In Northern Ontario, many startups and small and medium-sized enterprises (SMEs) face difficulties funding the initial commercialization steps required to accelerate product development and marketplace positioning. NORCAT’s Innovation Acceleration Program (IAP), funded by FedNor, is designed to fund early-stage technology startups in the City of Greater Sudbury with the development and commercialization of new innovations and to promote economic prosperity in the region.
Funded by FedNor
Applicants must be a growth-oriented for-profit (registered sole proprietor, partnership or corporation) located within NORCAT Innovation’s service area, seeking assistance for developing and commercializing an innovative (service, product or process), with the potential to contribute to increased sales and employment. Applicant must be a registered NORCAT Innovation client.
This program is not intended to support, nor is it applicable to, operating as resellers or distributors.
Eligible projects must demonstrate economic development objectives and create short-to-medium, measurable results for the communities and businesses of the region.
Eligible projects could include:
As a guide, the proposed project must be a new impactful strategic initiative to support development and commercialization of innovation/invention not covered by any of the funding programs approved in prior fiscal years. It must not be a project already in progress.
Ineligible activities include capital and any on-going operational costs of the startup or SME including existing staff wages, administration costs, rolling stock etc.
Maximum financial assistance eligible under the program is 50% of approved Total Eligible Project Costs or up to $10,000 per SME, whichever is lesser in any given fiscal year.
The SME must pay the project service providers 100% of invoices, including any HST applicable, before submitting for reimbursement.
Applications are now open for NORCAT Innovation’s IAP program!