How can Business Grants Bring Innovative Ideas to the Market | EVAMAX Group

Small business grants attract potential entrepreneurs, albeit lacking funding resources, to work on an idea that is usually chosen by the grant provider.

These business grants help both the grant winner and financier. The grant recipient gets funding that is not required to be repaid while at the same time the grant provider is able to leverage the ideas and approach of the grant winner.  

How Business Grants Work 

The process starts with the proposals on the grant scheme from candidates. These candidates pitch their ideas as per the terms of the particular innovation grant.

Usually, the candidates are allowed to present their ideas in a pre-defined domain only. The best idea is selected and funding is offered to do more research on the idea. The candidates start the business with the grant money and report to the funding organization regularly about the development.  

Related: Three Ways to Apply For a Business Grant in Canada

Apart from grants from private companies, there are a lot of government grants that provide government funding to promote innovation and business acumen.   

In connection to thisEVAMAX has been helping Canadian businesses from different verticals in identifying which government grants and benefits they are potentially eligible for.

Related: 5 Tips in Identifying Small Business Grants in Canada 

Why should you care as a Business owner 

A business owner may opt to finance a business grant for several reasons. Usually, a big organization funds an idea that it does not want to pursue directly in the form of a business grant project to check its viability and scope. If the idea demonstrates growth, the resulting start-up is absorbed in the organization.  

Related: Going International: Tips on Expanding Your Business Globally

Thus, these business grants bring innovative ideas and new approaches to the market. The candidates for the grants are usually those who otherwise have a keen interest in the domain but cannot pursue it because of the lack of funds. The involvement of such hidden talent helps fresh thinking reach to the developmental spaces.  

For assistance in acquiring government grants, contact EVAMAX today to discover which grants are available to you and your company. 

 

 

CanExport for SMEs Project Funding Update 2019 | Export Canada Grants | EVAMAX Group

CanExport for SME’s is an initiative of the Trade Commissioner Service (TCS) aimed at encouraging Canadian companies to expand the market potential of their products through financial support for commercialization and providing a platform for foreign partnerships.  


What’s New?  

Increased funding: Up to $75,000 per application on a 75% cost-sharing basis (max project cost: $100,000). 

Updated eligibility criteria: The eligibility criteria have been expanded to include agricultural producers and processors under the same program (previously applied for export-related activity under Agri-Marketing) 


Who can apply? 

Funding Type 

TCS will provide non-repayable funds on a 75% cost-sharing basis to cover eligible expenses up to a maximum of $75,000 per application. The grant request must be at least $20,000. Stacking is allowed with other overall government (federal, provincial, municipal) funding capped at 75% of eligible costs. 

Related: Going International: Tips on Expanding Your Business Globally

Eligible Applicants: 

  • Be a for-profit, incorporated legal entity or a limited liability partnership (LLP) 
  • Must have a Canada Revenue Agency business number (unless Indigenous-owned or led) 
  • Employ no more than 500 full-time equivalent employees 
  • Between $100K and $100M in annual revenue in Canada during the last year 

Eligible Activities: 

  • Business travel 
  • Market research 
  • Participation at trade events and fairs 
  • Adaptation, translation and interpretation services 
  • Intellectual property protection, certification, and adaptation of contracts 
  • Expert advice on business, legal or tax matters, and more 

Related: Government Grants for Export

Eligible Costs: 

  • Travel & accommodation costs (max 2 persons: employee or owner of the company) 
  • Registration and participation fees at trade fairs 
  • Cost of marketing tools to adapt the product in international markets 
  • Service interpretation for the target market 
  • Intellectual Property (IP) protection and certification fees in the target market(s) 
  • Consultant fees (business advice, market research, and feasibility studies) 

To learn more about whether your company qualifies for this funding & for assistance in preparing your submission and to position your application for approval contact EVAMAX Group to help you with the process. 

 

 

Three Ways to Apply For a Business Grant in Canada_EVAMAX

The Canadian federal government provides some of the most generous grants and funding opportunities in the world.

Through a tax incentive program, they offer tax deductions, tax credits, and cash refunds for companies partaking in certain innovative activities. Applying for grants and funding can be a complicated process and there are many ways to approach this issue.

Companies will typically choose one of three strategies when completing claims: individually without any help, using an in-house consultant , or outsourcing an external consultant like EVAMAX. See the advantages and disadvantages of each method listed below. 

Without help 

There are both benefits and drawbacks to companies filing claims internally without any consultants.

For starters, applying for a claim without any help can significantly save costs. Any fees related to hiring or outsourcing a consultant to complete the claim for you are avoided and can be utilized on other operations. Depending on the business, these fees can be very costly and rack up a high expense bill for the company.

On top of that, companies also do not have to share any financial or technical documentation to complete the claim. Many businesses are often hesitant to outsource grant and SR&ED work because there is a lack of trust with respects to the consultant.

By doing everything internally, the documentation does not have to be shared and you can ensure your security as well as privacy. 

As for some of the drawbacks, applying for a claim without any help often leads to a higher chance of being denied or not acquiring all the benefits a company is entitled to. 

Related: SR&ED Consulting: Is Your Company Maximizing Potential Benefits?

