Are you a Canadian SME looking for more ways to fund your innovation projects? If so, NRC IRAP is a resource you can’t afford to overlook. As a division of the National Research Council (NRC), IRAP offers a wealth of support to help businesses thrive, and we’re excited to share an overview that will give you a sense of how it might fit into your plans.
Before we dive into IRAP, though, here’s a bit of advice: if IRAP sounds like it could be a match, there’s a good chance you’ll be eligible for other grants too. That’s where Pocketed can come in handy. Now, IRAP has a bit of a unique process—companies need to be invited to apply by an Industrial Technology Advisor (ITA). We’re here to help those already invited to apply by making sure the application is as strong as possible. For everyone else, Pocketed’s grant-matching platform can point you to other programs that may be right up your alley, like Mitacs or SR&ED, which can help you find extra support beyond IRAP.
- Canada’s largest innovation tax credit: To learn about SR&ED and how it can fuel your business, click here for our complete guide.
- Looking to fund your next big idea? Click here for our Ultimate Guide to Funding Innovation Projects and get started on turning your vision into reality!
- Looking to build your research team? Click here to explore our complete guide to Mitacs Grants and learn how they can support your next big project!
And let’s be honest, knowing about the right funding programs is just the start. There’s a lot that goes into preparing an application that really resonates. We’ve helped clients pull together competitive applications and navigate the process, so if you’re ever invited to apply for IRAP—or want to explore other options—we’d love to help you make the most of it.
If you’re curious to see how IRAP might work for your business, keep reading for more on the program. And remember, if you qualify for IRAP, it’s likely that there are more funding options out there waiting for you.
Now, what you’ve come here for: a full breakdown of SR&ED tax incentives.
Table of Contents
What is NRC IRAP?
NRC IRAP (Industrial Research Assistance Program) is a cornerstone of Canada’s innovation ecosystem. IRAP Canada is a program funded jointly by the federal government and the provinces, as well as by various agencies and non-profit associations such as major universities.
As a division of the National Research Council (NRC), IRAP provides both financial and advisory support to small and medium-sized enterprises (SMEs) across the country. IRAP can provide funding for projects at various stages of development, from early-stage research to commercialization.
NRC IRAP in a Nutshell:
In the following sections, we will provide even more detail into IRAP funding, the application process, and the benefits of working with IRAP. Here’s a high-level overview of what IRAP is all about:
- Financial assistance: IRAP can cover up to 80% of the costs for technology headcount and 50% of subcontracted work.
- Expert advice: IRAP’s team of experienced advisors provides strategic guidance, technical expertise, and mentorship to help businesses navigate the challenges of innovation.
- Networking opportunities: IRAP connects businesses with industry experts, researchers, and potential partners to foster collaboration and knowledge sharing.
- Access to research facilities: Businesses can leverage NRC’s world-class research facilities and infrastructure to accelerate their R&D efforts.
Unlocking Innovation Capital & NRC IRAP
In our webinar, “Pocketed Presents: Unlocking Innovation Capital,” we shed light on the world of government grants and incentives, with a particular focus on innovation-focused programs such as the Industrial Research Assistance Program (IRAP).
As Aria Hahn, our CTO and co-founder, emphasized, “The NRC IRAP program is there to help and support innovation companies and technology companies.” It’s crucial to understand that IRAP is not just a funding agency; it’s also a valuable source of mentorship and guidance.
"The NRC IRAP program is there to help and support innovation companies and technology companies."
Building Relationships with IRAP Advisors
One of the key takeaways from our webinar is the importance of developing a strong relationship with your IRAP advisor. As Aria noted, “You get matched with an ITA – an industrial technology advisor – and that is your advisor. You want to develop a relationship with that person.”
Your IRAP advisor can provide invaluable insights, support, and mentorship throughout your innovation journey. They can help you navigate the complexities of the program, identify funding opportunities, and connect you with industry experts.
Beyond Funding: IRAP’s Comprehensive Support
IRAP offers a wide range of services beyond funding. These include:
- Mentorship and guidance: Receive expert advice on various aspects of your business, from technical development to market strategy.
- Networking opportunities: Connect with other innovators, industry leaders, and potential partners.
- Access to resources: Leverage IRAP’s network of experts and facilities to accelerate your R&D efforts.
Canada’s IRAP is a powerful tool for innovation companies. By understanding its role, building relationships with IRAP advisors, and leveraging its full range of services, you can unlock new opportunities for growth and success.
"You get matched with an ITA – an industrial technology advisor – and that is your advisor. You want to develop a relationship with that person."
Who is Eligible for IRAP?
Am I eligible for financial support?
If you’re reading this, this question is likely on your mind.
In short, to qualify for IRAP, your business must be Canadian-owned and operated, engaged in innovative research and development, and demonstrate growth potential.
Eligibility Criteria
To qualify for IRAP funding, businesses must meet the following criteria:
- Canadian Business: An incorporated, profit-oriented small or medium-sized business in Canada.
- Staff: The business has 500 or fewer full-time equivalent employees
- Innovation Focus: Plans to pursue growth and profit by developing and commercializing innovative, technology-driven new or improved products, services or processes in Canada.
- Growth Potential: Demonstrate a clear path to commercialization and growth, including a viable business plan and market opportunity.
Note: While these are the general eligibility requirements, specific criteria may vary depending on the type of funding sought and the nature of your project. It’s essential to consult with IRAP directly to determine your eligibility and gather detailed information about the application process.
If you meet the criteria mentioned above, start by connecting with NRC IRAP by calling 1-877-994-4727 to find out if your business is eligible for NRC IRAP support.
