Innovation Growth Program: Here to aid SMEs

Imagine having the means and resources that will help push your business further and allow you to develop and commercialize new innovative products and processes. The Innovation Growth Program (IGP) can help you do exactly that! This program provides cost-sharing assistance to Small and Medium-Sized Enterprises (SMEs) that help provide them with the assistance necessary to develop and commercialize in areas of innovation.

The IGP supports SMEs within its initial stages of growth and development so that it leads to the ultimate reduction of risks associated with innovative product development. This program will also help to accelerate growth and strengthen a business’ financial position so that these SMEs can in the end, secure the funding needed, which will help build their Manitoba based businesses.

The objectives of this program are to:

  • Commercialize innovative products or processes
  • Leverage private sector investment in new product development
  • Create economic growth
  • Create jobs
  • Grow exports

Type of Funding available

The IGP is a program that provides a non-repayable grant of up to $100,000 per project to cost share eligible expenses on a 50/50 cost shared basis, for firms that meet the eligibility requirements. This program also approves projects using an incredibly competitive process and quarterly intakes. At least 50% of eligible project costs are expected to be supported by non-government sources, and funding from these sources must be confirmed at the time of application. Funding is also capped at $100,000 per new project per corporation, including any affiliated corporations. An applicant is only allowed to have one active project in process at any given time.

Eligible Applicants

  • For-profit, taxable Canadian Controlled Private Corporations, in Manitoba pay at least 50% of total salaries and wages to Manitoba resident employees.
  • Annual revenue of $15 million or less OR fewer than 100 full-time equivalent employees, including its affiliates on a consolidated basis.
  • Demonstrate owner investment of $25,000 in cash equity invested in the business prior to application.

Eligible Projects

Eligible applicants are allowed to apply for the following activities under IGP:

The development of new innovative products and processes

  • Such as building prototypes, testing, trial runs in an operational environment, obtaining certification, and registering intellectual property

The commercialization of market ready innovative products or processes

  • Adapting commercially viable products for a new market, market development or expansion activities, and scale up activities.

The hiring of net new Manitoba employees (internal labour)

  • Funds the salaries and wages of net new Manitoba employees directly working on an approved project. Support for new Manitoba hires is capped at 50% of total funding received under IGP.

Project Timeline

The IGP applications are processed through a quarterly intake process and no applications will be accepted after the deadline.

Deadline

The upcoming deadline for the first quarter is June 15, 2022.

Contact EVAMAX today to help you apply today!

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