iRAPID

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.

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.

Who is eligible?

Who is not eligible

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.

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.

Eligible geographic areas

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

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.

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.