How IRAP Works: A Step-by-Step Guide
Once you’ve decided to explore IRAP funding, keep in mind that IRAP requires an invitation to apply from an Industrial Technology Advisor (ITA). If you’ve been invited, our team at Pocketed can help strengthen your application. And even if IRAP isn’t an option yet, we can help you find other grants that align with your growth goals.
Understanding the Application Process
Let’s first start with an initial overview of how the application process works before we go into further detail about the project proposal you will need to submit.
If IRAP is a good fit, a dedicated IRAP advisor (also known as an ITA) will be assigned to you after you’ve reached out to the NRC. Your ITA will schedule a meeting to dive deeper into your business. This includes discussing your business strategy, challenges, growth opportunities, and future plans. This information is crucial for the advisor to accurately assess your needs and recommend tailored strategies or funding opportunities.
After your initial touchpoint with IRAP, you may be assigned an advisor. From here, the IRAP application process involves several key steps:
- ITA Assignment: If your application is deemed promising, IRAP will assign you an Industrial Technology Advisor (ITA).
- Project Planning: Develop a clear and compelling project proposal that outlines your innovation goals, objectives, and the expected outcomes.
- Evaluation: Your ITA will assess your project in detail, considering its potential for innovation, economic impact, and alignment with program objectives.
- Funding Approval: Based on the evaluation, IRAP will determine whether to approve your project for funding.
- Ongoing Support: Once approved, your ITA will continue to provide guidance, mentorship, and support throughout the project’s lifecycle.
Crafting a Compelling Funding Proposal
Based on the initial assessment, your ITA may invite you to develop a project proposal. A well-written funding proposal is crucial for securing IRAP support. This proposal should clearly outline your project’s objectives, methodology, and expected outcomes.
Here are some tips for creating a compelling proposal:
- Clearly articulate your project goals: Define the problem you are solving and the innovative solution you are proposing.
- Highlight the potential impact: Demonstrate the economic and societal benefits of your project.
- Showcase your team’s expertise: Highlight the skills and experience of your team members.
- Provide a detailed budget: Outline your project’s costs and how the funding will be used.
- Address potential risks and challenges: Demonstrate your ability to overcome obstacles and mitigate risks.
What does IRAP look for within a project proposal?
Whenever you write a proposal or application for funding, it’s important to consider the following questions: Who’s reading this proposal? What are they looking for? What are their objectives?
More specifically, when IRAP reviews your proposal, they are reviewing it through the lens of the following factors:
- Technical Aspects: The technical feasibility and soundness of your project.
- Business Impact: The potential benefits of your project to your business and the broader economy.
- Management and Financial Capacity: Your team’s ability to execute the project and your financial resources.
- Commercialization Potential: The likelihood of your project leading to commercial products or services.
- Market Opportunity: The size and potential of the market for your innovation.
- Benefits to Canada: The project’s contribution to Canada’s economic growth and innovation ecosystem.
And as for the IRAP application process itself—it’s important to make your proposal as strong as it can be. Pocketed’s here if you need a hand; we can help you fine-tune your proposal, making it as compelling as possible so you can make the most of IRAP funding (and maybe even uncover other grants along the way!).
You’re Funded! Now What?
A successful project proposal will result in a financial contribution from IRAP. This funding is intended to share the costs of your business’ R&D project activities. Note that you will need to submit monthly reimbursement claims to NRC IRAP.
Not only that – IRAP will provide you with funding and advisory services that can help take your project a step further. Be sure to make the most of this throughout the project and tap into your IRAP advisor’s guidance, mentorship, and support.
Leveraging IRAP for Success: Strategies for Maximizing Your Funding Potential
Building a Strong Relationship with Your ITA
Your ITA plays a crucial role in your success with IRAP. Building a strong relationship with your ITA can help you navigate the program effectively, maximize your funding potential, and access valuable resources and expertise.
By actively engaging with your ITA and seeking their guidance, you can increase your chances of a successful IRAP experience.
Your IRAP advisor is your key to take full advantage of what the program has to offer. Here are some strategies for building a strong relationship:
- Establish open and honest communication: Share your goals, challenges, and expectations openly with your advisor.
- Seek guidance and advice: Don’t hesitate to ask for their expertise on various aspects of your project.
- Be proactive: Take the initiative to follow up, provide updates, and address any questions or concerns.
- Demonstrate commitment: Show your advisor that you are dedicated to your project and committed to its success.
Navigating the IRAP Application Process
The IRAP application process can be competitive. Here are some tips to increase your chances of success:
- Be patient: The application process may take time, so be prepared to wait.
- Be persistent: If your application is not initially approved, don’t give up. Revise and resubmit as needed.
- Seek feedback: If your application is rejected, request feedback to learn from the experience and improve your future submissions.
IRAP is a valuable resource that can help you take your business to the next level. By following these strategies, you can maximize your chances of securing IRAP funding and achieving your innovation goals. Most importantly, by building a strong relationship with your IRAP advisor and submitting a compelling funding proposal, you can unlock the full potential of this program.
IRAP: More Than a Funder
NRC IRAP is more than just a funding source; it’s a strategic partner that can help you drive your innovative projects forward. By leveraging IRAP’s services and resources, you can:
- Secure funding: Access financial support to fuel your projects and overcome financial hurdles.
- Gain expert guidance: Benefit from the mentorship and advice of experienced professionals.
- Expand your network: Connect with industry leaders and potential partners.
- Accelerate R&D: Leverage world-class research facilities to bring your innovations to market faster.
If you’re ready to explore IRAP…
If you’re thinking about IRAP, don’t let other funding slip by! Reach out to Pocketed—we can help you discover other grants you’re eligible for that could support your project, and guide you if you’re invited to apply for IRAP. Let’s make sure you’re not leaving any funding on the table for your big ideas.
