
Life Sciences Innovation Fund
At a glance
- Max. $500,000
- Open Date : January 26, 2023
- Professional, scientific and technical services
- Health care and social assistance
Overview
Access up to $500,000 in co-investment funding to take your human health related IP from the conceptual stage through to commercialization.
Activities funded
This fund supports early-stage, Ontario-headquartered life sciences and healthcare technology companies in scaling their health solutions domestically and internationally. Eligible projects are focused on advancing innovation in areas critical to human health.
- Scaling innovative solutions in cancer treatment.
- Advancing developments in regenerative medicine.
- Progressing neuroscience technologies.
- Developing cutting-edge medical technologies.
Eligibility
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.
Who is eligible?
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.Who is not eligible
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.
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
Eligible geographic areas
This grant is available to companies located in specific geographical areas determined by the funding body. The eligible locations are targeted to ensure alignment with regional development goals.
- Companies that are Ontario or Canadian incorporated and headquartered in Ontario.
Selection 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.
How to apply
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.
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.
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.
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.
Submit Application
- Ensure all application documents are completed and assembled according to LSIF guidelines.
- Submit the completed application to the appropriate contact at OCI.
Confirmation of Submission
- Expect a confirmation email from OCI upon successful submission of your application.
- Keep the confirmation email for future reference.
Additional information
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.
Frequently Asked Questions about the Life Sciences Innovation Fund Program
What is the Life Sciences Innovation Fund?
How much funding can be received?
What expenses are eligible under Life Sciences Innovation Fund?
What is the deadline to apply?
Is the Life Sciences Innovation Fund a grant, loan, or tax credit?
Who are the financial supporters of the Life Sciences Innovation Fund?
Who is eligible for the Life Sciences Innovation Fund program?
Who can I contact for more information about the Life Sciences Innovation Fund?
Where is the Life Sciences Innovation Fund available?
Are startups eligible for the Life Sciences Innovation Fund program?
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