What is the
Research & Development Fund?
The Research and Development Fund is a grant fund to provide financial support to the non-energy manufacturing and services sector. The aim of the project is to stimulate and support investment in new and advanced technology and innovation as a competitiveness enhancement tool for enterprises in the non-energy manufacturing and services sectors.
Objectives
To help manufacturing and service firms to develop innovative products, processes, systems and services
To increase the number of companies performing effective R&D in Trinidad and Tobago
To increase the scale of the investment in R&D in Trinidad and Tobago
To increase the number of companies doing R&D for the first time
Eligibility Criteria
- The RDF is open to sole proprietors, businesses, partnerships and companies
- Must be an established business in Trinidad and Tobago in operation for at least one (1) year as evidenced by audited financial statements and/or bank statements
- Must be locally owned
- Must be from the non-energy manufacturing and services sector
- Must show evidence of being able to cover the required Client Contribution percentage of project costs based on the business size category
Criteria For Assessment
Applications will be evaluated based on several areas:
- Market research & strength of the market including competitor analysis, data collection methods and market testing
- Management and Technical experience of project team including plans for transfer of knowledge, local competence etc
- Local content
- Business Competence such as systems, procedures and policies and business sustainability
- Must be locally Impact of the project on strategic direction of the businessowned
- Commercial viability
- Degree of Innovativeness
- Impact on local economy
- Export potential
- Applicability of R&D activities
The RDF Application Process
Applicants must submit all required documentation to the Business Advisor – External Funding.
The Business Advisor will review submitted documents. If suitable, documents are then submitted to the RDF Evaluation Committee.
If unsuitable, the applicant will be asked to revise the application and resubmit.
The Evaluation Committee will review and make a decision. They may request supplemental information from the applicant in order to continue the evaluation.
If the application is approved, contracts are drafted and signed.
If the application is denied, the applicant will be informed of the reasons why. The applicant can then choose to rework their application and submit once more for
Disbursement(s) are paid according to the payment mechanism.
Applications for funding of patent registration will also be evaluated on the feasibility of the proposed method of commercialization of the patent.
Complete the application form for Phase 1
Funding will cover technical and empirical market research to produce a technical and commercial feasibility report. Funding will not exceed 70 percent of the total cost of the project up to a maximum of TT$100,000 over a six-month period
Complete the application form for Phase 2
Funding will cover the costs of product and service development. Funding will not exceed 50 percent of the total cost of the project up to a maximum of $750,000 within a maximum two-year period.
Complete the application form for Phase 3
Funding based on the commercial potential of the product/service, particularly in export markets and will cover such approved costs related to launching the product or process in the market place. The funding in this Phase is limited to TT$150,000.
Applications to Phase III shall be exclusive to Phase II awardees.