iRAPID
ON, Canada
Funds to commercialize innovations in northern Ontario
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|openingDateNovember 14, 2019
- grant_single|closingDateDecember 15, 2023
- grant_single|grantStatusClosed
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Manufacturing
- Professional, scientific and technical services
grant_single|grantors
- Innovation Initiatives Ontario North
grant_single|status
grant_card_status|closed
grant_single_labels|preview
Receive a grant to cover up to 50% of the costs of your product development/prototyping project in one of 3 categories: contractor fees, internal wages and materials (or a combination of these). You can use internal or external resources.
grant_single_labels|projects
Companies applying for this grant must be located in specific regions to ensure they align with the program's focus on regional economic development. The mandate is to support innovative businesses in these designated areas.
- Nipissing
- Timiskaming
- Parry Sound
- Muskoka
grant_single|admissibleProjectsExample
$10,000
Launching a recyclable packaging initiative for local products
$10,000
Developing eco-friendly home cleaning products
$10,000
Creating an online mental health support platform for rural areas
$10,000
Developing an innovative AI-based inventory management system for small businesses
$10,000
Implementing renewable energy solutions
$10,000
Expanding a local organic farm's greenhouse facilities
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's business status and geographic location.
- The applicant must be a for-profit incorporated entity.
- The core innovation of the business must be registered, located, and operating in the district of Nipissing, Timiskaming, Parry Sound, or Muskoka.
- The program is not intended to support, nor is applicable to, businesses operating as distributors or re-sellers.
grant_eligibility_criteria|who_can_apply
Eligible applicants for the iRAPID program include incorporated for-profit innovative companies. These companies must be registered, located, and operating within the districts of Nipissing, Timiskaming, Parry Sound, or Muskoka. The program specifically targets companies that are not operating primarily as distributors or resellers and that demonstrate potential for job creation and economic growth.
grant_eligibility_criteria|who_cannot_apply
This grant excludes certain companies based on their primary business activities. These restrictions help target funds towards innovative businesses aimed at creating economic growth.
- Businesses operating as distributors.
- Businesses operating as re-sellers.
grant_eligibility_criteria|eligible_expenses
This grant supports innovative companies in achieving growth milestones through specific cost categories that foster job creation and economic growth. Eligible projects focus on utilizing internal resources, contractors, and materials for development and commercialization activities.
- Internal wages for employees working on growth initiatives, including marketing and product development.
- Fees for contractors assisting in product, recipe, or program development and testing.
- Purchase of materials and equipment necessary for prototyping and development projects.
grant_eligibility_criteria|zone
The grant covers specific expenses directly related to the commercialization activities and growth projects of eligible companies.
- Internal wages for existing employees working on company growth projects, including marketing, research, or product development.
- Contractor fees for developing new products, testing, or validating ideas.
- Cost of consumables or equipment used during the prototyping or development project.
grant_single_labels|criteria
The evaluation and selection of projects for the iRAPID program grant are likely based on key performance indicators that align with the program's goals to foster innovation, economic growth, and job creation.
- Potential to create jobs and grow the local economy.
- Focus on commercialization activities for innovative projects.
- Utilization of funding in eligible cost categories such as Internal Wages, Contractor Fees, and Materials/Equipment.
- Innovation and uniqueness in the product development approach.
- Feasibility and potential success of the growth project.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Confirm Project Eligibility
- Contact IION to discuss your project with Emily at 705-498-5584 or via email at [email protected].
- Step 2: Prepare Application
- Prepare a detailed description of your growth project, highlighting the innovation and potential for job creation and economic growth.
- Choose which cost categories (Internal Wages, Contractor Fees, Materials/Equipment) will be applied to the project, ensuring they align with project needs.
- Gather supporting documentation, such as proof of incorporation and evidence of business location.
- Step 3: Submit Application
- Submit your application before incurring any costs related to your project.
- Ensure your application is submitted before the last working day of the month to participate in that month’s competitive review process.
- Send your application to IION for review and potential pre-submission comments or suggestions.
- Step 4: Application Follow-up
- Monitor your email for any communications from IION regarding application status or additional requests for information.
- Step 5: Project Completion and Claims
- Upon approval, carry out your project within the specified timelines.
- Submit final invoices and proof of payment to IION for reimbursement within 6 months or by the program’s deadline.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The iRAPID program supports up to 50% of eligible project costs, excluding taxes.
- Companies can utilize iRAPID funding for separate, independent projects after completing current applications and claims.
- Applications are reviewed monthly, with the last working day of each month as the deadline.
- Approved projects must submit final invoices and proof of payment for reimbursement within six months or by the program's deadline.
Apply to this program
Accelerate Your Business Growth with the iRAPID Program
The iRAPID program offers financial support to innovative for-profit incorporated companies aiming to commercialize projects and achieve significant growth milestones. This grant focuses on boosting local economies by prioritizing job creation and sustainable economic expansion.
In-Depth Understanding of the iRAPID Program: Key Aspects and Qualifications
The iRAPID program is a crucial initiative supporting the commercialization efforts of innovative companies within the districts of Nipissing, Timiskaming, Parry Sound, or Muskoka. By providing up to 50% of eligible project costs at various funding levels, the program seeks to bolster company growth milestones, primarily focusing on job creation and local economic development. To qualify, applicants must be for-profit incorporated entities undertaking projects across internal wages, contractor fees, or materials/equipment costs. Each of these categories can be leveraged independently or in combination, offering businesses the flexibility to tailor the financial support to their distinct project needs. However, it is important to note that only internal wage-related projects can extend beyond prototyping or product development, facilitating a broad range of business growth activities including marketing initiatives or new technology implementations.
The iRAPID program outlines a clear financial structure with four specific funding levels, where businesses can receive grants ranging from $2,500 to $10,000, depending on their project expenditures, which start from a minimum of $5,000 before tax. This progressive funding approach allows businesses to scale their projects and incrementally receive financial support as they tackle higher-scale endeavors. The submission process is highly competitive, occurring monthly with deadlines set on the last working day of each month. Prospective applicants are advised to ensure prompt submission well ahead of deadlines to allow for potential feedback and revisions, thereby increasing their chances of approval.
Moreover, the program's reimbursement policy stipulates that funds will only be released upon proof of payment, with final invoices required within a six-month timeframe unless otherwise affected by the program’s ultimate deadline. This ensures that only completed and verified projects receive financial rewards, reinforcing the integrity and purpose of the iRAPID program. Additionally, it supports multiple applications from a single company for distinct projects, further fostering a continuous pipeline of innovation and growth within approved entities.
To embark on the application journey with iRAPID, potential applicants are strongly encouraged to establish communication with IION early in the process. This initial consultation aids in clarifying project eligibility, aligning applicant goals with program objectives, and preparing thorough submissions that meet the evaluation criteria. By doing so, applicants can capitalize on the wealth of support provided by the iRAPID program to enhance their operational capabilities, harness new business opportunities, and make substantial contributions to their regional economies.
The iRAPID program, supported by Innovation Initiatives Ontario North, stands as a pivotal resource for innovative businesses aiming to navigate the challenges and seize the opportunities presented by the modern commercial landscape. Through its strategic funding and focus on localized economic development, it offers a fertile ground for enterprises to innovate, expand, and thrive against the backdrop of ever-evolving market dynamics.
