Regional Economic Growth through Innovation — Regional Innovation Ecosystems — ACOA
Canada
Money to support business growth in Atlantic Canada
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
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- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
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- grant_single|allIndustries
grant_single|grantors
- Government of Canada
- Atlantic Canada Opportunities Agency (ACOA)
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grant_card_status|open
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The Regional Economic Growth through Innovation (REGI) program by ACOA aims to develop a strong, dynamic, and inclusive economy in Atlantic Canada by offering non-repayable contributions to non-profit organizations that build regional innovation ecosystems and nurture under-represented groups like women and Indigenous entrepreneurs. The program provides support for strategic clusters, business accelerators, and innovation-oriented organizations, though the maximum funding amount is not specified in the provided information.
grant_single_labels|terms_and_conditions
The Regional Economic Growth through Innovation (REGI) program provides non-repayable and repayable contributions to support organizations and businesses in Atlantic Canada. The financing modalities are designed to enhance productivity and foster innovation within regional ecosystems.
- Non-repayable contributions for non-profit organizations supporting business development and innovation.
- Repayable contributions for business scale-up projects, which are unsecured and interest-free.
- No interest is charged on repayable contributions provided to businesses for scaling up and enhancing productivity.
- Specific focus on creating inclusive networks, supporting under-represented groups, such as women and Indigenous peoples, within the ecosystem funding framework.
grant_single_labels|projects
This grant supports activities that enhance regional innovation ecosystems by strengthening business support networks. The eligible projects aim to foster growth, inclusivity, and innovation across various sectors in Atlantic Canada.
- Development of strategic clusters and groups to help businesses leverage regional strengths for scaling up and market introduction of new ideas.
- Support for business accelerators and incubators assisting entrepreneurs, start-ups, and high-growth potential companies.
- Initiatives by innovation-oriented organizations to increase business productivity, global competitiveness, and talent recruitment.
grant_single|admissibleProjectsExample
$ 30,000
Scaling a women-owned organic skincare business through new production equipment
$ 25,000
Supporting Indigenous entrepreneurial circles with training programs
$ 30,000
Expanding an Indigenous artisan network with an online marketplace
$ 50,000
Implementing AI-driven analytics to boost productivity in a Toronto-based tech startup
$ 60,000
Expanding a young tech company with a new software development wing
$ 35,000
Introducing sustainable farming practices to a cooperative farm
grant_single_labels|admissibility
Eligibility for this grant is determined by specific requirements related to the applicant's profile and proposed activities.
- The applicant must be a business or a non-profit organization.
- Eligible business structures include sole proprietorships, partnerships, social enterprises, incorporated companies, corporations or co-operatives, and Indigenous-owned businesses.
- Non-profit organizations that offer services to businesses are also eligible.
grant_eligibility_criteria|who_can_apply
Businesses, including sole proprietorships, partnerships, social enterprises, incorporated companies, corporations, co-operatives, and Indigenous-owned businesses, as well as all other types of enterprises, can apply for the Business Scale-up and Productivity option. Non-profit organizations that provide services to businesses are also eligible. For the Regional Innovation Ecosystems option, non-profit organizations such as post-secondary educational institutions, accelerators and business incubators, angel networks, social enterprises, industry associations or consortiums, municipalities, and municipal-type organizations, as well as community-owned Indigenous businesses, are eligible to apply.
grant_eligibility_criteria|who_cannot_apply
There are specific types of companies that are not eligible for this grant.
- Sole proprietorships
- Partnerships
- Social enterprises
- Incorporated companies
- Corporations or co-operatives
- Indigenous-owned businesses
grant_eligibility_criteria|eligible_expenses
This grant supports projects aimed at stimulating business growth and innovation across Atlantic Canada. Eligible activities focus on enhancing productivity, embracing technology, and fostering inclusive regional ecosystems.
- Scaling up business operations and expanding market reach.
- Leveraging new technologies to improve productivity and competitiveness.
- Creating new products and exploring new market opportunities.
- Developing regional innovation ecosystems to support business growth.
- Strengthening business networks for under-represented groups.
grant_eligibility_criteria|zone
This grant is available to organizations that support businesses within the Atlantic Canada region. The eligible geographical areas are specified to align with regional innovation and growth in that area.
- Nova Scotia
- New Brunswick
- Prince Edward Island
- Newfoundland and Labrador
grant_single_labels|criteria
Evaluation and selection criteria for the Regional Economic Growth through Innovation (REGI) program are used to assess the eligibility and competitiveness of grant applications. Criteria include:
- Demonstrated potential for business growth or regional innovation
- Alignment with program objectives and priorities
- Economic benefits to Atlantic Canada
- Capacity to deliver on proposed project outcomes
- Innovation and creativity in proposed activities
grant_single_labels|register
- Step 1: Contact ACOA
- Reach out to your nearest ACOA office to discuss your project details.
