Life Sciences Innovation Fund
Canada
Money for human health related solutions
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|openingDateJanuary 26, 2023
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Manufacturing
- Professional, scientific and technical services
- Health care and social assistance
grant_single|grantors
- Ontario Centre of Innovation (OCI)
grant_single|status
grant_card_status|open
grant_single_labels|preview
Access up to $500,000 in co-investment funding to take your human health related IP from the conceptual stage through to commercialization.
grant_single_labels|projects
The Life Sciences Innovation Fund (LSIF) requires companies to be headquartered in specific geographical areas. These areas are chosen to focus on the development and commercialization of life sciences and healthcare technologies in Ontario.
- Companies headquartered in Ontario.
grant_single|admissibleProjectsExample
$400,000
Ottawa
Developing a bioengineered skin graft for burn victims employing advanced tissue engineering techniques
$200,000
Montreal
Creating a mobile application for managing diabetes effectively using real-time glucose monitoring
$400,000
Toronto
Developing AI-driven tools for early cancer detection using innovative machine learning algorithms
$400,000
Halifax
Advancing a portable dialysis machine to improve accessibility for kidney disease patients
$350,000
Toronto
Testing a new wearable technology aimed at monitoring neurological health conditions
$350,000
Vancouver
Developing regenerative medicine solutions to treat chronic wounds using stem cell therapy
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the company's incorporation, funding status, and location.
- The company must be an Ontario or Canadian incorporated for-profit entity headquartered in Ontario.
- The company must currently be raising pre-seed or seed investments, with total round sizes ranging from $1 million to $5 million.
- The company must have raised less than $3 million in third-party capital.
- OCI Ready for Market (R4M) Portfolio companies are not eligible.
grant_eligibility_criteria|who_can_apply
Companies eligible for the Life Sciences Innovation Fund must be life sciences and healthcare technology companies related to human health. These companies need to be Ontario or Canadian incorporated for-profit entities with a headquarters in Ontario. They should be currently in the process of raising pre-seed or seed investments, with total round sizes ranging from $1 million to $5 million. Additionally, they must have raised less than $3 million in third-party capital.
grant_eligibility_criteria|who_cannot_apply
There are specific types of companies that are not eligible to apply for the Life Sciences Innovation Fund (LSIF). These restrictions ensure that the fund is targeted towards companies that align with its mission.
- OCI Ready for Market (R4M) Portfolio companies.
grant_eligibility_criteria|eligible_expenses
There are eligible expenses for this grant, including operating costs related to product development, research expenses, and commercialization activities.
- Operating costs for product development
- Research expenses
- Commercialization activities
grant_single_labels|criteria
There are evaluation and selection criteria for the Life Sciences Innovation Fund (LSIF).
- Companies must be Ontario or Canadian incorporated for-profit entities headquartered in Ontario.
- Currently raising pre-seed or seed investments with total round sizes ranging from $1 million to $5 million.
- Have raised less than $3 million in third-party capital.
grant_single_labels|register
- Step 1: Express Interest
- Visit the Life Sciences Innovation Fund (LSIF) webpage.
- Fill out the Interest Form to express your interest in the LSIF and evaluate if the fund is suitable for your business.
- Step 2: Review Fund Guidelines
- Download and carefully read the Fund Guidelines document.
- Ensure that your company meets all the eligibility and investment criteria outlined in the document.
- Step 3: Prepare Application Documents
- Prepare all necessary documentation required for the application process, which may include business plans, financial projections, and investor pitch decks.
- Ensure all documents align with the guidelines and objectives of LSIF.
- Step 4: Contact Investment Lead
- Reach out to the Investment Lead, Mandhir Kalia, at mkalia@oc-innovation.ca for specific inquiries about the fund or application process.
- Engage with the Program Manager, Sharon Sukhdeo, at ssukhdeo@oc-innovation.ca for additional program management support.
- Step 5: Submit Application
- Ensure all application documents are completed and assembled according to LSIF guidelines.
