Sault Ste. Marie Innovation Centre (SSMIC) – Innovation Acceleration Program (IAP) (2022)

Description:

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).

Eligibility:

Applicant must:

  • be a qualified growth oriented For-Profit (registered sole proprietor, partnership, or corporation) Canadian Small to Medium Enterprise (SME);
  • be located in the Sault Ste. Marie Innovation service area,
  • be seeking assistance for developing and commercializing an innovation (service, product or process) in the area of Science and Technology (with potential to contribute to increased sales and employment). 

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

Documentation Needed:

The applicant must submit:

  1. a copy of their Articles of Incorporation or Business Name Registration, whichever is applicable.
  2. at 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.
  3. All projects approved under this program must be completed with invoice submitted to SSMIC for payment approval within four (4) months from date of approval.
  4. Reporting Requirements:
  • The Applicant agrees to provide a brief feedback/testimonial (250-400 words) on the benefits and results of the program upon completion of the Project for mandatory reporting to FedNor.
  • The Applicant agrees to share its experiences on challenges and lessons learned in developing and commercializing innovations among technology SMEs for mandatory reporting to FedNor and to enhance the ability of other entrepreneurs.
  • The Applicant further acknowledges that SSMIC has a five year obligation to track the Applicant’s commercialization efforts and results and the Applicant agrees to provide SSMIC with an update of its commercialization efforts and results for mandatory reporting to FedNor including applicant’s annual revenues, job creation, and other related information as required.

Other Things to Note:

The program is now open for submission and SSMIC processes applications on a first come, first served basis.

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