You can read different government websites for more information about what a letter of support is, but you’re reading this because you want to know why you need it and if you need to work with a designated organization to get one.
Can You Apply Without a Letter of Support?
Yes, you can apply to get your PR through the Start-up Visa program without a letter of support however the chances of successfully getting your fast-tracked PR are low. A letter of support when applying for the Start-up Visa Program is similar to a reference letter when you’re applying for a new job. Getting recognition from Canadian companies, vouching that your company and your business idea is viable and can thrive in our ecosystem is really important.
Different designated organizations require different things from companies who are going through the Start-up Visa program before they give a Letter of Support. For us, a letter of support is proof that we will support your business idea.
How to get a letter of support
You can only obtain a letter of support through a designated organization. There are three types of designated organizations: Venture Capitalists, Angel Investors, and Incubators. The first thing you need to figure out is where your company is at in its life stage. As a general rule of thumb, it may make sense for you to approach designated angel investors if you’re looking to raise a seed round, or designated venture capitalists if you’re raising a Series A or beyond. If you’re looking for specific types of support for your company, it may make sense for you to look for a designated incubator. At Launch Academy, we are looking to work with established founders in emerging technology who are not actively looking for funding or willing to give up equity. Learn more here.
About Launch Academy’s Maple Program
At Launch Academy in Vancouver, we work with tech companies who are established in their home country and looking to expand into the North American Market. We’ve been a designated organization since 2017 and have been helping companies land in Canada and launch their existing product or service since 2012. We don’t take equity in companies participating in our Maple program, but charge a program fee in exchange for our programming, access to extended resources and ample networking opportunities with Founders and VCs through our exclusive events and webinars.
If you’d like to find out more about Launch Academy’s Maple Program, find out more at maple.launchacademy.ca.