Ideation Lab - ICUBE UTM

Q: What does ICUBEUTM mean?

ICUBE is simply i 3 which stands for: Inspiration, Ideation and Innovation. Finally, UTM is the University of Toronto Mississauga campus.

“It’s clear that the tools I’ve learned about will help me as my business model continues to evolve. I am eternally grateful for the program and everyone in it.” – Ideation Lab Graduate

Who Should Apply?
You are a strong fit for this program if:

You have identified a business idea and are in the ideation or early startup phase
You are open to exploring and changing as you work through the program
You are ready to commit at least 5 hours a week on your venture
You are looking for collaborators and advisors
You are serious about pursuing this idea, or an entrepreneurial idea in the future, and are committed to completing the program
You are a U of T student, recent alumni, or resident of the Peel region

Equity and Diversity Statement

Ideation Lab’s dedication to promoting diversity in our teams includes a commitment to ensuring every cohort accurately reflects our community, welcoming folks of all gender identities, sexual orientations, races and ages, and actively creating space for marginalized change-makers and under-represented disciplines.

All creators, entrepreneurial thinkers, and leaders are encouraged to apply.

Eligibility requirements

The following qualifications must be met for applicants to be considered for entry:

Must be one of the following:
- Current University of Toronto student
- Recent alumni (within ~5 years)
- Resident of the Peel region
Have identified a business idea or problem to solve, and are in the ideation or early start up phase
Be available for all sessions, and be committed to working on your venture for at least 5 hours weekly
The business idea must be in alignment with applicable policies and legislation and Ideation Lab’s values

Testimonial

“This was a great hands-on experience, I felt like I was thoroughly introduced to a lot of the key concepts and strategies required to build a startup and then slowly got to chew on and reflect on the content and learnings throughout the program.”

“Prior to participating in Ideation Lab, talking about our business was something that felt intimidating for me. Since creating a clear statement of what our value proposition is, I have felt so much more confident talking about our business. Even more, taking our value proposition and then validating it with our research and creating a business model canvas has helped to clearly state how we are going to create our product and the impact we will have.”

“Each exercise has allowed us to focus on learning skills related to and planning specific aspects of our business, and gaining these skills has given me so much more confidence in being able to run a business!”

“Before joining the Ideation Lab program I had poor knowledge of sales, marketing, developing business models, and financial planning, but these are now improved very well. I believe the knowledge that I gained from boot camp and workshops will extremely helpful to accelerate the journey of my company.”

“Each session targeted a specific aspect of running ones venture. Starting off with the boot camp that did a great job in introducing the cohort and setting up a rapport for future interactions. It was also a great way to immerse the cohort into the entrepreneurial mindset. All following workshops including Sales, Marketing and Finance 101 prepared the cohort to understand all varying aspects of running ones own business. It gave us an opportunity to explore areas we don’t feel confident about. Sessions with mentors was incredible as we got undivided attention from industry experts whose technical know how and understanding of the market allowed for us to understand the realities of starting ones own venture.”

"As a new mother with a dream to make an impact through entrepreneurship, I would have never imagined to be able to join a great incubator program and learn about business, if it is not because of Ideation Lab. The program created an inclusive and supportive environment to make me feel everyone has a fair chance to learn and grow. I am more confident about the path forward of my venture after the training provided by Ideation Lab."

"My favourite part about Ideation Lab was being surrounded by people who were extremely motivated to make an impact in their own, unique way. Witnessing the passion behind everyone else's ideas definitely inspired us to make progress with ours. The biggest takeaway from Ideation Lab was how evidence-based we have to be as entrepreneurs. Even before releasing a product, we need evidence that people are willing to use it and, more importantly, pay for it."

Selection process

Application Screening Process

All applications will be evaluated against program criteria in the following steps:

Initial screening by program staff to ensure basic eligibility
Eligible applications will be reviewed by a panel of internal and external industry experts, and assigned numerical grades
Grading will be averaged across the judging panel, and the top teams will be offered a place in the program

Judging Criteria

The panel of reviewers will be provided a rubric to score applications against the following criteria.

