FedDev Ontario’s New Innovation Funding
Backgrounder
February 27, 2019
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, accompanied by the Honourable Bernadette Jordan, Minister of Rural Economic Development, and Francis Drouin, Member of Parliament for Glengarry−Prescott−Russell, announced funding of over $1 billion over six years for FedDev Ontario to continue to foster growth in southern Ontario. It was also announced that FedDev Ontario is dedicating $100 million over the next three years for projects that drive innovation and growth in rural southern Ontario.
FedDev Ontario is delivering its new funding through three simplified funding streams, which have been designed to meet the needs of our innovators and job creators, and create a more diverse, inclusive regional economy that supports long-term growth and a better quality of life for Canadians.
Applications can now be submitted to FedDev Ontario under the following streams:
Business Scale-up and Productivity
The Business Scale-up and Productivity stream provides no-interest repayable contributions for innovative and globally-oriented businesses looking to grow.
The objectives of this stream are to:
- Assist high-growth firms to scale up and expand.
- Support technology demonstration and the commercialization of new technologies.
- Encourage the early adoption or adaptation of leading-edge technologies and processes to improve productivity.
- Increase businesses’ capacity to grow through market diversification and entry into global markets.
Eligible applicants will be considered for repayable contributions ranging from $500,000 to a maximum of $10 million per project for up to 35 percent of eligible and supported project costs.
The Regional Innovation Ecosystem stream will support not-for-profit organizations who contribute to fueling an entrepreneurial environment conducive to innovation and growth. It will also support regional economic stakeholders who promote the entrepreneurial talent of underrepresented groups, including women, Indigenous peoples and young entrepreneurs.
The objectives of this stream are to:
- Grow and sustain strategic clusters and consortia that support businesses to scale-up and commercialize innovative products, technologies and services.
- Enhance the development and reach of business incubators, accelerators, and other organizations, which support entrepreneurs, start-ups and innovative companies with high-growth potential.
- Support projects led by innovation-oriented organizations to increase and promote business productivity and global competiveness, investment and talent attraction.
Eligible applicants will be considered for non-repayable contributions normally ranging from $500,000 to $10 million per project for up to 50 percent of eligible and supported project costs.
Community Economic Development and Diversification
The Community Economic Development and Diversification targets investments in businesses or not-for-profit organizations in small communities, who are working to develop, diversify and transform their local economies.
The objectives of this stream are to:
- Enhance business attraction, investment, retention and employment opportunities.
- Develop and expand collaborative efforts that strengthen regional competitiveness.
- Support regional businesses, hubs and communities with the goal of economic diversification, integration, and transformation.
Eligible incorporated businesses, including Indigenous businesses, will be considered for no-interest, repayable contributions, ranging from $250,000 to $5 million per project for up to 50 percent of eligible and supported project costs.
Eligible not-for-profit organizations will be considered for non-repayable contributions ranging from $250,000 to $5 million per project for up to 50 percent of eligible and supported project costs.
Dedicated Rural Support
FedDev Ontario has dedicated $100 million, over the next three years, for projects that drive innovation and growth in rural southern Ontario. This support is available through FedDev Ontario’s three funding streams.
FedDev Ontario will support projects in rural southern Ontario that promote business scale-up and diversification; lead to increased business, talent and investment attraction; foster innovation, technology adoption and digital connectivity; leverage local assets; and connect smaller communities to the globally competitive economies.
Support is available to eligible applicants of the three funding streams outlined above, located in small and rural communities in southern Ontario.
Application Details
FedDev Ontario is accepting applications on an ongoing basis.
A single application form is used for all three funding streams.
All applicants will be notified of decisions in writing.
For more information on FedDev Ontario’s funding opportunities, please visit www.FedDevOntario.gc.ca or call the toll-free telephone number at 1-866-593-5505.
Related Products
News Release: FedDev Ontario Announces New Funding and Dedicated Rural Support for a Stronger Southern Ontario
Page details
- Date modified: