Innovation Growth Program

Overview of the Innovation Growth Program program:

The IGP will support SMEs in the development and growth stages of the business life-cycle to reduce the risks associated with the commercialization of innovative products and processes, accelerate growth and strengthen their financial position so they can secure future funding to build their Manitoba-based business. Under the IGP, firms may apply for a non-repayable grant of up to $100,000 per project to cost-share eligible expenses on a 50/50 basis. The IGP approves projects using a competitive process. Only the strongest applications that meet the objectives of the program will be considered for funding. The objectives of the program are to: Commercialize innovative products or processes Leverage private sector investment in new products Create economic growth Create jobs Grow exports

Benefits of the Innovation Growth Program program:

• The IGP provides a non-repayable grant of up to $100,000 per project to cost share eligible expenses on a 50/50 cost shared basis.
• Project activities must be completed (incurred and paid) within one year of the application intake closing date.
• At least 50 per cent of eligible project costs must be supported by non-government sources and funding from non-government sources must be confirmed at the time of application.
• Funding is capped at $100,000 per new project per corporation, including any affiliated corporations (same controlling shareholder or group of shareholders). An applicant may only have one active project in process at any given time.
• Eligible applicants will be required to enter into a 6-year funding and reporting agreement with Manitoba Business, Mining, Trade and Job Creation.

Eligibility criteria of the Innovation Growth Program program:

• Eligible applicants:
• For-profit, taxable Canadian Controlled Private Corporations with a permanent establishment in Manitoba that 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.
• Company demonstrates a $25,000, or greater, cash equity position. Cash equity is defined as a minimum of $25,000 in common or preferred shares invested in the company and/or retained earnings of $25,000 or more.
• Ineligible applicants:
• Not-for-profit organizations.
• Professional practices which are regulated by a governing body of the profession under an Act of the Legislature.
• Business operations primarily earning passive income.
• Crown corporations, municipalities, towns and cities, or organizations owned or controlled by one of those groups