February 14, 2020 – With respect to the Canadian Start-up visa program, there are three types of designated organizations recognized by Immigration, Refugees and Citizenship Canada (IRCC). These designated organized are allowed to issue a letter of support to start-up visa program applicants and are selected for their expertise in assessing potential successful start-ups.
Venture capital funds: The applicant for the Start-Up Visa Program in Canada must convince one of the venture capital funds to invest at least CAD $ 200,000 in his business project.
Angel investor groups: The applicant for the Start-Up Visa Program in Canada must convince one or many Angel investor groups to invest at least 75 000$ CAD in his business project.
Business incubators: The applicant for the Start-Up Visa Program in Canada must convince a business incubator to enroll him in their start-up assistance or accelerator programs.
Each organization has its own start-up selection process. The criteria could be the necessity to document the business model (business plan, pitch deck, etc.), establish the financial viability (financial forecast, proof of prior or future financing, etc.) or the product traction (MVP, user, payer, etc.).
While some organizations will consider business projects at the stage of idea, others will only look at businesses with product traction.