BFN Smart Start Awards

To be eligible for the award, applicants must meet the following criteria:

• Self-identify as Black and be based in Canada.
• Have an idea or innovation in the idea stage or pre-revenue phase. (industry/sector agnostic)
• Have demonstrated entrepreneurial merit and mindset
• Lead applicant can be affiliated with U of T; OR external to U of T and affiliated with a BFN Community or Investment Partner

• February 3: Applications open 
• March 21: Application deadline (11:59 pm) 
• April 11: Finalists invited for an in-person interview at the Schwartz Reisman Innovation Campus
• April 14: Winners announced 
• May 22: Private reception with KPMG
• June to October: Mentorship engagement and BFN Core programming opportunities

All award applications will be reviewed and assessed by an adjudication committee comprised of KPMG representatives, entrepreneurship and innovation staff and faculty and Black community members, researchers and directors, and will be evaluated based on the following criteria:  

• Experience working on an innovative solution and evidence of an entrepreneurial mindset 

• Applicant’s ability to demonstrate the feasibility and impact of their idea or innovation 
• The potential impact both as an innovator and member of the Black Founders Network community 

Q: Who is eligible to apply for the BFN Smart Start Awards? 

 A: Aspiring Black entrepreneurs with innovative business ideas are eligible to apply. To be eligible for the award, applicants must meet the following criteria:

Lead applicant can be affiliated with U of T; OR external to U of T and affiliated with a BFN Community or Investment Partner, self-identify as Black and be based in Canada, have an idea or innovation in the idea stage or pre-revenue phase. (industry/sector agnostic) and gave demonstrated entrepreneurial merit and mindset.

Q: How much funding is available for each recipient of the BFN Smart Start Awards?  

A: Each recipient will receive $4,000 CAD paid in two instalments – 50% upon selection and 50% after the submission of a 6-month progress report. 

Q: Is the BFN Smart Start Award a one-time award or can it be renewed?  

A: The BFN Smart Start Award is a one-time award. However, recipients will have access to additional support from dedicated BFN Core programming, relevant mentorship, and resources from KPMG. 

Q: Do I need to have an existing company to apply for the BFN Smart Start Awards?  

A: No, you do not need to have an existing company. The BFN Smart Start Awards are designed to support aspiring entrepreneurs during the earliest stages of their company creation journey. 

Q: Does my idea have to be registered as a business?  

A: You can apply with or without an incorporated business if it has generated no revenue from customers. BFN’s Smart Start Awards are designed to support innovations at the earliest stages regardless of their incorporation status   

Q: What happens if my idea or business has already raised funding and/or generated revenue?  

A: Start-ups that have generated revenue or secured any funding over $5,000 are too far along for BFN’s Smart Start Awards but should consider applying for BFN Accelerate instead.
 

Q: Do I need to have team members when I apply?  

A: This is an individual award based on entrepreneurial merit. You can apply regardless of whether you have team members, and the award is paid to you. BFN’s Smart Start Awards are designed to support aspiring founders even in situations where they might not have a team. The key requirement is that applicant meets the eligibility criteria.

Q: What is the selection process for the BFN Smart Start Awards?  

A: The selection process is comprehensive and community-driven. Applicants will be evaluated based on the strength of their business idea, their potential for success, and their commitment to making a positive impact. 

Q: What kind of additional support will I receive as a recipient of the BFN Smart Start Awards?  

A: Recipients will receive additional support from dedicated BFN Core programming, relevant mentorship, resources from KPMG, and access to physical BFN co-working and collaboration space and BFN’s digital community platform to provide an even broader network of peers and supporters. 

Q: How do I apply for the BFN Smart Start Awards?  

A: Applications are submitted online through the BFN application portal. Please review the eligibility criteria and application requirements before applying. 

Q: What commitments or expectations come from being a recipient of the award?   

A: Recipients must comply with University of Toronto guidelines for the awards and are expected to provide progress reports as the award will be paid in two instalments – 50% upon selection and 50% after the submission of a 6-month progress report. Additionally, recipients are encouraged to utilize the BFN community platform and participate in mentorship and programming sessions related to key areas of their venture development. These sessions will be scheduled to accommodate the recipient’s schedule.  

Recipients also agree for their name and photo to be used by the University of Toronto in communications and media related to the Black Founders Network and the awards.