Understanding What the NovaScience Program Can Fund
The NovaScience Program, specifically supporting the position of innovation and commercialization manager, is designed to bolster organizational capabilities in innovation and commercialization. It provides financial assistance to create strategic roles that can drive innovation within businesses. Understanding the scope of what this program can fund is crucial for maximizing its benefits.
Overview of the NovaScience Program Funding
The NovaScience innovation fund plays a pivotal role in enabling organizations to enhance their innovation strategies by subsidizing the creation of key managerial positions. The program's primary objective is to support the integration of roles that focus on research and development, commercialization, and the implementation of innovation culture. For complete eligibility requirements, see the complete program guide.
Eligible Expenses
The NovaScience Program covers a range of expenses associated with establishing and supporting the position of an innovation and commercialization manager. These eligible expenses include:
Salaries and Wages: Compensation for the hired manager directly responsible for innovation projects.
Consultancy Fees: External expertise brought in to develop or enhance innovation strategies.
Training and Development: Costs associated with professional development programs for the new role.
Equipment and Technology: Necessary tools and technology to support innovation activities.
Operational Costs: Day-to-day expenses that facilitate the manager’s role in innovation projects.
These expenses must be directly linked to the goals of enhancing innovation and commercialization efforts within the organization. For more details on eligible expenses, refer to the complete program guide.
Ineligible Expenses
While the program offers substantial support, certain expenses are not covered, including:
General Overhead Costs: Indirect costs not directly tied to the innovation manager’s role.
Existing Staff Salaries: Salaries for personnel not newly hired under this program.
Construction or Renovation: Structural changes or upgrades to facilities.
It is essential to consult the complete program guide to ensure a comprehensive understanding of the ineligible expenses.
Funding Disbursement & Claiming Process
Funding is typically disbursed in phases, aligned with specific project milestones. Organizations need to submit claims with appropriate documentation to receive reimbursements. The documentation required includes detailed invoices and proof of payments. Visit the complete program guide for the claiming process.
Conclusion
The NovaScience Program offers extensive support for organizations looking to enhance their innovation capabilities through strategic hires. By understanding what expenses are eligible under this program, organizations can strategically plan their innovation projects. For a detailed breakdown of funding opportunities and application processes, consult the complete program guide.
