How to Qualify for OMDC Interactive Digital Media Fund
The Ontario Media Development Corporation (OMDC) offers Ontario government funding programs to support the development and early commercialization of Ontario media and digital media projects. The Interactive Digital Media Fund (IDM Fund) is one of the small business grant funding programs directed specifically at innovative digital media projects that creative a screen-based environment requiring interaction with and from the users.
Ontario Business Eligibility: Interactive Digital Media Fund
The purpose of IDM Fund is for small businesses to receive Ontario government grants to help the project move towards commercialization. For a small business to be eligible for the funding from this program, it must be:
- For profit, private company based in Ontario that is Canadian owned.
- Incorporated or willing to incorporate
- Be a screen-based content development company with a demonstrated track record of developing content for interactive devices, networks or platforms
- Be able to demonstrate a solid financial track record
Ontario Government Grants through IDM Fund: Eligibility Requirements
Small businesses that meet these requirements can apply for funding for up to a maximum of $250,000 towards a maximum of 50% of the project costs. The projects that will be considered eligible for government funding are those which:
- Contain content that meets the OMDC definition of interactive digital media: “capable of interactivity and allows users to make decisions and have control over the content and the form and sequence in which it is presented through browsing, searching, selecting and making choices which has an impact on the user’s experience of the content;”
- Contains at least two of the following: text, sound (music, sound effects, voice, etc.) and images (pictures, animation, video, etc.)
- Intended to be and suitable for commercialization via interactive platform, device or network
- Intended for consumer use by individuals or groups with the intent to either educate, inform or entertain the user(s)
OMDC Ontario Government Grants: Ineligible Projects
OMDC will not consider funding the following types of projects:
- Corporate promotional content
- Catalogues, or other static content or sales related materials.
- Projects that are non-innovative or intended to for interpersonal communication.
In addition, projects cannot be started until approval is received from OMDC.
OMDC Interactive Digital Media Fund: Funding Details
Funding from the OMDC IDM Fund is provided as a grant towards total project costs. When applying for this program it is recommended that the minimum request to OMDC is $10,000. The maximum that can be awarded is $250,000 for up to 50% of the project costs. Since the funding from this program is directed towards projects occurring in the province of Ontario, expenses proposed must be incurred from Ontario suppliers. It’s requested that twice the amount provided by OMDC be spent in Ontario. In addition to this expenditure requirement, OMDC expects that the applicant will have a minimum of 10% of the project costs available in cash from a source other than OMDC.
IDM Fund Ontario Government Grants: Eligible Expenses
Expenses that are eligible for funding from the IDM Fund include: labour, equipment, materials, software, promotions and overhead costs. Funding from the program is provided in three installments. 75% of the funding is provided when the contribution agreement is signed with OMDC. 15% is provided after OMDC has received the required interim report. The final 10% is dispersed when all the deliverables and project requirements outlined in the contribution agreement are met.
Learn More about the IDM Fund and Other Relevant Funding Opportunities
The IDM Fund is an excellent government funding opportunity for small businesses looking to move an innovative concept closer to commercialization. To find out if your project and business are qualified to apply for this funding, contact an expert at Mentor Works. Please follow Mentor Works on the social media network of your choice for regular updates on funding opportunities for your business: LinkedIn, Twitter, YouTube, Google+, Facebook, or Tumblr.