i.d.e.a. Fund

By mmuise
Description:

The i.d.e.a. Fund supports a more sustainable economy and equitable recovery in Southern Ontario by providing recipients with $30,000 in matching seed funds and up to 40 hours of expertise from Regional Innovation Center (RIC)'s Venture Growth team.


Comments on Funding:

1. Funding is a non-repayable seed amount of up to $30,000 with matching funds;
2. Equity-deserving founders to match 25% of funds received.

Deadline: Applications are closed. Stay tuned for future intake announcements.
Eligibility:

Applicants must:

  • be high-potential ventures who are growing;
  • be founders committed to reducing their impact on the environment by developing new or redesigning products services, processes, technologies.
  • have one or two team members of the business’s leadership team available to actively engage with their Startup Advisor and be dedicated reporting milestones associated with seed funding. More information about these milestones will be provided in the aforementioned information sessions
  • be an early-stage business or SME (1-499 employees) and the business must be headquartered in Southern Ontario;
  • have businesses incorporated in Ontario or federal;
  • have businesses with scalable product or service;
  • have business opportunities with potential to address Canadian or international markets;
  • not currently be receiving funds from the Jobs & Growth Fund (through FedDev Ontario);
  • be able to provide matching funds up to a maximum of $30,000 to receive seed funding.
Application Steps:

Applicants:

1. must sign up for RIC's newsletter to receive i.d.e.a. Fund email updates and to be notified when the applications open for Cohort 2 in 2023.

2. are responsible for completing and submitting the online application through the Intake Portal.

3. must complete the application in full;

4. must provide enough information to address the applicable evaluation criteria;

5. may book a 1-on-1 advisory session with a Startup Advisor to seek input on their application;

6. join for a virtual information session including a live AMA with the i.d.e.a. Fund team throughout the session.– sign up at the links provided,

Documentation Needed:

Applicants must submit the following information:
1. Business Model Canvas;
2. Budget (high level);
3. Short video and/or pitch deck (optional).

Other Things to Note:

1. Applications for Cohort 2 of the i.d.e.a. Fund closed on April 17, 2023​.
2. i.d.e.a. Fund is a program that fosters inclusion, diversity, environment and acceleration while contributing to a green recovery, and is delivered in partnership with the following Ontario Regional Innovation Centres (RICs): Innovation Guelph, Haltech, Innovate Niagara, WEtech Alliance, Innovation Factory and TechAlliance of Southwestern Ontario, to support a more sustainable economy while fostering an inclusive and equitable recovery in Southern Ontario.

About the author
mmuise