Innovation Fund

📋 Eligible Entities - Small and medium-sized enterprises (SMEs) - Canadian-controlled private corporations - Sole proprietorships and partnerships - Cooperatives - Businesses operating in Canada with a physical presence or established operations Exclusions typically include: - Non-profit organizations - Government entities - Businesses primarily engaged in real estate or financial services ### 💰 Funding Details - Maximum Grant Amount: $50,000 - Funding Structure: Non-repayable grant (free money, not a loan) - Cost-Sharing Requirement: Grant covers up to 50% of eligible project costs - Applicant must contribute minimum 50% of total project costs - Total eligible project cost: minimum $100,000 (to receive maximum $50,000) - Payment Terms: Funds typically disbursed upon project completion and verification of expenses ### 🛠️ Approved Expenses - Product development and refinement costs - Research and development (R&D) activities - Market research and feasibility studies - Design and prototyping - Testing and quality assurance - Technology adoption and integration - Commercialization planning and strategy - Professional fees (engineering, technical consulting) - Manufacturing process improvements - Market adaptation costs for new markets - Product documentation and regulatory compliance preparation ### ⚠️ Conditions & Milestones - Project Timeline: Must demonstrate realistic timeline for completion and commercialization - Innovation Requirement: Product/modification must be genuinely new or significantly improved - Commercialization Plan: Applicant must provide evidence of intent and capability to bring product to market - Eligibility Verification: Application review and approval required before work begins - Expense Documentation: All invoices, receipts, and proof of payment must be retained - Project Reporting: Progress updates and final project completion reports required - Use of Funds: Expenses must align with approved project scope; material changes require prior approval - Repayment Clause: If applicant misuses funds or misrepresents project details, repayment may be required - Timeline for Completion: Project must be completed within approved timeframe (