i.d.e.a. Fund

The i.d.e.a. Fund provides substantial support to businesses aiming to innovate sustainably within the green economy sector. The funding modalities are designed to facilitate the acceleration and adaptation of green technologies and initiatives.

• Non-repayable seed funding of up to $30,000 with matching funds required from the recipient company.
• Up to 40 hours of fully funded, targeted advisory support from business leaders.

Eligibility for this grant is determined by specific requirements related to the applicant company's profile and geographical location.

• The company must have fewer than 500 employees.
• The company must be federally incorporated or incorporated in the Province of Ontario.
• The company must be located in southern Ontario.
• The company must be focused on developing or redesigning products, services, processes, or technologies that contribute to a sustainable and green recovery.

Who is eligible?

Eligible companies for the i.d.e.a. Fund grant include those that meet specific criteria related to employee size, incorporation, location, and focus on sustainable and green recovery initiatives.

• Fewer than 500 employees
• Federally incorporated or incorporated in the Province of Ontario
• Located in southern Ontario
• Develop or redesign new products, services, processes, or technologies that focus on a sustainable and green recovery

Who is not eligible

Based on the provided information, there are specific companies that are not eligible for this grant. These restrictions are put in place to ensure that the grant supports new applicants each cohort and aligns with the goals of sustainable growth and inclusion.

• Companies that were participants in Cohort 1 are not eligible to apply for Cohort 2.

Eligible expenses

This grant promotes the development and redesign of initiatives to enhance sustainability and reduce environmental impact in southern Ontario. Eligible projects aim at fostering green innovation and include a variety of eco-friendly products and technologies.

• Development of new green products and services.
• Redesigning existing products to reduce environmental impact.
• Innovative processes aimed at sustainability.
• Technological advancements for a green economy.

Eligible geographic areas

The eligible geographical area for companies applying for this grant is limited to southern Ontario. Only businesses located within this region are considered for funding opportunities under the i.d.e.a. Fund.

• Southern Ontario, Canada

Yes, the i.d.e.a. Fund has specific evaluation and selection criteria to measure the eligibility and potential of the applicant businesses. Below are the criteria used to evaluate and select the grant recipients:

• Impact on the environment - the ability of the product, service, process, or technology to contribute to a sustainable and green recovery
• Business potential - assessment of growth potential, scalability, and market opportunity
• Innovation - the degree of innovation in the new or redesigned product, service, process, or technology
• Feasibility - the practicality and viability of the project plan and execution
• Team - the skills, experience, and competency of the management team
• Inclusiveness - priority given to businesses led by women and members of racialized and under-represented groups
• Job creation - potential to create jobs and contribute to economic recovery
• Location - businesses must be located in southern Ontario
• Size - businesses must have fewer than 500 employees
• Incorporation - businesses must be federally incorporated or incorporated in the Province of Ontario

Here are additional relevant details for this grant:

• The program aims to support an inclusive recovery, targeting 50% of the companies supported to be led by women and at least 30% by members of other racialized and under-represented groups.
• Cohort 1 participants are not eligible to apply for Cohort 2.
• Successful applicants for Cohort 2 will be notified in May, and the list of recipients will be announced publicly in Summer 2023.
• The program includes up to 40 hours of fully funded, targeted support from business leaders.
• The i.d.e.a. Fund is delivered by six Ontario Regional Innovation Centres (RICs) to accelerate business growth as part of the transition to a green economy.
• The program includes non-repayable seed funding of up to $30,000 with matching funds required.