Regional Artificial Intelligence Initiative (RAII)
$5,000,000.00
Grant, Loan
Description:
The RAII will help marketplace adoption, supporting the responsible development and use of AI, in two key areas:
a. AI productization and commercialization will help AI SMEs in the start-up and scale-up phases to turn their ideas into real world solutions, with financing aimed at providing support to secure growth capital, hire the right people, manage data, and navigate the AI marketplace.
b. Adoption of AI across priority sectors. This will help Canadian businesses enhance productivity, growth, and competitiveness. Support will focus on helping SMEs to integrating AI into business operations, implement AI strategies and find workers with the right skills.
Comments on Funding:
December 31, 2028
Eligibility:
Applicants must be:
1. a for-profit business incorporated to conduct business in Canada
2. employ at least one full-time equivalent (FTE)
3. in operation for a minimum of two years
4. have staffed operating facilities in the prairie provinces
5. commercializing AI technologies (at above technology readiness level 7 (as defined by Innovation, Science and Economic Development Canada) or adopting AI based solutions (preference may be given to Canadian AI solutions).
6. have confirmed funding from all other sources including government and non-government
7. a legal entity capable of entering into legally binding agreements
Preference may be given to small and medium-sized enterprises (SMEs) with less than 500 full-time employees.
Application Steps:
Applicants must submit an online Expression of interest (EOI)
Documentation Needed:
Applicant must submit:
1. Expression of Interest (EOI)
2. financial statements for the past 2 years, as well as interim financial statements for at least the last 6-month period
3. other supporting information (such as business plan, pitch deck) detailing your organization, how it meets the high-growth definition, and details about the proposed project
4. confirmation of other funding sources (such as bank statements, unused portion of lines of credit, official letters of intent, funding agreements, signed term sheets):
a. funding provided by applicant:
i. current bank statements detailing existing cash balances or the unused portion of lines of credit
b. funding provided by third-party sources:
i .official letters of confirmed/conditional funding
ii. funding agreements
iii. signed term sheets.
Other Things to Note:
About the author
Maurice
