Innovative Solutions Canada Program
Highlights
The Innovative Solutions Canada program is designed for small businesses like yours. This program offers a unique chance to develop and test your innovative ideas with the support of the Government of Canada. If your idea is selected, you could receive funding to develop a proof of feasibility and, if approved, further funding to create a prototype.
What You Get:
- Funding for proof of feasibility
- Additional funding for prototype development
- Potential for the Government of Canada to be your first buyer
This program stands out because it not only provides financial support but also offers a pathway to commercialization. The Government of Canada, being the largest purchaser of Canadian goods and services, can help you bring your innovation to market. Qualifying is straightforward, making it easier for you to access these benefits and grow your business.
Financing Details
Type of Financing: Grant
Eligible Expenses:
- Research and development costs
- Prototype development
- Testing and validation of prototypes
- Pathway to commercialization activities
Use of Funds:
- Funds can be used to cover costs directly related to the development of innovative solutions.
- Funds cannot be used for general operational expenses, marketing, or unrelated business activities.
Repayment Terms:
- As this is a grant, there is no repayment required.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be a Canadian small business.
- Must be an innovator with a novel solution to a challenge.
- Must be able to develop, test, and validate prototypes.
Must be prepared to commercialize the innovation.
Disqualifications:
- Businesses that are not small.
- Businesses that are not Canadian.
- Businesses that do not have innovative solutions.
- Businesses unable to develop, test, or validate prototypes.
- Businesses not prepared for commercialization.
Description
The Government of Canada wants to help your business grow by solving important challenges. Through this program, you can get funding to develop and test new ideas. If your idea is selected, you could receive funding to prove it works. If successful, you could then get more funding to create a working prototype.
Here’s what you can get:
- Funding to develop a proof of feasibility.
- Additional funding to create a prototype if your proof is approved.
- The Government of Canada could be your first buyer if your solution meets their needs.
This program is a great opportunity for your business to innovate and potentially secure a significant customer.
Program Steps
Identify a Relevant Challenge: Visit the Innovative Solutions Canada website and browse the list of current challenges. Select a challenge that aligns with your business's expertise and capabilities.
Prepare Required Documentation: Gather the necessary documents to support your application. These typically include:
- Business registration details
- Financial statements
- Business plan
- Detailed proposal outlining your innovative solution
- Proof of Canadian ownership and control
Develop a Proposal: Create a comprehensive proposal that addresses the selected challenge. Ensure it includes a clear description of your innovative solution, its feasibility, potential impact, and how it meets the challenge requirements.
Submit Your Proposal: Use the online submission portal on the Innovative Solutions Canada website to submit your proposal. Ensure all required fields are completed and all necessary documents are uploaded.
Await Evaluation: After submission, your proposal will be evaluated by a panel of experts. They will assess its feasibility, innovation, and potential impact.
Respond to Feedback: If your proposal is shortlisted, be prepared to provide additional information or clarification as requested by the evaluators.
Receive Funding for Feasibility Study: If your proposal is selected, you will receive funding to conduct a proof of feasibility. This involves developing a detailed plan and initial testing of your solution.
Develop Prototype: Upon successful completion of the feasibility study, you may receive additional funding to develop a prototype of your solution.
Testing and Validation: Work with the Government of Canada to test and validate your prototype. This step ensures your solution meets the challenge requirements and performs as expected.
Pathway to Commercialization: If your prototype is successful, the Government of Canada may become your first buyer, helping you commercialize your innovation and bring it to market.