- Submit the completed application to the appropriate contact at OCI.
- Step 6: Confirmation of Submission
- Expect a confirmation email from OCI upon successful submission of your application.
- Keep the confirmation email for future reference.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- The Life Sciences Innovation Fund emphasizes the commercialization of Ontario-generated intellectual property, talent, and expertise.
- Companies that are part of OCI's Ready for Market (R4M) portfolio are not eligible for this fund.
- OCI co-invests alongside angel and other investors to mitigate risks and support startups in readiness for investors and customers.
Apply to this program
Unlocking Growth with the Life Sciences Innovation Fund
The Life Sciences Innovation Fund (LSIF) offers essential co-investment support for early-stage companies in the Life Sciences and Healthcare Technologies sectors, particularly those focusing on human health. Its goal is to bridge the funding gap for innovative, high-potential businesses in Ontario, paving the way for commercialization and wider market impact.
Delving into the Life Sciences Innovation Fund and Its Strategic Role
The Life Sciences Innovation Fund (LSIF) emerges as a valuable resource for start-ups in Ontario, specifically tailored for the burgeoning Life Sciences sector. As a pivotal co-investment fund, it is strategically designed to partner with angel investors and other financial players to inject early-stage risk capital into companies that show promise in transforming human health sectors. It provides these companies with up to $500,000 per venture, a crucial financial boost aimed at propelling Ontario-developed innovations to both local and global markets. This strong financial backing is not merely a passive investment; it carries the potential to catalyze business growth, enhance investor readiness, and facilitate the attraction of further funding from larger pools of capital.
At its core, LSIF functions as a linchpin for fostering innovation by mitigating the inherent risks that often deter investment in the early phases of business development. The fund specifically directs its resources towards companies that are either at the pre-seed or seed funding stages of their lifecycle. This strategic focus helps bridge the funding gap for startups that have raised less than $3 million from third-party sources, ensuring that emerging enterprises with groundbreaking life sciences solutions are not lost in their infancy due to financial hurdles.
The industries targeted by LSIF encompass a wide array of sectors within the life sciences sphere, including but not limited to cancer treatments, regenerative medicine innovations, advancements in neuroscience, and cutting-edge medical technologies. By focusing on these critical areas, the fund not only supports individual company growth but also contributes to the broader strengthening of Ontario’s competitive edge in these globally significant industries. In essence, LSIF operates as a multifaceted growth engine, aligning its financial interventions with sectors poised for both breakthroughs in human health and substantial economic impact.
Moreover, LSIF stands as a testament to Ontario’s commitment to nurturing homegrown intellectual property, talent, and expertise. By providing this crucial funding support, the fund plays an integral role in ensuring that Ontario maintains its leadership in innovation, not just as a follower of global trends, but as a pioneer pushing the boundaries of what is possible. This endeavor is further underscored by the emphasis on exporting these innovations to global markets, thereby enhancing the province’s reputation as a hub of life sciences ingenuity and expanding its impact on global health landscapes.
In addition to the financial opportunities it offers, the Life Sciences Innovation Fund reinforces its value proposition through strategic synergies with academic research, state-of-the-art industry practices, and governmental innovation policies. Such collaboration ensures that the funded companies are aligned with the latest scientific and market trends, optimizing their market readiness and increasing the likelihood of successful commercialization. As a result, LSIF not only provides immediate financial lifelines to burgeoning companies but also equips them with the knowledge and strategic leverage to thrive in highly competitive and rapidly evolving sectors.
Ultimately, the Life Sciences Innovation Fund is a crucial element of Ontario's strategy to advance its economic landscape by empowering the life sciences sector. Its focus on early-stage funding, partnership-building, and targeted impact sets a robust foundation for companies to innovate, scale, and make substantive contributions to human health. Through such initiatives, Ontario continues to position itself as an epicenter of scientific advancement and economic vitality, showcasing its dedication to fostering industries that hold the promise of transformative benefits for both society and the global economy.
