Everything You Need to Know About IRAP Funding in Canada
The NRC IRAP program includes everything you need to develop or expand your small or medium-sized business, including funding, expert coaching, business tools, resources, and interns.
The Program is offered by a specialized network of Industrial Technology Advisors in towns across Canada, who assist firms in all industries to flourish. In this article, we will discuss how to complete an industrial research assistance program(IRAP) application and everything about IRAP funding in Canada.
What is IRAP?
IRAP (Industrial Research Assistance Program), a nationally supported program that supports Canadian tech enterprises with a special focus on research and development, has everything you need to boost your innovation capability and deliver your ideas to both local and international markets.
The program’s overall goal is to boost and build Canada’s economy by assisting the country’s backbone which is small and medium-sized businesses. IRAP provides non-repayable financial support covering 80 percent of salaries and 50 percent of contractor costs, making it one of Canada’s best funding programs.
Who is eligible?
To be considered for IRAP financing, you must meet the following fundamental requirements:
- Be a profit-oriented, incorporated Canadian SME.
- Have fewer than 500 full-time employees.
- Have the goal of expanding and profiting in Canada by developing and commercializing creative, technology-driven new or better products, services, or processes.
How to Get IRAP Funding?
all you have to do now is call 1-877-994-4727 to see if you’re eligible. You’ll be requested to submit a proposal to an industrial technology advisor if they agree you’re eligible.
Make sure your proposal includes the following crucial points to guarantee your funding bid is successful:
- technical features of the project and probable business implications
- your financial, management, and business ability
- your estimated ability to attain desired outcomes
- your strategy for commercialization
- the market’s total potential for commercialization
- the expected advantages for Canada
- Project planning and timelines
While you will be required to submit monthly reimbursement claims during the project, the funds you will get will be quite useful.
Give a call at 1-877-994-4727 if you have any queries before starting the proposal process.
What is the deadline?
Projects sponsored by the IRAP must be completed within their fiscal year, which runs from April 1 to March 31 of the following year.
While there are no specific deadlines for IRAP’s financial aid programs, we suggest contacting your local ITA before April 1 to learn more about their funding cycle and determine project eligibility for the coming fiscal year.
What is the benefit of IRAP?
Companies that match the standards should use IRAP to help them grow their business, from financial support to advice services.