New Product Development Partnerships
Have an idea for a technology product or service offering but need a technology partner to help bring it to market? Trimara can help. We have experience with several Federal and provincial funding initiatives including the National Research Council’s Industrial Research Assistance Program (IRAP) and Canada Revenue Agency’s Scientific Research and Experimental Development Program (SR&ED). We are also well versed in web development, application development and reducing R&D costs through near-shoring and outsourcing.
Implementing a new technology or service offering can be an incredibly complex and costly process. What are business and revenue opportunities? Have the technical requirements been fully defined so that development staff will understand exactly what is to be implemented without wasting time and money? What opportunities exist to defray some of the development costs? Can costs be reduced through near-shoring or outsourcing?
Having the right technology partner can help answer all of these questions.
R&D Funding Opportunities
- Industrial Research Assistance Program. Run by the National Research Council, the Industrial Research Assistance Program’s (IRAP) mandate is to help Canadian Corporations develop and successfully commercialize technologies. IRAP has an equal focus on both the business and technology aspects to potential projects and offers funding for projects of various size: small projects $0-$50,000; medium projects $50,000-$150,000 and large projects > $150,000. Further details on the IRAP program can be found on the NRC website at NRC Industrial Research Assistance Program.
- Scientific Research and Experimental Development. The Scientific Research and Experimental Development (SR&ED) program is overseen by Canada Revenue Agency. It provides tax incentives in the form of cash refunds on eligible R&D dollars spent. For fully-eligible projects, SR&ED can refund up to 65% of R&D dollars spent. Further details on the SR&ED program can be found on the CRA website at Scientific Research and Experimental Development (SR&ED) Tax Incentive Program. If you have a development opportunity that you think would be eligible, feel free to contact us and we’d be happy to share our experience with the program.
R&D Cost Reduction Strategies
At cost development.
Trimara offers at-cost development for clients working with us under our New Product Development Program. You work with our local development staff to define the requirements for your project and implement it right the first time.
For projects that cannot be sent through off-shore channels, near-shoring can be the right answer to reduce development costs. We help you select and work with developers within Canada that will work on your projects in a cost-effective fashion. Engagement options vary from zero-cost, sweat-equity-type arrangements to implementation in provinces with lower R&D costs or reduced cost through engaging part-time freelance resources.
Development through off-shore channels can significantly reduce development budgets. To be successfully outsourced, your project needs to have crystal-clear requirements and you need a partner that has experience implementing outsourced projects to avoid some of the pitfalls associated with sourcing, communicating with and paying overseas development staff.