The Ontario Biosciences Innovation Organization® (OBIO) recently launched the Life Sciences Critical Technologies & Commercialization (LSCTC) Program to provide infrastructure, commercialization, technology adoption and talent programming to Ontario small and medium enterprises (SMEs) in the life sciences sector.
The program promotes innovative made-in-Ontario technologies and intellectual property for the benefit of small and medium sized enterprises and emerging ventures, particularly in the areas of therapeutics, diagnostics, medical devices, and digital health.
In addition to providing funding streams, this program also provides access to:
- The LSCTC Centre hub with access to subsidized shared office space;
- OBIO’s Knowledge Centre, including advisory, market research databases & industry resource library for OBIO® Members;
- A network of partners with expertise in the critical technologies and health science sector; and
- Business development and commercialization training.
General Eligibility Criteria for All Streams
There are three streams under this program: Strengthening Technology Commercialization; Technology Adoption; and, De-Risking of Emerging Technologies and Venture Creation. While each stream has its own criteria, here are some general eligibility requirements that apply for all. Businesses applying for these streams must be:
- Be either a private health science company based in Ontario, or an emerging venture with intellectual property (IP) developed in Ontario;
- Focused on developing human health science products/services, including but not limited to medical devices, diagnostics, digital health, health IT and therapeutics;
- Working to develop, integrate or have integrated at least one critical technology (5G/advanced networks, ethical artificial intelligence, blockchain, cybersecurity, quantum computing, and/or robotics) into products, services and/or operations; and
- Committed to the creation and commercialization of made-in-Ontario IP.
Stream 1: Strengthening Technology Commercialization
Projects under the Strengthening Technology Commercialization stream must:
- Demonstrate that the technology solves a critical problem, and a market exists for the product/service;
- Own the license agreement(s) for intellectual property associated with the technology; and
- Demonstrate that the completed project advances the company toward a significant value creation event.
This stream provides 2:1 cash matching for funding between $25,000 to $100,000 and is open to any private health science small and medium enterprise in Ontario.
Stream 2: Technology Adoption
Projects under the Technology Adoption stream must:
- Successfully complete an initial pilot/validation study with supporting data;
- Create a market-ready product/service, ready to commercialize at scale;
- Raise dilutive funding or generating annual recurring revenues; and
- Be ready to have technology evaluated by a healthcare organization.
This stream provides 2:1 cash matching for funds up to $250,000 and is open to any private health science small and medium enterprise in Ontario.
The applications for both streams will be reviewed on a rolling basis.
Stream 3: De-Risking of Emerging Technologies & Venture Creation
Organizations and projects that are eligible for funding under this stream must be:
- Seeking support with IP management, company creation, technology de-risking.
This program has no set maximum amount of funding allocated to it. Organizations under this stream must be either an emerging venture with intellectual property (IP) developed in Ontario, or an early stage, private health science small or medium enterprise (SME) (fewer than 500 paid FTE) based in Ontario with a high potential for company creation with operations in Ontario.
The applications for all streams will be reviewed on a rolling basis.
Access More Capital & Tech Funding Opportunities
Unlike business expansion funding, which focuses on large expansion projects that are completed over many phases, capital investment grants and loans support specific expenditures that are directly related to improved business performance. Federal and provincial capital and technology adoption funding programs enable companies to purchase innovative technologies sooner than would have been possible using cash flows alone.
Businesses can access up-to-date program information by industry or region through our government funding directory. To learn how to navigate the funding landscape for your business, download our free slide deck which provides insight on fund research support, technical writing tips, and ways to review.