How much funding can be received?

<p>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.</p>

grant_single_labels|terms_and_conditions

iRAPID provides a supportive financial framework for innovative companies seeking to accelerate commercialization. The funding is structured to share project costs between the program and participating businesses, fostering growth and job creation in designated regions.

Financial support covers up to 50% of eligible costs, exclusive of taxes.
Four funding levels are available, ranging from a minimum grant of $2,500 to a maximum of $10,000, corresponding to minimum project expenditures from $5,000 to $20,000 before tax.
Reimbursement of approved project expenses is conducted post-completion, following the submission of final invoices and proof of payment.
Companies can access funding multiple times for distinct projects, contingent on project and application completion.

grant_single_labels|projects

The iRAPID grant is designed to support for-profit companies in their efforts to grow and commercialize innovative products or services. Eligible projects are those that align with achieving growth milestones through various strategic activities.

Utilizing internal staff for marketing, research, or implementation of new business opportunities such as exporting, technology, or software projects.
Engaging contractors to assist in the development, testing, or validation of new products, recipes, or programs.
Procuring materials or equipment necessary for prototyping or development projects.

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

This grant is available to companies located in specific geographic areas within Ontario, Canada. The eligibility is focused on promoting economic growth and innovation in these designated regions.

The district of Nipissing
The district of Timiskaming
The district of Parry Sound
The district of Muskoka

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.