Research and Prototyping in Development (iRAPID) Program (2022)

Description:

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.

Eligibility:

The applicant must be:

  • a for-profit incorporated entity, 
  • Located in the district of Nipissing, Timiskaming, Parry Sound or Muskoka
  • looking to develop its ability to advance the growth of its business along the commercialization path through a project as defined by the program objectives. 

The program is not intended to support, nor is applicable to, businesses operating as distributors or re-sellers.

Documentation Needed:

  • the completed application form;
  • two contractor quotes where applicable and identify the contrctor they have selected in the application form.

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. 

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