Innovate BC — Ignite Program
Highlights
This program is designed for businesses like yours that are working on innovative projects in natural resources, engineering, or applied sciences. By applying, you can receive up to $300,000 in funding to support your research and development efforts. This financial boost can help you bring your new technology to market faster and more efficiently.
Why Apply?
- Significant Funding: Up to $300,000 available, paid in annual installments.
- Matching Funds: Secure additional funds from industry or government sources at a 2:1 ratio.
- Market Potential: Demonstrate strong market potential with support letters to show impact and benefits.
What's in it for You?
- Flexible Use of Funds: Cover salaries, materials, equipment, technology transfer activities, and more.
- Partnership Opportunities: Collaborate with academic and industry partners to commercialize your innovation.
- Ease of Qualification: If your project meets the criteria, the application process is straightforward.
Being approved for this program can significantly enhance your business's ability to innovate and grow, providing the financial support and collaborative opportunities needed to succeed.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Salaries and stipends for research and development.
- Materials, supplies, and equipment for prototyping, scale-up, product refinement, and validation studies.
- Technology transfer and commercialization activities, including patenting and licensing fees, and consulting fees for IP strategy.
- Travel and accommodation for collaborative purposes.
- Indirect administrative costs such as university overhead.
Ineligible Expenses:
- Retroactive expenses prior to the start date indicated in your application.
Fees:
- No fees associated with the program.
Qualifications
- The project must support the research and development of a new, innovative technology that solves an industry problem in the natural resources, engineering, or applied sciences.
- The project must be a collaboration between a B.C.-based industry and an academic partner, with the majority of project work occurring in B.C.
- The project partners must agree on IP ownership.
- The innovation must be at a minimum of Technology Readiness Level (TRL) 3, as defined by Innovation, Science and Economic Development Canada.
- The project must have strong market potential, with at least one letter of support to demonstrate potential market impact and/or benefits to B.C.
- The innovation must have a strong research and commercialization plan, aiming to achieve commercialization (i.e., revenue, customers, etc.) within 3 years of the project start date.
The project must secure matching funds from industry or government sources at a ratio of 2:1 matching dollars ($1 Ignite funds matched by $2 from other sources).
Disqualifications:
- Projects that cannot secure matching funds at a 2:1 ratio.
- Projects where the majority of the company’s revenue comes from government aid rather than sales.
- Projects that have retroactive expenses prior to the start date indicated in the application.
- Projects that do not have a clearly defined collaboration between the academic and industry partners.
- Projects that do not have a significant presence in B.C. or cannot exploit the research results in B.C.
Description
This program offers your business up to $300,000 for research and development. This funding is aimed at helping you commercialize your research, especially if you're working in natural resources or applied sciences.
You can use the money for:
- Salaries and stipends
- Materials, supplies, and equipment for prototyping, scaling up, or product refinement
- Technology transfer and commercialization activities, like patenting and licensing fees
- Travel and accommodation for collaborative purposes
- Indirect administrative costs, such as university overhead
The funding is paid in annual installments, following the submission of annual reports. To qualify, you need to secure matching funds from industry or government sources at a ratio of 2:1. This means for every dollar you receive from the program, you need to match it with two dollars from other sources.
This program is a great opportunity to advance your project, attract additional funding, and bring your innovation to market.
Program Steps
Submit an Application:
- Complete and submit the initial application form to express your interest in the program.
Prepare Documentation:
- Gather and prepare the following documents:
- Business Plan
- Financial Statements
- Research and Commercialization Plan
- Letters of Support
- Proof of Matching Funds
- Intellectual Property Agreements (if applicable)
- Gather and prepare the following documents:
Submit Full Proposal:
- If invited, submit a detailed full proposal by the specified deadline. Ensure all required documents and information are included.
Review and Approval:
- Await the review process. Be prepared to provide additional information or clarification if requested.
Sign Contribution Agreement:
- Upon approval, sign the contribution agreement to formalize the funding arrangement.
Receive Funding:
- Once the agreement is signed, funds will be disbursed in annual installments, contingent on the submission of annual reports.
Report Progress:
- Submit annual reports detailing the progress of the project, including financial updates and milestones achieved.