Financial Model Requirements for an IRAP Application
IRAP (the National Research Council's Industrial Research Assistance Program) funds R&D projects for Canadian SMEs — but a strong technical case alone won't get an application approved. Your Industrial Technology Advisor (ITA) and the review committee also need a financial model that clearly shows how the funding fits into your broader business plan.
What an IRAP financial model needs to show
IRAP reviewers are assessing more than eligibility — they want to see that your company can execute the project and remain financially stable while doing it. A properly built financial model for an IRAP application typically includes:
- Current revenue and cost structure, so reviewers can see the baseline business
- A clear breakdown of eligible project costs (salaries, subcontractors, capital costs where applicable)
- Cash flow projections that show the business can operate through the project period, since IRAP contributions are typically reimbursed rather than paid upfront
- Scenario planning showing what happens with and without the funding
- Assumptions that are documented and defensible, not just plugged-in numbers
Financial model vs. grant proposal — you usually need both
It's worth being clear on the distinction: the IRAP application narrative (the "technological uncertainty" case, project description, and eligibility writeup) is typically prepared by a grant writer or directly with your ITA. XLdashly doesn't write that narrative. What we build is the financial model underneath it — the numbers your ITA and the review committee will use to judge whether the project, and your business, is financially sound.
If you already have a grant writer or are working directly with your ITA, XLdashly's financial model plugs directly into that application as the supporting financial documentation.
How XLdashly builds it
We prepare IRAP-ready financial models based on your actual business data — current financials, project scope, and eligible costs — structured the way reviewers expect to see them, with clear assumptions and scenario planning built in.
