Health science accelerator Toronto Innovation Acceleration Partners (TIAP) has opened applications for its healthtech funding stream aimed to help companies with intellectual property management, company creation, or technology de-risking.
In partnership with the Ontario Bioscience Innovation Organization (OBIO) critical technologies initiative, this program stream is offering up to $200,0000 to small-to-medium sized business (SMB) applicants in the health science sector that use 5G, blockchain, cybersecurity, ethical artificial intelligence, quantum computing, or robotics.
The funding consists of a grant of up to $100,000, plus a dilutive match intended to support technology development or executive advisory support. The dilutive match will come from TIAP for its members or a third-party institution for non-members.
Project applications must be based in or have technology developed in Ontario. Applying companies should have fewer than 500 full-time employees.
TIAP said project applications will be evaluated on the team’s expertise and execution plan, as well as market potential, demand, viability, clinical validation, and patient impact.
The funding stream is part of OBIO’s Life Sciences Critical Technologies and Commercialization (LSCTC) Centre of Excellence. The LSCTC, which originally opened applications in September 2023, aims to provide infrastructure, commercialization, technology adoption and talent programming to Ontario SMBs, according to OBIO.
Founded as not-for-profit MaRS Innovation in 2008, TIAP rebranded in 2019 to “reflect its refined focus on venture building and growth.” TIAP says it develops research from its members, which comprise Toronto universities, hospitals, and research institutes.
“As TIAP specializes in venture building whereas OBIO specializes in supporting companies, this new LSCTC Centre partnership gives us an opportunity to utilize our complementary expertise and resources to create a seamless continuum of support,” TIAP said in a statement.
Applicants selected for the funding stream will be contacted by TIAP to arrange interviews. TIAP will then work with candidates on a final project plan and agreement. Projects are expected to commence approximately three to four months after initial application submission.
Those interested in applying can go to OBIO’s LSCTC homepage.