Grants and Contributions:

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Title:

Foreign Market Entry Strategy (FMES)

Agreement Number:

1011984

Agreement Value:

$75,000.00

Agreement Date:

Oct 2, 2023 - Aug 30, 2024

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.

Organization:

National Research Council Canada

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

Location:

Sault Ste. Marie, Ontario, CA P6B 5Z9

Reference Number:

172-2023-2024-Q3-1011984

Agreement Type:

Contribution

Report Type:

Grants and Contributions

Recipient Business Number:

862955333

Recipient Type:

For-profit organization

Recipient's Legal Name:

Hydro Tech Inc

Federal Riding Name:

Sault Ste. Marie

Federal Riding Number:

35092

Program:

Industrial Research Assistance Program – Contributions to Firms

Program Purpose:

Coverage:

IRAP Contributions to Firms projects stimulate wealth creation for Canada through technological innovation.

NAICS Code:

541330