Alberta Innovates — R&D Associates Program
Highlights
The Industry R&D Associates Program is designed specifically for Alberta tech companies like yours. This program offers up to $105,000 in non-dilutive funding to help cover the salary costs of an in-house professional researcher or developer for one year. This funding can significantly reduce your financial burden while allowing you to attract and retain top technical talent.
What You Get:
- Up to $105,000 in funding
- Non-dilutive financing, meaning you don't give up any equity
- Support for salary costs of an Associate
Benefits:
- Accelerate development of new technology and innovative solutions
- Attract and retain technical expertise
- De-risk development and scaling of innovative products
Applying for this program is straightforward, and qualifying is easier than you might think. By securing this funding, you can focus on innovation and growth, giving your business a competitive edge.
Financing Details
Type of Financing: Non-Dilutive Funding
Repayment Terms:
- No repayment required. This is a non-dilutive grant.
Eligible Expenses:
- Salary costs of an in-house professional research and development Associate.
- Costs associated with employing the Associate over a one-year term.
Use of Funds:
- Funds must be used exclusively for covering the salary of the Associate.
- Cannot be used for other operational expenses, capital expenditures, or unrelated projects.
Fees:
- No application or processing fees associated with this program.
Qualifications
- Must be an Alberta-based and owned company.
- Must be a small to medium enterprise (SME).
- Must have fewer than 500 full-time employees.
- Must have less than $50,000,000 in annual gross revenue.
- Must have an innovative solution that offers a significant competitive advantage over existing solutions.
- Must commit a minimum 25 per cent cash contribution of the total annual base salary of the Associate.
Must not have more than two active Alberta Innovates-funded Associates simultaneously.
Disqualifications:
- Businesses not based in Alberta.
- Businesses with more than 500 full-time employees.
- Businesses with annual gross revenue exceeding $50,000,000.
- Businesses unable to commit a minimum 25 per cent cash contribution of the total annual base salary of the Associate.
- Businesses with more than two active Alberta Innovates-funded Associates simultaneously.
Description
This program offers your business up to $105,000 in funding. This money is to help cover the salary costs of hiring an in-house professional for research and development.
You only need to contribute 25% of the total annual base salary. This means you get significant financial support while keeping your costs manageable.
The benefits are clear:
- Accelerate development of new technologies and innovative solutions.
- Attract and retain top technical talent.
- Reduce risks associated with developing and scaling new products.
This funding can be a game-changer for your business, helping you grow and innovate with less financial strain.
Program Steps
Connect with Alberta Innovates: Reach out to Alberta Innovates to express your interest in the program. This can be done via email at [email protected] or by calling 403-210-5229. A business expert will review your details and guide you through the next steps.
Access the Online Application Portal: If you are a current client, log in to the SmartSimple online application portal. If you are not a current client, your business expert will provide you with access details.
Prepare Necessary Documentation: Gather the required documents to support your application. These include:
- Business plan
- Financial statements
- Details of the innovative technology or knowledge-based solution
- Proof of Alberta-based ownership
- Evidence of your ability to contribute a minimum of 25% cash contribution of the total annual base salary of the Associate
Complete the Application Form: Fill out the application form available on the SmartSimple portal. Ensure all fields are completed accurately and all required documents are attached.
Submit the Application: Once your application form is complete and all documents are attached, submit your application through the SmartSimple portal.
Review and Evaluation: Alberta Innovates staff and external expert reviewers will evaluate your application to ensure it aligns with the program objectives and intended outcomes. Be prepared to provide additional information if requested.
Approval and Agreement: If your application is approved, discuss the final terms and conditions with Alberta Innovates. You will need to sign a standard investment agreement before funds are disbursed.
Funds Disbursement: Once the agreement is signed, the funds will be disbursed to help cover the salary costs of the Associate over a one-year term.
Ongoing Reporting: Maintain regular communication with Alberta Innovates and provide any required progress reports or financial documents as stipulated in the agreement.