New Budget Increases Ontario Government Funding R&D
As of late, there has been a lot of discussion regarding the changes to the Ontarios budget for research and development funding. The Honourable Gary Goodyear announced an increase to National Research Council Canada’s Industrial Research Assistance Program (NRC-IRAP) in his 2012 budget hearing last Friday. The new budget allocates approximately $110M for 2012/2013 of IRAP Government Funding for Research and Development. IRAP supports innovation and growth within the Canadian economy similar to other Small Business Funding Grants for Collaborative R&D Projects.
IRAP Canadian R&D Government Funding
The National Research Council has not yet announced how they will be allocating their new budget for research and development funding. In the past, the organization has provided government funding for research and development projects through the ARP and YEP program. These allow businesses to recruit promising and enthusiastic young graduates and foster productive relationships with local colleges and universities. The available IRAP Funding programs include:
- IRAP Digital Technology Adoption Program (DTAPP): This program provides up to $100K (80% of direct labour; 50% of sub-contractor fees) in non-repayable business funding grants for the adoption or customization of a new technology that will increase your businesses competitiveness in your industry.
- IRAP Accelerated Review Process (ARP): The ARP program is a $50K grant (100% direct labour, 75% sub-contractor costs) supporting software implementation, product development, market assessment study, and productivity improvements. The program looks to assist businesses experiencing decreasing productivity due to a technical challenge.
- Youth Employment Program (YEP): up to $20K grant or 50% of the expenses for hiring a recent grad for a 12-month internship. Graduates can be applied to most areas from R&D, engineering, multi-media, market analysis, business development & improvement in customer service.
Businesses are eligible to begin their spending once they have been approved by an IRAP Representative. The NRC and other top program contribution mechanisms have already begun to Release IRAP Funding for 2012/2013.
Applications for Canadian Government Funding Made Easy
Businesses looking for support regarding their Canadian Government Funding Applications for R&D Projects can contact one of our Canadian Government Funding Consultants for additional information and advice. To stay up to date with the latest grants for small business in Ontario resulting from the new budget, sign up for our Weekly E-Newsletter or follow us on Twitter and Join our Circle on Google +.