The IRAP Program – Broadening The Possibilities For R&D

There are many business owners out there that have terrific ideas about new product innovations or changes to existing technologies but there is one thing that might be holding them back – the working capital to get things started!  Is there any program out there that can help launch these new ideas and thereby improve the technological innovation of these small to medium size businesses?

The answer is yes!  The Canadian National Research Council has a program in place called the Industrial Research Assistance Program (IRAP), which is designed to do just that.  It is well known that Canada’s nearly two million small and medium-sized companies are the key drivers of job and wealth creation in all aspects of the economy.  The purpose of IRAP is to help these businesses access, develop and exploit new technologies and knowledge that are essential for growth and development.

So What’s This Program All About?

The purpose of implementing IRAP was to stimulate wealth creation through technological innovation by providing assistance in various ways to small and medium-sized companies interested in performing R&D.  No doubt, like many other business owners you feel the same way, that bringing in a new product, process or service to the market can be a challenge, both technically and financially.  IRAP provides Canadian businesses with value-added technological and business advice, financial assistance and a range of other innovation assistance.  In the process, The National Research Council helps businesses to realize their full potential by allowing them to apply their knowledge and innovation into opportunities for growth.

So how do you know if this is the right program for your business?  Whether you are just entering the R&D phase, or you are further along in the process, IRAP’s financial assistance can help to acquire the resources that might be needed to proceed further.  Along with assistance in the financial aspect, IRAP also works with businesses throughout the R&D process to help refine the product, process or service before it gets introduced into the market. All Canadian businesses that have 500 employees or less and that are desiring to enhance their technological capability are eligible for support.  Are you thinking to yourself, “How can I find out more about this great incentive program and what it can do for my business?”  If you are, that’s great - let’s go a littler further and talk about the four main components of the IRAP program.

1. Technology Expertise and Advisory Services

The National Research Council makes available to businesses the expertise of Industrial Technology Advisors (ITAs).  These individuals are chosen for their experience in business and their skills in the areas of technology and science. ITAs are able to assist small and medium-size businesses to identify and address their technical and research needs. The knowledge and experience of these advisors can be a great help to businesses throughout the entire R&D process and the innovation cycle

2. Financial Assistance for R&D Activities

There are three different types of assistance that are provided through IRAP:

(1) Contributions for R&D Activities – IRAP will provided non-repayable contributions on a cost-shared basis for research and pre-competitive development technical projects upon approval by a team of ITAs.                                                                                                                                

(2) IRAP Technology Partnerships Canada – This program, implemented by Technology Partnerships Canada / Industry Canada, provides repayable financial assistance to businesses at the pre-commercialization stage of development.  Businesses use these funds to develop technology for new products or develop improvements to existing products, processes or services.          

(3) Youth Employment Strategy Programs – With cooperation from the Human Resources Development Canada’s Youth Employment Strategy Programs, IRAP provides businesses with support to hire recent college and university graduates who are unemployed or underemployed.

3. Networking

IRAP can assist businesses to form important and beneficial network links.  By bringing together key players such as: entrepreneurs; professionals knowledgeable about local sources of financing; and technology brokers, IRAP assists small and medium-size businesses to strengthen their processes and increase their success.

This network also extends beyond Canadian borders allowing businesses to gain valuable knowledge on an international level.

4. Partnerships

IRAP maintains strong partner relationships with organizations at various levels.  These connections with institutions such as Canadian universities, technical and community colleges as well as the numerous organizations that make up part of the Canadian Technology Network, allows IRAP to provide numerous benefits to businesses.

Assistance in the early stages of an R&D project is critical for most small and medium-size businesses.  The benefits, both financially and technically can be invaluable to forward thinking companies that need assistance to grow.  This program is part of the Canadian government’s strategy to support research and development and encourage industry to develop technologically advanced products and processes.  Are you able to tap into this great incentive program?  Talk to your RAN ONE accountant to find out if IRAP can help you to grow and strengthen your business.