Regional Quantum Initiative in Southern Ontario
$5,000,000.00
Loan
Description:
The Regional Quantum Initiative (RQI) in Southern Ontario is designed to help companies advance and commercialize their quantum products and solutions for domestic and global markets.
RQI provides funding seeking support projects that involve a range of activities to demonstrate, commercialize and scale-up Canadian-made quantum technologies, solutions and companies.
Comments on Funding:
Funding is a project contribution between $500,000 – $5 million. Applicants must secure a minimum of 50% matched funding for eligible project costs.
All contributions are interest-free and fully repayable.
Applications are no longer being accepted.
Eligibility:
Applicants must be small- and medium-sized businesses, including start-ups, located in southern Ontario that are commercializing or adopting quantum technologies or quantum-based solutions. Applicants (companies) must:
1. be an incorporated, registered business at the time of application;
2. have an Intellectual Property (IP) strategy, and either own the project IP, have a licence to the IP rights from a Canadian licensor, or have secured the rights to IP required for the project, and where applicable, must not infringe on any IP rights; and
3. secure a minimum of 50% funding towards the eligible project costs.
Priorities may be given to applicants whose companies have:
1. demonstrated positive market traction, for example, through sales of their products or services and/or;
2. received support from the quantum ecosystem, for example, investment from an accredited angel or venture capital investor or participated in a Canadian business accelerator, incubator, a government program, or a similar initiative.
Application Steps:
The Regional Quantum Initiative in southern Ontario has a single-phase application process and uses a generic Application for Funding, which is also used for other programs supporting incorporated businesses.
Documentation Needed:
Applicants must submit the following mandatory documents:
1. financial statements (interim/annual, balance sheets, or other financial documentation) for the last two years or since the date of the company’s start-up;
2. articles of incorporation;
3. biographies of key management and/or technical staff required to complete the project, and a diagram of the company’s organization structure; and
4. a work plan or project schedule that outlines major activities and milestones already summarized in the application form. Applicants must also supplemental documents if needed.
Other Things to Note:
Applications received and acknowledged by FedDev Ontario before closure will be assessed in the order they are received, subject to remaining funding. Date modified: 2022-06-19
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Maurice
