Qualify for Funding Investing in Commercialization Partnerships (ICP)
In the fall of 2013, FedDev Ontario launched a series of new funding programs through the Southern Ontario Prosperity Initiatives (SOPIs). This five-year plan has strategic government funding programs aimed at increasing the diversity and profitability of Southern Ontario’s economy. The Investing in Commercialization Partnerships (ICP) program is focused on encouraging the development of business-led collaborations with academic and research institutions across Southern Ontario. The ICP program objective is to decrease the gap between research related innovation and getting an innovation to the market place.
Government Funding through ICP: How to Qualify
To be eligible for this government funding program, the applicant must be one of the following:
- Post-secondary institutions (only publicly-funded colleges and universities located in southern Ontario);
- Incorporated not-for-profit organizations, including research institutions and industry associations located in southern Ontario.
The applicant must have at least one industry partner who is driving the objective of the project and providing a minimum of 50% of the funding for the project. A key factor of the application process is demonstrating how the project will benefit the Ontario economy in terms of economic growth, job creation and increasing market share.
Investing in Commercialization Partnerships: Does Our Project Qualify?
Projects that are eligible for funding from ICP are those that can demonstrate a high potential of market success in the following categories:
- Development of commercially-relevant technology platforms
- Prototyping, demonstration projects, advanced product development, and applied research leading to a practical commercial application
- Supporting the development of a critical mass of R&D activity in emerging clusters in southern Ontario.
ICP Ontario Government Grants: Eligible Expenses
The costs that are reimbursable for the ICP program are those directly related to the project in the following categories: labour, non-capital costs, expertise such as consultants, and capital costs. Costs cannot be incurred until approval for the application is received and an agreement is signed. As well, ongoing costs are not eligible either. The ICP program provides funding as a grant for up to 50% of the project costs with a maximum amount of $20 million. Proof of paid eligible expenses must be submitted on a regular basis to receive reimbursement for these costs.
FedDev Ontario Government Grants: Funding Priorities
FedDev Ontario has priorities associated with this funding for certain sectors and projects that improve the economic diversity of a particular region. Applications for this government funding program are accepted ongoing and evaluated as they are received with a turnaround time of 45-60 days. All projects must be complete and all expenses must be incurred by December 31, 2018.
Learn More about FedDev Ontario Government Grants
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