Ontario Centres of Excellence

The Ontario Centre of Innovation (OCI), formerly known as Ontario Centres of Excellence (OCE), is a cornerstone of Ontario's innovation ecosystem. As a not-for-profit organization primarily funded by the Government of Ontario, OCI plays a crucial role in bridging the gap between academic research, industry, and government to accelerate the commercialization of new technologies and drive economic growth. Its mandate extends beyond traditional venture capital, focusing on fostering collaboration, talent development, and the adoption of cutting-edge innovations across various sectors.

OCI's approach is characterized by a diverse portfolio of grant programs and strategic initiatives rather than direct equity investments. These programs are designed to support companies at different stages, from early-stage commercialization to scale-up, often requiring matching funds from industry partners. For instance, programs like the Voucher for Innovation and Productivity (VIP) facilitate industry-academic partnerships, while the Market Readiness program helps promising early-stage companies prepare for investment and scale.

Typical funding amounts vary significantly depending on the program and project scope. Smaller initiatives, such as those supporting student internships or initial research collaborations, might see OCI contribute as little as $20,000. Larger, more complex commercialization projects or those addressing specific public sector challenges through programs like the Small Business Innovation Challenge can receive up to $250,000 in OCI funding, often necessitating substantial co-investment from private industry or other sources.

OCI's impact is significant in fostering a vibrant innovation landscape. In the 2022-23 fiscal year alone, OCI supported over 1,300 innovation projects across Ontario, demonstrating its broad reach and commitment to driving technological advancement. Through its various programs, OCI also successfully leveraged over $160 million in industry and federal funding, amplifying the provincial government's investment and contributing substantially to the province's economic development and global competitiveness.