Hello YODL’ers and CFIN Members:
Happy Friday!
We are pleased to announce the details of our newest funding program - FoodTech Next.
The FoodTech Next is a unique funding opportunity for early-stage Canadian technology firms who seek to be part of or sell to the wider food industry but need to demonstrate and pilot their solutions in operational environments to prove their solutions and demonstrate the return on investment for the food sector.
The overarching goal of the FoodTech Next program is to showcase Canadian innovation and generate the first demonstration opportunities that enable advancements and commercialization. CFIN will fund projects with Canadian firms, demonstrating technology that has been developed in Canada.
Is this program for you? FoodTech Next applicants know what is needed to validate and sell their technology and are looking to demonstrate their solution in the food sector. They have a business plan and market roll-out strategy but need help addressing the cost of piloting their solution. They should have a potential customer, or a good idea of their ideal customer who can validate that the proposed technology solves a market issue, and the partner must be willing to prove the solution in the market or industry setting.
To qualify for funding, all project proposals for any call must be:
Submitted by Canadian incorporated businesses with less than $1M in annual sales in their most recently completed fiscal year.
- Seeking to demonstrate innovations between a technology readiness level of 3 to 6, with ideal projects ending in a system prototype demonstration in an operational environment (TRL of 7).
- The innovation must focus on a post-farm gate solution, i.e. not focused on agricultural activities.
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Applicants must propose to demonstrate new industry processes, new product categories, new knowledge, or a new application of science. Food product development initiatives, such as the development or iteration of a new brand or product formulation in an existing category (example, a new protein bar) are not eligible under the program. Solutions should align with one of CFIN's three Innovation Priorities (Smart Product and Process Development, Food EcoSystem Sustainability, and Agile and Safe Supply Chains).
The total eligible project costs must be between $200,000 and $500,000, and the maximum level of matching funding from CFIN will be up to 50% of total eligible project costs, or $250,000.
The program application can be found at https://cfin-rcia.smartsimple.ca/
Applicants are encouraged to submit a completed letter of intent via our application portal by 11:59 EST on Thursday October 20th, 2022.
Applicants invited to provide a full proposal must submit their proposal by 11:59 EST on Wednesday December 21st, 2022.
Under this intake, project start date for eligible costs will be no earlier than January 3rd, 2023.
The Program Guide (also linked on the main program page) has a full overview of the application process, eligibility requirements, and the eligible costs.#programs
#funding
#piloting
#demonstration
The program application will open online early next week and we will be hosting an info session in early October to go over the details.