Government of Canada invests in the growth and success of small and medium-sized businesses
The National Research Council of Canada Industrial Research Assistance Program announces its largest investment in a Canadian business to date
OTTAWA, Aug. 15, 2019 /CNW/ – Canada is a country of innovators. Curiosity, courage, creativity, and a collaborative spirit are what lead to the kinds of innovations and technologies that improve our daily lives and drive our country forward. For over 70 years, the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) has been stimulating economic growth in Canada by providing advisory services and research and development funding support to small and medium-sized businesses so they can grow, build their innovation capacity, and successfully take their ideas to market.
Today, NRC President Iain Stewart announced the signing of the largest contribution agreement with a Canadian business in NRC IRAP’s history. Ross Video Limited will receive up to $5 million to support research and development that will modernize the technology used in video broadcasts seen by billions of people around the world every day.
This support for Canadian business innovation is a milestone for NRC IRAP and made possible because of an increased federal investment in the program of $700 million over 5 years, announced in Budget 2018. Funding through NRC IRAP is a key component of the government’s Innovation and Skills Plan.
“Our government invests in Canadian small and medium-sized businesses because we believe in supporting Canadian companies – to help them grow their innovation and compete in the global marketplace, while creating jobs and economic prosperity here in Canada. Today’s announcement demonstrates our government’s commitment to help innovative companies succeed and thrive.”
The Honourable Navdeep Bains
Minister of Innovation, Science and Economic Development
“NRC IRAP helps Canadian small and medium-sized businesses succeed and scale up by offering customized business and technical advice, and funding to undertake research and development projects. The signing of this contribution agreement marks our largest single investment supporting an innovative Canadian company to date, and will help Ross Video Limited continue to grow and advance as a world leader in video broadcasting solutions.”
President, National Research Council of Canada
“Ross Video is honored to be awarded this funding, which will help the company stay at the forefront of live production technology. Ross has a long tradition of job creation in Canada, and we currently export over 95% of our products which helps generate valuable revenue for the Canadian economy. This IRAP contribution will be turned into new, cutting-edge technology that will further grow our global market share with a corresponding increase in Canadian jobs including those in our rural Ontario manufacturing plant.”
Chief Executive Officer, Ross Video Limited
- As a result of increased federal funding in Budget 2018, the National Research Council of Canada Industrial Research Assistance Program is now able to support business research and development for projects up to a new threshold of $10 million, up from $1 million previously.
- In 2018-19, 31 companies across Canada received NRC IRAP funding for new projects of $1 million or more as part of the program’s funding threshold increase..
- Since 2015, NRC IRAP has invested in more than 12,000 small and medium-sized businesses and supported more than 54,000 jobs.
- Delivered by a network of experienced industrial technology advisors and employees across Canada, NRC IRAP offers businesses innovation funding and a broad range of advisory services to help companies across sectors succeed.
SOURCE National Research Council Canada