Treasure Chest! The secret to fund and run your digital project in Ontario

To create an interactive product from scratch without the certainty of success may seem like a terrifying task and I will tell you a secret: it definitely is! One of my main objectives this year is to develop an interactive presentation web service called Dis+Play. To bring this product from the concept to a fully shippable version seemed something impossible until I discovered about the secret passages that can keep your company and project on the tracks. On the next paragraphs I will show some of the magic that inhabits in these powerful funds.

 

OMDC – IDM Fund

The Interactive Digital Media Fund managed by the Ontario Media Development Corporation is a great option for companies looking for a boost on their projects. Approved applications can receive up to 250.000,00 canadian dollars, this can be an awesome incentive to any company trying to boot up an interactive project.

After a Ontario based company (owned by a canadian) can apply for their yearly process and  if the project and company fit the funds specifications.

Every year dozens of companies like Cococucumber (Riverbond) , Reptoid Studios (Fossil Hunters) and  Asteroid Base (Lovers in a Dangerous Spacetime) get their projects running thanks to this fund. Gamers around the world should be thankful to it, that is constantly allowing amazing titles to come to the shelves of stores around the world.

Image result for Riverbond

Cococucumber’s Riverbond is one of the many fantastic titles that received IDM’s aid

 

OIDMTC – Ontario Interactive Digital Media Tax Credit

If you are already running a project, Taxes can be one of your worst enemies. Fear not, OMDC also covers that with the  OIDMTC. This tax credit can cover between  35% and 40% over labour expenditures taxes. 

Just as the IDM Fund, the OIDMTC is resposible for the maintenence of many digital media companies around Ontario. To receive the creadit an Ontario based company run by either a canadian or a foreigner has to apply 18 months after the end of your company’s taxation year when you shipped your approved digital product.

 

BDC- Small Business Loan

If all else fails, there is still hope: The Business Development Bank of Canada has a special loan offer of up to 100.000,00 canadian dollars. Their application process is fast and efficient, companies praise BDC as one of the best options to inject quick money to your project. The interest rates are also relatively low compared to regular loans for companies, which is very attractive to companies that will only have profit on the long run.

Be warned that this option is different from the others above, debt is not something to play with, and companies should always be careful and think twice before opting into getting a loan.

 

Conclusion

What you just read above is just a fraction of the funds available for digital media companies in Ontario. The days of old, where your whole life depended on the success of a project are no more while all these economic options are available for inventors and designers.

If you are a game designer and have an awesome idea for an interactive project, go and enjoy this golden age of incentives that we are living right now!

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