Understanding the criteria that your project must meet to be eligible for WBSO benefits is crucial. Failing to address the key criteria can result in delays or rejection of your application. The main criteria include:
A company submits a project aimed at developing a new AI algorithm for autonomous vehicles. They clearly outline the technical challenges and innovative aspects of the project and provide a systematic approach to the R&D activities. Their thorough documentation includes project timelines, milestones, and detailed descriptions of the technical innovations, making it an eligible WBSO project.
A biotech firm applies for WBSO benefits for a vaccine development project. The application emphasizes the significant technical challenges, their innovative approach to the problem, and provides extensive documentation of the research and testing phases. Their systematic and detailed submission meets the eligibility criteria for WBSO.
A project proposal focuses on incremental improvements to an existing product, such as updating an existing software platform without introducing substantial new technical challenges or innovations. The lack of significant technical details and innovation leads to the application's rejection, as it does not meet the WBSO criteria for eligibility.
An application fails to provide detailed documentation of the R&D activities, including hours spent and progress tracking. The lack of a systematic approach and proper records results in the project being deemed ineligible for WBSO benefits.