Request for Applications: UArctic Entrepreneurship Fund

To truly solve the challenges facing the Arctic, and thus the world, they believe strongly in supporting local solutions and multiple avenues for innovation for new services and products. UArctic is committed to playing a role in supporting the development of northern entrepreneurs and providing resources to help advance local ideas.

One way to do that is to complement existing, mature prize funds with a seed-fund program – the UArctic Entrepreneurship Fund. This will help to create a pipeline for existing prize funds and also allow for diversification in both creative products and local enterprises.

The call is open to any individual with an incubator-stage product or service that aims to benefit the Arctic environment or Arctic communities and has a positive, demonstrable impact on the Arctic. They especially encourage applications from Arctic Indigenous and/or northern-based entrepreneurs.

Goals

• Accelerate high-potential incubator-stage products and services aiming to benefit the Arctic environment and/or Arctic communities. Benefit in this context can be described as being greatly diverse; from having a positive impact on the environment, e.g. pollution reduction, or a product that can increase internet connectivity in the Arctic etc.
• Increase engagement from aspiring entrepreneurs and innovators toward Arctic issues.
• Support and encourage ideas of aspiring Indigenous entrepreneurs.
• Support and foster a bridge between UArctic’s wealth of academic knowledge and recipients of the UArctic Entrepreneurship Fund.
• Reward creativity and risk-taking by supporting a broad selection criteria that is not solely return-on-investment focused.

Funding Information

Expected grant disbursement amounts are in the range of $2,000 to $5,000 USD, though exceptions may be made on a case-by-case basis.

Eligibility Criteria

• The UArctic Entrepreneurship Fund is open to any individual with an incubator-stage product or service that aims to benefit the Arctic environment or Arctic communities and has a positive, demonstrable impact on the Arctic. They especially encourage applications from Arctic Indigenous and/or northern-based entrepreneurs.
• All applications are expected to meet the following criteria to qualify for scoring:
  • Background overview of the submitter (with a résumé)
  • A true new product or service
  • A value proposition that clearly addresses how the product or service will directly impact the Arctic environment or Arctic communities
  • A business overview/pitchbook, outlining (as applicable):
  • company description
  • understanding of the problem and market potential
  • product or service description
  • marketing strategy
  • high-level financial projections/use of the funds
  • appendix (for any documents or data to support the other sections).

For more information, visit University of the Arctic.