Overview of selection and review process
- Initial contact with interested companies may come through discussions with the Business Development Team or Research Officers. Following this initial contact interested companies will participate in a follow up meeting with NRC's Business Development Team in Charlottetown to discuss its clearly defined market opportunity and to determine if their proposed research fits with NRC's mission and mandate.
- Interested companies will submit an Expression of Interest Form, indicating:
- the business opportunity (outlining sources of financing, marketing analysis and assessment, growth potential of opportunity, and sources of financing)
- overview of R&D plans
- expected involvement of NRC scientific staff
- The Business Development Team will undertake due diligence on the applicant.
- The Business Development Team reviews the application with the IPF Committee.
- The Committee will make a recommendation to NRC’s senior management.
- The Business Development Team will determine the specific needs of the company with respect to IPF facilities and access to other NRC equipment.
- Once a company has been accepted as an IPF partner and all required funding is in place, the Business Development Team will negotiate the terms of the License of Occupation and associated agreements. This will include establishing the objectives the company hopes to achieve while they are tenants of the IPF. These objectives will be reviewed on a regular basis as a means to assess the company's progress and to develop strategies to support successful graduation of the company.
Measures of Success
The success of the IPF ultimately depends on the success of the IPF occupants and graduates. NRC will regularly track IPF indicators of success. All statistics will be kept in the aggregate and information on individual companies will be kept in strict confidence. There are a number of objective metrics which will be used to measure success (success being defined as economic impact within the sector). These measures include:
- R&D expenditures
- Patent filings
- Commercialization agreements with external partners (i.e.: licensing agreements, joint ventures, etc.)
- Capital investments secured.
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