Frequently Asked Questions
What is PowerHaus?
- A network of individuals and organizations that seeds, funds and grows B.C. based businesses
- Emphasizes customer development
- Connects new ventures with mentors, experienced managers and other resources
How does one become involved?
Sign up by visiting our apply page and come to one of the monthly meetings.
Why get involved?
- Help up-and-coming companies
- benefit financially as an investor or by a direct engagement with a selected company
What are the goals of PowerHaus?
- Provide better access to management, capital and markets for IRAP clients
- Address specific challenges, issues, problem areas and opportunities within the B2B sector
- Help clients develop and market products, solutions & services to BC traditional industries
- Improve overall efficiency, productivity and sustainability in established industries
How does the application process work?
- Apply online by submitting an application via GUST
- Selected applicants will present to the PowerHaus Selection Committee at one of the quarterly presentation meetings
How does the Selection Committee work?
- Selection Committee meets quarterly
- Committee selects those it deems suitable for support
- Meets with selected candidates to discuss needs and plan of action
- Complete engagement process with agreement document (e.g. Term Sheet)
Do prospective companies need to be part of the IRAP program in order to apply?
In order to be accepted into PowerHaus companies must be either an existing or potential client of IRAP. If a company is not yet a client of IRAP when they are selected for the program, they may be automatically inducted into the IRAP program upon their admission to PowerHaus. If they do not become IRAP clients, they will still be supported if selected.
What are the qualifications that PowerHaus looks for in prospective companies?
A prospective PowerHaus company is…
- An existing or potential client of IRAP
- Focused on innovative product or solution that addresses sustainability or productivity in established industries
- Interested in engaging with the B2B sector
- Lean, agile, nimble and self-initiating
- A dedicated team of entrepreneurs committed to achieving success in business
- Coachable and willing to accept a formal board of directors
Comments and Questions are welcomed. To inquire directly, please send us an email.