Canada offers multiple options for funding innovative projects. During the COVID-19 pandemic, Canada has stepped up this ability. Programs are customed to help COVID-19 pressures.
The most popular during this has been IRAP COVID funding. The program has stretched its ability to cover efforts for COVID-19 solutions.
The National Research Council’s Industrial Research Assistance Program is here to help your business. It is the country’s leading innovation assistance program.
This program offers technical and innovation advice. It also provides financial assistance and industry connections. These can help bring your idea to the market faster.
IRAP funding covers up to 80% of salaries and 50% of contractor costs. Total funding is calculated by working with an Industry Technology Advisor. The COVID-19 Challenge program is equipped with additional resources for overcoming related challenges.
You can use this funding for research projects. Here is everything you need to know about IRAP:
- What are the NRC IRAP programs?
- This program post challenges asking for near-market solutions from small and medium-sized businesses.
- This program is for businesses that require financial support to refine and sell their product to meet a COVID-19 need.
- The IRAP program works with 8,000 businesses across Canada every year
- It uses a network of 255 industrial technology advisors and provides over $300 million in support
- The COVID-19 program has 3 challenges so far
- Low-cost sensor system for COVID-19 patient monitoring
- Point-of-care and home diagnostic kit for COVID-19
- Made-in-Canada filtration material for the manufacture of N95 respirators and surgical masks
IRAP Innovation Assistance Program
- This program is for businesses unable to qualify for CEWS
- It offers a wage subsidy for up to 12 weeks
- Is independent of other programs and current or future IRAP projects
- For more information, click here
Small Technology Innovation Projects or Accelerated Review Process
- This program provides grants up to $50k
- It aims to fund R&D and help commercialize tech projects
Mid-sized Technology Innovation Projects
- This program provides grants up to $10 million
- These grants are focused on R&D and the development of new products etc.
- Are you eligible?
To qualify for IRAP, a business must:
- Be a Canadian SME, incorporated and for-profit
- Have 500 or less full-time employees
- Want to grow profits through developing and innovating new technology-driven or improved products
- How can you apply?
You can contact EVAMAX today to discuss your project and your application. IRAP funding can be applied before project initiation.
Here are some things you can do to prepare your discussion
- Project Overview
- Overview of the project and what you propose developing
- What problem does it solve?
- About your business
- An overview of your business
- Why your business fits this effort and project
- Financial Capability
- Evidence that you can support the remaining salaries and costs
- Economic Impact
- The impacts of this project
- How it will create revenue for your business
- Project Plan
- Detailed phases
- Cost estimates for each phase
- When can you apply?
IRAP funding is available year-round. The projects must be carried out during the fiscal year. This runs from April 1 to March 31 of the following year.
- Things to remember about IRAP
- IRAP funding is applied for before the project and SR&ED tax credits are claimed after the project.
- IRAP does not cover overhead costs
- SR&ED does cover overhead costs
- Your business might be eligible to use both SR&ED and IRAP funding for your projects
Contact EVAMAX today to see how this is possible and to learn more about SR&ED and IRAP.