Innovation Demonstration Fund
The McGuinty government is helping innovative companies develop cutting-edge technologies that will strengthen Ontario's economic advantage and provide high-value jobs for the future.
Innovation Demonstration Fund
The four-year, $24-million Innovation Demonstration Fund assists early-stage technology companies in developing promising discoveries and driving them to the global marketplace. The fund focuses on new bio-based, environmental and alternative energy technologies -- thereby addressing important concerns such as effective waste management, energy conservation and environmental improvement. The result will be high-value jobs, future economic prosperity and improved quality of life for Ontario families.
The four-year, $24-million Innovation Demonstration Fund helps companies develop promising new technologies by supporting them at the pilot or demonstration project stage. The fund focuses on new bio-based (made from biological or renewable materials), environmental and alternative energy technologies. The result will be high-value jobs, future economic prosperity and improved quality of life for Ontario families.
This program is aimed at later-stage development of technologies -- focusing on innovations where a lot of the groundwork has been laid and the innovation is moving into the pilot stage. Thus, these technologies have a much greater chance of success than ones at the "idea-only" stage.
This program targets technologies that have gone through initial testing in the lab, but now need to be tested at the pilot or demonstration stage to see if the technology can be competitive when brought to market. For example, specific equipment may have to be purchased to pilot the technology or additional expert staff may have to be hired. A successful pilot often means these technologies have a much greater chance of success than ones at the "idea-only" stage.
The Innovation Demonstration Fund will provide initial financial support to promising early-stage companies that have promising ideas, but lack that do not have readyaccess to conventional sources of financing investmentfor a pilot or demonstration project. All projects will be cost shared between the Ministry of Research and Innovation and the successful applicants. Maximum support eligible projects will be able to receive is $2 million per year per project, not exceeding $4 million in total.
Investments will focus on early-stage technologies that have great potential to succeed. Priority will be given to projects that have the potential to generate becomea global business.
Other important conditions for investment include:
- The company requires early-stageinvestment to get the technology "off the ground"
- There is high likelihood the company will be able to get future investments raise follow-up investmentsfrom other sources in 1 to 2 years
- The company has a significant, long-term operational commitment to Ontario.
The Innovation Demonstration Fund is just one component of the first initiative under the McGuinty government's $160-million Ideas to Market strategy ¯ announced in the 2006 Budget ¯ that will help companies turn research and ideas into new products and services for the marketplace.
Creating high-skilled, high-paying jobs is integral to Ontario's future economic prosperity. The Innovation Demonstration Fund represents an initial step in a strategy to grow new technologies and help move innovative ideas to market.
As programs proceed, the Ministry of Research and Innovation will assess the Ideas to Market strategy to determine next steps.
Please click HERE for instructions and terms and conditions for applying to the program.