Investing In Commercialization Partnerships (ICP) $20 Million Ontario Government Grant Funding Success – SOSCIP
On April 28th, FedDev Ontario Minister Gary Goodyear announced that the Southern Ontario Smart Computing Innovation Platform (SOSCIP) Consortium would receive $20 million in Ontario government funding. On behalf of this consortium which is comprised of seven leading Ontario universities, the University of Toronto will receive funds which increases their access to advanced computing and big data analytics. This Ontario government grant funding will allow SOSCIP to develop new collaborative projects, which ultimately allows for new products and services to enter the market. As the lead industry partner, IBM Canada will also contribute to the projects by providing $65 million in advanced computing infrastructure, analytics software, and technical support. The overall impact of this investment includes the creation and sustained need for 100 new jobs.
Investing in Commercialization Partnerships Government Grant Funding
The Investing in Commercialization Partnerships (ICP) program supports business-led partnerships which help to realize global competition through advanced products and services. The growing collaboration between leading universities and business leaders helps to accomplish this goal, and the infusion of government funds allows for new projects to be undertaken where previously impossible.
Through the program, 50% of project costs up to $20 million will be awarded as non-repayable government grant funding.
How Can Your Business Leverage ICP Funding?
The introduction of the Southern Ontario Smart Computing Innovation Platform Consortium will provide businesses with academic partnership opportunities to fuel innovation leadership in agile computing, health, water, energy, cities, mining, advanced manufacturing, digital media, and cybersecurity. Leveraging new collaborative opportunities such as SOSCIP will lead to growth and a sustained advantage in the marketplace. The creation of new products and services, the ability to create new jobs, and the training of existing staff are all possible with the right amount of funding.
Post-secondary institutions and incorporated not-for-profits who have found an industry partner to work with may apply for FedDev Ontario’s Investing in Commercialization Partnership (ICP) in order to create an industry support program with similar impacts to SOSCIP. Activities and projects that display the following characteristics will be considered for funding through the ICP program:
- Increase the capacity of existing and emerging innovation ecosystems within southern Ontario;
- Create innovative products, technologies and services through business-led collaborations;
- Develop commercially-relevant technology platforms; and
- Support the development of a critical mass of research and development activity in emerging clusters in southern Ontario.
Learn More about Ontario Government Grant Funding
Are you eligible for Canadian or Ontario government funding grants and loans? Do you need to consult with someone to learn more about this and other types of government funding? Mentor Works hosts a variety of free business funding webinars and workshops that we encourage you to attend. Want to talk now? Send us a message detailing the project you are looking to receive funding for and we will evaluate your options.
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