FAQs Investing in Business Innovation for Angel Networks

bigstock-Cute-young-business-woman-with-55190702Investing in Business Innovation for Angel Networks is operated by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) as a part of Southern Ontario Prosperity Initiatives (SOPIs).  Canadian business grants offered through the Investing in Business Innovation (IBI) Program funds projects that attract investment and increase efficiency and effectiveness of investment in innovative, high-growth potential start-ups. Below are answers to some of the most frequently asked questions concerning IBI funding for Angel Networks.

How does an organization qualify for funding through Investing in Business Innovation for Angel Networks?

To be eligible for Ontario government funding, an angel network must be based in Southern Ontario and demonstrate a track record of attracting investors and investing in new businesses with a strong potential of success. The angel network must be incorporated and a not-for-profit.

What types of projects are eligible for funding from the IBI for Angel Networks Program?

Projects must focus on expanding the capacity and capabilities of the angel network to increase the number of investors and the number of new businesses it invests in.

What organization distributes this government funding?

FedDev Ontario distributes this funding on behalf of the government.

What expenses are eligible for funding from IBI for angel networks?

The following expenses are eligible for funding: project related labour, contractor services or other expertise and non-capital costs.

What expenses are ineligible for funding?

Capital expenses and expenses incurred prior to signing a contribution agreement are not eligible for reimbursement.

How Investing in Business Innovation Funding for Angel Networks distributed?

The funding from the IBI for Angel Networks program is distributed by reimbursement. The applicant submits an expense report that demonstrates paid eligible expenses and FedDev Ontario reimburses them.

When is the deadline for applying to Investing in Business Innovation for Angel Networks?

Applications are accepted and evaluated on a continuous basis with a final project end date of December 31, 2018.

How do we find out more information on Investing in Business Innovation for Angel Networks?

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And also, don’t forget that Mentor Works offers free Canadian government funding workshops and webinars. Stay up to date with new developments in Canadian small business grants and loans news by following us on any one of your favourite social media networks, including: LinkedInYouTubePinterestFacebookGoogle+, Tumblr, and Twitter.

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