$20 Million Government Funding Program Now Available!
October 22nd, 2015
True innovation takes place when entrepreneurs rise to the challenge by applying ideas to the market. Innovative solutions are crucial for Canadian businesses and entrepreneurs looking to succeed in a highly competitive global marketplace. Of course, before any idea can go global, it needs to break any barriers faced along the way. A lack of time and money are potentially limiting factors in this regard, but one of the biggest challenges that entrepreneurs face is the connection of their creative ideas with creative solutions.
Linking entrepreneurs with problem solvers in research sectors is an essential step, and the Canadian government is well aware of this step’s importance.
In response to these issues, the Canadian government launched the Business Innovation Access Program, or BIAP. This pilot program provides government funding for businesses and entrepreneurs to link up with Canadian universities, colleges, and research institutions to develop a competitive edge with their innovations while generating jobs and economic prosperity across the country.
Canadian entrepreneurs are often unaware of the large amounts of services and facilities available to them from public institutions, especially in terms of commercialization. Existing frameworks often produce more headaches and roadblocks than entrepreneurs are willing to face.
While entrepreneurs discover innovative business solutions for commercializing their products or ideas, the benefits are not one-sided. Post-secondary researchers can provide their students with real-world examples of common problems faced by businesses, preparing them with irreplaceable opportunities that prepare them for their own careers in the business world.
The BIAP provides $20 million in government funding for businesses of a small and medium size, providing them with business services or technical assistance at the best learning institutions that Canada has to offer.
The National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) provides this funding opportunity, offering up to $50,000 in hassle-free vouchers per project. It has a strong background in providing financial support to Canadian entrepreneurs.
NRC-IRAP can help any business or entrepreneur with their wealth of knowledge and range of networks, connecting each eligible applicant with an academic or research-based institution that suits their particular needs. Doing so removes the common barriers faced by entrepreneurs as they develop their ideas for a commercial market. Even the best ideas require a solid plan to get them off the ground.
Eligible applicants for BAIP can apply for short-term projects that require some measure of business service or technical assistance that would contribute to the faster commercialization of a product, or the introduction of academic research.
Projects require a strong working connection between the firm in question (the successful applicant) and the service provider. Service provider capacity and the available program funding also play into this consideration.
Eligible technical services that entrepreneurs might draw upon (amongst others) include specialized testing, process development, optimization, analysis, or product optimization.
Eligible business services include market research, market strategy development, business strategy development, and competitive analysis, amongst others.
The application process for funding initiatives such as the Business Innovation Access Program can create yet another barrier in their path to success for some entrepreneurs. Receiving government funding for your business does not have to be a difficult process. Get in touch with our team at INAC today, and we can help make your next big idea a successful reality.