Contribution: Industrial Research Assistance Program – Contributions to Firms
Hydro Tech Inc
$75,000.00
Foreign Market Entry Strategy (FMES)
FY 2023-24 · 2023-10-02
Summary
Foreign Market Entry Strategy (FMES) is a marketing plan that will focus on analyzing, developing, and implementing an international marketing strategy to promote Hydro Tech’s recently developed stern tube bearing and PTFE bearings. Already a recognized name in the North American hydroelectric industry, Hydro Tech’s main target market will be the global marine water-bearing business. The first step taken was the hiring of a Marketing Strategist to direct this initiative. To date, Hydro Tech’s marketing efforts have been supported by various employees who are untrained in this area. We are starting our initiative by developing an overall market strategy to penetrate the world market without spending millions of dollars.
Department
Program
Industrial Research Assistance Program – Contributions to FirmsIndustrial Research Assistance Program-Contributions to Firms (linked with high confidence)
Recipient
Location
Sault Ste. Marie|Sault Ste. Marie, Ontario, Canada
Recipient Type
For-profit organization
Business Number
862955333
Type
Contribution
Source
Proactive Disclosure - Grants and Contributions
As published
Agreement End Date
2024-08-30
Agreement Number
1011984
Agreement Start Date
2023-10-02
Agreement Title
Foreign Market Entry Strategy (FMES)
Agreement Title (French)
Stratégie d’entrée sur les marchés étrangers
Agreement Type
Contribution
Agreement Value
$75,000.00
Amendment Number
0
Coverage
IRAP Contributions to Firms projects stimulate wealth creation for Canada through technological innovation. | Les projets des Contributions aux entreprises stimulent la création de richesse au Canada grâce à l’innovation technologique.
Description
Foreign Market Entry Strategy (FMES) is a marketing plan that will focus on analyzing, developing, and implementing an international marketing strategy to promote Hydro Tech’s recently developed stern tube bearing and PTFE bearings. Already a recognized name in the North American hydroelectric industry, Hydro Tech’s main target market will be the global marine water-bearing business. The first step taken was the hiring of a Marketing Strategist to direct this initiative. To date, Hydro Tech’s marketing efforts have been supported by various employees who are untrained in this area. We are starting our initiative by developing an overall market strategy to penetrate the world market without spending millions of dollars.
Description (French)
La stratégie d’entrée sur les marchés étrangers est un plan de marketing qui se concentrera sur l’analyse, le développement et la mise en œuvre d’une stratégie de marketing internationale visant à promouvoir les roulements de tubes d’étambot et les roulements en PTFE récemment mis au point par Hydro Tech. Déjà reconnu dans l’industrie hydroélectrique nord-américaine, le principal marché cible d’Hydro Tech sera le marché mondial des paliers marins. La première mesure prise a été l’embauche d’un stratège en marketing pour diriger cette initiative. Jusqu’à présent, les efforts de marketing d’Hydro Tech ont été soutenus par divers employés qui ne sont pas formés dans ce domaine. Nous commençons notre initiative en développant une stratégie de marché globale pour pénétrer le marché mondial sans dépenser des millions de dollars.
Expected Results
The purpose of IRAP Contributions to Firms is to support research, development, adoption and/or adaptation of innovative or technology-driven new or improved products, services or processes in Canada up to their commercialization
Expected Results (French)
Le PARI, par le biais des Contributions aux entreprises, vise à appuyer la recherche, le développement, l’adaptation et/ou l’adoption au Canada de produits, de services ou de processus novateurs ou axés sur des technologies nouvelles ou améliorées, et ce jusqu’à leur commercialisation
Federal Riding
Sault Ste. Marie
Federal Riding (French)
Sault Ste. Marie
Federal Riding Number
35092
NAICS Code
541330
Organization Code
nrc-cnrc
Organization
National Research Council Canada | Conseil national de recherches Canada
Program Name
Industrial Research Assistance Program – Contributions to Firms
Program Name (French)
Programme d’aide à la recherche industrielle – Contributions aux entreprises
Program Purpose
The purpose of IRAP Contributions to Firms is to support research, development, adoption and/or adaptation of innovative or technology-driven new or improved products, services or processes in Canada up to their commercialization
Program Purpose (French)
Le PARI, par le biais des Contributions aux entreprises, vise à appuyer la recherche, le développement, l’adaptation et/ou l’adoption au Canada de produits, de services ou de processus novateurs ou axés sur des technologies nouvelles ou améliorées, et ce jusqu’à leur commercialisation
Recipient Business Number
862955333
Recipient City
Sault Ste. Marie|Sault Ste. Marie
Recipient Country
CA
Recipient Legal Name
Hydro Tech Inc
Recipient Postal Code
P6B 5Z9
Recipient Province or Territory
ON
Recipient Type
F
Reference Number
172-2023-2024-Q3-1011984
