The Southern Ontario Prosperity Initiatives (SOPIs) from FedDev Ontario provide government funding opportunities to new and established businesses and not-for-profits. The Investing in Business Innovation (IBI) program also has a stream for Angel Networks. The funding from the IBI program is available to Angel networks as a grant towards project costs.
IBI Government Grants Canada for Angel Networks: Organization Eligibility
To be eligible to receive funding from this Canadian government grants program, an Angel network must be located in Southern Ontario, incorporated and a not-for-profit. Applications will be evaluated on the proposed project and the past successes of the Angel networks in acquiring new investors and entrepreneurial businesses to invest in. The angel network will also need to demonstrate it has a solid business model and the expertise and experience to carry out the project.
IBI Grants from the Canadian Government: Project Eligibility
Eligible projects must focus on attracting new investors and improving the means of finding and investing in new entrepreneurs with high potential of success through:
- Building capacity;
- Providing mentorship;
- Education and resource development; and
- Coordination and convening.
Canada Government Grants through IBI for Angel Networks: Eligible Expenses
Costs that are eligible for reimbursement through IBI for angel networks government grants Canada program are those associated specifically with the project including: labour, expertise, and non-capital costs. The funding does not support capital costs or ongoing costs. The expenses incurred by the project are only eligible for reimbursement if they occur after a contribution agreement is signed and the project is approved to begin.
Government Grants Canada: Program Focus
The IBI program has two important focuses that projects should align with in order to be successful. The first is increasing regional diversification. The second is innovation. Projects that demonstrate a unique method of solving a problem are more likely to have a positive outcome from the application.
The IBI for angel networks program is accepting applications on a continuous basis with the final end date for projects being December 31, 2018.
To learn more about how to apply and how a Canadian Government Funding Expert from Mentor Works can help by contacting us about the IBI for Angel Networks program