The i.d.e.a. Fund provides sustained economic growth in Southern Ontario through promoting inclusion, diversity, environment, and acceleration of high-potential early-stage businesses and SMEs linked to the green economy. It is delivered through a partnership between organizations such as Innovation Guelph, Haltech, Innovation Factory, and more to provide support to most of Southwestern Ontario, while stimulating economic sustainability and fostering an equitable recovery.
“The i.d.e.a. Fund was created to support and position local economies in southern Ontario for long-term growth. The goal is to provide high potential businesses with the opportunity to receive non-repayable grant money (seed funding) and business advisory supports to develop new green products, services, processes, and technologies and/or redesign existing products, services, processes, and technologies to reduce their impact on the environment.”
i.d.e.a Organization
As part of this program, companies will receive specialized industry expertise for developing growth plans and related strategies in areas such as attracting talent, raising follow-on investment, developing products, and evaluating their benefits and market value propositions, and commercializing intellectual property. To select innovative businesses across different sectors, the participating Ontario Regional Innovation Centres (RICs) will distribute matching seed funding up to a maximum of $30,000.
Amount of Funding
Matching funds of up to $30,000 will be provided as non-repayable seed funding. Depending on the situation, a total of 40 hours of fully funded support from business leaders is provided.
Program Support
Successful applicants can count on specialists being available to support you with growth strategies, talent attraction, product development, market value propositions, and intellectual property commercialization.
Applicant Eligibility
Applicants may be eligible for funding through this program if they meet the following criteria:
- One or two team members of the business’s leadership team are available to participate in the program;
- Is an early-stage business or SME that is incorporated and located in Southern Ontario;
- Is a high potential business with a scalable product or service;
- Committed to improving environmental conditions by redesigning or developing new:
- Products;
- Services;
- Processes; and/or
- Technologies.
Program Timelines
Applications for the first cohort are closed. However, applications for the second cohort of i.d.e.a. Fund will open in March 2023. If your business is interested in learning more about government funding opportunities for startups and small businesses, visit our Canadian Startup Resources today to get started.
More Opportunities for Canadian Startups
Although the next intake for the i.d.e.a. program is not until March 2023, it is always best to prepare in advance. Making sure that your business has a comprehensive and well thought out funding plan is a critical step in leveraging Canadian government funding opportunities. Download our free Build a Government Funding Plan Slide Decktoday for help with this process.
Moreover, if you are interested in a collection of other resources that may be helpful to Canadian startups, visit our Canadian Startup Resources page. Here, you will find access to business advisory services and loan opportunities, youth startup resources, mentoring, and financing information.
Mentor Works truly believes in connecting Canadian businesses with government funding news, resources, and opportunities to foster innovation, productivity improvements, and strong economic growth throughout Canada.