Ontario Centres of Excellence (OCE) offers funding opportunities to Ontario businesses under a collaborative funding program called the OCE Collaboration Voucher Program. Under this program, eligible businesses receive financial assistance to collaborate with academic partners to resolve industry issues, create new products and services and develop online resources to explore opportunities in market expansion and export.
There are four funding programs under Collaboration Voucher Program:
Voucher for Innovation & Productivity (VIP)
The VIP program provides funding for industry-academic partnerships to produce and commercialize technological innovations. Businesses can leverage the state-of-the-art facilities and expertise of academic institutions to solve business problems, create innovative and break-through products and services, and increase productivity. The funding is provided for a one-year project.
Funding amount: $75,000 and above covering up to 50% of project expenses. The remaining amount is paid in case and/or in kind.
Timeline: Applications are accepted all year round. The processing time is six to eight business weeks from the date of application.
Eligibility: It should be a first-time collaboration between the business and the academic institution.
Voucher for Commercialization
This voucher is awarded to activities that pave the way for commercialization. Most commonly these involve activities that have technological proof, engage customers and have commercial value. Some activities covered under this program include: technology assessment, market research and strategy, prototype design and development, concept demo, consumer engagement and business plan development. The market for the project must be at least $50k. The length of the project should be one year maximum.
Funding amount: Up to $50,000 for up to 75% of the project expenses. 25% of the fund is provided in cash or in kind.
Timeline: Applications are accepted all year round. The processing time is six to eight business weeks from the date of application.
Eligibility:
- The innovation must be a collaborative effort with an Ontario public academic research university, college or institute
- The applicant must be pre-recurring revenue (up to $250,000) and pre-significant non-government investment
- The market for the project must be at least $50 million
Voucher for Industry Association R&D Program
This program focuses primarily on manufacturing sector innovation “Made in Ontario”. It calls for innovative solutions to address research and development issues and drive technological growth. It provides funding for industry-academic partnerships. Projects under this program have global market potential and high commercial value. The projects must have identifiable opportunities for economic growth in Ontario by creating jobs, generating revenue, etc. The project length must be two years.
The current project eligible for funding includes smart computing, aerospace, agri-based industrial biproducts and cybersecurity.
Funding amount: Up to $100,000, 50% in cash and 50% in kind. NSERC matches cash contribution from industry with less overhead.
Timeline: Applications are accepted all year round. The processing time is six to eight business weeks from the date of application.
Eligibility:
- The innovation must be a collaborative effort with an Ontario public academic research university, college or institute.
- Both, the academy as well as the company must be in good standing with OCE.
- The commercialization of the product or service must be in Ontario by an Ontario-based company.
Voucher for E-business
This program provides funding for industry partners who connect with expertise and resources from Ontario colleges to develop online tools and content for market expansion initiatives, particularly opportunities for exports. Students from colleges engage directly with industry partners acting as consultants for solving business innovation challenges.
Some projects covered under e-business include website development, digital and social media, Customer Relationship Management, online advertising and sales, etc.
Funding amount: Any qualifying academic institution receives $2,500 per company.
Timeline: The application intake for Voucher for E-business program is currently open.
Eligibility:
- Company should be based in Ontario and develop online tools.
- They should be assisted by college students to develop these tools and implement business expansion plans.
We, at Kelid™, have an experienced team of professionals to help you with every step of the application to ensure that you receive the much-needed funding for your project. Our funding experts have an impressive portfolio of clients who have qualified for such funding. Contact us today for a free consultation!
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