January 27th, 2016

Business must look ahead, not behind. Living in the past won’t help your organization succeed—in fact, companies that rest on their laurels are more likely to fail than those that recognize the importance of change. Change is good, and it is also necessary. Ten years ago most people would tell you that McDonalds restaurants were an untouchable feature of global society, but today their sales are in decline because they did not keep pace with the times.

Today’s environment is changing faster than ever, and the economy demands rapid response times to a wide range of challenges. The status quo is no longer feasible. Innovation is essential today, and necessary for the success of tomorrow.

That’s why Ontario Centres of Excellence (OCE) offers government funding through the Voucher for Innovation and Productivity II Program (VIP II). This program is an ideal opportunity for eligible companies to develop, create, implement, and commercialize technical innovations.

Projects constructed through VIP II enable new products or processes, create new sources of revenue, generate high-value jobs in the province, and provide the framework for productivity improvements. Embracing innovation and creating disruptive products and ideas are what will define future successes for these organizations.

Benefits for industry and academia

This mutually beneficial initiative supports industry and academia partnerships in Ontario. Eligible companies gain access to OCE’s academic networks and programs, thus providing them with a massive talent pool. This helps improve their research and development departments with the use of cutting edge equipment and modernized facilities. Using these, they can create marketable solutions to the problems their organization (or the sector at large) faces.

Academic institutions can create stronger working relationships with industry leaders, while trying to solve challenging research problems these sectors face. Students sent from these institutions to work in in the industry gain valuable experiences they can use upon graduation, simultaneously tapping into the OCE networks. Every industry can benefit from the advice, feedback, and expertise of the next generation’s leaders. Doing so will help these industries overcome their challenges in unique ways.

Eligible projects

Applicants to the Voucher for Innovation and Productivity II program must be a principal investigator at an Ontario publicly funded academic research institution. This includes universities, colleges, and research hospitals.

Eligible companies they work with must use the results of this collaboration for the economic, social, or environmental benefit of Ontario. Projects must feature a unique contribution from their academic counterparts, and these results should be non-competitive with Ontario private sector capabilities.

All projects require at least one investor, and this partner must operate a for-profit industry. Partners should have a presence in Ontario, and their operations in Ontario should see an economic benefit from the project’s results.

Applicants should be in solid financial standing with OCE, and they must reliably report to it as well. This requires a willing to cooperate in detailing project metrics and outcomes throughout the process. 

Available funding amounts

OCE invests a minimum of $50,000 annually for successful VIP II applicants. Projects must range from 12 to 24 months. The maximum amount of funding is $75,000 per year, or up to $150,000 over two years. All expenses must be in compliance with OCE’s eligible research costs.

The time is now to take advantage of this Ontario government funding opportunity. The Voucher for Innovation and Productivity II Program can provide you with answers to challenging questions. Today’s global marketplace waits for nobody, which is why innovation is so important. If you want to know more about starting an exciting collaborative project between academic and industry partners, contact our team of professionals today. We can help you in your quest for innovation and positive change.