Canada is not just about hockey and maple syrup; it’s fast emerging as a haven for innovators and entrepreneurs. In a bid to further stimulate Canadian innovation, especially in the food sector, the FoodTech Next initiative presents a golden opportunity for burgeoning tech firms.
A Deeper Dive into FoodTech Next
FoodTech Next isn’t just another funding program. It’s an opportunity for young Canadian technology firms to integrate or present their technological solutions to the expansive food industry. This platform empowers them to showcase their innovations in a real-world operational setting, proving their efficacy and validating their potential ROI for the food sector. The heart of FoodTech Next is the acceleration of Canadian innovation, giving startups their initial shot at demonstrating prowess.
Not everyone can hop onto the FoodTech Next bandwagon. Here’s a brief checklist for those who’re interested:
- Canadian Roots: The business must be incorporated in Canada.
- Sales: Your most recent fiscal year’s annual sales should be less than $1M.
- Tech-Readiness Level: Your innovation must fall between a TRL of 3 to 7, with the pinnacle being a system prototype demo in an operational setup (TRL of 7).
- Post-Farm Gate Focus: If you’re thinking of agricultural production activities, this isn’t your cup of tea. CFIN concentrates on solutions after this stage.
To get a comprehensive grasp, referring to the Program Guide is recommended. Also, the recent Info Session recording is a great place to get your questions answered.
Financial Details: The Nitty-Gritty
If you’re a numbers person, here’s the breakdown:
- Project Costs: The total eligible cost of your project should range between $200,000 and $500,000.
- Funding: CFIN is quite generous but expects you to meet them halfway. They’ll cover 50% of the total eligible project costs, which can go up to $250,000.
- Reimbursement: Once you’ve fronted the costs, CFIN will reimburse you.
- Management Fee: A 5% non-refundable project management fee is levied on the total project costs eligible for CFIN funding.
Timeline – Mark Your Calendars!
For those eager to jumpstart their journey, here are the crucial dates for the 2023-2024 intake:
- Expression of Interest: It’s open season now!
- EOI Deadline: September 6, 2023
- Invites for Full Application: October 10, 2023
- Full Application Final Date: November 13, 2023
Download Complete Guide Here