The Ontario Ministry of Research and Innovation (OMRI) supports world-class research, commercialization and innovation taking place across Ontario. OMRI helps Ontario businesses through a range of programs and services offering Canadian government funding such as small business grants Ontario and small business loans Ontario like the Ontario Research Fund, Innovation Demonstration Fund (IDF), and Ontario Venture Capital Fund. Together with research partners in universities, colleges and hospitals, entrepreneurs and business leaders, the ministry helps foster scientific discovery and commercialization of new technologies and products that can be marketed to the world. By empowering Ontario’s talented workforce, entrepreneurial spirit and highly developed industry, the ministry is helping build an innovative culture in Ontario that continues to support job creation and economic growth for all Ontario citizens. For detailed information regarding the eligibility and application process visit our blog entry: Innovation Demonstration Fund Application.
IDF Government Funding for Business Overview
The Innovation Demonstration Fund (IDF) government funding for research and development is a discretionary, non-entitlement funding program administered by OMRI. The program focuses on emerging technologies, with a preference towards environmental, alternative energy, bio-products, hydrogen and other globally significant technology. The purpose of the IDF is to support Pilot Demonstrations that will lead to the commercialization of processes and/or products in Ontario that are globally competitive, innovative Green technologies.
Amount of Funding for Small Business Available through IDF
The Province will reimburse up to 50 percent of the Eligible Costs ranging from $100,000 up to a maximum amount of $4,000,000 from other Ontario programs (e.g., the Investment Accelerator Fund and the Emerging Technologies Fund) will be considered provincial funds for the purposes of calculating the maximum eligible contribution from the IDF. The Applicant is required to fund the other 50 percent of Eligible Project Costs. Total Canadian government funding cannot exceed 66 percent of the Total Eligible Project Costs.
The types of Ontario government funding programs offered shall be at the sole discretion of the Ministry and will take the form of one of the following funding vehicles (the precise terms to be determined by the Ministry):
- Secured Forgivable Loan;
- Secured Repayable Loan;
- Secured Incentive Term Loan (which may be principal deferred and interest free for a period of time, at which point interest would be repayable on a pro rata basis depending on performance targets);
- Royalty Agreements; or
- Equity participation.
More Information on IDF Ontario Government Funding
For more information on the the Innovation Demonstration fund, please select one of the following:
Contact a Canadian Government Funding Expert for Assistance
For more information and assistance with this government funding for business opportunity please contact a Canadian government funding expert. For the latest on business loans Ontario and small business grants Ontario connect with Mentor works by following our company on LinkedIn. You can also subscribe to our Canadian government funding weekly E-newsletter.