Life Sciences Innovation Fund
Highlights
This program offers a fantastic opportunity for your business to secure up to $500,000 in early-stage risk capital. This funding can help you scale your innovative health solutions both locally and globally. By participating, you can strengthen your competitiveness in critical areas such as cancer treatment, regenerative medicine, neuroscience, and medical technologies.
Key Benefits:
- Co-investment with angel and other investors: This helps de-risk your venture and makes it more attractive to future investors.
- Support in becoming investor and customer ready: This can accelerate your path to market and growth.
- Access to follow-on investment: Ensuring sustained growth and development of your business.
Being approved for this program can significantly propel your Ontario-generated intellectual property, talent, and expertise into new and emerging areas of life sciences. The qualification process is straightforward, making it easier for you to access the funds needed to scale your business.
Financing Details
Type of Financing:
- The Life Sciences Innovation Fund (LSIF) offers co-investment funding to support companies in the Life Sciences and Healthcare Technologies sectors related to human health.
Repayment Terms and Interest Rates:
- Companies can receive up to $500,000 in early-stage risk capital.
- The fund aims to help scale health solutions in Ontario and global markets.
- There is no specific information provided regarding repayment terms or interest rates in the context.
Eligible Expenses:
- The fund supports companies in key areas such as cancer treatment, regenerative medicine, neuroscience, and medical technologies.
- It aims to propel Ontario-generated intellectual property, talent, and expertise into emerging areas of life sciences.
Ineligible Expenses:
- The context does not specify any expenses that the funds cannot be used towards.
Fees:
- No information is provided regarding any fees associated with the Life Sciences Innovation Fund in the context.
Qualifications
- Must be an Ontario or Canadian incorporated for-profit company headquartered in Ontario.
- Must be in the Life Sciences and Healthcare Technologies sectors related to human health.
- Must be currently raising pre-seed or seed investments with total round sizes ranging from $1 million to $5 million.
Must have raised less than $3 million in third-party capital.
- Disqualifications:
- OCI Ready for Market (R4M) Portfolio companies are not eligible for investment via the Life Sciences Innovation Fund (LSIF).
Description
This program offers your business up to $500,000 in co-investment funding. This money can help you take your human health-related innovations from the idea stage to the market.
You can use the funds for:
- Scaling your health solutions
- Attracting more investors
- Becoming ready for customers
The funding is aimed at early-stage companies in the life sciences and healthcare technology sectors. This means you can focus on developing solutions in areas like cancer treatment, regenerative medicine, neuroscience, and medical technologies.
Key benefits include:
- Up to $500,000 in early-stage risk capital
- Support to grow your business both locally and globally
- Strengthening your competitiveness in key health sectors
This program is a great opportunity to propel your Ontario-generated intellectual property, talent, and expertise into new, emerging areas of life sciences.
Program Steps
Visit the Program Website: Go to the Ontario Centre of Innovation's website to access the application portal.
Create an Account: Register for an account on the AccessOCI platform if you do not already have one.
Complete the Interest Form: Fill out the intake form to express your interest and determine if the program is suitable for your business.
Prepare Required Documentation: Gather the necessary documents to support your application. These include:
- Business plan
- Financial statements
- Details of current and past funding
- Proof of Ontario or Canadian incorporation
- Evidence of headquarters in Ontario
- Documentation of pre-seed or seed investments
Review Program Guidelines: Download and review the program guidelines to understand the eligibility criteria, investment criteria, and other important details.
Contact an Investment Lead: Reach out to an investment lead or program manager for any questions or additional information. Contact details are available on the program's webpage.
Submit Your Application: Log in to your AccessOCI account and submit your completed application along with the required documentation.
Follow Up: After submission, monitor your email for any follow-up requests or additional information needed from the program administrators.
Await Approval: Once your application is reviewed, you will be notified of the decision. If approved, discuss the final terms and conditions of the investment.
Receive Funding: Upon agreement, the funds will be disbursed to support your business’s growth and development in the life sciences and healthcare technologies sectors.
