CFIN FoodTech Next: $250K Agribusiness Startup Grant Program Open Until October 20th
The Canadian Food Innovation Network (CFIN) has opened their calls for proposals for their $250K grant funding program called FoodTech Next that provides funding to early-stage Canadian technology firms who seek to be part of, or sell to, the wider food industry.
The CFIN FoodTech Next program is accepting letters of intent until 11:59pm EST on Thursday October 20, 2022. Future intakes for this program have yet to be announced.
The Canadian agribusiness industry has been growing steadily year over year, with Statistica reporting that food manufacturing revenue in Canada was over $121.61 billion in 2020 alone. Being such a valuable industry, it’s no wonder why the Canadian government wants to help introduce innovative new tech through local startups and early-stage firms.
Funding Amount:
Businesses can receive up to 50% of total eligible costs covered through this grant program, for a minimum $100,000 up to a maximum of $250,000.
Business Eligibility:
- Must have less than $1M in annual revenue in their last fiscal year to be an eligible startup business; and
- Must be partnered with at least one food sector company who can offer an operational environment to demonstrate.
Eligible Projects:
To qualify for funding, projects must meet the following criteria:
- The total eligible project costs must be between $200,000 and $500,000;
- Demonstrate Canadian technology innovations between TRL 3 – 7;
- Must propose to demonstrate a new process, new product category, new knowledge, or new application of science, i.e., a post-farm gate focus. Food product development initiatives are not eligible; and
- Lead applicants must have a solid business plan, marketing and roll-out strategy, and ideal customer profile established.
Funding will be provided on a reimbursement basis and CFIN will require a non-refundable project management fee of 5% of total project costs eligible for CFIN funding.
CFIN FoodTech Next Program Timelines:
- Letter of Intent: Deadline is October 20, 2022;
- Full Proposal: Deadline is December 21, 2022;
- Project approval notifications will be released in late January 2023; and
- Projects must be completed by March 31, 2025.
Apply for CFIN FoodTech Next Grant Funding
If your business is interested in applying for the Canadian Food Innovation Network (CFIN): FoodTech Next grant funding program, we strongly encourage you to submit your letter of intent to the program before it’s deadline of October 20th, 2022. At the time of writing, future intakes have yet to be announced for this program.
If your business is seeking application assistance, the Canadian government grant application writers at Mentor Works, a Ryan company, can write and submit your application on behalf of your business. Contact our team to find out if your business may be a good fit for this program, or other active Canadian government funding programs.
To learn more about growing your agribusiness, download our free Agribusiness funding guide to learn more about managing, growing, and financing your food or beverage business.
