Ontario Commercialization Investment Funds Program (OCIF)

Content provided by Ontario Ministry of Economic Development

Program Responsibility:
Ministry of Research and Innovation

Program Description:
The Ontario Commercialization Investment Funds program facilitates the commercialization of technology derived from research and development performed in Ontario. The program provides a grant to leverage seed capital for spin-off technology companies created by faculty, staff or students of research institutes.

How the program works

• A research institute or a group of research institutes, as sponsor(s), applies to the Ministry of Research and Innovation for registration of a corporation or partnership as an Ontario Commercialization Investment Fund corporation or partnership (OCIF).
• The ministry reviews the application and related documentation. If approval is granted, a registration number is assigned and a certificate of registration is issued.
• The OCIF raises capital from eligible investors.
• When an OCIF corporation/partnership plans to invest or has invested in an eligible business, it will apply to the Ministry of Research and Innovation (MRI) for a certificate indicating that the investment is an eligible investment and the amount of the grant available in respect of the investment.
• If approval is granted, MRI will issue a certificate stating that the investments or proposed investments are eligible, and specifying the amount of grant available.
• Once a year, the OCIF applies to the Ministry of Research and Innovation for a grant, which is calculated as 30 per cent of the amount of eligible investments. The maximum amount of grant available to one or more OCIFs in respect of a particular eligible business and all businesses related to the eligible business is $225,000 (maximum investment of $750,000).

Eligibility Criteria:
Please refer to the publication "A Guide to the Ontario Commercialization Investment Funds Program" for a description of the following program elements. Click here to download the Guide.

• Sponsors
• Registration of an OCIF
• Restrictions
• Eligible investors
• Eligible investment
• Eligible business
• Investment Certification

Funding:
Please Note: the application deadline to register an OCIF corporation or partnership was January 1, 2007. Investments by an existing OCIF must be made before January 1, 2011.

Program Category:
Research and Development, Commercialization

Contact Information:
For more information on this program, please visit the program web site at: http://www.mri.gov.on.ca/english/programs/ocif/program.asp

Or contact:

John Marshall, Director
Outreach, Promotion & Business Development Branch
Ministry of Research and Innovation
56 Wellesley Street, 11th Floor
Toronto ON M7A 2E7
Email: John.W.Marshall@ontario.ca
Website: http://www.mri.gov.on.ca

Last Reviewed:
May 2008/RP