Manufacturers and technology firms who invest in innovation can now apply for repayable and non-repayable funding of up to 50% of eligible project costs under the recently launched Strategic Innovation Fund (SIF).
If your company is investing in R&D or expansion, the SIF can help support the costs of direct labour, subcontractors and consultants, as well as overhead, direct materials and equipment, land and building and other direct costs.
Launched on July 5th 2017 with the objective of spurring Canadian innovation, the SIF provides funding under four streams:
- Stream 1 (R&D)- Encourage R&D that will accelerate technology transfer and commercialization
- Stream 2 (Expansion)- Facilitate the growth and expansion of firms in Canada
- Stream 3 (Global Investment)- Attract and retain large scale investments to Canada
- Stream 4 (Collaboration)- Advance R&D through collaboration between universities, non-profit organizations and the private sector.
With a $1.26B budget allocated for five years, the SIF provides a good alternative to IRAP funding. It consolidates and simplifies the previous Strategic Aerospace and Defence Initiative, Technology Demonstration Program, Automotive Innovation Fund and Automotive Supplier Innovation Program.
Contact us to today for a free, no obligation consultation to find out how the SIF can help you maximize your R&D and business growth initiatives.
