Pre-commercialization Business Development Fund (PBDF)
Ontario Life Science Entrepreneurs & Researchers
To transfer the speed of products from the lab to the market, Ontario Genomics Institute (OGI) management provides early-stage investment funds up to $100k per project as an investment fund. The project must involve genomics, proteomics or associated technologies that are or have been key enabling components and be in the validation phase of research. Areas may include laboratory and medical devices, diagnostics, small-molecule strategies for disease therapy, nutraceuticals, crop or livestock trait improvements, environmental management, high-throughput robotics and complementary technologies such as analysis and information technology (i.e. databases).
Small Business Financing in Ontario
With PBDF representing a unique funding opportunity for the project, the assessment criterion includes the following conditions:
- Supports partnerships between academe and industry
- Creates economic results from research in the genomics and proteomics-related technologies in the next 24 months
- Investment provides major scientific and commercialization-related milestones for the novel approach to advance to market with timeline
- A 50/50 cost share in cash or in kind contribution from the applicant or other investors
- Strong development plan with understanding of the market, competition and competitive advantage and commercial potential of technology in market
- Reference to current management team and strengths including prospects for licensing or partnering and/or raising further financing and/or prospects for getting invention into the marketplace
- Definition of IP position and potential including invention disclosures, patents filed/applied and granted, and know-how.
Investment for R&D Funding
Deadline for applications is February 10, 2012 for this current round of funding with the review process 3-6 months in length. Please note that the PBDF is an investment fund and not a grant. Typical arrangement for a company proposal includes a convertible debenture at 15% interest plus warrants with a 20% discount on conversion.
Ontario Business Funding Programs
Other popular health technology programs for funding for small businesses include the Health Technology Fund, Ontario Sells Program, Technology Implementation Program, Health Information Management Systems Society, and IRAP’s Accelerated Review Process. For further information to learn of how other business leaders have applied and implemented these programs to solve innovation challenges and grow, please contact Bernadeen McLeod at Mentor Works.