How will the program be delivered?

The program consists of a remote period (Phase 1), from mid-January to the end of April, and an in-person period (Phase 2), from May through August 2023.

Phase 1: Entrepreneurs build their venture, working with their co-founders and mentors from their home communities. They participate in online courses and take advantage of professional advisory services, capital and market intelligence to begin/continue the development of their startup.

Entrepreneurs identify a problem they want to solve, decide whether to work solo or with a co-founder and incorporate their business. At Venture Reveal, they present their business case and current and future milestones.

Phase 2: Consists of in-person instruction taught by internationally acclaimed faculty and Canadian business leaders, delivering courses important to entrepreneurs from all academic backgrounds. It also includes workshops on venture finance, sales, negotiation, marketing and project management and provides frequent access to Canadian business leaders, who often become advisors and connectors for our entrepreneurs. Entrepreneurs attend over a dozen exclusive networking events and pitch continuously throughout the summer, leading to Venture Day, where they present to investors across North America.

Entrepreneurs arrive in Toronto at the beginning of May and live with their co-founders to build their ventures.

I am not a Canadian citizen or permanent resident; can I still apply?

At this time, NEXT Canada only accepts Canadian citizens, permanent residents, or those with student/working visas.

However, suppose you intend to begin applying for Permanent Resident status or are already doing so. In that case, we will accept a notarized statement to this effect. Don’t hesitate to contact us before submitting your application if you intend to provide a statement to this effect.

 

Can Next 36 help me with my Startup Visa?

No, at this time, Next 36 does not support international applicants.

 

I am a Canadian student enrolled in an undergraduate program outside Canada. Can I apply?

Yes! Canadian citizens who are enrolled at international institutions can apply as long as you can commit to attending the entire summer program from early May to mid-August.

 

What grades do I need to get into the program?

There is no minimum GPA requirement. You’ll be asked for your GPA as part of the application, but it’s just one data point we look at when reviewing your application.

Can I take other classes or be employed during the summer?

You must be fully committed to the program during the summer Entrepreneurship Institute (May-August). No other classes, jobs or side hustles.

Exceptions are only granted in extreme circumstances.

 

What kind of applicants are you looking for?

Next 36 is looking for students who have an entrepreneurial track record.

Show us that you’ve built something. Whether you’ve gone to hackathons, spearheaded a student club, started a company, or launched a social enterprise – we want to know about it. Tell us how you’ve identified opportunities, done something better or differently, and taken action to do something about it (even if that something failed spectacularly).

 

Can I apply with an existing venture?

Yes! You can apply with an existing early-stage venture. Typically, this venture may have small amounts of funding through grants, university programs or competitions but hasn’t taken any significant private investment.

Remember, the application is an individual one, so be sure all your (eligible) co-founders also apply. Only the co-founders who are successful at National Selection Weekend will officially be admitted into the Next 36 as “Lead Founders.”

 

What if I get into the program, but my co-founders don’t?

There will be a second intake in February, where we’ll open up applications for the Lead Founders’ co-founders who can apply or re-apply to get into the program.

If they aren’t accepted during the second intake, they will be considered “external co-founders” and will have limited access to the program. Space permitting, external co-founders might have the opportunity to attend classes/workshops, may work out of the hot desk space, and can attend more significant external events throughout the summer.

What does the program cost?

There is no tuition charged to participate in Next 36. Generous donations from individuals and foundations who support the organization cover the $30,000 cost per entrepreneur.

Entrepreneurs will only be expected to cover their summer living expenses, including food and accommodations, as well as their travel to Toronto for the summer portion of the program.

Who owns the venture’s Intellectual Property?

You do. Upon incorporation, all ventures take ownership of the IP created by their venture. Full details on IP ownership are provided to the entrepreneur in their participation agreement.

 

Where does funding for the program come from?

NEXT Canada is a non-profit charity, and funding for the program’s operational costs has been donated by a committed group of entrepreneurs, business leaders and partners who recognize the value of developing entrepreneurial talent in the next generation of Canadians.

Equity funding for the ventures is provided through a fund backed by leading venture capital firms and entrepreneurs.

 

How is my venture funded?

The Next 36 ventures may be provided with up to $50K in seed capital over the course of the program.

There will be several funding windows throughout the program. The amount of funding available increases at each window, while the number of ventures receiving funding will decrease. As is the case in venture capital, stronger teams will receive more funding.

 

How much of the venture’s equity will I own?

Founders will own 96% of their venture, split amongst the co-founders. Equity does not need to be split evenly, although anyone considered a co-founder must have a reasonable stake.

The other 4% is owned by NEXT Canada, the non-profit charity delivering the Next 36 program.

The Young Founders Fund, the equity investor supporting all Next 36 ventures, can provide up to $50K in equity funding during the program to purchase up to 5% equity in the business. You are not required to accept any investment if you’d like to retain your equity.

 

Who are the equity investors in the Next 36?

The investor group that makes up the Young Founders Fund includes leading Canadian VCs such as BDC Capital and Globalive Capital Inc., as well as several successful Canadian business entrepreneurs.

 

What if my venture has an existing shareholders agreement?

It’s highly recommended that ventures incorporate after being accepted into the program. Where this isn’t possible, all co-founder teams must agree to be governed by the Next 36 shareholder agreements. The venture must own all of its intellectual property.