Many businesses today are in search of Canadian business grants to fund their research and development projects. The Canadian Government offers a wide variety of Research and Development Funding for Small Business; however, some grants are better equipped than others to suit a projects requirements.
NSERC Engage Canadian Government Funding for Competitive Industry
The NSERC Engage program provides research and development funding for businesses that are looking for solutions to technological hindrances of efficiency. The program is fairly similar to some of the other Canadian Business Grants for Collaborative R&D; however, there are several aspects that set it apart as a grant for advanced R&D in competitive industries.
Funding Amount
This program provides up to $25,000 in non-repayable funding for a 6-month collaborative R&D project with a Canadian Post-Secondary Institution. Unlike most research and development grants; this program does not require a cash contribution from the participating organization, however company in-kind contributions are encouraged.
Intellectual Property Rights
One of the most attractive features regarding the Engage program is their policy on the IP rights of the resulting technological innovations. The IP rights are delegated to the company who originally proposed the issue; this avoids the possibility of future conflict with project participants or industry competitors.
Stackable Government Grants for Hiring
Once a project is completed, businesses may require additional expertise to operate and maintain the projects resulting technologies or software. Companies could potentially hire a PhD graduate that had worked on the project through the Industrial R&D Fellowship Program. Businesses would receive a government wage subsidy that could be put towards two years of the graduates salary.
Additional Funding from NSERC
A unique aspect of this program is the ability for a business to have more than one NSERC Engage project at the same time. However, each project must involve a different professor that has had no previous experience with the participating organization. If a project expands beyond the time and research constraints of the Engage program, projects could be shifted to the NSERC CRD Program.
Small Business Funding Advice
Locating and acquiring funding for small business can be a complicated and tedious process. Businesses that would like to receive support and advice regarding the Ontario Government Funding for Small Business, can contact one of our Canadian Government Funding Experts or sign up for a Free 60 Minute Funding for Small Business Workshop. Our readers can also receive regular updates on government funding for business by following us on Twitter or Joining our Circle on Google+.