Innovation Acceleration Program (IAP)

By mmuise
Description:

NORCAT’s Innovation Acceleration Program (IAP), funded by FedNor, is designed to fund early-stage technology startups in the City of Greater Sudbury with the development and commercialization of new innovations and to promote economic prosperity in the region.


Comments on Funding:

1. Funding is a contribution of 50% of approved total eligible project costs or up to $10,000 per SME, whichever is lesser in any given fiscal year.
2. The SME must pay the project service providers 100% of invoices, including any HST applicable, before submitting for reimbursement.

Deadline: Continuous Intake
Eligibility:

Applicants must:

  • be a growth-oriented for-profit (registered sole proprietor, partnership or corporation) located within NORCAT Innovation’s service area;
  • be seeking assistance for developing and commercializing an innovative (service, product or process),
  • have the potential to contribute to increased sales and employment.
  • be registered NORCAT Innovation clients;
  • have eligible projects which demonstrate economic development objectives and create short-to-medium, measurable results for the communities and businesses of the region.

    This program is not intended to support, nor is it applicable to, operating as resellers or distributors.
Application Steps:

Applicants must:

1. double check their eligibility - they must be current clients of NORCAT Innovation to apply for IAP funding. If they are not currently a client, please complete NORCAT’s discovery document form;

2. reach out to their mentor or advisor who will provide them with the IAP application form;

3. submit their application through their mentors or advisors.



4. Following their application submission, if eligible, a member of the NORCAT Innovation team will reach out to schedule a meeting and discuss the next steps.

Documentation Needed:

1. Except for IP Research and Protection projects, the Applicant is required to submit at least two quotes from two independent and unrelated service providers detailing the scope of work, rate per hour and the number of hours required to complete the project.
2. Funding recipients must provide feedback on the project's impact on their business within three months of completing the funded project.
3. Applicants will be required to complete a final survey which will provide statistics on the success of the project and the impact it had on the business. Applicants may be asked to provide feedback up to five years after project completion.

Other Things to Note:

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About the author
mmuise