FoodTech Next
Highlights
This program is designed for early-stage Canadian technology firms in the food industry. It offers a unique chance to demonstrate and pilot your innovations in real-world settings. This can help you prove your solutions and validate their return on investment.
Why Apply?
- Funding up to $250,000: The program covers 50% of eligible project costs, making it easier to manage your budget.
- Reimbursement Basis: You get funds back after expenses, ensuring you only pay for what you use.
- Project Management Support: A 5% project management fee ensures you have the guidance you need.
Benefits to Your Business
- Accelerate Commercialization: Get your innovations to market faster.
- Operational Environment Testing: Validate your technology in real-world conditions.
- First Demonstration Opportunities: Gain credibility and attract future investments.
Qualifying is straightforward, and the potential rewards are significant. This program can be a game-changer for your business.
Financing Details
Type of Financing: Reimbursement-Based Funding
Repayment Terms and Interest Rates:
- Repayment Term: Not applicable, as this is a reimbursement-based funding program.
- Interest Rates: Not applicable.
Eligible Expenses:
- Project Costs: Eligible project costs must be between $200,000 and $500,000.
- Matching Funding: CFIN will match up to 50% of total eligible project costs, with a maximum of $250,000.
Use of Funds:
- Allowed Uses: Funds can be used to demonstrate and pilot innovations in operational environments within the food industry.
- Restrictions: Funds cannot be used for agricultural production activities.
Fees:
- Project Management Fee: A non-refundable fee of 5% of total project costs eligible for CFIN funding.
Qualifications
- Must be a Canadian incorporated business.
- Must have less than $1M in annual sales in the most recently completed fiscal year.
- Must be seeking to demonstrate innovations with a technology readiness level (TRL) of 3 to 7.
- Projects should ideally end in system prototype demonstration in an operational environment (TRL of 7).
Must focus on a post-farm gate solution (agricultural production activities are not covered).
Disqualifications:
- Businesses with annual sales of $1M or more.
- Projects focused on agricultural production activities.
Description
This program offers your business a chance to receive up to $250,000 in funding. This money can be used to demonstrate and pilot your innovative technology in real-world settings, helping you prove its value to the food industry.
Eligible project costs must be between $200,000 and $500,000. The program will cover up to 50% of these costs, meaning you can get significant financial support for your project. The funding is provided on a reimbursement basis, and there is a 5% non-refundable project management fee.
This is a great opportunity to accelerate the commercialization of your innovation. By participating, you can showcase your technology, validate its return on investment, and gain a foothold in the food sector.
Program Steps
Submit an Expression of Interest: Begin by submitting an Expression of Interest (EOI) to indicate your intent to apply. This step helps the program administrators understand your project and its potential impact.
Receive Full Application Invite: If your EOI is accepted, you will receive an invitation to submit a full application. This invitation will include detailed instructions on how to proceed.
Prepare Documentation: Gather the necessary documents to support your application. You will need:
- Financial statements from your most recently completed fiscal year.
- A detailed business plan outlining your innovation and its potential impact.
- Project budget, including a breakdown of costs and funding sources.
- Proof of Canadian incorporation.
- Any additional documents specified in the full application invite.
Complete Full Application: Fill out the full application form provided in the invite. Ensure all sections are completed accurately and thoroughly.
Submit Full Application: Submit your completed application by the specified deadline. Make sure to include all required documentation.
Pay Project Management Fee: Upon submission, pay the non-refundable project management fee, which is 5% of the total project costs eligible for funding.
Await Notification of Award: After submitting your application, wait for the notification of award. The program administrators will review your application and notify you of their decision by the specified date.
Review and Accept Terms: If your application is approved, review the terms and conditions of the funding. Accept the terms to proceed with the funding process.
Receive Funding: Once you have accepted the terms, you will receive the funding on a reimbursement basis. Ensure you keep detailed records of all project expenses to facilitate the reimbursement process.