Innovation Initiatives Ontario North (IION) is getting slightly more than $1 million from FedNor for two projects.
The bulk of the grant, $587,000 is helping IION launch a new program designed to help entrepreneurs to develop prototypes of potential products.
The program is Research and Prototyping in Development (RAPID).
Rob Deline, IION`s Executive Director, says companies with prototype ideas can now apply for funding to help turn the prototype into reality.
Deline says RAPID is expected to help about 60 companies over the next two years and he says the field is wide open on the types of companies that can apply.
“Ìt can be IT, agricultural or advanced manufacturing,” Deline said.
“Innovation doesn’t come from just one sector. It permeates the whole system. There’s a huge amount of latent innovation in our community.”
The second half of the FedNor grant ($447,000) is being applied to IION’s Entrepreneurship Development Program.
EDP is designed for 18 to 29 year-olds.
It gives them up to 16 weeks of on-the-job skills training.
The program also gives employers access to skilled workers who can grow their business and take it to the next level.
Since 2015, EDP has supported 51 businesses in its coverage area.
It’s helped create 87 jobs and 12 new business start-ups.
The FedNor announcement was made by Nipissing-Timiskaming MP Anthony Rota.
Rota says when a company applies for funding under RAPID, the dollar amount is based on its needs.
He says RAPID will help ensure a company’s products are ready for commercial rollout.
