The Innovation Fund is a grant that provides funding to BIAs to test innovative and creative solutions to BIA issues and share their findings and results with other BIAs. The program exists to encourage innovation within the BIA model, and to allow for unique projects to be piloted throughout the city.
The Innovation Fund encourages innovation within the BIA model, and supports and showcases new, unique, innovative and previously untested projects. The Fund allows BIAs to expand the range of community improvement strategies that they are able to offer, supports innovative, scalable solutions to challenges faced by BIAs, and provides an opportunity for Toronto BIAs to pilot highly creative and exceptional projects which benefit residents and local businesses in the City of Toronto.
The Toronto BIA Office reviews all applications to the Innovation Fund, and determines successful applications as well as the award amount. One-time grants are available in the following denominations:
The Innovation Fund grant can be used to fund a variety of activities including consultant services, salaries and wages of BIA staff, technical assistance, research (including data collection, surveying, etc.), communications and workshop/consultation facilitation.
Projects which are eligible for funding under other BIA financial incentive programs (including BIA Capital Cost-Share Program, Mural Street Art Program, or Streetscape Master Plan Program) are not eligible to be funded under the Innovation Fund.
The Innovation Fund operates with two funding streams each year, affording BIAs with ample opportunity to apply for the grant.