The Dartmouth-based Centre for Ocean Ventures and Entrepreneurship and Thales Canada, a division of French satellite imaging giant Thales Group, will run two naval innovation challenges this spring with prizes of $175,000 each.
The first challenge will invite participants to develop a methodology for testing condition-based maintenance procedures, which use digital models of industrial components to predict equipment failures. The second will ask entrepreneurs to develop new technologies for managing operations at navy dockyards.
“The Naval Technology Innovation Challenges are an opportunity for small and medium-sized enterprises and start-ups to find innovative solutions for the Royal Canadian Navy through funding and resources provided by COVE and Thales Canada,” says COVE on its website.
Applications opened Monday and the deadline is 5:00 p.m. on April 28.
An information session will be held next Monday at 11:00 a.m. and submissions will be evaluated in May. Winners will be announced May 26 and the winning projects will enter the implementation phase in the following months.
To be eligible, companies much have fewer than 500 employees and less than $50 million in revenue. First Nations groups can also apply in the same way as corporations.
Thales will receive licenses for the winning technology, but the victorious companies will retain their intellectual property.
To learn more and apply, click here.