Type of Program:
The IION- Research and Prototyping in Development (iRAPID) Program accelerates commercialization activities for incorporated innovative companies who need assistance with their product development/prototyping projects. Emphasis will be placed on companies who demonstrate the potential to create jobs and grow the economy through their new product, process or service development.
Comments on Funding:
Funding is up to 50% of eligible costs, before tax, at one of three funding levels:
Level 1: $5,000 grant for a minimum project spend before tax of $10,000,
Level 2: $7,500 grant for a minimum project spend before tax of $15,000,
Level 3: $10,000 grant for a minimum project spend before tax of $20,000.
Projects will be reimbursed upon receipt of final invoice(s) and proof of payment to be completed within a 6-month time frame.
When It Ends:
The applicant must be:
The program is not intended to support, nor is applicable to, businesses operating as distributors or re-sellers.
Applicants must download, complete, sign and submit the online application form.
To ensure clarity on the program and it’s qualifying conditions, applicants are strongly encouraged to contact IION prior to applying.
Applications must be received prior to incurring costs associated with the project and are subject to a monthly competitive review process.
Other Things to Note:
The iRAPID program has a continual intake process, with monthly reviews. The last day of every month is the submission deadline.