Last week, we showcased the Innovation & Development Program (IDP), which supports Ontario businesses trying to commercialize new health technologies. One of the main limitations of this program is its limitation on project size, allowing projects of around $200,000.
The Health Technology Exchange (HTE) has introduced an additional program to accommodated larger projects in the form of the Technology Acceleration Program (TAP), which focuses on advanced stage health development projects.
Funding Amount
The Technology Acceleration Program supports 50% of eligible costs for projects with budgets of $250,000 to $1,500,000. The funding mechanism will help to commercialize late stage R&D projects through performance-based loans and convertible debentures.
The applicant’s 50% of the project costs are expected to come from their general cash flows, project partners, and other government funding.
How To Receive Funding
Interested candidates are encouraged to contact Mentor Works to learn more about this valuable government funding mechanism. We will help you determine the suitability of your project, as well as other possible funding opportunities to help grow your company.