To ensure that the Centre for Research and Innovation in the Bio-Economy's objectives are met, proposals will be assessed against four selection criteria; Benefits to Ontario, Track Record and Potential, Technology Development and Strength of the Proposal. Funded projects will be monitored throughout the duration of the project lifecycle against these criteria.
Benefits to Ontario
- The extent to which the project addresses issues of high priority for the biomass sector in Ontario.
- The extent to which the project yields significant economic benefits to Ontario.
- The likelihood that the project will:
- Increase investment by the private sector in the bio-economy sector.
- Accelerate the commercialization of research findings by the sector.
- Strengthen collaboration within the sector.
- The extent to which the project accelerates the pace of innovation and trains the next generation of innovators.
Track Record and Potential
- The ability of the applicant and participants to attract industry cash investment
- The achievements of the applicant and participants and their ability to deliver a project.
- Operationally Feasible: The proposal is technically and operationally feasible with the technology to be used, and the estimates and forecasts of conversion rates and productivity.
- Financial Feasible: The capability of the applicant to finance or arrange financing for the proposed initiative and demonstrated understanding of the costs associated with planning, construction and operation of the proposed initiative and necessary infrastructure. The proposal exhibits the potential to be competitive, meet the stated financial objectives and achieve financial success within a reasonable timeframe.
- Identification of spin-off concepts, business relationships, and opportunities that may be derived from the proposal activities.
- Identification of the collaborative relationships that the applicant has developed or will develop and employ to commercialize their innovation.
- Identification of mechanisms or processes to work in the value chain to improve knowledge and the ability to use and benefit from the project deliverables.
Strength of the Proposal
- The quality of the research conducted, the work plan, project participants, locations and schedule, cost breakdown and how results will be measured.
- The unique nature of the concepts and approach.
- The likelihood that the applicant will manage and capitalize on the results.
- Evidence that the applicant has the effective leadership position, possesses sound financial decision-making processes, and appropriate performance reporting.
- Evidence of specific application of knowledge and improvements to current practices.
- Evidence of the creation of novel products, processes and services that are, or will become, useful.
- The extent to which the applicant identifies and addresses risks and mitigation measures associated with the execution and completion of the project.