IRAP Funding: Could You Be the Next Company to Receive Millions in Funding?

IRAP Funding_ Could You Be the Next Company to Receive Millions in Funding

Our Canadian federal government encourages businesses to partake in innovative activities regarding process improvements and technology-driven research. The National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) is a federal innovation assistance program for small and medium-sized businesses. They have invested in over 12,000 companies since 2015 which has led to the creation of 49,000 jobs in the process.

They aim to expedite the growth of small and medium-sized companies by servicing them with advisory services, financial assistance, and other innovation funding. Companies engaged in the research and development of technology can use assistance from EVAMAX in identifying opportunities to reduce project costs.

Related: Why do you Need Business Advisory Services

The NRC IRAP has just recently provided $5.6 million in funding to support three companies located in Richmond Hill, ON. The funding provided to these companies was apart of the $56.6 million investment made by the government of Canada through the NRC IRAP. IRAP funding is a key component of the Canadian Innovation and Skills Plan introduced in 2017.

This plan is open to all Canadians with the purpose of making Canada a world leader in innovation, create more and better-paying jobs, and help strengthen the middle class. EVAMAX contributes to Canada’s Innovation and Skills Plan by providing information and services that benefit companies who are partaking in innovative activities. Learn more

Related: How to leverage SR&ED benefits with IRAP funding

The recent $5.6 million funding from NRC IRAP has split among three companies; Applanix Corporation, Opus One Solutions, and Hibar Systems Ltd. Each of the businesses that were granted funding is currently or planning on participating in activities seeking innovation. Applanix Corp. was given $2 million to support the design, development and global commercialization of its next-generation navigation solutions for both land and sea autonomous vehicles.

Related: Government Grants and Funding for Advanced Manufacturing and Engineering

Hibar Systems Ltd, on the other hand, intends to utilize the $2 million they received to support the development of a high-speed lithium-ion battery manufacturing system aimed to meet demand in the mass electric energy storage market. Lastly, Opus One Solutions received $1.6 million to develop software that lowers electricity costs through the integration of distributed energy sources, such as solar and storage.

Related: Government Grants and Funding for Software, IT, AI and Machine Learning

All in all, there are many opportunities for businesses to acquire potential funding and other benefits. There are several companies who are eligible for funding and other grants but do not maximize their entitled benefits.

Related: SR&ED Consulting: Is Your Company Maximizing Potential Benefits?

The Canadian federal government has provided numerous opportunities for companies nationwide to cover the costs of certain activities and projects they undertake. The NRC IRAP helps small and medium-sized businesses to develop technologies and encourages growth among individual businesses and the Canadian innovation system.

At EVAMAX, our job is to help you save money and maximize your potential benefits. Contact EVAMAX today for more information regarding how your company can receive funding through IRAP.

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