INVEST North Program — Innovation Stream
Highlights
The Innovation Stream is designed specifically for businesses like yours that are focused on developing and commercializing new technologies. This program offers up to $2 million in conditional contributions, covering up to 50% of your total eligible project costs. This funding can significantly reduce your financial burden, allowing you to focus on innovation and growth.
What You Get:
- Funding for Applied Research & Development: Covering costs like prototyping, product testing, and intellectual property protection.
- Funding for Demonstration & Commercialization: Including building or renovation costs, prototype demonstration, and marketing expenses.
Why Apply?
- Substantial Financial Support: Up to $2 million in funding can help you bring your innovative technology to market.
- Flexible Use of Funds: From research and development to commercialization, you can use the funds for various critical activities.
- Government-Backed: This program offers a reliable source of funding, reducing your financial risk.
Applying is straightforward, and qualifying is easier than you might think. Approval can provide the financial boost your business needs to succeed in the competitive tech landscape.
Financing Details
Type of Financing: Conditional Contribution
Repayment Terms and Interest Rates:
- No repayment required if conditions are met.
- If assets financed are sold within three years after project completion, reimbursement to NOHFC may be required.
Eligible Expenses:
- Direct internal technical labour costs
- Prototyping costs (engineering and design services, component purchase, fabrication, and installation)
- Product testing
- Intellectual property protection costs
- Research and development services provided by public sector partners
- Building or renovation costs for commercialization
- Prototype demonstration costs (engineering, design services, equipment purchases, fabrication, and installation)
- Material costs
- Product certification costs
- Marketing costs (limited to 20% of total eligible project costs)
Ineligible Expenses:
- Land
- Working capital
- Administrative or other indirect operating costs
- Labour costs for any person owning 10% or more of the applicant business
- In-kind contributions
- Business plans
- Travel, accommodation, and meeting costs
- Office equipment and furnishings
- Vehicles
Fees Associated with the Program:
- No specific fees mentioned.
Qualifications
- Must be a private-sector business.
- Can partner with a public sector academic or research institution.
- Private-sector business must be the lead applicant and funding recipient in public-private partnership projects.
- Partnering academic or research institution must have relevant expertise and resources.
- Must be involved in applied research & development, or demonstration & commercialization of new and innovative technologies.
For combined applied research & development and demonstration & commercialization projects:
- Must own, have registered a patent for, or have rights to exploit the intellectual property associated with the technology.
- Must demonstrate that the technology has been tested and fully validated.
Disqualifications:
- Projects intended for internal efficiency purposes only.
- Ineligible activities and associated costs include:
- Land
- Working capital
- Administrative or other indirect operating costs
- Labour costs for any person that owns 10% or more of the applicant business
- In-kind contributions
- Business plans
- Travel, accommodation, and meeting costs
- Office equipment and furnishings
- Vehicles
- Projects that develop land for re-sale or lease.
- Commercial land, industrial land, and building development.
- Projects including standalone site servicing and/or site development costs.
Description
This program offers your business a great opportunity to grow and innovate. You can receive up to $2 million to support the research, development, and commercialization of new technologies. This funding can cover up to 50% of your total eligible project costs.
You can use the money for various activities such as:
- Prototyping and product testing
- Building or renovation costs related to new technology
- Marketing efforts, including trade shows and materials
- Intellectual property protection
The funding is provided as a conditional contribution, meaning you don’t have to pay it back unless you sell the assets financed within the first three years after project completion. This program is designed to help you bring innovative products and services to market, meeting real market needs and driving economic benefits for Northern Ontario.
Program Steps
Create an Account:
- Visit the program's website.
- Click on "Create Your Account."
- Fill in your first name, last name, user name, organization name, email, and password.
- Confirm your email and password.
- Click "Register."
Log In:
- Use your credentials to log in to your newly created account.
Prepare Documentation:
- Gather the following documents:
- Detailed business plan.
- Financial statements.
- Proof of ownership or rights to exploit the intellectual property.
- Evidence of technology testing and validation.
- Quotes for prototyping, product testing, and other eligible costs.
- Marketing plan (if applicable).
- Gather the following documents:
Complete the Application Form:
- Follow the onscreen instructions to fill out each section of the application form.
- Ensure all required fields are completed accurately.
Upload Documentation:
- Attach the prepared documentation to your application.
- Double-check that all documents are clear and legible.
Review and Submit:
- Review your application thoroughly.
- Make sure all information is accurate and complete.
- Click "Submit application."
Wait for Response:
- The NOHFC will review your application.
- Expect to hear back within 2 to 4 weeks.
Follow Up:
- If additional information is requested, provide it promptly.
- Keep track of any communication from the NOHFC regarding your application status.