Ontario small and mid-sized technology companies often face technical challenges when developing innovative products and services. In order to develop innovative technologies, businesses must have access to high performance computing equipment and other resources that enable creativity, productivity, and collaboration.
To harness the power of small and mid-sized businesses (SMBs), post-secondary research institutions, and high performance computing, the Government of Ontario has pledged support to create a new technology incubator. In partnership with IBM Canada and Ontario Centres of Excellence (OCE), the Government of Ontario will invest up to $22.75 million toward the IBM Innovation Incubator (I3) Project. IBM Canada will contribute $24.75 million in computing equipment, technical resources, and physical space to help businesses develop technologies at a reduced cost.
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Key Benefits of the IBM Innovation Incubator Program
Small and Mid-Sized Businesses
Through this partnership, businesses will be able to use the IBM Innovation Incubator to:
- Access high performance computing equipment, resources, and support;
- Access a collaborative physical space to develop and test technologies; and
- Accelerate an innovation’s time to market.
Ontario Government
The Government of Ontario’s $22.75 million contribution will support the economic well-being of the province by:
- Nurturing companies that are likely to become exporters of highly sophisticated products and services;
- Encouraging over $410 million in new private-sector investments in research, development, and commercialization projects;
- Encouraging the creation of up to 2,600 new jobs in a highly competitive global industry.
Get Started with the IBM Innovation Incubator Program
More details about the IBM Innovation Incubator Program will become available in Spring/Summer 2016.
“Having the most advanced computing resources is a significant competitive advantage. This partnership will go long way in making Ontario more competitive in the knowledge economy.”
– Bilal Khan, Managing Director, OneEleven
To receive updates about this program and small business funding programs, business owners and executives can subscribe to the Mentor Works Canadian Government Funding Newsletter.
Canadian Government Funding for Research and Development Projects
Incubators and collaborative R&D programs have clear benefits for small and mid-sized businesses, but not all companies will require the space or development assistance that this type of program provides; often times cash flow is the largest limiting factor. Fortunately, Canadian government funding options are also available to help businesses extend cash flow and ensure successful project completion.
The IRAP Accelerated Review Process (ARP) program supports technical research costs for businesses solving innovation challenges. Businesses can access up to 80% of internal labour expenses and 50% of contractor fees to a maximum $50,000 in Canadian government grants. Typical projects include product development and prototyping, supply chain development, advanced technology adoption (including software), and IP assessments.
NSERC Engage supports short-term (4-6 month) research and development projects through a collaborative post-secondary partnership approach. Canadian small and mid-sized businesses may be awarded up to $25,000 in grant funding, contributed to the post-secondary research partner in order to conduct research and report results back to the business. Through this approach, businesses can solve R&D challenges that they otherwise wouldn’t have the internal expertise or resources to overcome.
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