iRAPID
At a glance
- Max. $10,000
- 50% of project cost
- Open Date : November 14, 2019
- Closing date : December 15, 2023
- All industries
- Innovation Initiatives Ontario North
Overview
Eligibility criteria
The iRAPID program supports for-profit incorporated companies in specific districts, offering grants for growth projects that have the potential to create jobs and boost the economy. Eligibility criteria include company registration in Nipissing, Timiskaming, Parry Sound, or Muskoka, for-profit status, and operation as an innovative entity.
- The applicant must be a for-profit incorporated entity.
- The core innovation of the business must be registered, located, and operating in Nipissing, Timiskaming, Parry Sound, or Muskoka districts.
- The program is not for businesses operating as distributors or re-sellers.
Who is eligible
Eligible companies for the iRAPID grant must be for-profit incorporated entities with core innovations registered, located, and operating in the district of Nipissing, Timiskaming, Parry Sound, or Muskoka. The program does not support businesses operating as distributors or re-sellers.
- For-profit incorporated entities
- Core innovations registered, located, and operating in Nipissing, Timiskaming, Parry Sound, or Muskoka
Eligible expenses
Eligible expenses for this grant include internal wages, contractor fees, and materials/equipment costs that will help achieve a growth milestone for the company. The grant can cover up to 50% of eligible costs at different funding levels based on project spend before tax.
- Internal Wages: Cost of an existing T4 employee working on company projects.
- Contractor Fees: Costs associated with utilizing contractors for product development and testing.
- Materials/Equipment: Cost of consumables or equipment needed for prototyping/development projects.
Eligible projects & activities
Summary: The iRAPID program provides funding support for incorporated for-profit innovative companies in the Nipissing, Timiskaming, Parry Sound, or Muskoka districts to accelerate commercialization activities that contribute to company growth projects.
- Internal Wages: Cost of an existing T4 employee working on company projects like marketing, researching, implementing new business opportunities, or product development.
- Contractor Fees: Costs for contractor’s time, expertise, facility, or equipment to develop new products, recipes, or programs.
- Materials/Equipment: Cost of consumables or equipment used during prototyping/development projects.
Eligible geographic areas
Geographic areas eligible for this grant are districts of Nipissing, Timiskaming, Parry Sound, or Muskoka.
- Nipissing
- Timiskaming
- Parry Sound
- Muskoka
Evaluation & selection criteria
There are evaluation and selection criteria for this grant.
- For-profit incorporated entity
- Core innovation registered, located, and operating in specific districts
- Not applicable to distributors or re-sellers
How to apply
- Step 1: Contact IION to ensure your project qualifies
- Content: Reach out to Emily at 705-498-5584 or email at [email protected]
- Implications: Verify project eligibility and get guidance on the application process
- Step 2: Submit your application before the monthly deadline
- Content: Complete the application form with all required details
- Implications: Ensure timely review of your application for funding consideration
- Step 3: Await review and feedback from IION
- Content: Wait for IION's comments or suggested revisions on your application
- Implications: Modifications may be needed before final approval
- Step 4: Implement the proposed project and incur costs
- Content: Begin work on the project after application approval
- Implications: Costs incurred are eligible for potential reimbursement
- Step 5: Submit final invoice(s) and proof of payment to IION for reimbursement
- Content: Provide documentation of expenses for approved project costs
- Implications: Reimbursement will be processed within the specified time frame
iRAPID Grant Summary
The iRAPID grant program supports incorporated for-profit innovative companies in accelerating their commercialization activities by providing financial assistance for identified growth projects. Eligible companies in specific districts can receive grants at different funding levels to offset costs related to internal wages, contractor fees, and materials/equipment.
iRAPID Grant Program Details
The iRAPID program is designed to assist for-profit incorporated entities with innovative projects that have the potential to stimulate economic growth and job creation in the Nipissing, Timiskaming, Parry Sound, or Muskoka districts. Companies can apply for grants to cover up to 50% of eligible project costs, with four funding levels based on the minimum project spend before tax.
The grant can be used for various project expenses, including internal wages for T4 employees working on growth milestones, contractor fees for specialized services, and materials/equipment for prototyping and development. By supporting multiple projects, the program aims to foster innovation and drive business success in the designated regions.
Businesses interested in accessing the iRAPID grant should reach out to the Innovation Initiatives Ontario North (IION) for guidance on the application process and eligibility criteria. The program emphasizes the importance of creating sustainable business growth through strategic investments and innovative initiatives.
