The downturn of the economy has wreaked havoc on many small businesses’ cash budgets. Technology companies that invest in research and development of new innovations are finding it harder to bring their advancements to market due to these financial constraints.
Fortunately, The Ontario Ministry of Research and Innovation has created the Innovation Demonstration Fund (IDF) to help technology companies bring their new innovations to the marketplace.
Innovation Demonstration Fund (IDF)
The Government of Ontario created this funding program to help support the developing and commercialization of new technology.
The IDF is focused on environmental, alternative energy, bio-products, hydrogen and other globally significant technologies at the pilot stage of development.
The fund will help to contract the financial gap that exists between the development and commercialization of technologies. Funding for projects focuses on pilot-scale technological hurtles and ranges from a minimum of $100,000 to a $4,000,000 cap on projects, where the government will reimburse up to 50% of costs.
Am I Eligible?
There are several guidelines that must apply to all IDF applicants:
- The innovation must demonstrate a competitive advantage for Ontario or other significant benefits.
- Valid testing must confirm the viability of the innovation; the applicant must provide sufficient data to support this.
- After the funding process is complete, the new technology will be shifted into the global market.
- Competitive advantages must exist within the technology to ensure it will be a leader in the global marketplace.
How Do I Receive Funding?
A business plan needs to be created to outline the expenses and predict 3 years of forecasted financials. Mentor Works can work with you to create a comprehensive business plan if needed.
If a business plan already exists, the application process can start today by contacting Mentor Works. We will work closely with you to ensure that your application process is as fast and efficient as possible.