Are you looking for an investment opportunity that can change the face of healthcare? Learn about the Life Sciences Innovation Fund and how it’s helping to bring groundbreaking technology to market.
The Government of Ontario has announced the launch of new business grants in Ontario that will support the research and development of health solutions projects. With $15 million in total funding to be allocated, life sciences entrepreneurs and innovators will receive funding support to bring their prototype projects to local and global markets.
According to Vic Fideli, Minister of Economic Development, Job Creation and Trade, “Part of our government’s plan to build Ontario is ensuring that companies, innovators, and entrepreneurs have the support they need to advance next-generation health technologies. The new Life Sciences Innovation Fund will foster more innovation and ensure Ontario continues to lead the pack in the life sciences sector now and for generations to come.”
This is a new fund aimed at investing in groundbreaking life sciences technology that is set to shake up the healthcare industry, with a focus on developing treatments for some of the world’s most pressing medical challenges.
But before we delve deeper into how you can avail of this grant, let’s answer the question:
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What is the Life Sciences Innovation Fund?
The Life Science Innovation Fund (LISF) is an early-stage co-investment fund that supports companies in the Life Sciences and Healthcare Technologies sectors related to human health.
The fund is aimed at addressing the unique challenges faced by life sciences entrepreneurs moving innovative and capital-intensive investments from a conceptual stage through to commercialization.
Investments drive Canadian business development, economic growth, and scalable impact across the life sciences and healthcare technologies sectors related to human health. This will further grow the sector and strengthen its competitiveness in key areas such as cancer treatment, regenerative medicine, neuroscience, and medical technologies.
Funding Amount Available
Companies are eligible to receive up to $500,000 in early-stage risk capital to scale their made-in-Ontario health solution both at home and in global markets.
Eligible Applicants
This program is best suited for life science and healthcare technologies companies related to human health that:
• Are Ontario or Canadian incorporated for-profit companies headquartered in Ontario
• Current company headcount must be >50% located in Ontario (not projected)
• Currently raising a pre-seed or seed investments (total round sizes ranging from $1 million to $5 million)
• Have raised less than $3 million in third-party capital
Eligible Projects
The expectation is to propel Ontario- generated IP, talent, and expertise into new emerging areas of life sciences that offer significant growth opportunities
Deadline
The program is currently accepting applications. You can submit a statement of interest to begin your application as soon as you are ready.
Benefits of the Life Sciences Innovation Fund For SMBs
Here are some potential benefits of the Life Sciences Innovation Fund for Small and Medium-sized Businesses (SMBs) in Canada:
1. Access to funding
The Life Sciences Innovation Fund provides SMBs with access to early-stage funding that they might not have been able to obtain through traditional means such as bank loans or venture capital. This funding can be crucial for SMBs to develop their ideas, prototypes and bring them to market.
2. Mentorship and support
The fund provides SMBs with mentorship and support from experienced healthcare investors and scientists, helping them navigate the complex landscape of healthcare innovation. This can be very beneficial for SMBs as it can provide them with the guidance and expertise they need to bring their products or services to market.
3. Networking opportunities
The fund can also provide SMBs with the opportunity to network with other entrepreneurs and industry leaders in the life sciences sector. This can be valuable for SMBs as it can help them establish connections and partnerships that can help them grow their business.
4. Promoting innovation
The Life Sciences Innovation Fund can help to promote innovation in the healthcare sector by providing funding and support for SMBs developing new and cutting-edge technologies. This can lead to the development of new treatments and therapies that can improve the healthcare system and benefit patients.
5. Economic growth
The fund can also promote economic growth by supporting the development of new technologies and companies. This can create jobs and boost the economy.
6. Boosting competitiveness
The fund can help SMBs to increase their competitiveness by providing them with the resources and support they need to develop and bring new products or services to market.
Succeed in Getting the LSIF Today
Ongoing innovation is a mindset that all Canadian businesses should adopt to remain a worthwhile choice to customers. Without research and development, solutions to problems may not be as optimized as they can be, and this can unfortunately lead to a business falling behind its competitors.
New Ontario business grants and loans, like the Strategic Innovation Fund, are available to offset research and development costs to help companies stretch their research budgets and access innovative progress.
Our EVAMAX team of Canadian funding specialists has an average success rate of 96% in accessing funding for our clients. We provide our clients with an average of 75%-time savings.
Contact us if you want the best chance to get approved for your Life Sciences Innovation Fund.
Or, speak with a member of our team to find out what other innovation funding programs your business may be eligible for.
