Type of Program:
The Innovation Acceleration Program (IAP) provides Small to Medium Enterprise (SME) with non-repayable funding to support small projects that are critical for the development and commercialization of new innovations and promote innovative business growth.
Comments on Funding:
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 is required to pay the project Service Providers 100% of invoices, including any HST applicable -and then submit to SSMIC for 50% reimbursement (no HST).
When It Ends:
This program is not intended to support, nor is applicable to businesses operating as distributors or re-sellers.
must undergo the SSMIC client intake process and submit a completed Client Intake Form (for new and inactive client (not active more than 1 year) only.
must submit a copy of their Articles of Incorporation or Business Name Registration, whichever is applicable.
should contact Katie Goodall, IAP Specialist at (705) 942-7927 ext. 3065 or email firstname.lastname@example.org or Taylor Trecroce, Business Development Coordinator at 705-942-7927 ext. 3178 for further details.
The applicant must submit:
- 1a copy of their Articles of Incorporation or Business Name Registration, whichever is applicable.
- 2at least 2 quotes from 2 independent and unrelated service providers detailing the scope of work, rate per hour and number of hours to complete the project. except for IP Research and Protection projects.
- 3All projects approved under this program must be completed with invoice submitted to SSMIC for payment approval within four (4) months from date of approval.
- 4Reporting Requirements:
Other Things to Note:
The program is now open for submission and SSMIC processes applications on a first come, first served basis.