Strategic Innovation Fund (SIF)

Not long ago, the Canadian federal government announced the Strategic Innovation Fund. Mainly it is to help Canadian companies advance technology to the point of commercialization. It is a two-step application process: first an expression of interest by the applicant who must supply prescribed information, followed by an assessment by the program’s staff who then decide whether to invite the applicant to submit the stage 2 application. The SIF has received about a thousand applications in the last several weeks, which is a pretty good early response.

Applicants must have been in business at least a year, although a minimum of 3 years is preferred, and be able to demonstrate that the project for which they seek funding has significant benefits relating to innovation, the economy or the public good. Of course, being able to demonstrate benefits in all three areas doesn’t hurt the chances of an application being approved. Applicants have to be able to show that without the SIF money, the project’s planned scope or timing could not be achieved.  Applicants must be clear about which Technology Readiness Level describes their project.

Funding is to a maximum of 50% of eligible costs incurred after the project has been approved for funding. The funding is usually repayable, although a portion may be forgivable, and this is determined on the basis of the significance of the benefits of the project, as I understand it.

If you have questions, feel free to contact me at feil@islandnet.com. I’d be particularly interested in hearing from companies developing disruptive technology in A.I., bio-tech, life extension technology, robotics, transport, or crypto-tech, but other fields also.