The 2011 Federal Budget announcement this week highlighted that funding of $80M over a 3 year period would be available for the Industrial Resarch Assistance Program (IRAP). Encompassing research and commercialization initiatives, such as the Small Project Accelerated Review Program, IRAP also includes a technical hiring internship programs known as the Youth Employment Strategy.
Although the renewal of funding for the IRAP program will be welcomed by Canadian small and mid-sized businesses, the valuation represents a sharp decline from the $200 million over 2 year figure released in the 2009 budget, which was largely inflated due to stimulus funding. The majority of those funds were quickly consumed in 2009, leaving minimal availability for the 2010 year, leaving many businesses disappointed.
Potential applicants for IRAP funding in 2011 should be prepared for the fact that funding is more limited than in recent years, and as a result, fund availability will likely be depleted rapidly. As a result, projects should be identified and applications submitted quickly.
For more information about applying for the IRAP program, contact TSI at 905-738-6770.
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