In today’s fiercely competitive global economy, innovation isn’t just a buzzword; it’s the cornerstone of success for businesses striving to stay ahead. New ideas, research, and development not only propel companies forward but also foster economic growth within communities. Recognizing this, the New Brunswick Innovation Foundation (NBIF) has initiated the Innovation Voucher Fund, aimed at bolstering research and development (R&D) projects to fuel growth in the province’s economy.
Addressing the Need for Innovation:
Innovation isn’t just a luxury for businesses; it’s a necessity. According to research by McKinsey, companies in the top quartile for innovation generate 70% more in revenue than their less innovative counterparts. However, for many small and medium-sized enterprises (SMEs), accessing the resources needed for R&D can be challenging due to financial constraints or lack of expertise.
Solution: The Innovation Voucher Fund:
The Innovation Voucher Fund offers a lifeline to SMEs in New Brunswick, providing up to $80,000 in non-repayable funding to cover 80% of an R&D project conducted in collaboration with an approved New Brunswick research institution. This funding is tailored to support projects that exhibit a solid business case, demonstrate strong market potential, and have the capacity to generate a sustained competitive advantage for the company.
Key Eligibility Criteria:
To qualify for the Innovation Voucher Fund, companies must meet specific criteria:
- Company Size: Businesses with fewer than 500 employees provincially.
- Operational History: A minimum of 24 months of official operating history, with meaningful revenue.
- Commitment to Collaboration: A commitment to collaborating with an R&D researcher at a New Brunswick post-secondary institution or research organization.
Unlocking Potential Through Eligible Projects:
The Innovation Voucher Fund seeks projects that promise tangible outcomes, including:
- Solid Business Case: Projects with a clear rationale and potential for market success.
- Market Potential: Solutions addressing genuine market needs or opportunities.
- Commercial Feasibility: Demonstrated potential for financial viability and sustainability.
- Competitive Advantage: Capabilities to establish and maintain a competitive edge in the marketplace.
- Economic Impact: Potential to drive economic growth and prosperity within New Brunswick.
Conclusion:
The New Brunswick Innovation Voucher Fund is not just about funding; it’s about empowering businesses to thrive in an ever-evolving landscape. By leveraging this opportunity, SMEs can harness the expertise and resources needed to innovate, compete, and contribute to the economic prosperity of New Brunswick. Embracing innovation isn’t just a choice—it’s a strategic imperative for companies aspiring to build a sustainable future.
Deadline
Applications are accepted on a rolling basis, and decisions are communicated within 4-6 weeks from the date of the submission.
Contact EVAMAX to find out more about how to maximize your chances of submitting a successful application!
