What Does the Innovative Solutions Canada Program Fund?
The Innovative Solutions Canada (ISC) Program offers a robust funding opportunity for Canadian small and medium enterprises (SMEs) focused on innovation. Designed to foster development and testing of new products and solutions, ISC provides financial support across various stages of innovation. This article explores what the ISC Program can fund, offering valuable insights for SMEs looking to leverage this opportunity.
Overview of the Innovative Solutions Canada Program
The ISC Program is a federal initiative aimed at supporting Canadian SMEs in developing and testing innovative solutions. The program is structured to address specific challenges identified by government organizations, providing funding to develop feasibility reports and prototypes. For comprehensive details on eligibility and application guidelines, consult the complete program guide.
Funding Amounts and Phases
ISC funding is divided into two main phases:
Phase 1: Proving Feasibility
SMEs can receive up to $150,000 to develop a feasibility report that demonstrates the scientific, technical, and commercial merit of their innovation.
Phase 2: Development and Testing
For successful Phase 1 projects, additional funding is available to build and test prototypes. Details about maximum funding amounts and timelines are available in the complete program guide.
Eligible Expenses
ISC funds a range of expenses essential for innovation:
Salaries and Wages: Funding can cover salaries of employees directly involved in the R&D activities.
Equipment and Materials: Purchase or rental of equipment necessary for developing and testing prototypes is eligible.
Contractors and Consultants: Fees for external experts providing technical or specialized services.
Travel and Training: Costs related to travel for project purposes and training for skill development may also be covered.
For detailed categories and limits, refer to the complete program guide.
Ineligible Expenses
Certain expenses are not covered under the ISC Program:
General administrative expenses
Marketing and sales costs
Costs incurred outside Canada
Ensure you review the program guidelines for a full list of ineligible expenses.
Examples of Funded Projects
Here are some examples of projects potentially funded by ISC:
A technology company developing a new software platform for data analysis.
A manufacturing firm creating a prototype for an energy-efficient device.
An agricultural business testing innovative crop management solutions.
These examples illustrate the diverse range of projects ISC supports. For more success stories, see the program guide.
Conclusion
The Innovative Solutions Canada Program is a significant opportunity for SMEs to secure funding for innovation projects. By covering a wide range of eligible expenses, ISC supports businesses in bringing their innovative solutions to market. For specific funding details, eligibility requirements, and application instructions, be sure to check the complete program guide.
