Designated organisations are business groups that are approved by the government to invest in or support possible start-ups through the Start-up Visa Program. The designated organisations take the form of venture capital funds, angel investor groups and business incubators.
To apply for the Start-up Visa Program, the applicant’s business idea or venture must get the support of one or more of the designated organizations.
Venture capital funds – Applicants must get a designated venture capital fund to agree to invest a minimum of $200,000
Angel investor groups – Applicants must get a designated angel investor group to agree to invest a minimum of $75,000
Business incubators – Applicants must get accepted into a designated incubator’s program
Designated organizations choose which business proposals to review. Each designated organization has its own intake process for proposals and criteria used to assess them. For example, you may be asked to present your business concept in person or submit a detailed business plan.
If an organization decides to review a business idea, it’ll assess the potential of the proposal and whether or not it’ll succeed.
If an organization chooses to support the business idea, it’ll give applicants a Letter of Support.