The Government of Ontario has announced the launch of new business grants in Ontario that will support the research and development of health solutions projects. With $15 million in total funding to be allocated, life sciences entrepreneurs and innovators will receive funding support to bring their prototype projects to local and global markets.
Eligible Ontario businesses can access up to $500,000 in government funding support from the Life Sciences Innovation Fund (LSIF) for early stage, made-in-Ontario health solutions research and development projects.
The LSIF supports the provincial government’s larger Life Sciences Strategy, Taking Life Sciences to the Next Level, which aims to improve Ontario’s scientific standing on a global scale by helping local companies advance their own made-in-Ontario solutions.
“Part of our government’s plan to build Ontario is ensuring that companies, innovators, and entrepreneurs have the support they need to advance next-generation health technologies. The new Life Sciences Innovation Fund will foster more innovation and ensure Ontario continues to lead the pack in the life sciences sector now and for generations to come.”
– Vic Fedeli, Minister of Economic Development, Job Creation and Trade
About the Life Sciences Innovation Fund (LSIF)
The Life Sciences Innovation Fund (LSIF) supports the process of transitioning innovative and capital-intensive investment projects from early concept stages to local and/or global commercialization. The program hopes that key applicants will be early-stage companies in life sciences and healthcare technology sectors.
Delivered by the Ontario Centre of Innovation, the LSIF is a strong addition to the ongoing list of Canadian research and development government funding programs.
“Life sciences start-ups face distinct challenges in moving their innovations from the research lab into the marketplace. The Life Sciences Innovation Fund will provide much needed support to de-risk early-stage opportunities and accelerate time to market.”
– Claudia Krywiak, President and CEO of the Ontario Centre of Innovation
The following is an overview of the LSIF Program. If your business is interested in accessing funding, please connect with the Mentor Works team of government funding professionals to assess your eligibility and project type.
- Successful applicants for this program may receive up to $500,000 in funding support for early-stage risk capital to scale made-in-Ontario health solutions.
Applicants may be eligible for funding through the Life Sciences Innovation Fund if they meet the following eligibility criteria:
- Operations are headquartered and mostly based out of Ontario;
- At time of application, >50% of company headcount must be located in Ontario;
- Incorporated for less than five years; and
- Must be an early-stage company with competitive intellectual property from the conceptual stage through to commercialization.
Project activities may be eligible if they:
- Transition innovative and capital-intensive investments from concept stage to commercialization within Life Sciences and Healthcare Technologies;
- Strengthen key areas such as cancer treatment, regenerative medicine, neuroscience, and medical technologies;
- Have raised less than $3 million from third-party capital; and
- Aim to raise Pre-Seed and Seed investments ranging from $1 to $5 million.
Applications are currently open for the Life Sciences Innovation Fund program. There is no established deadline for applications at this time.
Canadian Grants and Loans for Research and Development
Ongoing innovation is a mindset that all Canadian businesses should adopt to remain a worthwhile choice to customers. Without research and development, solutions to problems may not be as optimized as they can be, and this can unfortunately lead to a business falling behind its competitors.
New Ontario business grants and loans, like the Strategic Innovation Fund, are available to offset research and development costs to help companies stretch their research budgets and access innovative progress.
Our Mentor Works team of Canadian funding specialists have an average success rate of 86% in accessing funding for our clients. We provide our clients with an average of 95%-time savings. Speak with a member of our team to find out what programs your business may be eligible for.