Ontario Centers of Innovation (OCI) – Market Readiness Fund (2022)

Description:

The Market Readiness Fund supports early-stage technology companies that are at the commercialization stage. Market Readiness is a competitive co-investment fund.
OCE suitability criteria defines staging expectations for the two stages of investment: MR125 and MR250.

Comments on Funding:

There are 2 stages of investment according to applicant’s suitability for $125,000 or $250,000 investments.

Eligibility:

Applicants must:

  • be early-stage companies that are raising pre-seed and seed investments (total round sizes range from $500,000 to $2 million);
  • be companies that have raised less than $1 million in third-party capital (excludes friends and family);
  • be incorporated for no more than five years (Ontario or Canadian for-profit incorporation) and have principal operations in Ontario;
  • be currently or previously affiliated with a university, college or research hospital campus linked accelerator or incubator, in Ontario;
  • be companies with their team/IP origin at a university (“university spin-out”), college or research hospital are also eligible, even if not campus-affiliated;
  • be across sectors including (but not limited to) IT, robotics, AI, health technologies, cleantech and advanced manufacturing with a minimum addressable market size of $100M;
  • headquartered and predominantly located within the Province of Ontario (Current company headcount must be >50% located in Ontario (not projected);
  • early-stage technology companies that are at the commercialization stage. Ideally, the product has been built, and there is some early market traction. Investments for the round to be used for significant milestones for a runway up to 12 months.

Applications Steps:

The IAC makes funding recommendations to OCI based on its assessment of the due diligence documents and pitch presentation. The final funding decision rests with OCI through its Internal Review Panel (IRP), which is comprised of senior OCI staff.

Companies who wish to find out more about the Market Readiness Co-Investment Fund or other OCI programs may submit a generic client intake form.

Documentation Needed:

Applicants must:

  • First complete an Eligibility and Suitability Questionnaire
  • attach to it the company’s most up-to-date financials and the investor pitch deck;
  • submit the due diligence documents, if selected; and
  • make a pitch presentation.

Other Things to Note:

Ontario Centers of Excellence (OCE) changed name to Ontario Centers of Innovation (OCI). 

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