Completion
- Is the application complete?
- Are all questions answered in detail?
Novelty and Compelling Nature of the Idea
- Is this an industry that is already well represented in ICUBE?
- Is the idea unique, interesting, and demonstrates potential?
Impact
- Will this solution impact lives in a meaningful way?
- Is there a large market for this idea?
- Does the solution address a widespread problem?
Alignment with Programming
- Is the Ideation Lab program will positioned to address the challenges faced by the entrepreneur?
- Can the Ideation Lab program address the main priorities of the entrepreneur?
- Is the venture at the right stage for this program?
Attention to accessibility/inclusiveness
- Ideation Lab provides value-based entrepreneurship education. Is this business idea and the founding team attentive accessibility, inclusiveness, and social issues?
The Entrepreneur
- Does the founding team have the right skills to pursue entrepreneurship at this time?
- Is the founder committed to this program and furthering this idea?
- Does the applicant demonstrate professionalism?

Ideation Lab’s dedication to promoting diversity in our teams includes a commitment to ensuring every cohort accurately reflects our community, welcoming folks of all gender identities, sexual originations, races and ages, and actively creating space for marginalized change-makers and under-represented disciplines.

Frequently asked questions

Here are some of the commonly asked questions from ICUBE’s staff

What is a business incubator and accelerator?

A business incubator is a program that gives very early-stage companies access to mentorship, investors and other support to help them get established. Business incubators work with early-stage companies to get them to move beyond their embryonic phase.

A business accelerator is a program that gives developing companies access to mentorship, investors and other support that help them become stable, self-sufficient businesses. Companies that use business accelerators are typically start-ups that have moved beyond the earliest stages of getting established. They have basically entered their “adolescence,” meaning they can stand on their own two feet but need guidance and peer support to gain strength. Less developed companies not ready for an accelerator would instead use a business incubator for support.

Does ICUBE charge any money?

No! All of ICUBE’s programs are free. We are fully funded by grants and the University of Toronto.

Does ICUBE take any equity?

No! ICUBE does not take any equity or ownership interest, including but not limited to shares, stocks, membership units, or any other equivalent form of ownership in our ventures business in exchange for providing programming or services. However, please note that when being connected to investors, or when using particular UofT resources (i.e. research facilities), founders are responsible to review those terms separately, as we cannot guarantee what parties external to ICUBEUTM require.

Who can apply for ICUBEUTM?

All of ICUBEUTM’s programs are open to students, staff, or alumni of any of the UofT three campuses. Additionally, our programs are open to members of the Peel region. ICUBE Studio’s paid services are open to any business in Canada.

Is ICUBEUTM a student club?

No, ICUBEUTM is not a student club, we are a university student life unit under the Institution of Management & Innovation at University of Toronto Mississauga.

What does ICUBEUTM mean?

ICUBE is simply i³which stands for: Inspiration, Ideation and Innovation. Finally, UTM is the University of Toronto Mississauga campus.

How can I apply to work at ICUBEUTM?

ICUBE hires work study students every term! Keep an eye out for our job postings on CLNx at clnx.utoronto.ca.

Who is the Venture Forward program for?

Venture Forward is a one-year program designed to accelerate your business growth in a sustainable way. This is ideal for businesses who are already set, have a product, or are currently selling products/services and need an extra push to grow and scale their business.

Who is the Ideation Lab program for?

Ideation Lab is a one year program that is ideal for teams who have identified a business idea and are in the ideation or early startup phase.

Who is the Indigenous program for?

This program is open to self-identifying Indigenous people across the GTA, with preference given to U of T students, staff, and faculty which focuses on bringing an Indigenous and non-Indigenous lens to entrepreneurship.

Can I apply to multiple incubators/Accelerators?

Yes absolutely! In fact it’s encouraged to do so. It is very common for ventures to be part of multiple different incubator programs to help solve different problems and raise more funding.

Does ICUBE support specific business fields?

Not particularly. While we do highlight social innovation more, we accept ventures from all different fields and categories as long as they are ethical businesses and are not against any of University of Toronto’s policies.

How long is ICUBE's membership for?

An ICUBE membership is for one year from the date of acceptance into Ideation Lab or Venture Forward program. After the one year is up, you are encouraged to apply again.