Ocean Startup Challenge
Since 2020, we’ve provided more than $1.4-million in funding to 43 teams
building innovative solutions to ocean industry challenges
The Ocean Startup Challenge helps turn entrepreneurial ideas or technology into a wave of opportunity! With the world’s longest coastline, globally-renowned experts, research facilities, a steady flow of talent, and ample government programming and supports, Canada is the right place to start and grow a successful ocean tech company. For 2022, the Ocean Startup Challenge is focusing on idea/early stage ocean startups with a TRL of 4 and below, and supporting innovators who are leveraging Canadian ocean assets and capabilities to develop technologies that can be applied to global ocean problems.
Winning teams will receive up to $40,000 in awards, with invaluable business development supports with programming, mentorship, one-on-one sessions with our Executives-in-Residence and industry experts, networking opportunities and more, as part of the program, which runs until March 2023. They will also join an impressive roster of our more than 80 cutting-edge, innovative ocean technology companies we have funded since our launch in 2020.
New this year – we will be hosting mini Challenges that are specific to ocean opportunities identified by program partners! Stay tuned to our social media and website as we roll out more details in the coming weeks.
Applications open June 22 and close September 1, 2022 at 11:59pm ADT. Follow the link to submit an application today, and find more information by downloaded the Program Information Package in French or English.
Here’s what previous Ocean Startup Challenge winners have accomplished to date
73+ jobs created nationally (and counting!)
$8.5-million+ in equity investment
*since working with OSP
6 continued onto CDL-Oceans
Program Timeline:
– Applications open: Wednesday, June 22
– Program Information Sessions (French and English): Multiple dates, June 29 to August 31
*These virtual sessions will occur by Zoom; specific dates will be shared on our Eventbrite page
– Office Hours: August 22 to August 31
– Application deadline: Thursday, September 1
– Shortlist announced: Tuesday, October 3
– Shortlist preparatory session: Wednesday, October 5
– Shortlist interviews: October 14 to October 21
– Winners announced & Virtual Awards Gala: Thursday, October 27
Are you ready to apply for the 2022 Ocean Startup Challenge?
Challenge Statements
Industry and thought leaders have identified top pain points across these areas:
FISHERIES & AQUACULTURE
We’re looking for innovative solutions to help improve water quality, fish health, waste management, pathogen recognition, remote sensing, data collection, autonomous control, inspection and maintenance, and address other industry challenges.
SHIPPING & MARINE TRANSPORTATION
We’re looking for innovative solutions to help increase efficiency, enhance marine security, optimize maritime traffic management, improve yard operations, optimize truck turnaround times, reduce environmental impact on local communities, and address other industry challenges.
OFFSHORE ENERGY
We’re looking for innovative solutions to help increase energy efficiency, enhance marine security, monitor disruptions to marine habitats, optimize maritime traffic management, improve sustainability and increase profitability, and address other industry challenges.
MARINE BIORESOURCES
We’re looking for innovative solutions to help identify bio-active compounds in marine life, characterize biodiversity in marine environments, repel and exterminate sea lice naturally, enhance the microbiome in common fish species to improve fish health and performance, and address other industry challenges.
NAVAL & DEFENCE
We’re looking for innovative solutions to help improve ocean monitoring, enhance communications and data telemetry systems, reduce strain on human resources, increase cybersecurity for marine assets, provide low-logistics underwater measurement and surveillance, and address other industry challenges.
General Eligibility
- Entrants must be the majority owners of the company.
- Winners must have a registered business in Canada (see below for International Applicants)
- Existing companies must have been in business for less than three years, and have less than five full-time employees
- have a TRL of four or lower
International Applicants
- Entrants may apply from around the world, but must establish a presence and partnership in Canada
- Any funds received from the Ocean Startup Challenge must be spent in Canada (e.g. equipment, materials, consultants).
- Must demonstrate how you will leverage Canada to advance your venture through one of the following:
- Have a letter of support from a Canadian incubator or accelerator
- Have a Memorandum of Understanding with a Canadian facility, organization, partner, or customer that can support the development of your technology
- Entrants need to incorporate their company (or be a registered business) in one of the Canadian provinces or territories before funds will be released
Frequently Asked Questions
The Ocean Startup Challenge is a competition seeking innovative solutions to ocean industry problems. The Ocean Startup Project launched the Challenge to support innovators who are developing technologies with large market potential in the ocean economy.
This year, we will distribute $750,000 CAD to entrepreneurs and startup teams that are developing solutions to major ocean industry challenges.
We encourage individual/teams of all backgrounds and experiences to submit an application, providing they are in the idea/early stages of developing an ocean technology company.
Specifically, we are looking for companies with a TRL of 4 and below for the 2022 competition.
Applicants must also be:
- pre-revenue
- pre-institutional investment
- have no sales prior to the application deadline
Innovators, entrepreneurs and companies from across Canada and around the world may apply for the Challenge, but winners must register an entity in a Canadian province/territory, or federally.
Applicants from an existing company must be the majority owner(s) of the company.
Before applying, we recommend you review the Challenge’s information kit; it is available in both French and English.
You may apply online through our application page. We recommend writing your answers to the questions using a Word or Google document, and then copying and pasting your answers into the web form. Please note, you are not able to save and continue at a later time.
Apply before the Challenge deadline: 11:59 pm ADT, September 1, 2022.
Key dates program application and selection:
- Office hours: August 22 to 31, 2022
- Application deadline: Monday, September 1, 2022
- Shortlist announced: Monday, October 3, 2022
- Shortlist interviews: Friday, October 14 to Friday, October 21, 2022
- Winners announced & Virtual Gala Awards: Thursday, October 27, 2022
Applications will be reviewed by an evaluation committee that includes Ocean Startup Project representatives and industry experts who are knowledgeable about the specific sectors and technologies highlighted in the challenge statements.
In selecting the competition winners, the quality of the idea/technology, the strength of the management team, and the clarity and persuasiveness of the written plan and oral presentation, all influence the judges’ decisions.
Key criteria for evaluation include:
- People: The team, background and entrepreneurial (or business) track record of key individuals, ability to execute, demonstrable ambition and commitment to the venture’s success
- Pain point: a clearly defined problem that prospective customers of your business are experiencing
- Solution: Description and quantification of the market problem/pain, uniqueness and significance of product, current stage of development, proprietary position
- Competition: High barrier to competitive entry
- Market: Large, growing international market
- Execution: Credible plan to reach key milestones
All entrants will be included in Round 1, and teams selected for Round 2 will be notified Tuesday, October 3, 2022.
Applicants will retain ownership of any intellectual property associated with their application. All applications will be treated confidentially. Only those individuals directly involved in managing or judging the competition will view your submitted documents.
Winners will receive in-kind support from our program partners. Stay tuned for more details.
Successful applicants will have until March 17, 2023 to submit expenses related to achieving pre-determined milestones.
Please reach out to challenge@oceanstartupproject.ca with any questions about the Ocean Startup Challenge.