Business Funding Grants – Interactive Digital Media (IDM) Fund
The Interactive Digital Media (IDM) Fund is intended to provide Ontario-based, interactive digital media companies with government funding as the final piece of finance required to move their eligible products into production. Selected applicants will receive a non-refundable monetary contribution up to $150,000 that cannot exceed 50% of the eligible project budget.
As a leader in the field of digital media tax credits, our guest blogger, Julie Lynn at R&D Funding Management Inc. has summarized the details of the IDM Fund. Julie is an expert in provincial digital media tax credits available to eligible businesses.
Government Grants for Small Business Eligibility
Eligible companies for this Ontario fund are:
- Screen-based companies that can demonstrate at least 25% of its revenue over the previous 2 years is attributable to the creation of complete content products;
- Equipped with in-house expertise;
- Canadian-owned and controlled;
- Private for-profit;
- In sound financial position;
- In good standing with the Ontario Media Development Corporation (“OMDC”).
Eligible projects that can tap into this funding for small businesses are:
- Interactive – which means the user has control over the form and sequence of the content;
- Intended to be released on a digital network or platform;
- Intended for a consumer audience;
- Intended to be used by individuals;
- Intended to educate or entertain or inform;
- Consisting of two of either text, images and sound;
- Suitable for commercial exploitation.
Ontario Government Grants Benefits
Selected companies can receive 50% of the total production budget to a maximum of $150,000. A minimum of request of $25,000 is recommended and twice the OMDC contribution must be spent in Ontario.
Funding for Small to Medium size Business Payment Schedule:
- 75% on execution of OMDC agreement;
- 15% on delivery of interim report;
- 10% on delivery of completed product.
Deadline to Apply: August 27th, 2012 5:00pm
Applications are submitted through the OMDC’s Online Application Portal (“OAP”). Applications must be submitted with complete documentation, as incomplete applications may not be considered. A jury of industry professionals and OMDC staff review the applications to make final recommendations. Applicants are notified of their application status within 3 months of deadline.
Digital Media Tax Credits – About our Guest Blogger
Julie Lynn, the Director of Media Tax Credits for the R&D Funding Management Inc., is expert in provincial digital media tax credits preparing winning claims on behalf of clients, in addition to advising digital media companies on how to add elements that would optimize their chances of success for these lucrative government funding programs. Contact jlynn@rdfm.ca for private consultation on assisting your company to submit digital media tax credit applications.
Additionally, please contact Bernadeen McLeod, Canadian Government Funding Expert if you are interested in learning about other programs available to your business. For current updates on other small business government funding options, sign-up for e-newsletter or follow us on Twitter.