Through FedDev Ontario's Investing in Business Innovation initiative, the Harper Government is providing Ontario Centres of Excellence (OCE) with an investment of up to $9 million to expand its SmartStart Seed Fund (SmartStart). SmartStart supports entrepreneurs in Ontario with technology or innovation-based start-ups.
OCE is a not-for-profit organization whose mission is to grow a globally competitive, knowledge-based economy in Ontario by supporting the commercialization of publicly-funded academic research and entrepreneurship activities.
The federal funding for SmartStart builds on provincial funding for the program for entrepreneurs between the ages of 18 and 29, which launched in April 2014.
The funding opens up SmartStart eligibility to southern Ontario entrepreneurs aged 30 and above. The investment is expected to support more than 300 companies in southern Ontario, which will maintain more than 900 jobs and create more than 1,500 jobs.
Funding is geared at companies that are in the validation stage of their business, which means they have an early version of their product or service developed and ready for testing market acceptance with pilot customers.
Currently, applicants between 18 and 29 years of age are eligible for maximum non-repayable contributions of up to $40,000 per start-up to launch and grow their businesses. After April 1, 2015, southern Ontario entrepreneurs 18 to 29 years old may apply for up to $70,000, while those 30 and older can apply for up to $40,000.This includes:
- Up to $60,000 (18-29 year olds) and up to $30,000 (over 30 years old) in seed financing to be matched dollar for dollar by the company;
- Up to $10,000 in entrepreneurship skills training and professional advisory services, specifically aimed at gaining new business and market development skills; and
- Access to regional business and investment networks and resources
Eligibility requirements and further details are available on the OCE SmartStart website.
The Investing in Business Innovation (IBI) initiative aims to strengthen the innovation ecosystem in southern Ontario. It helps new entrepreneurs to become investment-ready through seed financing and skills development. It helps early-stage businesses with a minimum viable product or service to further develop and bring it to market.
It helps angel organizations to expand their members and services, which increases private sector investment and mentoring opportunities for businesses. All of these activities will help build a portfolio of early-stage businesses with the ability to become world-leading innovators.
IBI Funding is available for:
- Not-for-profit organizations that provide skills development and seed financing to new entrepreneurs;
- Innovative, early-stage businesses with less than 50 employees to help leverage angel and capital investments; and
- Southern Ontario-based angel investor networks.
Applications are being accepted and assessed on an ongoing basis. Eligibility requirements and further details are available on the FedDev Ontario website.
