The Path Fund

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Team in a meeting

Did someone say cash?

As an IO Venture Path company, you already know we’re here to support your startup through every milestone, with seasoned advisors, support services, and a thriving peer community.

However, sometimes what you really need to reach your milestones is cold, hard cash.

Applications for the Path Fund are now closed.

What is The Path Fund?

The Path Fund is a competition that gives IO Venture Path companies a shot at non-dilutive, non-repayable grant funding. Funds can be used to help each company progress on their individual venture “path”, addressing gaps or accomplishing milestones to grow their business to the next stage.

Awards are allocated through a competitive evaluation process in the following amounts:

$10,000: By default, all applicants are eligible to receive this amount.
$15,000: Invest Ottawa has set aside additional funding for priority groups that align with our strategic plan.

Questions? Contact us →

Invest Ottawa’s priority groups include:

Women-led companies: Companies where a woman has signiﬁcant ownership of the business (33% minimum) and holds a C-suite title (CEO, CTO, COO, or similar).

Clean Tech companies: Products/services that are designed with the primary purpose of remediating, reducing, and/or preventing any type of environmental damage, or products/services that are less polluting or more resource efficient than equivalent products used for a similar purpose.

Digital Health companies: Technology-based products that enhance and support healthcare and medical practices. This can encompass a wide range of tools, software, systems and innovations that aim to improve the delivery of healthcare services, patient outcomes and wellness, and the overall efficiency of the healthcare ecosystem and environment. While digital health can include some type of hardware or IoT, it is generally software-based and does not include products that will require regulatory approvals from the likes of Health Canada and the FDA.

Eligibility

To apply, applicants must:

Be a current client in one of the IO Venture Path programs;
Be headquartered in the National Capital Region;
Have less than $2M in annual revenue;
Have raised less than $5M in external private capital to date;
Clearly articulate a plan to spend the funds by February 1, 2027; and
Provide no less than 50% of the costs of the eligible project total. Funds can come from any source, with the exception of public funds sourced through FedDev.

Grant Cap: Please note, IO Venture Path companies are only eligible to receive a maximum of $25,000 in grant funding from Invest Ottawa each fiscal year (April 1 – March 31). The winnings from the 2026 Path Fund must be used by February 1, 2027.

If you have questions about your eligibility, please contact us.

Project Guidelines

The goal of the Path Fund is to support the costs associated with key business milestones. Your submission should outline the milestone(s) being addressed, activities and budget required to achieve the milestone(s), and expected outcomes upon project completion. Additionally:

All costs must be incremental (new or additional).
Funds can be used in a number of different ways, but some restrictions apply See a list of eligible and ineligible costs in our FAQ.
Expenses must be incurred between August 10th, 2026 – February 1st, 2027.
90% of the funding award will be disbursed upfront. Upon completion of a progress report and expense claim, the remaining 10% will be disbursed.

Important Dates

August 10, 2026: Competition launch
September 2, 2026: Submission deadline (11:59 p.m. EST)
September 25, 2026: All applicants notified
February 1, 2027: Finals reports & claims due

Applications for the Path Fund are now closed.

Have questions? Want to learn more about the competition?

Maddy Colpitts is happy to help!
Capital Specialist | Email Maddy

Frequently Asked Questions

Confused about the project, award, and matching components?

Here is a handy breakdown:

Your company:	You are eligible for:	You need to provide the following in matching funds:	You need to outline a project totalling:
Aligns with one or more priority groups	Up to $15,000 award	Up to $15,000 (50%)	Up to $30,000
Does not align with a priority group	$10,000 award	$10,000 (50%)	$20,000

How are project submissions evaluated?

Submissions will be evaluated by a panel of judges, with consideration given to:

Clarity of your business problem and solution
How this project will help you advance on your individual venture path
Your project plan (activities, budget, timeline).

What projects qualify for funding?

The winnings can be used in a variety of ways. Here are a few examples:

Bringing on new talent;

Developing a new tool or product;

Marketing expenses;

Hiring a consultant/contractor, or

Professional services.

What costs are not eligible for funding?

Travel expenses such as flights, hotels, mileage or per diems (note – other event-related costs such as booth/exhibitor fees, conference registration, displays etc. are still eligible).
Employee benefits;
Labour performed outside of Southern Ontario;
Sales taxes;
Costs of land, building or vehicle purchase;
Refinancing;
Costs of intangible assets such as goodwill, whether capitalized or expensed;
Depreciation or amortization expenses;
Interest on invested capital, bonds, debentures, or mortgages;
Bond discount;
Losses on investments, bad debts and any other debts;
Fines or penalties;
Costs related to litigation;
Non-incremental wages;
Fees for administrators, including payments to any member or officer of the Recipient’s board of directors;
Opportunity costs;
Hospitality and entertainment costs;
Costs of individual membership in a professional body (i.e. professional designations); and
Lobbyist fees.

If you are unsure if an expense is eligible or not, please reach out to Maddy Colpitts, Capital Specialist. We are happy to provide guidance on proposed budgets/project plans.

Are recurring expenses eligible?

Everything must be incremental to your usual activities. So, recurring expenses that would exist regardless of this new grant funding are not eligible.

Can I apply for less than $10,000 in funding?

No we are only accepting applications for projects valued at $20k+ ($10k award)

When will I receive my first payment (90%) of the grant?

You can expect to receive your first payment about three weeks after you’ve signed the Funding Agreement. We’ll get things moving as quickly as we can!

When will I receive my final payment (10%) of the grant?

You’ll receive your final payment about three weeks after your Expense Claim and Final Report are approved by IO.

Where does my project have to take place?

All project activities—such as labour—must occur within Southern Ontario. Additionally, your company must maintain its location in Southern Ontario for the entire duration of the Funding Agreement.