The Ontario government recognizes that for youth under 30, starting a new business can be difficult. To help innovative technology arrive in the marketplace more quickly, the Ontario government has launched a new funding program called the Youth Accelerator Fund. This Ontario government grants program is targeted at helping youth under 30 take their innovation through the commercialization phase.
Amount of Funding Available through Youth Accelerator Fund
The investment from the Youth Accelerator fund will be a maximum of $250,000. Applications for this government funding program are ongoing.
Youth Accelerator Fund Small Business Grants Ontario Eligibility
The Youth Accelerator Fund provides financial investment support to new companies that are pre-revenue and based in Ontario. Pre-revenue means no more than $500,000 in revenue since it was created. In addition, the company’s assets must not exceed $500,000. To be eligible, a company must be incorporated or about to be incorporated. The company and its operations must be based in Ontario to a minimum of 50%. The applicant or majority of applicants must also be under the age of 30 to be eligible for this Ontario business grants program.
Focus of the Youth Accelerator Ontario Small Business Grants Program
Intellectual Property (IP) associated with the innovation must be owned by applicant and the applicant must have the right to take the innovation through the commercialization phase. To be eligible for funding through the Youth Accelerator Fund, the applicant will need to demonstrate that the innovation is a significant development above what is currently commercially available.
In addition, the company will need to provide substantiated evidence of a large market of over $100 million for the innovation and provide a plan to penetrate the market. The company will also have to prove its competence and capabilities to support the innovation through the commercialization phase.
Learn More about Startup Funding Available to Canadian SMEs
Looking for startup funding? Download a funding for small business and startups checklist to find whether you qualify. Also, be sure to check out our exclusive funding for startups webinar broadcast monthly.