Digital Technology Cluster
Highlights
This program is designed for businesses like yours to drive innovation and tackle industry challenges. By participating, you can access co-investment funding that supports the development of cutting-edge digital technology solutions. This funding model is non-dilutive, meaning you won't have to give up equity in your business. Instead, it operates on a cost-incurred basis, ensuring you retain full control over your company.
Key Benefits:
- Significant Funding: Access to millions in co-investment to support your projects.
- Collaborative Opportunities: Partner with top businesses, academia, and government entities to solve complex problems.
- Global Reach: Enhance your market presence both domestically and internationally.
Why Apply?
- Accelerate Growth: Leverage funding to fast-track your technology development and commercialization.
- Improve Competitiveness: Gain a competitive edge by adopting innovative solutions.
- Support and Oversight: Benefit from project oversight and commercial impact guidance, ensuring your project's success.
Qualifying for this program is straightforward, and the continuous intake process means you can apply at any time. This is a unique opportunity to propel your business forward with substantial support and minimal risk.
Financing Details
Type of Financing: Co-Investment
Repayment Terms and Interest Rates:
- This is a non-repayable co-investment. No repayment terms or interest rates apply.
Eligible Expenses:
- Costs directly related to project execution.
- Incremental costs that are reasonable and necessary for achieving project objectives.
- Expenses incurred by eligible members in good standing.
Ineligible Expenses:
- Foreign costs, unless pre-approved.
- In-kind contributions viewed as donations.
Fees:
- No fees are associated with this co-investment program.
Qualifications
- Must be an industry-led project.
- Must include a minimum of three organizations (excluding DIGITAL) that contribute meaningfully.
- All participating organizations must be Members or Associates at the time of application submission.
- Must have financial participation from all consortium members.
- Must have cash flow to cover the first year of costs.
- Must be able to carry costs for 3-6 months to account for claims payment review and processing timelines.
- Must be prepared to finalize a budget during contracting if selected for co-investment.
- Must be able to demonstrate proof-of-value of quantum applications in real-life scenarios (for quantum technology projects).
- Must be able to drive the commercialization and adoption of made-in-Canada AI solutions (for AI projects).
- Must harness data-driven digital innovation to help grow housing production capacity (for housing projects).
- Must support talent and capacity-building initiatives (for talent and capacity building projects).
Must be able to provide unobstructed pathways to digital jobs, including working with remote and rural communities and Indigenous partners.
Disqualifications:
- Non-Canadian organizations without a registered business presence in Canada (unless pre-approved as a foreign cost for an eligible Member).
- Projects that do not include at least three organizations contributing meaningfully.
- Projects without financial participation from all consortium members.
- Projects unable to cover costs for 3-6 months during claims payment review and processing timelines.
- Projects unable to demonstrate proof-of-value of quantum applications in real-life scenarios (for quantum technology projects).
- Projects unable to drive the commercialization and adoption of made-in-Canada AI solutions (for AI projects).
- Projects unable to harness data-driven digital innovation to help grow housing production capacity (for housing projects).
- Projects unable to support talent and capacity-building initiatives (for talent and capacity building projects).
Description
This program offers a significant opportunity for your business to grow and innovate. You can receive up to $65 million in funding from the federal Global Innovation Clusters program. This money can be used to develop new and innovative digital technology solutions in health and natural resources.
Here’s how this can benefit your business:
- Funding Uses: The money can be used for various purposes, such as developing new technologies, improving existing products, or expanding your operations.
- Non-Dilutive Funding: This funding is non-dilutive, meaning you won’t have to give up any equity in your business.
- Collaborative Projects: You can work with other businesses, academic institutions, and government partners to tackle big challenges and create impactful solutions.
Conditions and Payback:
- Co-Investment Model: The funding operates on a co-investment model based on costs incurred. This means you will need to have cash flow to cover the first year of costs.
- Project Oversight: The funding comes with oversight to ensure the project meets its objectives and delivers commercial and ecosystem impact.
- Flexible Payback: There is no specific payback period mentioned, but you will need to manage your cash flow to cover costs for 3-6 months to account for claims payment review and processing timelines.
This program is a great chance for your business to access substantial funding, collaborate with top partners, and drive innovation in critical sectors.
Program Steps
Review Program Guidelines: Visit the program's website to understand the specific requirements and guidelines for the current call for proposals. This will help you align your project with the program's objectives.
Prepare Documentation: Gather the necessary documents for your application. These typically include:
- Business Plan
- Financial Statements
- Project Proposal
- Detailed Budget
- Letters of Support from Partners
- Proof of Membership or Associate Status
Develop a Project Proposal: Create a detailed project proposal that outlines your project's objectives, methodology, expected outcomes, and how it aligns with the program's goals.
Form a Consortium: Ensure your project includes a minimum of three organizations (excluding the program itself) that will participate and contribute meaningfully. Each organization should have clear roles, responsibilities, and financial commitments.
Submit Concept Proposal: If the program requires an initial concept proposal, submit this first. This step may involve a preliminary review before you are invited to submit a full project proposal.
Attend Informational Webinars: Sign up for any available webinars or tutorials offered by the program. These sessions can provide valuable insights and tips for a successful application.
Complete Full Project Proposal: If your concept proposal is accepted, prepare and submit a full project proposal. This should include a comprehensive budget, detailed project plan, and any additional documentation requested.
Review and Finalize Budget: Work with your consortium partners to finalize the project budget. Ensure it includes all anticipated costs and aligns with the program's funding guidelines.
Submit Application: Submit your full project proposal and all required documentation through the program's online portal or as directed in the guidelines.
Follow Up: After submission, monitor the status of your application. Be prepared to provide additional information or clarification if requested by the program administrators.