Key Technical Requirements for WBSO Projects
Meeting the technical requirements is crucial for the success of your WBSO application. Projects must demonstrate technical innovation and face significant technical challenges to qualify for WBSO benefits. Below are the main technical aspects to focus on:
Positive Examples of Projects Meeting Technical Requirements
Example 1: AI Algorithm Development
A tech company embarks on a project to develop a new machine learning algorithm for data analysis. They document the technical challenges involved, follow a systematic approach to algorithm design and testing, and ensure compliance with AI industry standards. The combination of technical novelty and a well-documented approach results in a successful WBSO application.
Example 2: Pharmaceutical R&D
A pharmaceutical company works on a project to develop a new drug formulation. They outline substantial technical challenges related to compound stability, assess feasibility by assembling a highly skilled team, and adhere to strict regulatory standards for drug development. Their structured approach to research ensures compliance and a successful project execution.
Negative Examples of Projects Not Meeting Technical Requirements
Example 1: Lack of Technical Challenges
A company proposes a project that focuses on minor updates to an existing software tool. Since the updates do not present significant technical challenges or involve innovative R&D, the project does not meet WBSO’s criteria and is rejected.
Example 2: Insufficient Documentation
An organization submits an application without properly documenting the technical challenges or the systematic approach used in the R&D process. The lack of clear, detailed documentation leads to the rejection of their WBSO application.