Benefits and expectations for the awardees of the Entrepreneurship Fund
Disbursement of the grants will be done following notification to the awardees, and after confirming their ability/interest to continue with the program. All awardees will also enter into an agreement with UArctic before grants are disbursed.
All awardees will receive advice and guidance from a group of mentors who will guide and give feedback to the awardees as they progress with their ideas. The timing and frequency of this involvement will be determined on a project-by-project basis. The mentors are chosen based on their academic or professional background and experience related to business development. For projects that may benefit from specific expertise, we will do our best to match grant recipients with appropriate UArctic (academic) experts where possible.
All awardees are expected to present a financial/budgetary package as well as a progress update to the mentors according to an agreed schedule. This is to encourage accountability, generate helpful feedback, and train future entrepreneurs of important structure and data of business operations.
One year after receiving the grant, awardees are expected to provide a report to UArctic on what they have achieved and where they are with their product/service.
When communicating about their products/services during the development process and afterwards, all awardees are expected to recognize UArctic where applicable. At minimum, all communications around or about the product/service should include a mention of it having been developed with support from the UArctic Entrepreneurship Fund. If possible, we also recommend using the UArctic logo, downloadable here.
Awardees are expected to share short updates about their progress with the wider UArctic community through UArctic News. Awardees may also be asked to present their products/services at suitable UArctic or Arctic events such as the UArctic Congress or the Arctic Circle Assembly.