The Research Innovation Commercialization (RIC) Centres have recently released a new campaign of grants for small business in Ontario. The VentureStart Program looks to support Canadian entrepreneurs with innovative products or ideas for start-up businesses. VentureStart offers up to $30K in Canadian Government grants or 50% of start-up expenditures by means of a cost-sharing program. The program looks to provide entrepreneurs with Ontario Government funding support to refine their business development skills and transform their business concept into a reality.
Eligibility for Ontario Government Funding for Start-Ups
Eligible participants must have graduated from a university or college program relating to a STEM field of study (Science, Technology, Engineering, and Mathematics). Applicants must also reside in Southern Ontario and plan to start their business within the region.
Small Business Grants and Loans for Start-ups & Entrepreneurs
Watch this 2 minute video to learn more about start-up grants and loans resources available through Mentor Works.
Ontario Government Funding for Small Business Details
The VentureStart program offers a comprehensive business development program to train and fund innovative entrepreneurs through a two stage process: (1) Business Skills Development, and (2) Business Launch Support.
Stage 1: Business Skills Development
Participants will have to partake in a business skills development course to train and evaluate their skills as an entrepreneur. They must also complete a critical factor assessment to determine the viability of their business concept.
Stage 2: Business Launch Support
Once the candidates have completed their business development training, they may receive up to $30K in business funding grants for start-up expenditures on a cost-matching basis. These funds can be put towards a variety of start-up expenses including: prototype development, IP copyrighting, market research, and financial/legal services.
Participants will receive business mentoring support throughout the program from highly experienced entrepreneurs. They will act as mentors to the entrepreneurs and provide them with helpful advice and information throughout the launch phase.
Small Business Grants for Established Small and Medium-sized Businesses
If your business is incorporated and has more than 10 employees please select “Get Started” to learn more about funding for SMEs with less than 15 employees and/or have not been incorporated for at least 3 years. Otherwise, choose “Find Funding” to continue browsing the many options available to firms in Ontario and across Canada.
Applying for Government Start-Up Funding
Those interested in the VentureStart program can receive more information and registration details by visiting the VentureStart Homepage. For additional advice regarding Government Grants for Small Business, contact Mentor Works, the Canadian Government Funding Experts and sign up for our weekly Canadian Government Funding Newsletter.