Investing in Business Innovation (IBI) will assist start-up businesses to accelerate the commercialization of new products and processes by increasing and leveraging private sector investments such as angel and venture capital investors.
Eligible start-up businesses will be eligible for a repayable contribution of up to 33% or a maximum of $1 million of total eligible project costs. The business must have secured conditional funding of at least 66% of the remaining project cost from an eligible angel or venture capital investor, who is located in Southern Ontario.
Eligible costs for start-ups include labour, capital and operating expenditures, materials and supplies, consulting and/or professional fees and minor non-capital acquisitions (e.g., software).
Start-up businesses, defined as businesses with less than 50 employees in southern Ontario. The start-up SME must have a signed draft term sheet conditional on Investing in Business Innovation funding as proof of a funding commitment from a recognized angel or venture capital investor.