The IION- Research and Prototyping in Development (iRAPID) Program accelerates commercialization activities for incorporated for-profit innovative companies who need assistance with prototyping projects which could involve developing new products, recipes or programs and testing/validating ideas. 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.
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.
- Internal Wages: Cost of an existing 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 50% of eligible costs, before tax, at one of three funding levels.
Level 1: $5,000 grant for a minimum project spend before tax of $10,000
Level 2: $7,500 grant for a minimum project spend before tax of $15,000
Level 3: $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 applicant must be located 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]
The SFEP program has a continual intake process, with monthly reviews. The last day of every month is the submission deadline.
Download the iRAPID-Application
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