Application deadline: April 11th, 2021 @ 11:59 PM 

Questions? Contact engine [at] mcgill.ca

Summer TechAccel Grants

The TechAccel Grants help students jump-start and accelerate their technologically-based ideas that have business or social impact potential. Teams develop their entrepreneurial skills through a seven-part online training platform and one-on-one business mentorship and project funding for product, process, or service development. The program allows participants to define the core purpose of their startup, clarify their vision to their team and potential investors, speak with actual stakeholders to help test the team’s hypotheses, and have the ability to present an overview of the startup venture in a convincing and clear way as part of a succinct pitch presentation (TechAccel Showcase). This program allows student participants to receive CCR recognition as it is an approved Enriched Educational Opportunities (EEO) program. The grants come out of the Engine Innovation Fund*, which is funded by charitable gifts from alumni and other community donors.

* The Innovation Fund is not an investment fund. Donors are not investing in the companies. Donations made by donors are charitable contributions, which may be tax deductible. Grants are distributed to students through reimbursement of allowed project expenses or through a stipend.


$113,000 in funding granted over the last 6 years

 

70% 

application success rate

 

+12%innovation skills*
31startup projects helped over the last 6 years
+25%entrepreneurial skills*

* based on self-efficacy surveys of the Summer and Fall 2020 cohorts


There are two types of Summer TechAccel grants available.

  1. TechAccel Grant - Undergraduate Stipend 

    • Exclusively for undergraduate students
    • Receive a stipend of $6,000 to develop your start-up project full time 
    • Develop your start-up/project and entrepreneurial skillsets full-time for 12-16 weeks over the summer
    • A maximum of 7 projects/startups will be funded
    • See eligibility and application process below for more detail
  2. TechAccel Grant - Reimbursement

    • Available for all students (undergraduate, graduate & postdocs)
    • Funding up to $2,500 per team
    • Funding is used to reimburse project related expenses (no stipend offered)
    • Projects typically last between 3-6 months (flexible depending on complexity and milestones)
    • Personalized coaching and business mentorship provided by an expert in your project's industry
    • See eligibility and grant application process below for more details

Application Deadline

  • Summer Session -April 10, 2022, 11:59PM (EST)

Applications are reviewed within 3-4 weeks after the submission deadlines by members of the McGill Engine team and the Innovation Committee when applicable.


Benefits

Icon of a dollar sign.

Up to $6,000 in funding to help you develop your startup venture  

Advising Icon.

Personalized coaching and mentorship from one of our TechAccel Mentors

Devices Icon.

Access to resources that increase your entrepreneurial skill sets and track your progress


Eligibility and Application Process

 

  • Only teams of at least two people are eligible to apply;
  • The lead applicant must be a must be a Co-Founder of the startup and student (undergraduate, graduate, or postdoc) registered full-time in a McGill Faculty of Engineering program and in good academic standing;
  • The lead applicant cannot be graduating earlier than December 2021;
  • Teams that have already received a summer stipend TechAccel grant are no longer eligible for a stipend-based grant;
  • Teams that have already received a TechAccel reimbursement grant (summer, winter, fall) amounting to the maximum amount of $2,500 are no longer eligible for the reimbursement grant. (i.e. the maximum a team can receive at any time for the reimbursement grant is $2,500);
  • One stipend-based grant per team;
  • Applicant teams must use the funds to advance an entrepreneurial project that is a technologically-based/innovation-driven idea (see How to Start?);
  • A team can receive no more than the maximum allowable amount per team;
  • A team can re-submit a previously unsuccessful proposal if progress has been made. A team’s additional funding sources will be taken into consideration when reviewing a grant application.  A request for funding greater than $2,500 will require a pitch presentation to the Innovation Committee;
  • A team that already has an established business model with a certain level of recurring revenues is not eligible;
  • A team that has prior funding of over $25,000 is not eligible;

There must be some customer/stakeholder validation in order to apply for funding. The Lean Startup methodology and Customer Development Model (see Figure 1 below) are used in order to get an in-depth understanding of customers and their problems so that budding entrepreneurs can strengthen their focus of product development as well as their marketing and sales activities. The Phase 1 process of Customer Discovery is very important since an idea is only a hypothesis until it is tested and validated.

Customer Development Model

Phase 1 – Customer Discovery-focus is on testing hypotheses and understanding customer problems and needs, in front of customers (“Get out of the building.”)

Phase 2 – Customer Validation – development of a sales model that can be replicated and scaled

Phase 3 – Customer Creation – creating and driving end user demand to scale sales

Phase 4 – Company Building/Scale Company – transitions the organization from one designed for learning and discovery to one of execution

TechAccel grants are available three times per year (Fall, Winter and Summer). Decisions will be made within 2-3 weeks after the deadlines. 

We strongly recommend that before submitting your application //outlook.office365.com/owa/calendar/McGillEngineCentre [at] McGill.onmicrosoft.com/bookings/">you book a meeting with Engine's Associate Director or TechEIRs.

Apply Here: TechAccel Summer 2021 Application.

The application will ask you to attach two documents, please reference the following templates that must be completed and attached to the TechAccel Summer 2021 Application. If you are applying for the TechAccel Grant - Undergraduate Stipend, you do not need to complete the Budget section of the Budget, Milestones, Stakeholder Analysis and Gannt Chart template. 

Templates: 

Request for funding exceeding $2,500 will require a team presentation (10 minutes) to the Innovation Committee (10 minutes Q&A).

Presentation format: similar to business idea description, one slide per question, plus the key milestones, the budget and use of grant funding.

All eligible project applications will be assessed on their merit and undergo a review process by the McGill Engine team and the Innovation Committee when applicable. The proposals will be assessed based on the following criteria:

1-Level of technological and business innovation. Does the team have sufficient competitive advantage/differentiation from similar ideas?

2-Educational potential/experiential learning opportunity for students. Will the grant contribute to the team acquiring new business and technical skills?

3-Clearly defined and validated problem. Is the idea/solution appropriate for the problem identified?

4-Plan to build and test an MVP to try and achieve product-market fit. Have appropriate milestones been identified in order to advance the idea towards a viable business/solution?

5-Level of market and impact potential

The level of funding requests per project is expected to follow the level of maturity (e.g. early-stage projects receive smaller amounts in order to prove the concept, later-stage projects can receive greater amounts since there is less technological risk) and the nature of the technology (e.g. app development receives smaller amounts than medical device development since less funding is required).

The McGill Engine team and the Innovation Committee can make recommendations for changes to the budget and uses of funds that are required for the acceptance and funding of the request.

Guidelines for use of the TechAccel grants are as follows:

Allowable Expenses (purchases made after award notification):

  • Hardware parts and materials
  • Software licenses (if cannot get free)
  • Server hosting (if cannot get free)
  • Contractors, outside developer fees up to 25% of the grant

Non-Allowable Expenses:

  • Items not directly related to the team project, gifts, alcohol
  • Team outings, meals
  • Personal computer or phone
  • Courses
  • Rent for company or housing
  • Contractors, outside developers exceeding 25% of the grant

Request for funding can range from $500-$2,500. For teams developing their projects under capstone design will be asked to contribute a minimum of $500 of their own funds towards the project costs.

The lead applicant will be reimbursed for their allowed project expenses.  They will submit their expense reports via Minerva as outlined here.  The student's profile in Minerva should be up to date with the most current information including banking information in order to receive the transfer of funds.  If the banking information is not included, a check will be mailed to the address found in the student's Minerva profile.  The time to process the expenses is 2-4 weeks.

A mid-term progress report and final report will be due to the Engine associate director and the team's assigned mentor showing progress, outcomes/impacts/learnings, use of funds, and next steps. A mentor will be assigned to the TechAccel grantees in order to help progress the project and accelerate the learnings for the team, under the following PDF icon mentoring_guidelines_and_commitment.pdf.

The reports and mentor meetings are critical measures of project progress, and enforce accountability for the funds expended as well as accelerated learning and getting to product-market fit faster. In addition, teams must be willing to assist the Faculty of Engineering and the McGill Engine in outreach activities pertaining to technological innovation and entrepreneurship.

The McGill Engine does not take equity in student companies. There is an expectation, but no requirement, that participating students will make a pledge of cash or equity back to the McGill Faculty of Engineering and/or the organizations that have supported it if their venture is successful and in the meantime, can give to and support McGill's Faculty of Engineering. If grantees elect to make a pledge it will come due only when their venture becomes a legal entity and raises its first round of equity funding from sources outside of McGill. Funding for The McGill Engine programs (and other entrepreneurship programs across McGill) is possible because of the deep commitment of alumni and friends to McGill’s mission.    Students who receive $2,500 or more in funding will be asked to sign a pledge to give back to the Innovation Fund and/or McGill.  This pledge to give back is a personal choice and is not binding.  Funding will not be conditional on a student signing a pledge.

TechAccel Grantee Testimonials

"TechAccel was an eye opening experience! We greatly improved on both the business and development aspects of our venture. Leveraging the wisdom of our advisors, we were able to launch our startup in a more calculated, strategic way. Met a group of new entrepreneurs and expanded our network. Thank you to the Engine team and our advisors for making it possible."

Baris Cincik, Co-Founder of Sidekik

"The TechAccel Grant allowed us to transition our project from just an idea to something we work on every day. Without the grant I probably would not have learned as much due to lack of funds and incentive. I am glad we found this opportunity."

Celeste Nantel, Co-Founder of Acrylic 

"Cookiestruct has been supported by McGill Engine since Winter of 2019. Thanks to Engine, we were able to get not only the grants, but also the exposure within the McGill community and beyond, which is paramount for any start-up."

Jiayuan Wang, CEO of Cookiestruct

Back to top