Atlantic Innovation Fund — Private Sector Businesses
Highlights
The Atlantic Innovation Fund (AIF) is designed for businesses like yours that are focused on research and development. This program can help you create and market new products and services, giving you a competitive edge. By participating, you can access significant funding to bring your innovative ideas to life.
Why Apply?
- Substantial Funding: The AIF offers large-scale financial support, which can be crucial for your R&D projects.
- Market Success: Funding can help you develop products that meet global quality standards, opening new market opportunities.
- Technology Adaptation: Use the funds to adapt new technologies to meet your business needs.
Benefits:
- Government-Backed Financing: This program provides reliable funding, reducing financial risk.
- Growth and Competitiveness: Approved projects can help you stay competitive and grow both new and traditional sectors.
- Ease of Application: The application process is straightforward, starting with a simple Project Concept Template.
Applying for the AIF can be a game-changer for your business, providing the resources needed to innovate and succeed.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- There are no repayment terms or interest rates. This is a grant, meaning the funds do not need to be repaid.
Eligible Expenses:
- Research and development (R&D) activities.
- Costs associated with creating and marketing new products and services.
- Adapting new technology to meet business needs or respond to market opportunities.
Ineligible Expenses:
- General operational expenses not related to R&D or commercialization.
- Debt refinancing.
- Real estate purchases.
Fees:
- There are no fees associated with applying for or receiving this grant.
Qualifications
- Must be a private-sector business, college, university, or other post-secondary institution.
- Must be a non-government research organization or a provincial Crown corporation.
- Must be located in Atlantic Canada (Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador).
- Project must be large-scale.
- Project must include a research and development (R&D) element.
Project must have a strong possibility for commercialization.
Disqualifications:
- Projects without a strong R&D component.
- Projects with no potential for commercialization.
Description
This program offers a fantastic opportunity for your business to grow and innovate. You can receive funding to develop new products and services. This can help you meet market demands and global quality standards.
You can use the money to:
- Create and market new products and services
- Adapt new technology to fit your business needs or respond to market opportunities
The program supports large-scale projects that include research and development with a strong chance of commercialization. This means your business can stay competitive and grow in both new and traditional sectors.
By participating, you can build valuable partnerships with researchers and other businesses, leading to greater market success and economic strength. This is a great chance to take your business to the next level.
Program Steps
Complete a Project Concept Template: Fill out the Project Concept Template and submit it to the nearest ACOA office. This step is crucial for initiating the application process.
Discuss Your Project: After submitting the Project Concept Template, an ACOA representative will contact you to discuss your project. This discussion will help clarify any questions and provide guidance on the next steps.
Prepare Documentation: Gather the necessary documents to support your application. These documents typically include:
- Detailed project plan
- Financial statements
- Business plan
- Proof of eligibility (e.g., business registration, tax documents)
- Market research or feasibility studies
- Letters of support or partnership agreements
Complete the Application for Financial Assistance: Once you have discussed your project with ACOA, fill out the Application for Financial Assistance. Ensure all sections are completed accurately and thoroughly.
Submit the Application: Send the completed application along with the required documentation to the ACOA office. Make sure to keep copies of all submitted materials for your records.
Review and Follow-Up: After submission, ACOA will review your application. Be prepared to provide additional information or clarification if requested. Stay in contact with your ACOA representative to track the progress of your application.
Approval and Funding: If your application is approved, you will receive the funding details, including the amount granted and any terms or conditions. Review these carefully and proceed with your project as planned.