The IION- Research and Prototyping in Development (iRAPID) Program accelerates commercialization activities for innovative companies who need assistance with their product development/prototyping projects. Emphasis will be placed on companies who demonstrate the potential to create jobs and grow the economy through their new product, process or service development.
iRAPID can help offset costs in the following categories that relate to the completion of an identified product development/prototyping project using internal or external resources or a combination thereof.
Any three of the cost categories may be used independently or in combination with one another.
- Contractor Fees: Costs associated with utilizing the contractor’s time, expertise, facility or equipment.
- Materials: Cost of consumables used during the project. Equipment/software are not eligible under this program.
- Internal Wages: Cost of a T4 employee who is working directly on the project.
*Website development/improvements, rolling stock and on-going operational project costs are not eligible.
Are there costs to me?
Yes. The iRAPID program will support up to 75% of eligible costs, before tax, at one of three funding levels.
Level 1: $5,000 grant for a minimum project spend before tax of $6,667
Level 2: $7,500 grant for a minimum project spend before tax of $10,000
Level 3: $10,000 grant for a minimum project spend before tax of $13,334
Successful applicants will be required to register as an IION client and fill out occasional surveys as a reporting requirement for up to five years. This is to properly capture aggregate economic data. Failure to fill out annual surveys and the iRAPID survey could result in making the applicant ineligible for future IION funding programs. IION will maintain the confidentiality of collected data, meaning it will only be used in terms of total results from all projects, and no particular company is ever personally identified.
Is my business eligible?
The applicant must be a for-profit entity, registered as a sole proprietor, partnership, or corporation located in the district of Nipissing, Timiskaming, Parry Sound or Muskoka looking to develop its ability to advance the growth of its business along the commercialization path through a project as defined by the program objectives. The program is not intended to support, nor is applicable to, businesses operating as distributors or re-sellers. Applications mus be received prior to incurring costs associated with the project and are subject to a monthly competitive review process. Projects will be reimbursed upon receipt of final invoice(s) and proof of payment to be completed within a 6-month time frame.
How do I get started?
*To ensure clarity on the program and it’s qualifying conditions, applicants are strongly encouraged to contact IION prior to applying.*
The iRAPID program has a continual intake process, with monthly reviews. The last day of every month is the submission deadline.
Contact Emily at:
705-474-7600 extension 5660, or email at [email protected]
PROUDLY SUPPORTED BY:
