NBIF Innovation Voucher
NB, Canada
Funding for R&D at a New Brunswick research institution
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|fromMinToMax
- grant_single|projectCostPercent
grant_single|deadlines
- grant_single|timelineUnspecified
grant_single|financingType
Grant and Funding
Researchers And Facilities
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
- Manufacturing
- Information and cultural industries
- Professional, scientific and technical services
- Other services (except public administration)
grant_single|grantors
- New Brunswick Innovation Foundation
grant_single|status
grant_card_status|open
grant_single_labels|preview
Get a grant of up to $80,000, paid directly to the research institute, to cover 80% of the costs of R&D services such as applied research, proof of concept and prototyping, product testing and demos, and more.
grant_single_labels|projects
This grant is available exclusively to companies that are incorporated and registered to operate within New Brunswick, Canada. It aims to foster innovation and economic impact specifically within this geographical area.
- Companies provincially or federally incorporated in New Brunswick, Canada.
- Businesses registered to carry on business in New Brunswick.
grant_single|admissibleProjectsExample
$80,000
Creation of a prototype for a new eco-friendly water filtration system
$80,000
Development of automated packaging system for a local organic food supplier
$68,000
Product testing and evaluations for a new type of biodegradable packaging
$76,000
Industrial engineering services to optimize manufacturing processes for an electronics firm
$80,000
Development of a new, energy-efficient HVAC system for schools
$73,600
Improvement of recycling processes for an environmental cooperative initiative
grant_single_labels|admissibility
Eligibility for this grant is contingent upon meeting certain criteria related to the company’s registration, size, and operational history.
- The company must be provincially or federally incorporated and registered to carry on business in New Brunswick.
- The company must have fewer than 500 employees.
- The company must have a 24-month operating history.
grant_eligibility_criteria|who_can_apply
The Innovation Voucher Fund is specifically designed for small and medium-sized enterprises (SMEs) operating within the province of New Brunswick. To be eligible, these businesses need to demonstrate a commitment to innovation and have a strategic focus on expanding through knowledge and technology. The Fund aims to support those SMEs that wish to engage research organizations to aid in developing and commercializing new or improved products, processes, or services.Eligible companies must:- Be provincially or federally incorporated and registered to carry on business in New Brunswick.- Have fewer than 500 employees.- Have at least 24 months of operating history.While the Fund is open to eligible companies across various industries, priority will be given to those in New Brunswick Innovation Foundation’s strategic sectors such as information and communication technology, industrial fabrication, biosciences, value-added wood, value-added food, aerospace and defense, and energy.
grant_eligibility_criteria|who_cannot_apply
The grant does not specify explicit exclusions based on company types or industries apart from general eligibility criteria. It appears open to all industries within New Brunswick, with priority given to certain strategic sectors.
grant_eligibility_criteria|eligible_expenses
The grant supports small and medium-sized enterprises (SMEs) in New Brunswick to collaborate with research organizations for innovative projects. Eligible activities focus on various stages of research and development to advance new or improved products, processes, or technologies.
- Applied research projects for innovation development.
- Proof of concept endeavors to validate innovative ideas.
- Prototyping of new products or technologies.
- Product testing to ensure quality and effectiveness.
- Product demonstrations showcasing innovative solutions.
- Product evaluations and certifications to meet industry standards.
- Industrial or process engineering services to optimize operations.
- Scientific and technology-related advice and support for new initiatives.
grant_eligibility_criteria|zone
The grant supports various research and development services critical to the innovation project.
- Applied research.
- Proof of concept.
- Prototyping.
- Product testing.
- Product demonstrations.
- Product evaluations and certifications.
- Industrial/process engineering services.
- Scientific/technology-related advice and support.
grant_single_labels|criteria
The evaluation and selection of projects for the Innovation Voucher Fund are based on specific criteria to ensure they fulfill the objectives of the fund, such as fostering collaboration with research organizations and enhancing SME competitiveness through innovation.
- Innovation: Projects must introduce a new or significantly improved product, process, or service demonstrating originality and inventiveness.
- Business Case: A strong, well-developed business case illustrating the viability and sustainability of the project.
- Market Potential: Clear evidence of strong market demand and potential for commercial success.
- Feasibility: Demonstrated commercial and financial feasibility of the project, showing that it can be successfully developed and implemented.
- Competitive Advantage: The ability of the project to generate a sustained competitive advantage for the company.
- Economic Impact: Potential for generating significant economic benefits for the Province of New Brunswick.
grant_single_labels|register
Here are the steps to submit an application for this grant:
- Step 1: Preliminary Registration
- Create an account on the NBIF web portal at https://nbif-finb.smapply.io/prog/innovation_voucher_fund/.
- Log in to the account to start the application process.
- Step 2: Prepare Project Proposal
- Craft a non-confidential executive summary of the proposed project.
- Include a detailed company history and current operational status.
- Describe the proposed innovation, emphasizing its novelty and merit.
- Identify the problem, need, or opportunity the innovation addresses.
- Outline the current state of development of the innovation.
- Detail the key team members and advisors who will be involved in the project.
- Highlight the expected benefits to the company, such as sales and profitability increases.
- Analyze the competitive landscape relevant to the project.
- Define project goals, timelines, milestones, and anticipated costs.
- Assess the existing facilities and resources available to support the project.
- Specify the talent, expertise, and facilities required for the project.
- Discuss potential economic benefits to the Province of New Brunswick.
- Step 3: Submit Application
- Log into the NBIF web portal to upload your project proposal and all required information.
- Ensure all details are accurately filled out before submission.
- Submit the application electronically through the NBIF web portal.
- Step 4: Confirmation and Follow-up
- Receive confirmation that your application has been submitted.
- Retain any confirmation email or receipt for your records.
grant_single_labels|otherInfo
Here is additional relevant detail for this grant:
- Intellectual property created as a result of the project will be owned by the company that receives the voucher, unless otherwise agreed upon by the company.
Apply to this program
Fostering Innovation and Growth Through the Innovation Voucher Fund
The Innovation Voucher Fund offers crucial support to small and medium-sized enterprises (SMEs) in New Brunswick looking to enhance their business through innovative collaborations with research organizations. Administered by the New Brunswick Innovation Foundation (NBIF), this initiative aims to harness scientific talent to improve the profitability and competitiveness of SMEs within the province.
Detailed Exploration of the Innovation Voucher Fund's Potential
New Brunswick's economic fabric stands to benefit substantially from the NBIF's Innovation Voucher Fund, aimed specifically at catalyzing innovation among SMEs operating in varied sectors like information technology, biosciences, and value-added industries, among others. This strategic fund leverages the prowess of local research organizations to bolster the development and commercialization of new or improved products, processes, and services, thereby strengthening the province's economic landscape.
The fund is an exemplary model illustrating the power of collaborative innovation. By providing up to $80,000 towards eligible project costs, it significantly reduces financial barriers for SMEs, making advanced research and development projects more accessible. This funding model encourages SMEs to engage in innovation activities that might otherwise remain out of reach due to budget constraints. The allocation of funds is meticulously planned to ensure that the projects yield tangible business advantages, such as enhanced profitability, increased market share, and sustained competitive edges.
A critical facet of the Innovation Voucher Fund is its alignment with NBIF's strategic industry priorities. While all qualifying SMEs can apply, preference is extended to those projects that fit within industries identified as pivotal to New Brunswick's strategic growth. This focused approach ensures that the grant not only supports individual business growth but also aligns with broader regional economic development goals.
Furthermore, the Innovation Voucher Fund emphasizes the commercialization potential of the projects it supports. Applicants must convincingly present a business case outlining the market feasibility and expected economic impact, promising a ripple effect that extends beyond individual enterprises to benefit the broader provincial economy. This requirement underscores the dual focus of the Fund: promoting immediate business outcomes while fostering long-term economic vitality in New Brunswick.
The application process for the Innovation Voucher Fund is designed to be both thorough and supportive. Businesses are encouraged to outline their projects’ innovative aspects, current developmental stages, and potential impacts on business metrics such as profitability and cost efficiency. The selection process is rigorous, aimed at endorsing proposals that not only promise meaningful innovations but also demonstrate clear pathways to market and economic benefit.
Post-award processes ensure structured project execution. Funded SMEs are matched with suitable researchers if they haven't identified one, facilitating a seamless transition from proposal to project execution. This collaborative environment fosters a fruitful exchange of insights and resources between the SMEs and research entities, driving forward innovation endeavors effectively.
The broader impact of the Innovation Voucher Fund is also notable in terms of intellectual property (IP) rights. The initiative secures a competitive advantage for SMEs by allowing them to retain IP ownership, thus ensuring that the benefits of innovation stay within New Brunswick’s economic ecosystem.
Overall, the Innovation Voucher Fund not only empowers SMEs to embark on ambitious innovative projects but also serves as a catalyst for sustained economic development within New Brunswick. By facilitating collaboration between business and research sectors, it nurtures a conducive environment for breakthroughs that can redefine regional economic trajectories and bolster the province’s competitive standing nationally and internationally.
