Ontario BioAuto investment fund now open for submissions
Following up on a story written about the announcement of the formation of the Ontario BioAuto Council, the RFP was just released which outlines the process and eligibility for their investment fund. Basically this is a $5-million fund that targets commercialization and market development of biomaterials destined for Ontario’s automotive sector.
The objective of this program is to leverage Ontario’s strengths in the automotive, materials and agriculture industries while encouraging innovation. Ontario is already a leader in these fields, which collectively employs a great number of Ontarians. This program should encourage innovation in what might otherwise be seen as a “sunset” industry. While the scope of the fund is clearly very narrow, I hope it will attract more players to the opportunities in this field.
The scope of the fund is as follows:
- BioAuto Investment Fund projects are expected to commercialize bio-based materials. This could include incorporating existing market-ready bio-based materials into Ontario-made products, application projects and new material concepts. Commercialization must be illustrated through product sales or buyer commitment at the end of the project.
- Commercialization is expected before March 31, 2010.
- Projects that involve only proof of concept research will not be funded.
- Projects that do not involve a renewable feedstock will not be funded.
- Bio-fuel technologies are not eligible, though projects which involve the use of byproducts from bio-fuel production to produce other biomaterials will be welcomed.
For the complete RFP, and other details on the program, follow the links below:
For more evidence that this space is heating up, here are just some of the headlines since mid-June on the subject, courtesy of Gord Surgeoner’s BioProducts Update:
- Ford to Use Soybean-Based Foam in Mustang Seats
- U of Guelph Names Premier’s Research Chair in Biomaterials and Transportation
- Queen’s University To Establish New Centre For Biomaterials Research
- Ready to replace petro-based plastics
- Putting Science to Work: DuPont™ Cerenol™ Made From 100% Renewable Resources
Kevin currently manages initial client engagements with the MaRS Venture Group. He also administers a federal fund that provides mentorship to start-up companies across Ontario.