Bridging the Gap Between Academia and Industry
Innovation is a key driver of economic growth and societal progress. However, turning promising research into market-ready technology can be a challenging process, often hindered by a lack of funding and resources. Recognizing this gap, the Natural Sciences and Engineering Research Council of Canada (NSERC) established the Idea to Innovation (I2I) Grants program. The I2I Grants aim to bridge the divide between academia and industry by supporting the development and commercialization of innovative technologies. This article provides a comprehensive overview of the I2I Grants, detailing the various funding phases and how they can help bring groundbreaking ideas to life.
Funding Phases: Tailored Support for Every Stage of Innovation
The I2I Grants are divided into several phases, each designed to support different stages of technology development. These phases provide tailored funding to ensure that promising ideas can progress from concept to commercialization.
1. Market Assessment
The first step in the I2I process is conducting a Market Assessment. This phase is crucial for evaluating the commercial potential of a new technology, product, or process. Institutions can use the grant to conduct market studies, engage with potential customers or partners, and assess the viability of their innovations.
- Funding Available: Up to $15,000, covering 75% of project consultant costs. Additional funds for technology transfer activities can reach up to $5,000, covering 25% of costs.
- Duration: Up to 12 months.
2. Phase I: Reduction-to-Practice
Phase I focuses on reducing the concept to practice by testing the feasibility of the innovation. This phase is critical for attracting early-stage investment and determining whether the technology can be commercially applied, either through an existing company or a new startup.
- Funding Available: Up to $125,000, covering 100% of project costs.
- Duration: Up to 12 months.
3. Phase Ib: High-Commitment Projects
Phase Ib is designed for projects that show a high likelihood of securing investment or licensing agreements. This phase supports the final steps of refinement before the innovation can be presented to potential investors or partners.
- Funding Available: Up to $60,000, covering 100% of project costs.
- Duration: Up to 6 months.
4. Phase II: Technology Enhancement
Phase II is divided into two sub-phases (IIa and IIb) and focuses on enhancing the technology to make it commercially viable. This phase involves proving the technical feasibility of the project and establishing its market potential.
Phase IIa: Early-Stage Investment
- Objective: Achieve predefined scientific or engineering milestones within a set timeframe.
- Funding Available: Up to $125,000, covering 67% of total project costs.
- Duration: 6 to 18 months.
Phase IIb: Industry Partnership
- Objective: Partner with a Canadian company to further develop the technology, ensuring it is market ready.
- Funding Available: Up to $350,000, covering 50% of project costs.
- Duration: Up to 24 months.
Key Requirements for Phase IIb:
- The prototype must be developed.
- A strong business plan should be in place.
- Involvement of experienced business mentors if forming a new company.
- Demonstrated capacity to manufacture, distribute, or license the technology.
- Justification of “in-kind” contributions and a detailed budget to show the path to market readiness.
Conclusion: Turning Ideas into Impactful Innovations
The NSERC I2I Grants provide a structured pathway for turning innovative ideas into commercial realities. By offering targeted funding at each stage of development, the program helps researchers and institutions overcome financial barriers, attract investment, and bring new technologies to market. This support is vital not only for the success of individual projects but also for the broader goals of economic growth and technological advancement in Canada.
For researchers and institutions eager to advance their innovations, the I2I Grants offer a valuable opportunity to secure the resources needed to succeed. By navigating the program’s phases strategically, innovators can maximize their chances of turning their ideas into impactful, market-ready solutions.
Project Timeline:
The project durations depend on the phase they are in, which go from a minimum of 6 months to up to two years. The application deadlines are as follows: January 7, April 4, June 27, and September 26, 2022.
Contact EVAMAX today to get started on your application!
