IRAP Funding Template - Use This to Craft The Perfect Proposal

Navigating the funding landscape can be a daunting task for software companies looking to innovate and scale.

One of the most valuable resources available to Canadian startups is the NRC Industrial Research Assistance Program (IRAP).

This program offers financial support to businesses undertaking technology innovation projects. In this blog, we’ll walk you through a sample IRAP submission tailored for a software company that provides project management solutions.

This template will help you understand how to structure your application to maximize your chances of securing funding.

Sample IRAP Application Submission Project Template

Accelerating Project Management for Software Teams Example

Executive Summary

Company Name: ProjectFlow
Industry: Software Development
Project Title: Enhancing Project Visibility and Streamlining Workflow Management for Software Teams

ProjectFlow, a leading provider of project management software, is poised to revolutionize the way software development teams manage their projects. This project aims to develop an advanced suite of tools designed to improve visibility, optimize workflow management, and ultimately accelerate project delivery. By leveraging ProjectFlow’s innovative software solutions, teams will be empowered to navigate complex projects with ease, ensuring timely delivery and improved collaboration across all levels.

Project Description

Objective:
The primary objective of this project is to develop and implement advanced project management tools that enhance visibility and streamline workflow processes for software development teams. These tools will address key pain points such as communication breakdowns, task prioritization, and project tracking, leading to more efficient and effective project management.

Scope:

  • Development of new features focused on real-time visibility and reporting.

  • Integration of AI-driven task prioritization and workload balancing.

  • User interface (UI) enhancements for better usability and team adoption.

  • Pilot testing with select software development teams.

  • Full-scale deployment and continuous iteration based on user feedback.

Expected Outcomes:

  • Improved project visibility leading to proactive issue resolution.

  • Enhanced team collaboration and communication.

  • Faster project delivery times with reduced bottlenecks.

  • Increased adoption of the software due to enhanced user experience.

Project Plan and Timeline

Phase 1: Project Planning and Feature Development (Month 1-3)

  • Define project scope, objectives, and key features.

  • Develop new tools focused on real-time reporting, AI-driven task management, and UI improvements.

  • Set up beta testing environment.

Phase 2: Beta Testing and Feedback Collection (Month 4)

  • Conduct beta testing with selected software teams.

  • Collect and analyze user feedback to refine features.

Phase 3: Full-Scale Deployment (Month 5-6)

  • Roll out the updated software to all users.

  • Provide training and support to ensure smooth adoption.

  • Monitor usage and performance metrics.

Phase 4: Continuous Improvement (Ongoing)

  • Gather ongoing feedback from users.

  • Implement updates and enhancements based on user needs and market trends.

Budget

Expense CategoryCost (CAD)Internal Labour Costs$40,000Third-Party Contractor Fees$12,000Software and Infrastructure$8,000Miscellaneous Expenses$5,000Total Project Cost$65,000

Funding Request
We are requesting $65,000 in funding from NRC IRAP ARP to cover the project costs. The funds will be allocated as follows:

  • Up to 80% of internal labour costs ($32,000).

  • Up to 50% of third-party contractor fees ($6,000).

Company Overview

Company Name: ProjectFlow
Industry: Software Development
Incorporation Date: June 2021
Number of Employees: 35

ProjectFlow is dedicated to solving the most pressing challenges in project management for software teams. Our platform empowers teams with the tools they need to improve visibility, streamline workflows, and ensure projects are delivered on time and within scope. With a focus on usability and innovation, ProjectFlow is transforming how teams approach project management in an increasingly complex and dynamic environment.

Growth Partner/Advisor Overview

Company Name: GetFresh Ventures
Industry: Business Advisory and Growth Consulting
Website: getfreshventures.com

GetFresh Ventures specializes in providing growth advisory services to innovative companies. With a focus on strategic planning, market expansion, and operational efficiency, GetFresh Ventures has a proven track record of helping businesses achieve sustainable growth. As the growth partner for ProjectFlow, GetFresh Ventures will provide strategic guidance and support throughout the project.

Team from GetFresh Ventures:

  • Diraj Goel, Managing Partner: Diraj Goel is the founder and managing partner of GetFresh Ventures. A serial entrepreneur and thought leader in scaling fast-paced, high-growth tech-enabled companies, Diraj has helped CEOs and C-level executives grow their companies by exposing blind spots that can hurt their growth. His extensive experience includes working with nearly 100 high-growth startups, generating millions with his strategies.

  • Brendan Smith, Head of Portfolio: Brendan Smith oversees portfolio management at GetFresh Ventures, ensuring that all engagements align with the strategic growth objectives of the firm’s clients. With a keen eye for operational efficiency and market trends, Brendan plays a critical role in driving the success of GFV’s portfolio companies.

  • Gauri Oak, Head of Operations: Gauri Oak is the head of operations at GetFresh Ventures. She manages the day-to-day operations and ensures that all processes and vendor relationships are optimized for maximum return. Gauri’s strategic oversight is key to the successful execution of projects across GFV’s portfolio.

Market Opportunity

The software development industry is characterized by tight deadlines, complex workflows, and the need for seamless collaboration. By improving project visibility and streamlining workflow management, ProjectFlow aims to provide software teams with the tools they need to navigate these challenges effectively. This project will enable ProjectFlow to capture a larger market share and drive revenue growth by offering a solution that directly addresses the needs of modern software development teams.

Market Research Data

Global Project Management Software Market:

  • The global project management software market is expected to reach USD 11.67 billion by 2026, growing at a CAGR of 10.67% from 2021 to 2026.

  • The increasing complexity of projects and the need for efficient project management tools are driving market growth.

Impact of AI in Project Management:

  • AI-driven tools are becoming increasingly important in project management, offering capabilities like task prioritization, resource allocation, and predictive analytics.

  • Companies using AI-driven project management tools report a 20% reduction in project delivery times and a 15% increase in project success rates.

Customer Stories

Case Study: Agile Development Team in Toronto
An agile software development team in Toronto implemented ProjectFlow’s new features, resulting in a 30% reduction in project delays and improved team collaboration. The real-time visibility tools enabled the team to identify and address issues before they became critical, leading to smoother project execution.

Case Study: Enterprise Software Firm in Vancouver
An enterprise software firm in Vancouver adopted ProjectFlow’s AI-driven task management features. The firm reported a 25% increase in task completion rates and a more balanced workload distribution across the team, resulting in higher overall productivity.

Securing IRAP funding can be a game-changer for software companies looking to innovate and grow. By clearly defining your project’s objectives, outcomes, and the impact it will have on the industry, you can create a compelling application that resonates with NRC IRAP reviewers.

This template is designed to give you a strong starting point. As you refine your application, keep the focus on the specific pain points your software addresses and the measurable outcomes you plan to achieve. With the right approach, your project could be on its way to receiving the support it needs to make a significant impact.

Need expert guidance on your IRAP application? Contact GetFresh Ventures for tailored advice and support to help ensure your project gets the backing it deserves.

Diraj Goel