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The iRAPID program accelerates commercialization activities for incorporated for-profit innovative companies who need assistance with identified company growth projects. Emphasis will be placed on companies who demonstrate the potential to create jobs and grow the economy.
Any three of the cost categories may be used independently or in combination with one another.
- **Internal Wages: Cost of an existing T4 employee who is working on ANY company project that will help achieve a growth milestone. This could involve initiatives such as, but not limited to: marketing, researching or implementing new business opportunities (exporting, technology or software) or product development.
**Only this category can support projects outside of prototyping/product development. - Contractor Fees: Costs associated with utilizing the contractor’s time, expertise, facility or equipment to develop new products, recipes or programs and to test/validate ideas.
- Materials/Equipment: Cost of consumables or equipment that will be used or required during the prototyping/development project.
Are there costs to me?
Yes. The iRAPID program will support up to 50% of eligible costs, before tax, at one of four funding levels.
Level 1: $2,500 grant for a minimum project spend before tax of $5,000
Level 2: $5,000 grant for a minimum project spend before tax of $10,000
Level 3: $7,500 grant for a minimum project spend before tax of $15,000
Level 4: $10,000 grant for a minimum project spend before tax of $20,000
Is my business eligible?
- The applicant must be a for-profit incorporated entity
- The core innovation of the business must be registered, located and operating in the district of Nipissing, Timiskaming, Parry Sound or Muskoka
- The program is not intended to support, nor is applicable to, businesses operating as distributors or re-sellers.
Applications are subject to a monthly competitive review process; the last working day of every month is the submission deadline for applications. It is recommend that companies submit applications in advance of this date to allow IION time to provide comments or suggested revisions. Applications must be received prior to incurring costs associated with the project. Approved projects will be reimbursed upon receipt of final invoice(s) and proof of payment to be completed within a 6-month time frame (or by the programs deadline).
Update – Companies can utilize iRAPID funding multiple times for separate, independent projects. Companies must complete their current iRAPID application along with corresponding claim before submitting a new application.
How do I get started?
To ensure your project qualifies, applicants are strongly encouraged to contact IION prior to applying. Contact Emily at:705-498-5584 or email at [email protected]
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