Slides
Two major function of IRAP:
1. Help small and medium companies in Canada
to build links with various resources
such
as in technology & marketing area.
2. Provide financial assistance to small & medium
size companies (Funding for R&D)
IRAP likes to build solid two-way relationship
with small & medium size companies. IRAP access
a company according to the technology the company
has, what it wants to develop and the structure
of the company.
The company can be start-ups with a
couple of
person and work in basement or garage. However,
it has to be incorporated (Ltd.).
The funding from IRAP is based on
project and
can cover 50% of total project cost and mainly
concentrated on technical labor.
Application procedure:
1. Company contacts Industrial Technology Advisor
(ITA) and raises application.
2. ITA visits and discuss the application with
company staff. For big project (hundreds
of
thousand dollars), a ITA team will visit
the
company.
3. After company submits the application, it takes
a week to approve for small project (tens
of
thousand dollors). For big project it
takes
a month. For project less than
$30,000.00, ITA
is able to make field approval.
4. After approval, a contribution agreement will
be set. IRAP may put minimum or maximum
control
on the project based on how comfortable
IRAP
feels with the company.
5. Company must spend the hard money first and
submit invoices to claim money back. IRAP
will refund 50% of total project cost.
For
large project, claim is
made on monthly basis.
For small project, it can be in monthly
basis or
up to 3 months basis according to
financial
situation of the company.
If a project can win support from IRAP, it's more
likely can also win funding from SR&ED which has
much larger funding size. Normally SR&ED won't
do technology check if the project is approved by
IRAP.
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