Investment Program: Business Development
$7,500.00
Grant
Description:
The objective of the Music Nova Scotia Investment Program is to encourage the creation, development and growth of Nova Scotian music businesses, artists and their intellectual property.
The Business Development Stream supports Eligible Music Companies by investing in development projects. Investment is available for initiatives that are not artist-specific, but that support the marketing and promotion of the company, full roster and its services.
Comments on Funding:
Funding is a grant of 50% of the Total Eligible Budget to a maximum of:
1. Business Level I – $1,000 per applicant, per project, $1,500 per fiscal year;
2. Business Level II – $2,500 per applicant, per project, $4,000 per fiscal year;
3. Business Level III – $7,500 per applicant, per project, $10,000 per fiscal year.
The Music Nova Scotia investment is paid out in two stages: 1. an advance equal to 50% of the amount of approved investment is paid out once the application is approved and Music Nova Scotia and the applicant have executed the investment agreement;
2. the remainder of the investment is paid out when the Completion Report has been received, reviewed and accepted by Music Nova Scotia.
Applications are closed. Stay tuned for future intake announcements.
Eligibility:
The applicant must be:
1. a Business I business (must meet the following eligibility criteria):
a) Business Registered with Nova Scotia Registry of Joint Stocks;
b) Demonstrable Income from Business Activities;
c) For managers, labels, publishers, booking agents, must represent at least one artist;
2. a Business II business (must meet the following eligibility criteria):
a) Business Registered with Nova Scotia Registry of Joint Stocks;
b) In Business for at least 2 (two) years;
c) Must have CRA Business Number;
d) Must demonstrate a minimum gross income of $20,000 per year from Business Activities (grant income excluded); or
e) For Artist Managers, must represent at least two artists who meets the Artist II criteria or one artist who meets the Artist III criteria in Music Nova Scotia’s Programs;
f) For Record Labels, must control the master rights to 3 commercially released qualifying releases (one of which must have been released in the past 18 months). Must have releases by at least two artists who meets the Artist II criteria or one artist who meets the Artist III criteria in Music Nova Scotia’s Programs;
g) For Publishers, must control the publishing rights to 5 commercially released qualifying releases. Must control releases by at least two artists who meet the Artist II criteria or one artist who meets the Artist III criteria in Music Nova Scotia’s Programs;
h) For clarity, references to artists meeting the criteria in Music Nova Scotia’s programs are for the purpose of establishing the level of the artists represented. Business clients are not required to represent Nova Scotia clients so long as their business is registered and operates in Nova Scotia;
3. a Business III business (must meet the following eligibility criteria):
a) Business Registered with Nova Scotia Registry of Joint Stocks;
b) In Business for at least 2 (two) years;
c) Must have CRA Business Number;
d) Financial Statements demonstrating a minimum gross income of $60,000 per year from Business Activities (grant income excluded); or
e) For Artist Managers, must represent two artists who meet the III criteria in Music Nova Scotia’s Programs or one artist who meets the Artist II or Artist III criteria in FACTOR’s programs;
f) For Record Labels, must control the master rights to 5 commercially released qualifying releases (one of which must have been released in the past 18 months). Must have releases by at least two artists who meet the Artist III criteria in Music Nova Scotia’s programs or one artist who meets the Artist II or Artist III criteria in FACTOR’s programs;
g) For Publishers, must control the publishing rights to 10 commercially released qualifying releases. Must control releases by at least two artists who meet the Artist III criteria in Music Nova Scotia’s Programs or one artist who meets Artist II or Artist III criteria in FACTOR’s programs.
Application Steps:
Applicants must:
1. complete the Applicant Profile webform at least one (1) week prior to submitting an application by following this link: https://musicnovascotia.formstack.com/forms/company_applicant_profile ;
2. complete online the application webform by following this link: https://musicnovascotia.formstack.com/forms/business_development_application_2021;
Documentation Needed:
Applicants must submit a clear and defined Business Development Plan detailing what activities you intend to undertake, what value and impact these activities have for your career or business, and how you will measure the results of your project.
About the author
Maurice