The Canadian Food Innovation Network in collaboration with FoodTech Next is offering a startup grant to small food technology businesses and agri-business industry that made less than $1 million (Canadian) in profits last year. The intent is to support agricultural technology or food industry technology that can make food production better and more affordable to all. Since the grants can be rather substantial and the deadline is looming, it is best that you apply as soon as possible.
Eligibility Criteria
Before you apply, you should know what the requirements are. You must meet the following requirements before filling out a grant application:
- Must be an incorporated Canadian business residing in and operating within the country’s physical boundaries
- Must have less than $1 million in completed annual sales for the prior fiscal year
- Focus must be on a solution that is past the point where the project has been launched and developed (i.e., post-farm gate, early-stage Canadian technology)
- Ideal projects for the grant program should end in a prototype demonstrated in its projected and expected working environment
If you do not fit all the above criteria, you cannot apply. Your application would not be considered.
Grant Award Amounts
Unlike other grant programs, you will have to submit a cost expectation proposal for your project. The amount of the expected expenditures cannot exceed $500,000. The total sum of the grant, if awarded, is 50% of the proposed project cost. Ergo, the award could be up to $250,000.
Initial proposals are due by 11:59 EST on October 20, 2022 (Thursday). Any proposals for this grant submitted late will not be considered. Additionally, the stipulation of this year’s grant recipients is that it will be based on a reimbursement scenario and require a 5% project management fee during all stages of the project development.
The number of grants is not mentioned, so the supposed dispersal will most likely be based on the number of awards and recipients until the funds for this year’s grant are exhausted.
Additional Business Eligibility Requirements
There are additional business eligibility requirements too. Start date for your project cannot be earlier than the first day of the new year, Jan. 1st, 2023. Business owners must have a strong business plan, marketing plan, and roll-out plan before applying. You must also have a working relationship with one food sector business (not a food product initiative, i.e., creating a new food to sell to the public) in order to demonstrate the technology of your project.
Expected Timeline and Deadlines to Apply and Participate
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- Letter of intent/initial proposal is due by October 20th, 2022 (Thursday).\
- A full proposal to the first accepted round of applicants must be submitted by Dec. 21st, 2022 (Wednesday) no later than 11:59p.m.\
- If you pass the second round, your project start date should not begin before Jan. 1st, 2023. Final approval letters will be released the latter half of January 2023.\
- Finalists and semi-finalists both will be invited to, and expected to participate in, a collaboration event in February 2023 as part of the agreement in accepting grant funds.
Hurry up but Do a Good Job
Time is a-wasting! While this grant is about to expire and applicants really should hurry, make sure your initial proposal is perfect and free of grammatical errors. If you can’t write the proposal yourself, find a good grant writer to get the job done. Go to https://www.cfin-rcia.ca/programs/foodtech-nextwhen you are ready to fill out and submit your application.