year
- Revenue Growth: 30% compound annual growth rate (CAGR) over the last three years
- Location: Headquarters and at least 60% of employees based in Canada
Sector-Specific Criteria:
- Health/Bio-sciences Sector:
– At least one product in Phase I of clinical trials
– Current valuation of at least $50 million
– $25 million raised in total funding since inception
– Headquarters and at least 60% of employees based in Canada - Clean Technology Sector:
– $20 million in revenue in the last 12 months
– $25 million raised in total funding since inception
– 20% revenue CAGR over the past three years
– Headquarters and at least 60% of employees based in Canada
Application Process
Companies identified as potential candidates will be contacted by a GHP team member to discuss their eligibility and growth prospects. The process includes the following steps:
- Initial Contact: A GHP representative will reach out to discuss the firm’s qualifications and potential fit for the program.
- Expression of Interest: If the company meets the criteria and wishes to proceed, they will submit their Consent and an Expression of Interest.
- Evaluation: A selection panel, consisting of Canadian business leaders and experts from both the public and private sectors, will assess the candidates’ growth prospects.
- Recommendation: Up to 15 companies will be recommended to the Deputy Minister of Innovation, Science, and Economic Development Canada for inclusion in the GHP.
The Global Hypergrowth Project represents a significant opportunity for Canadian businesses to achieve substantial growth and contribute to the national economy. By providing tailored support and resources, the GHP aims to develop the next generation of anchor firms, driving innovation and prosperity in Canada. Firms meeting the eligibility criteria are encouraged to engage with the GHP to explore how they can benefit from this initiative.
Deadline for referral and self-recommendation submissions for this program is September 30, 2022. Companies can be referred to the selection committee, or they can self-recommend.
Contact EVAMAX today to get started on your application!
