Technology development is always an investment. You either have a great idea to build or you need to improve an existing product to win more business and secure market share. Technology development can be costly and you need all the help you can get. Developers and entrepreneurs will want to leverage free and inexpensive money in order to get their goals achieved.
The Government of Canada and the provinces want to help grow the economy. They want to help technology companies with the development of innovative technology that will help grow the economy. They want to help you succeed. There is some work required to get this free money but it is well worth the effort to get some help getting to market in a timely manner.
The National Research Councils – Industrial Research Assistance Program
This program is a great way to start on the road to developing a product. The National Research Council likes to work with small companies but have been known to fund start-ups and larger corporations as well. It all depends on the value you can provide Canada. Provide a clear explanation with a winning proposal and you have a good chance of getting some support.
Scientific Research & Experimental Development
The Scientific Research and Experimental Development(SR&ED) program is the #1 program used by all tech companies. If you are building new technology you need to be leveraging this program. This program is a tax incentive program intended for companies, individuals and universities to help with the costs of research and development. The Government of Canada offers this incentive to promote the value of innovation and technological improvement.
You don’t need to apply to access this program but you do need to do regular reporting. We understand this program and can help you develop a strategy to manage the conditions of the program.
Build it in Canada
This program is the newest program in this small list of government programs I am writing about here. It has achieved some success in launching new products made in Canada by using government departments to “test” new technology. This is great because in addition to your first sale you get a large test customer and testimonials to help you expand your sales.
This program should be researched before you launch. You want to make sure you have the needs understood of the government department and these needs addressed in your solutions. We understand customer needs analysis and can help you clearly identify the most important features that will make for a successful product launch.
Alberta Funding Options
The Alberta Government has a number of programs for companies located in Alberta. The starting point for funding is the micro-voucher, which is used to access support to develop a business plan, create a design or do a market study. This government has many resources you can access to help you develop and launch your next product.
British Columbia Funding Options
In British Columbia there are many different types of funding programs for creating new technology. Depending on the region you are located in, you can access different programs. We have used a number of programs including the BC Tech CO-OP program, the Get Youth Working program and the BC Venture program. This diversification of choices will help you get the most of industry contacts and gain in depth-knowledge of your industry in which your technology is intended.
All of these programs have a number conditions in order to gain the benefits, so it is important to become knowledgeable about the details. We have years of experience in setting up development programs specifically intended to best leverage the value of these programs. We have helped start-up companies, small technology businesses and enterprises get the money they need to get through development and start selling. We have worked with angle investors, banking partners, government programs and even invested directly in a great product idea to help get it to market fast.
Give us a call if you would like assistance in your product development or navigating the funding application process.
We support the growth of high tech companies.