For companies that are looking to undertake the investigation of a new technology, The Northern Ontario Heritage Fund Corporation (NOHFC) has announced a new government funding program that supports companies when they investigate and evaluate new technology. This Northern Ontario government funding program is called Opportunity Assessment Projects.
Is my company eligible for Opportunity Assessment Projects Ontario business grants?
Your company is eligible for this Ontario business grants program if you meet the following criteria:
- Your company is for-profit
- Your company is located in Northern Ontario
Who does the investigation?
The investigation can be conducted by a service provider – for example, a college, university, or innovation center.
What are the expectations for the service provider?
The service provider can charge a reasonable fee for the service. The service provider must give the company a report on the following information from their investigation:
- Technical feasibility
- Market feasibility
- Financial feasibility
- Operational requirements
- Human resource requirements
- Commercialization strategy
Does my company need to have a service provider in place prior to applying for government funding from the Opportunity Assessment Projects program?
Yes, your company and the service provider must be prepared to demonstrate a commitment to the project financially and the time frame at the time of the application. Your application will include a detailed work plan from the service provider.
Can my company use more than one service provider?
Yes you can use up to 2 service providers. You will be required to outline the reasons that this in necessary in your application. The amount of funding does not change.
What projects are eligible for investigation through the Opportunity Assessment Projects program?
Projects must involve new technologies in the following priority sectors:
- Natural resources
- Advanced manufacturing
- Clean technology
- Health sciences
- The bio-economy
- The digital economy
How much funding is available from the Opportunity Assessment Projects program?
Funding is available to support up to 75% of project costs to a maximum of $15,000 as a grant.
What costs are eligible for funding from the Opportunity Assessment Projects program?
The cost of the service provider researching and preparing the report is the only eligible cost.
What costs are not eligible?
To clarify, the following costs are not eligible for government funding:
- administrative fees or other ongoing operating costs of the service provider(s)
- business plan development
NOHFC Opportunity Assessment Projects
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How do I find out more information about this government funding program?
Mentor Works Canadian government funding experts can help your company determine the best opportunities for your business. If your business has 10 or more employees, manufactures or performs R&D in Canada, contact us to learn more about additional small business grants and loans opportunities.