Is your company trying to determine whether there is a market for your new technology? The Northern Ontario Heritage Fund Corporation (NOHFC) has developed an Ontario business grants program called NOHFC Opportunity Assessment Projects in order to offer support to northern Ontario businesses tackling this challenge.
What do NOHFC Business Grants in Ontario Offer?
This small business grants Ontario program provides funding for businesses to pay a non-for-profit service provider to complete an assessment of the technology.
The Opportunity Assessment Projects funding will provide up to 75% of project costs to a maximum $15,000 as a conditional contribution to pay for the cost of having a college, University or Innovation Center conduct a study to determine the feasibility of the new technology.
What is Included in the Ontario Government Grants Supported Assessment?
- Technical feasibility
- Market feasibility
- Financial feasibility
- Operational requirements
- Human resource requirements
- Commercialization strategy
When companies submit an application, it is expected that they have a service provider who has agreed to commit to the project and is prepared to start when funding is approved.
Government Grants for Small Business in Northern Ontario Eligibility
Projects that are eligible for this government funding program must fit with one of the following priorities of the NOHFC:
- Natural resources
- Advanced manufacturing
- Clean technology
- Health sciences
- The bio-economy
- The digital economy
In addition, the project must be for technology that is in the research and development phase or in the pre-commercialization stage.