Can the NRC-IRAP be a source of funding for your business?

The National Research Council (NRC) is an agency of the Government of Canada which conducts scientific research and development. The Industrial Research Assistance Program was set up the NRC for advancement of technological innovation. The NRC-IRAP provides advisory and financial assistance to help small and medium sized enterprises (SMEs) build their innovation capacity and create high paying jobs through a grant program. This programme is regarded world wide as one of the best programs of its kind. The NRC-IRAP is also an important source of early source of funding for start-ups.

The NRC-IRAP brings together a diverse network of organizations, services and programs to help Canadian SMEs to develop their technologies. The programme will provide your startup customised solutions via expert technical and business advice, financial assistance, access to business information, contacts, and national and international networks.

An extensive network of experienced Industrial technology Advisors (ITAs) located across Canada assist with projects. In order to apply for the grant you need to contact the local ITA who then walks you through the steps and provides guidance. Both your startup and your project will undergo extensive due diligence by the IRC-IRAP before you can obtain funding. The due diligence will specifically check for:

• the business and management capabilities of your startup and your potential to achieve the expected results and outcomes associated with the proposed project;
• your financial capabilities and plan to commercialise the developed technologies; and
• the technical aspects of the project and its potential impact on your business.

How do you get access to NRC-IRAP funding?

To seek funding you must fulfill these criteria:

• be a small and medium-sized enterprise in Canada, incorporated and profit-oriented;
• have 500 or fewer full-time equivalent employees; and
• have the objective to grow and generate profits through development and commercialization of innovative, technology-driven new or improved products, services, or processes in Canada.

Contact information of the NRC-IRAP offices in each of the four regions can be found here.

In other posts at StartupLegals, your can further explore various important legal considerations for your small business.