Fund Your Canadian Tech Business with IRAP
The NRC Industrial Research Program or IRAP is a federally funded program that is designed to support Canadian tech businesses. The program intends to increase your innovation capacity by getting your ideas into domestic and international markets by leveraging research and development.
This program is Canada's leading innovation assistance program for small and medium-sized businesses. If you operate a small or medium-sized business in Canada, you can leverage the IRAP program to take your idea to market. The IRAP program provides innovative businesses in Canada with financial assistance, advisory services, and connections to the best research and development resources in the country.
The NRC Industrial Research Program is the most impactful program of its kind in the world that you can use to transform your ideas into commercial success. The program accelerates the growth of your business by providing you with state-of-the-art tools, resources, and funding.
Am I Eligible for IRAP Funding?
In order to receive IRAP funding you must meet the basic criteria to be considered. You must be a small to medium sized Canadian business with 500 employees or less. You must also have the objective to generate profits through innovative technology, services, or processes in Canada.
How do I Apply for IRAP Funding?
In order to apply for IRAP funding you must first contact your local Industry Technology Advisor (ITA) to discuss your business and your objectives. Your designated ITA will determine if you’re eligible and if you’re successful, they will help you submit your funding proposal.
When applying to IRAP the program will consider things like:
The anticipated benefits to Canada and the economy.
Your company’s business, management, and financial capacity.
The project’s technical aspects and potential impacts to your company.
You can contact your local IRAP ITA at 1-877-994-4727 or learn more about applying to the NRC-IRAP program here.
When is the Deadline to Apply?
The NRC Industrial Research Program does not specify a concrete deadline however we recommend getting in touch with your local ITA to learn more about their program cycle. IRAP projects must be carried out during their fiscal year so it’s important to meet with your rep to determine your eligibility.
How Much Funding Can I Get?
IRAP offers non-repayable financial assistance that covers 80% of your organization’s salaries and 50% of contractor costs. The amount of funding that you can receive varies and can be determined by working with an NRC IRAP Industry Technology Advisor (ITA).
IRAP Awards $5M to Ross Video
If you needed more inspiration, The National Research Council (NRC) recently announced a $5M funding award to Ottawa-based tech company, Ross Video. The $5M in funding is the single largest sum that has been awarded through the Industrial Research Assistance Program and intends to insert Ross Video at the forefront of innovation on a global scale.
The CEO of Ross video attributes his success with the program to building a solid rapport with the NRC-IRAP program by successfully completing other programs in the past. David Ross of Ross Video states that they were able to reference their past experiences and prove that they had created jobs and excelled as a result of the funding they had previously received. Is your business next?
Better Software Receives $1M in Funding
Better Software is an additional company local to Ottawa that received nearly $1M from the IRAP program which largely attributed to their success when they were starting out. The NRC were huge supporters of Better and were a key partner when it came to building the company.
Research and Innovation at Your Fingertips
The National Research Council of Canada (NRC) is Canada's largest federal research and development organization that aims to improve the country through research and innovation. They do this by making exceptional resources available to entrepreneurs all over the country.
The Industrial Research Program (IRAP) is just one of many funding programs that are available to you as an entrepreneur. If you’re interested in learning more about what funding options are available, you can click here.
Don’t be Afraid to Ask for Help
Applying for funding and filling out applications can be extremely daunting and overwhelming. It’s important to reach out to professionals to increase your chances of getting funding. You may want to consider reaching out to a consultant who can help point you in the right direction.
Are you Interested in Learning More?