iRAPID accelerates commercialization activities for innovative companies who need assistance with their research & development (R&D) projects during the pre-commercialization stage.
iRAPID can help offset costs in the following categories that relate to an identified R&D project:
- Contractor Fees: Costs associated with utilizing the contractor’s time, expertise, facility or equipment.
- Materials: Cost of consumables used during the project.
- Internal Wages: Cost of a T4 employee who is working directly on the project. This cost can cover up to a maximum of 30% of the grant amount.
The program will support up to 75% of eligible costs, before tax, at one of three funding levels:
- $5,000 grant for a minimum project spend before tax of $6,667
- $7,500 grant for a minimum project spend before tax of $10,000
- $10,000 grant for a minimum project spend before tax of $13,334
The iRAPID program has a continual intake process, with monthly reviews. The last day of every month is the submission deadline.