Saskatchewan Advantage Innovation Fund
Highlights
This program is designed for businesses like yours to accelerate the commercialization of innovative technologies. By applying, you can access non-repayable grants that can significantly reduce your financial burden. These grants are aimed at projects that address specific industry challenges, ensuring your innovations have a meaningful impact.
What You Get
- Non-repayable grants covering up to 30% of your project budget
- Priority consideration for projects with academic partners
- Expert feedback on draft proposals before submission
Benefits
- Financial support without the need for repayment
- Enhanced credibility through association with a government-backed program
- Increased chances of success with structured support and guidance
Applying is straightforward, and the program is tailored to support businesses with innovative solutions. This is a unique opportunity to advance your project with substantial financial backing and expert support.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- This is a non-repayable grant. There are no repayment terms or interest rates associated with this funding.
Eligible Expenses:
- Research and Development (R&D) costs.
- Salaries and wages for R&D staff.
- Equipment and materials directly related to the project.
- Contracted services and consultants.
- Travel expenses necessary for the project.
- Overhead costs directly attributable to the project.
Ineligible Expenses:
- General operational costs not directly related to the R&D project.
- Marketing and sales expenses.
- Costs incurred before the grant approval date.
- Debt servicing or repayment.
- Real estate purchases.
Fees:
- There are no application or administrative fees associated with this grant program.
Qualifications
- Proposed by a group of active private sector partners that represent the project’s value chain (researchers, those involved in the production/supply process, and customer/end users).
- Active partner: participating in the project either through cash and/or in-kind contribution, equity investment, and/or letter of intent to purchase.
- Project must be led by a Saskatchewan-based organization.
- Preference will be given to lead proponents with headquarters in Saskatchewan.
- The project group can consist of non-Saskatchewan organizations, provided the majority of the group have headquarter presence in Saskatchewan.
- Priority is given to proposals that have an academic partner from a Saskatchewan post-secondary or research institute.
- Demonstrate how the technological innovation will solve a specific industry challenge and benefit the sector as a whole, not just individual companies.
- Technological solutions must be novel and innovative.
- Demonstrate a feasible path to commercialization and how the benefits of the project will be sustained over the long-term.
- Industry partners must provide 50% or more of the project’s budget.
The amount requested from Innovation Saskatchewan (IS) is no more than 30% of the proposed budget.
Disqualifications:
- Projects led by non-Saskatchewan organizations with innovative technologies of significant benefit to Saskatchewan will be assessed on a case-by-case basis. IS reserves full discretion to declare the lead proponent ineligible.
Description
This program offers your business non-repayable grants to help develop and commercialize new technologies. You can receive funding for projects that tackle specific industry challenges in sectors like mining, energy, manufacturing, and healthcare.
Key benefits include:
- Non-repayable grants: You don't have to pay back the money you receive.
- Support for innovation: Use the funds to develop new technologies that can solve industry problems.
- Collaborative projects: Work with other businesses, researchers, and end-users to create valuable solutions.
To qualify, your project must be led by a Saskatchewan-based organization and involve active private sector partners. The program covers up to 30% of your project’s budget, with industry partners providing at least 50%. This is a great opportunity to bring your innovative ideas to life and make a lasting impact in your sector.
Program Steps
Register on the Online Application Portal: Visit the online application portal and create an account to start your application process.
Complete the Eligibility Questionnaire: Fill out the "Eligibility Questionnaire" on the portal to ensure your project aligns with the program's requirements.
Submit an Expression of Interest (EOI): Provide a detailed EOI before the intake deadline. This step is crucial for being considered for the next phase.
Prepare Documentation: Gather and prepare the following documents:
- Business plan
- Financial statements
- Project proposal
- Letters of intent from industry partners
- Proof of Saskatchewan-based organization status
- Any additional documents supporting your project’s feasibility and innovation
Submit Full Proposal: If invited, submit a comprehensive proposal by the specified deadline. Ensure all required documents are included and clearly demonstrate how your project meets the program’s criteria.
Review and Feedback: Take advantage of the opportunity to submit a draft of your proposal for feedback before the final submission. This can help refine your application and address any potential issues.
Final Submission: Submit your final proposal through the online portal by the deadline. Ensure all sections are complete and all documents are uploaded.
Await Funding Decision: The internal selection committee will review your proposal. If approved, you will receive notification and further instructions on the next steps.
Sign Agreement: Upon approval, sign the funding agreement outlining the terms and conditions of the grant.
Project Implementation: Begin your project as per the approved proposal and adhere to the reporting requirements specified in the agreement.