Ontario’s 2009 Budget includes $250 million over 5 years for a new Emerging Technologies Fund and $50 million over 5 years to enhance the successful Innovation Demonstration Fund.

Both funds are managed by the Ontario’s Ministry of Research and Innovation, whose mission is to develop policy as well as programs that will help commercialize academic research and innovative venture start-ups.

Starting in July 2009, The Emerging Technologies Fund will be available for young Ontario companies in the province’s focus areas: clean technology, digital media/information technology and life sciences/advanced healthcare. The fund will partner with venture capital and private sector investors. Screening, selection and due diligence will be conducted by qualified private sector investors. The Emerging Technology fund requires applicants to match funds with investments from the private sector.

The Innovation Demonstration Fund is a discretionary funding program that focuses on the commercialization and initial demonstration of potentially globally competitive technologies. It is modelled as both a grant and a forgivable loan. Eligibility is based on proving that a proposed technology demonstration at the pilot stage has the potential to be best in class and be globally competitive.

Ontario’s 2009 Budget is the largest in many years and presents many exciting funding opportunities for the technology, health as well as green ventures.

More information can be found here – http://www.mri.gov.on.ca/english/programs/MRI.asp