VS:irap

This documents contains information about IRAP

Important: IRAP is a cost sharing program. That is, our company must find other sources of money in order to get the match from IRAP. IRAP reimburses up to 50% of the salaries, on month-by-month basis. Requires monthly reporting.

From the meeting with Neil on July 3, 2008:

Our work on scalable coding can be an IRAP project, but we need to find money first, either from.
- Angel VC. Neil will contact some people who might be interested. He mentioned Stanley Loh who funds a company called Even Technology in Vancouver, which develops a proprietary video coders. He also mentioned Vancouver Angel Forum, in which we can present for 15 minutes before several Angel Inverstors. There is a few hundred dollar registration fee. He will send me the info.
- Funds from ourselves or family & friends. He mentioned that there are several tax benefits (RSP, rebate from the BC government, etc). At the end one may get a large portion of the contribution. Need to check with an accountant.

Neil mentioned the IRAP Youth program, in which we can hire (full time) a new graduate and IRAP will contribute up to $15k for the first six months. (again reimbursed monthly). Could be useful.

Also IRAP can co-fund (50%, up to $15K) hiring a third party consultant to do market assessment, e.g., pricing structure etc.

Neil will double check the rules for I2I and whether I can apply. He feels this is a good option in the current stage, provide the rules allow it.

Neil will send me a template for an IRAP project, although it a bit early for us. But it is a good idea to complete at least the technical parts.

IRAP may get more money by September of October, it depends on the approval of the Parliament.

Summary: The biggest thing for us is to find some initial money!