Regional Quantum Initiative (RQI) – Canada’s Future in Quantum Technology
Quantum technology can be considered a building block to help Canada make strides within key sectors, which include computing, communications and security. In addition to helping transform the Canadian economy, quantum technologies have the potential to help advance a wide range of benefits for Canadians, including the design and delivery of new medicines, vaccines and next-generation batteries; more efficient and secure supply chains and digital communications; and the creation of new, greener products and approaches to model, track and forecast climate change. To help support Canadians, the Government of Canada is making strategic investments like Regional Quantum Initiative to grow quantum-ready technologies, companies and talent; and solidify Canada’s global leadership in this area.
On June 20th, 2022, Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced that businesses can now apply to the Regional Quantum Initiative (RQI) in southern Ontario. This initiative will help companies advance and commercialize their quantum products and solutions for domestic and global markets. The RQI will build on the success of FedDev Ontario’s past quantum investments to further accelerate the development of the sector and drive product development in this world-class quantum ecosystem.
Type of Funding Available
All funding is project-based, meaning that it must result in outcomes linked to program and Government of Canada priorities. If a project receives approval, a contribution agreement will be executed with FedDev Ontario. Project contributions are typically between $500,000 – $5 million. The total government funding for a project cannot exceed 75% of eligible non-capital costs and 50% of eligible capital costs and the funding can cover about five years of eligible costs, starting no earlier than the application intake launch and no later than December 31, 2027.
Small- and medium-sized businesses, including start-ups, located in southern Ontario that are commercializing or adopting quantum technologies or quantum-based solutions.
To be considered eligible for funding, companies must:
- be an incorporated, registered business at the time of application
- 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
- secure a minimum of 50% funding towards the eligible project costs
In addition to the mandatory eligibility criteria, priority consideration may be given to companies that have:
- demonstrated positive market traction, for example, through sales of their products or services and/or
- 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
Funding will support projects that involve a range of activities to demonstrate, commercialize and scale-up Canadian-made quantum technologies, solutions and companies.
Examples of activities that the Regional Quantum Initiative will support in southern Ontario:
- Technology demonstration geared towards market diversification and growth
- Commercialization, including market diagnostics, development, and expansion, supply chain integration, and other activities aimed at bringing new quantum technologies to the market in the near term.
- Business development and capacity building, including growing, high-performing teams, adopting best management practices, improving processes and systems, business opportunity development, and improving governance or investment readiness.
- Acquiring, adapting or adopting quantum technologies. Priority may be given to firms in life sciences, defence, FinTech or advanced manufacturing sectors adopting or adapting quantum technologies that are:
- first-in-the sector, Ontario, Canada or the world
- made or developed in southern Ontario or elsewhere in Canada
All interested applicants are strongly encouraged to register their intent to apply by September 20, 2022, 4:59 p.m. EST.
Contact EVAMAX to get started on your application today!