Alberta Innovates — Voucher Program
Highlights
This program is designed for Alberta tech companies like yours, offering up to $100,000 to help bring your new product to market. This funding can cover costs for up to three contracted service providers, aiding in areas such as new product research and development, advanced product testing, and patent development. This support can significantly reduce your financial burden and accelerate your product's journey to commercialization.
Why apply?
- Substantial funding: Up to $100,000 to support your tech innovation.
- Versatile use: Funds can be used for R&D, engineering, prototype development, and more.
- Expert support: Access to top-tier service providers for business and technology development.
What's in it for you?
- Accelerated growth: Speed up your product's market entry.
- Reduced risk: Financial support minimizes your investment risk.
- Competitive edge: Gain a head start with advanced market assessments and patent development.
Qualifying is straightforward, and the continuous intake process means you can apply at any time. This program is an excellent opportunity to propel your business forward with substantial financial backing and expert support.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- This is a non-repayable grant. There are no repayment terms or interest rates associated with this funding.
Eligible Expenses:
- New product research and development
- Leading-edge design, engineering, and prototype development
- Advanced product testing and refinement
- Patent development
- Advanced market assessments
- Other technology development activities (considered on a case-by-case basis)
Use of Funds:
- Funds can be used to cover costs associated with up to three contracted service providers for business and technology development.
Ineligible Expenses:
- The grant cannot be used for operational costs, salaries, or any expenses not directly related to the specified eligible activities.
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be Alberta-based.
- Must be a small to medium enterprise (SME).
- Must have fewer than 500 full-time employees.
- Must have less than $50,000,000 in annual gross revenue.
- Must be a for-profit organization that is incorporated or a partnership registered in Alberta.
- Must be able to contribute a minimum of 25% cash contribution of the total eligible project costs.
Must have a new, unique technology or innovation that is patentable and working toward commercialization.
Disqualifications:
- Businesses with 500 or more full-time employees.
- Businesses with $50,000,000 or more in annual gross revenue.
- Non-profit organizations.
- Businesses not registered or incorporated in Alberta.
Description
This program offers your business up to $100,000 to speed up the commercialization of new products. The funds can be used for various activities, including:
- New product research and development
- Leading-edge design, engineering, and prototype development
- Advanced product testing and refinement
- Patent development
- Advanced market assessments
You can use the money to cover costs from up to three contracted service providers. This helps you focus on business and technology development.
The program is designed to help you bring novel and promising technologies to market. It offers a significant boost to your business by covering essential development costs, allowing you to focus on innovation and growth.
Program Steps
Connect with Alberta Innovates: Reach out to Alberta Innovates to start the application process. You can contact them at [email protected] or call 403-210-5229.
Access the Online Application Portal: If you are a current client, log in to the SmartSimple online application portal to access and submit your application forms. If you are not a current client, Alberta Innovates will guide you on how to proceed.
Prepare Necessary Documentation: Gather and prepare the following documents:
- Business plan
- Financial statements
- Details of the new product or technology
- Patent information (if applicable)
- Market assessment reports
- Quotes from up to three contracted service providers for business and technology development activities
Submit the Application: Complete and submit your application through the SmartSimple online application portal. Ensure all required documentation is included.
Evaluation Process: After submission, your application will be reviewed by Alberta Innovates staff and external expert reviewers. They will evaluate your application based on the program's objectives and intended outcomes.
Approval and Funding: If your application is approved, you will receive up to $100,000 to accelerate the commercialization of your new product. You will be informed of the next steps and any additional requirements.
Implementation and Reporting: Use the funds as outlined in your application. Ensure you comply with any reporting requirements set by Alberta Innovates to track the progress and impact of the funded activities.
