Product development stimulates the economy and has the potential to create jobs for many people. Moving a new product into the marketplace requires companies to ramp up manufacturing, marketing, logistics and other related activities. The Canadian government has recognized that economic development goes hand in hand with product development. Which is why they are looking for companies who need assistance with prototyping projects which could involve developing new products.
The federal government launched the IION-Research and Prototyping in Development (IRAPID) program to accelerate commercialization activities for incorporated for-profit innovative companies who need assistance with prototyping projects. Eligible projects could involve developing new products and testing or validating ideas. The principal objective is to find companies who have the potential to create jobs and grow the economy through their new product, process, or service development.
Type of Funding available
IRAPID will give successful applicants project refunds for any three of the cost categories contractor fees, materials, and internal wages, which may be used independently or in combination with one another. The program will support up to 50% of eligible costs, before tax, at one of the three funding levels.
- Level 1: $5,000 grant for a minimum project spend before tax of $10,000
- Level 2: $7,500 grant for a minimum project spend before tax of $15,000
- Level 3: $10,000 grant for a minimum project spend before tax of $20,000
- For-profit incorporated entities
- Located in the district of Nipissing, Timiskaming, Parry Sound, or Muskoka
- The program is not intended to support, nor is applicable to, businesses operating as distributors or re-sellers
- Applications must be received prior to incurring costs associated with the project and are subject to a monthly competitive review process.
- Prototyping projects with the potential to develop new products, recipes or programs that test/validate new ideas.
- Emphasis will be given to projects which demonstrate potential to create jobs and grow the economy
- Projects will be reimbursed upon receipt of final invoice(s) and proof of payment to be completed within a 6-month time frame.
The IRAPID program accepts applications on a rolling basis, with monthly reviews. The last day of every month is the submission deadline.