INVEST North Program — Innovation – Industrial Research Chair
Highlights
This program is a fantastic opportunity for your business. It offers up to $1,000,000 in financial assistance, covering 50% of eligible costs. This funding can be used for essential expenses like salaries, lab construction, research equipment, and materials. The program is designed to support projects that align with your strategic research plan and involve private sector partnerships.
What You Get:
- Up to $1,000,000 in funding
- Support for salaries and benefits
- Construction or renovation of research facilities
- Acquisition and maintenance of research equipment
- Publication costs for research findings
This funding is a conditional contribution, making it more flexible than traditional loans. Approval can significantly boost your research capabilities, helping you solve business problems and commercialize new products or processes. The application process is straightforward, and you can expect a response within 2 to 4 weeks.
Financing Details
Type of Financing: Conditional Contribution
Repayment Terms and Interest Rates:
- Financial assistance covers up to 50% of eligible costs.
- Maximum contribution is $1 million.
- This is a conditional contribution, meaning it does not need to be repaid if all conditions are met.
Eligible Expenses:
- Salary and mandatory benefits of the chair holder.
- Construction or renovation of laboratories or supporting facilities.
- Acquiring, operating, and maintaining research equipment.
- Materials used directly in research.
- Costs associated with publishing research findings.
Ineligible Expenses:
- Compensation-related expenses for other research team members.
- Indirect operating or administrative costs.
- Fees for professional and technical services.
- Travel, accommodation, and meeting costs.
- Office equipment and furnishings.
Fees:
- There are no fees associated with applying for or receiving this conditional contribution.
Qualifications
- Must be a Northern Ontario university, college, or research institution.
- Must be a not-for-profit organization whose primary activity is scientific research.
- Must be formally affiliated with a Northern Ontario post-secondary institution.
- Must have a private sector partner involved in the project.
- Must fit with the applicant institution’s strategic research plan.
- Must focus on business problem solving or working towards the commercialization of a product or process in Northern Ontario.
- Must have a credible plan and the expertise and resources needed to exploit the research results.
- Industrial partner(s) must contribute financial support and be actively involved in the project.
- Chair holders must be recognized as international leaders in their field with extensive research experience.
Chair holders must have an exceptional track record of managing research programs and training researchers.
Disqualifications:
- Compensation-related expenses of other members of the research team.
- Any indirect operating or administrative costs.
- Fees for professional and technical services.
- Travel, accommodation, and meeting costs.
- Office equipment and furnishings.
Description
This program offers your business a chance to receive up to $1 million in financial assistance. The funding covers 50% of eligible costs for projects that last up to five years. This can be a significant boost to your business, especially if you are involved in research and development.
You can use the money for various purposes, such as:
- Salaries and benefits for key research personnel
- Construction or renovation of laboratories or facilities
- Purchasing and maintaining research equipment
- Materials and publishing costs directly related to your research
The program requires a partnership with the private sector, ensuring that your project has real-world applications and benefits. The funding is a conditional contribution, meaning you don’t have to pay it back as long as you meet the program’s requirements.
This is a great opportunity to enhance your research capabilities, collaborate with other institutions, and contribute to the economic growth of Northern Ontario.
Program Steps
Create an Account:
- Visit the application portal.
- Fill out the registration form with your personal and business details.
- Create a username and password.
Log In:
- Use your newly created username and password to log into your account.
Prepare Documentation:
- Gather the following documents:
- Strategic Research Plan
- Detailed Business Plan
- Proof of Private Sector Partnership
- Financial Statements
- Curriculum Vitae of the Chair Holder
- Letters of Support from Partners
- Budget Breakdown for the Project
- Gather the following documents:
Complete the Application Form:
- Follow the onscreen instructions to fill out each section of the application.
- Provide detailed information about your project, including objectives, methodology, and expected outcomes.
Upload Required Documents:
- Attach all the prepared documentation to the relevant sections of the application form.
Review and Verify:
- Double-check all the information and documents provided.
- Ensure that all sections of the application are complete and accurate.
Submit Application:
- Once you are confident that everything is in order, click the "Submit application" button.
- You will receive a confirmation email upon successful submission.
Await Response:
- The Northern Ontario Heritage Fund Corporation (NOHFC) will review your application.
- You should hear back within 2 to 4 weeks regarding the status of your application.