Throughout Ontario, thousands of researchers are developing new and innovative solutions to common problems faced by Canadian Industries. The Ontario Centres of Excellence’s (OCE) Market Readiness program has been put into motion to help advance the research of publicly funded laboratories to the next stages of commercialization and product development. The program’s small business funding grants will allow Ontario research institutions to accelerate the transfer of their research into market applications through new spin-off companies or significant licensing opportunities. The OCE Market Readiness Program will also focus its attention on retaining the social and economic benefits of the resulting products and technologies within the Province of Ontario.
Ontario Business Funding Details
The OCE Market Readiness Program (MRP) supports the commercialization and development of research into market-ready products and services through a three-phase program. Labs could receive maximum of up to $600K in business funding grants towards their projects throughout the program’s tree phases.
Phase 1: Market Readiness and Business Assessment
Up to $75K in funding towards the development of a business case and a commercialization strategy. Phase 1 could also provide funding for Proof of Concept and market research.
Phase 2: Development and Validation Support
This phase can be broken down into two separate stages: 1 – Design & Development, 2 – Testing and Validation. Combined, these stages could provide up to $275K or 50% of the costs associated with developing and testing the product or service so it is ready to market.
Phase 3: Product Launch
Up to $250K or 50% of the costs associated with the development and implementation of a marketing and investment strategy. Activities such as personnel training and production planning could also be included.
Ontario Research and Development Funding
The program also encourages the utilization of other Canadian Government Grants for R&D and Technological Advancement including NSERC I2I Program or one of the MaRS Funding Programs. The successful application of one of these programs may improve the chances of success if received prior to applying for MRP. Applicants are eligible participate in one or all three of the MRP’s phases depending on the requirements of their research and stage of their businesses. Those eligible to apply include publicly funded research institutions including hospitals or academic institutions; or spin off organizations that are directly related to the lab.
Additional Ontario Government Funding Details
For those who would like to learn more about the OCE Market Readiness Program, please contact one of our Canadian Government Funding Experts or sign up for a Free 60 Minute Funding for Small Business Workshop. Our readers can also learn more about the opportunities for Canadian Government Grants for Small Business by subscribing to our Weekly Canadian Government Funding Newsletter or following us on Twitter.