Research and development efforts are a resource-intensive activity. A common hurdle faced by Ontario small businesses is the lack of capital needed to carry out research and development efforts. The MITACS Accelerate program aims to solve this by creating partnerships between Ontario businesses and universities. By combining resources through partnerships, both parties can realize a more efficient and effective research strategy.
Requirements for the Participating Business
MITACS Accelerate requires the company to hire an Ontario university intern for a four-month research project. For approximately half of the intern’s contract, they will apply their skills and knowledge to research the identified issue, gather data, and obtain an understanding of the business challenge. The other half of the contract will focus on developing the solution at the university under the guidance of the professor. The business will need to invest $7,500 per intern, which will be matched by MITACS for a total of $12,500. There is no limit to the number of interns that can be hired under this funding mechanism.
Benefits to Companies
- Subsidized wages
- Access to University resources
- Employee development
- Innovation research
- Strengthen relationships with Ontario Universities
If you are interested in applying for the MITACS Accelerate program, please fill out the Get Started form today. Mentor Works will be happy to answer any questions you have about this valuable government funding mechanism. And be sure to follow us on Twitter, Facebook, and LinkedIn to stay up-to-date on other government funding opportunities to grow your business.