What Can the CFIN Innovation Booster Fund?
The CFIN Innovation Booster is designed to support the advancement and commercialization of food innovations in Canada. This program offers financial assistance to projects that aim to enhance the food industry through innovative solutions. Understanding the scope of what this program can fund is crucial for applicants planning to leverage this opportunity for their projects.
Program Funding Overview
The CFIN Innovation Booster provides funding to support innovation in the food sector. This funding aims to facilitate the commercialization process, helping projects move from development to market. The program focuses on projects that demonstrate potential for significant impact in the food industry.
Funding Amounts & Rates
Maximum funding: Up to $100,000 per project.
Coverage: Up to 50% of eligible project costs.
Funding model: Non-repayable contribution.
Eligible Expenses
The program covers a variety of expenses that are directly related to the development and commercialization of food innovations. Eligible expenses include:
Salaries and wages: Costs for personnel directly involved in the project.
Research and development: Expenses related to experimental development, applied research, and prototypes.
Equipment and materials: Purchase and leasing of equipment and materials essential to the project.
Consulting and professional services: Fees for external expertise and advisory services.
Marketing and commercialization: Costs related to marketing strategies and activities to bring the product to market.
Ineligible Expenses
Certain expenses are not covered under the CFIN Innovation Booster. These include:
General operational costs not directly related to the project.
Costs incurred before the approval of funding.
Debts and financial charges.
Costs associated with the purchase of land or buildings.
Expense Documentation Requirements
Applicants must maintain thorough documentation to support their claims for eligible expenses. Required documents include:
Invoices and receipts for all incurred expenses.
Payroll records for personnel costs.
Contracts and agreements for professional services.
Detailed financial reports demonstrating the allocation of funds.
Examples of Funded Projects
Projects that have previously received funding include:
Development of new plant-based food products.
Implementation of advanced food processing technologies.
Innovations in food packaging for extended shelf life.
Development of sustainable food production methods.
Funding Disbursement & Claiming Process
Funding is typically disbursed in installments, based on the achievement of project milestones. Applicants must submit:
Progress reports detailing project advancements.
Financial statements outlining the use of funds.
Claims for reimbursement aligned with the approved budget.
Stacking Rules
The CFIN Innovation Booster can be combined with other funding sources, provided that the total public funding does not exceed 75% of the project’s total eligible costs.
Real-World Budgeting Tips
To maximize the benefits of the CFIN Innovation Booster:
Plan your budget carefully to ensure all expenses align with eligibility criteria.
Prioritize high-impact activities that align with program goals.
Keep meticulous records to facilitate smooth claims and audits.
Conclusion
The CFIN Innovation Booster offers substantial support for food innovation projects, covering a wide range of eligible expenses. By aligning your project with the program's funding scope, you can effectively advance your innovation and bring it to market. For detailed application guidance, consider consulting with a funding advisor.
