Late Stage Commercialization Funding: Investing in Business Innovation (IBI)
FedDev’s Investing in Business Innovation program supports startup businesses and helps accelerate the development of new processes, practices and products to the market. This research and development funding for small business program provides repayable loans to eligible organizations. This government funding for business program aims to:
- Accelerate the commercialization of new products, practices and processes
- Increase, stimulate, leverage private sector investment
- Encourage the growth of angel investment funds
Ontario Government Funding Eligibility
Those eligible to apply for this funding include:
- Southern Ontario angel investor network or organization that represents angel investor networks
- Southern Ontario startup business that does not need to be incorporated, with less than 50 employees
- Possess a signed draft term sheet from a recognized angel or venture capital investor
- Term sheet must include clause outlining financial support and funding support needed
- Venture capitalist must be registered under the Canadian Venture Capital Association
- Need to document that there is no infringement on IP and demonstrate rights to commercialized project
- Must clearly define impact to Ontario and Canada
- Include solid work plan with deliverables with justification of expenses
It is important to note that this Ontario government funding program does not support basic research or exploratory work and will not provide loans to fund mass marketing or sales deployment activities. Additionally, these repayable loan term agreements are presented by comparing them to industry averages for each market segment.
Ontario Government Funding Eligible Activities
Eligible activities to receive this funding for small business includes:
- Product and process applied research
- Product testing
- Engineering design
- Technology development
- Marketing studies
- Certification
- Problem solving
- Proof of concept
- Piloting and demonstration
- Commercialization of IP
All expenses must be completed by March 31, 2014 and the repayment schedule is conditional upon your cash flow planning, projections to revenues and project performance.
Find Additional Information on Investing in Business Innovation (IBI)
Looking for more information on IBI Government Funding Canada:
Government Funding for Business Support via Mentor Works
When applying for the Investing in Business Innovation program, there are various eligibility requirements. If you contact Mentor Works, the Canadian Government Funding Experts, our consultants can provide you with the right support when completing the term sheets and help you successfully tap into this funding for small business. When applying for this Ontario government funding, there is a 90-day decision process if the application is submitted in Q3 or Q4. If submitted in Q1, the process is extended by an additional three months. Be sure to follow Mentor Works on Twitter and Facebook for current updates on government funding mechanisms available to businesses.