NBIF Innovation Voucher
Highlights
The Innovation Voucher Fund is designed specifically for small and medium-sized enterprises (SMEs) like yours. This program offers a unique opportunity to collaborate with top research organizations in New Brunswick. By accessing their talent and facilities, you can develop and commercialize new innovations that will enhance your business's profitability and competitiveness.
Why Apply?
- Up to $80,000 in funding: The Fund covers 80% of your project costs, allowing you to focus on innovation without financial strain.
- Non-repayable funds: Unlike traditional loans, the funds provided are non-repayable, reducing your financial risk.
- Expert collaboration: Get matched with research professionals who can help bring your innovative ideas to life.
What's in it for You?
- Accelerate innovation: Develop new or improved products, processes, or technologies.
- Competitive edge: Gain a sustained competitive advantage in your industry.
- Economic impact: Contribute to the economic growth of New Brunswick while growing your business.
Qualifying for this program is straightforward, and the benefits are substantial. Apply now to take your business to the next level with the Innovation Voucher Fund.
Financing Details
Type of Financing:
- Grant: The funds provided are non-repayable.
Eligible Expenses:
- Applied research
- Proof of concept
- Prototyping
- Product testing
- Product demonstrations
- Product evaluations and certifications
- Industrial/process engineering services
- Scientific/technology-related advice and support
Ineligible Expenses:
- Administrative fees or surcharges for administering the project
- Expenditure of time by in-house personnel
- Sales, marketing, and promotion activities
- Training courses and software
- Equipment purchases
- Basic professional services such as routine accounting, tax, and legal fees
- Routine testing and maintenance
Fees:
- There are no fees associated with this program.
Qualifications
- Must be a small or medium-sized enterprise (SME).
- Must be provincially or federally incorporated and registered to carry on business in New Brunswick.
- Must have fewer than 500 employees.
- Must have 24 months operating history.
Project proposal must demonstrate:
- Innovation (new product, service, technology, or process).
- A solid business case.
- Strong market potential.
- Commercial and financial feasibility.
- Ability to generate a sustained competitive advantage for the company.
- Potential for economic impact on the province of New Brunswick.
Disqualifications:
- None explicitly mentioned in the provided context.
Description
This program helps your business by encouraging partnerships with research organizations. You can get up to $80,000 to develop and commercialize new products, processes, or technologies. This money can be used for applied research, prototyping, product testing, and more.
The fund covers 80% of your project costs, up to a maximum of $80,000. You only need to cover the remaining 20%. If you need more support, you can apply for additional vouchers. After receiving two vouchers, the fund will cover up to 50% of project costs, up to $50,000.
The money is non-repayable and goes directly to the research organization working with you. This means you get access to top-notch talent and facilities without the burden of repayment. This can significantly boost your business’s profitability and competitiveness.
Program Steps
Prepare Your Project Proposal:
- Describe the proposed innovation.
- Explain the problem or opportunity it addresses.
- Detail the current state of development.
- List the team and advisors involved.
- Outline the expected benefits to your company.
- Analyze the competitive landscape.
- Set clear goals, timelines, milestones, and costs.
- Identify the facilities and resources available.
- Specify the talent and expertise needed.
- Highlight the potential economic benefits to New Brunswick.
Gather Necessary Documentation:
- Company history.
- Non-confidential executive summary.
- Financial statements.
- Business plan.
- Proof of incorporation and registration in New Brunswick.
- Documentation of fewer than 500 employees.
- Evidence of 24 months operating history.
Submit Your Proposal:
- Access the NBIF web portal: NBIF Application Portal.
- Complete the electronic submission of your project proposal.
Await Matching with Research Professionals:
- If selected, NBIF will match your company with suitable research professionals.
Develop a Project Work Plan and Budget:
- Collaborate with the assigned researchers.
- Define the objectives and outcomes.
- Estimate the expected costs.
Commence the Project:
- Start the project within six months of the award date.
- Complete the project within twelve months, unless otherwise approved.
Submit Required Reports:
- Provide a written report two months after project completion.
- Submit a final report one year after project completion, focusing on the project's impact on your business.