All companies run into technical challenges. However, these R&D challenges lead to innovation and improved competitiveness. The Ontario Centres of Excellence programs have proven to be a solution for many advancing SME’s who have interest in Ontario business grants. Their Technical Problem Solving (TPS) program supports the development and implementation of short-term projects to solve a technical challenge identified by the industry partner (SME) with the end goal of commercial results.
Details on this Business Funding Grant
The eligible projects must focus on applying research and technical expertise to solve these business challenges and provide innovative products and services to consumers. Projects typically last 6-12 months and the program investments are between $25,000 and $50,000 with an in-kind contribution from the industry partner and a cost share basis matching OCE’s investment.
Advantages of Funding for Small Business
There are various benefits from the Technical Problem Solving (TPS) Ontario Government funding program for companies, which includes the ability to:
- Gain access to new talent
- Create marketable solutions to current industry challenges
- Develop new relationships with researchers
- Gain access to unique facilities and research equipment available in academic institutions, and gain exposure to other OCE programs.
Additionally, students will be given the opportunity to leverage their knowledge and innovative ideas to solve business challenges, gain real-world experience, build relationships with established companies, and access several networking opportunities.
There are several other relatable initiatives listed below:
- NSERC Engage: Program is intended to foster the development of new research partnerships between academic researchers and companies that have never collaborated together before. It supports short-term research and development projects aimed at addressing a company-specific problem in the fields of natural sciences or engineering. Program provides up to $25,000 over a period of 6 months. This program does not require a cash contribution from the participating organization.
- OCE First Job: Similar to the IRAP Youth Employment Program (YEP), this program supports technology innovation and focuses on the economic benefits Ontario will receive. The candidate must be seeking his/her first job in their area of expertise since graduation. Provides up to $40,000 for established companies and $50,000 for start-up companies to cover up to 50% of an employee’s salary. This initiative moves talented people from academia to industry, which allows companies to improve their ability to innovate by recruiting talent young researchers with significant academic experience.