- Use the contact details relevant to your region: Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador, or Outside Atlantic Canada.
- Alternatively, call their information line at 1-888-576-4444 for guidance.
- Step 2: Application Preparation
- Complete the Application for financial assistance using details from the initial discussion with ACOA.
- Gather all necessary supporting documents relevant to your business or organization.
- Step 3: Submit Application
- Submit the completed application form and any required documents to ACOA.
- Ensure submission within any specific deadlines or timelines provided by ACOA.
grant_single_labels|otherInfo
Here are additional relevant details for this grant:
- REGI funding can support creating inclusive networks, particularly benefiting women, Indigenous peoples, and young entrepreneurs.
- There are options for both repayable and non-repayable contributions depending on the category of funding applied for.
- Applicants can search the Open Government Portal for examples of previously successful applications using the keyword "REGI."
grant_single_labels|contact
1-888-576-4444
Apply to this program
Empowering Business Growth and Innovation in Atlantic Canada
The Regional Economic Growth through Innovation (REGI) program, managed by the Atlantic Canada Opportunities Agency (ACOA), is dedicated to fostering robust economic conditions that support business growth and community development in Atlantic Canada. This grant provides financial assistance to businesses and non-profit organizations aiming to enhance productivity, develop new markets, and strengthen regional innovation ecosystems to cultivate a dynamic and inclusive economy.
Detailed Overview of REGI's Objectives and Benefits
The Regional Economic Growth through Innovation (REGI) program is a strategic funding initiative by the Atlantic Canada Opportunities Agency designed to bolster economic development across Atlantic Canada. The program is structured around two core streams: Business Scale-up and Productivity, and Regional Innovation Ecosystems. Each stream is tailored to address specific economic needs, fostering an environment that nurtures business expansion, technological advancement, and innovation.
Under the Business Scale-up and Productivity stream, REGI aims to accelerate the growth of businesses by providing financial support to enhance their competitive edge both domestically and internationally. This involves aiding businesses in adopting new technologies, expanding operations, improving productivity, and accessing new markets. The funding provided is interest-free and requires repayment under terms set out in individual agreements, enabling businesses to focus on growth without the immediate financial burden of interest repayments. This aspect of REGI opens pathways for businesses to pursue ambitious projects that might otherwise face financial barriers.
The Regional Innovation Ecosystems stream focuses on strengthening the network of support organizations that enable businesses to thrive at different stages of their lifecycle. It offers non-repayable contributions to non-profit organizations like business incubators, accelerators, and strategic clusters that support entrepreneurial ventures. By doing so, REGI helps foster a collaborative ecosystem where businesses can leverage shared resources, knowledge, and expertise. This is particularly beneficial for underrepresented groups including women, Indigenous peoples, and young entrepreneurs, ensuring they have adequate support and resources to succeed in the competitive marketplace.
REGI also prioritizes inclusivity by providing extra support to Indigenous businesses, particularly those led by youth and women, with options for additional funding or flexible repayment terms. This ensures that traditionally marginalized groups are equipped to overcome unique challenges and contribute significantly to the regional economy.
Applying for REGI funding involves initiating a conversation with ACOA representatives to discuss the potential project details. This ensures that applicants have the guidance needed to prepare a robust application that meets REGI's criteria. ACOA’s Business Information Services also acts as a valuable resource for potential applicants, offering a comprehensive information repository to streamline the application process.
REGI-funded projects span a broad spectrum of activities—ranging from research and development to international market expansion—allowing businesses to adapt and innovate in response to evolving market demands. By supporting projects through both financial assistance and the strengthening of innovation systems, REGI plays a pivotal role in driving sustainable economic growth and resilience in Atlantic Canada's economic landscape.
The impact of REGI is vividly reflected in success stories from recent years, such as A.F. Theriault's marine vessel production and Wabanaki Maple's resilient navigation through the COVID-19 pandemic. These narratives highlight the program's role in helping businesses withstand challenges and capitalize on opportunities for growth.
Overall, the Regional Economic Growth through Innovation program signifies a vital opportunity for businesses and non-profit organizations in Atlantic Canada to expand, integrate innovative solutions, and contribute to a robust, future-ready economy. By facilitating business scale-up and reinforcing the regional innovation ecosystem, REGI enhances not only economic viability but also broadens the inclusivity and diversity of the business environment in this region.