Although filing claims internally may seem like a simpler way to apply, those who lack experience can overlook certain entitled benefits and ultimately reduce the potential size of the claim. 

Also, if a claim is to be reviewed, the company will have to handle the CRA audit themselves. CRA reviews present complications and often require a thorough knowledge of the application process or claim in order to avoid a denial of your submission.

It is extremely helpful to have a knowledgeable and experienced consultant to assist you during CRA reviews to ensure you successfully receive the desired funding. 

Related: Preparing Your Company For SRED CRA Review

In-house consultant 

Having an internal consultant focused on grants and funding also has both advantages and disadvantages. The most apparent advantage would be the knowledge and skill the consultant brings to the table. 

By having someone familiar with SR&ED and other application processes, companies can be more confident that their claim will be successful. There is a lot of information to gather, both technical and financial, that leads to tedious and time-consuming work.

 Also, by applying for grants and funding internally, everyone will have the chance to understand certain aspects of the grant and SR&ED process. Although non-experienced employees lack the same depth of familiarity as an actual consultant, completing a claim in-house will present different perspectives and provide a thorough review of the application. 

Related: 5 Tips in Identifying Small Business Grants in Canada

As for the disadvantages, there are unique skills needed in order to be an in-house consultant. Being specialized in SR&ED and other certain types of funding require experience and a skillset of specific criteria.

Also, by applying through in-house techniques, the application process is very time consuming which often does not work to the benefit of the company. Completing the applications in-house is a long and tedious procedure that may take away from valuable time in which employees could be doing something else that is productive. 

Related: Government Grants: What You Need To Know

Outsourcing to a consultant 

Similarly to the other techniques, there are both benefits and drawbacks to outsourcing SR&ED work and other funding applications to an external consultant.

For starters, external consultants are experienced and have the right knowledge/skills to complete your claim. Claim reviewers, such as the CRA, follow a very meticulous and specific process when analyzing applications and external help can assist you in ensuring your claim is accurate.

On top of that, outsourcing can also eliminate time spent on completing grants and funding submissions. Instead of having an internal employee or paid in-house consultant, companies can focus on their own operations and allow the external consultant to take care of the application process. 

Related: How to leverage SR&ED benefits with IRAP funding

As for the downside, outsourcing will incur fees that would otherwise be avoidable if a company were to apply through internal strategies. Different companies are eligible for different grants and funds, meaning that the cost incurred is contingent on the nature of the business.

Another potential downside is the fact that documentation must be shared with the external consultant. Technical and financial statements are needed to complete claims and access to these forms is necessary for an external consultant to successfully submit the application. Some companies prefer not to share this information due to a lack of trust or other privacy/security reasons. 

Depending on the resources and nature of your business, any of these techniques may be the best solution for your company. Despite the specific benefits and drawbacks per each application strategy, they all have the potential to successfully claim all your entitled benefits. 

If your company is looking to outsource your grants application, contact EVAMAX today! We help identify all applicable grants and tax incentives your business is eligible for and maximize your potential benefits.

EVAMAX serves 700+ clients all over Canada and confidentiality is on top of our priority. Call us at 1-877-711-7733 or email us at info@evamax.com. 

 

 

CryptoNumerics Financed Millions to Launch Big Data Analytics Tools - EVAMAX Group

CryptoNumerics, an enterprise software company incorporated in May of 2018, has recently raised $3.3 million CAD in seed funding.

The financing was provided through multiple California-based venture capital firms including 11.2 Capital, Lux Capital and Silicon Valley Data Capital. CryptoNumerics plans on using the funding received to launch its new big data analytics tools as free and downloadable AI-powered systems. 

Related: Expanding the Cannabis Industry Through Big Data

Businesses can receive similar financing and even maximize their potential benefits with the help of EVAMAX

The company was founded in 2018 by a group of five entrepreneurs with the aligned goal of ensuring data relevancy while preserving consumer privacy. Their initial intention was to harness data sets while still complying with regulations such as the HIPAA, GDPR, and other state-based procedures.

Related: Back to the Future: The Revived Upbringing of Cryptocurrencies

Throughout the year, members of the CryptoNumerics team worked out of an University of Toronto lab to develop its new artificial intelligence and machine learning-based products; CN-Protect and CN-Insights. The products were tailored to companies with large, privacy-sensitive data sets such as healthcare organizations and financial institutions.  

Related: Blockchain Technology Adaptation: What Your Company Can Expect

In a time where the economy is more data-driven then ever before, privacy regulations are needed in order to de-identify and protect data. While these regulations are a necessity, they can often restrict a company’s ability to efficiently use data due to a reduction in quality and utility. CryptoNumerics designed their products to use advanced anonymization techniques to both protect data and retain data utility. 

Related: CRM Blockchain Startup Receives Funding to Launch New Platform

Their software comes at a beneficial time in which there is a need for data to be accessible and accurate in a way that does not compromise privacy. The market for big data analytics is growing and has the potential to be a billion-dollar market, according to CryptoNumerics employee Hassan Bhatti.  

Regarding the seed funding received, CryptoNumerics has plans to distribute this among different areas of their business operations. A large portion of the financing will be used to hire and expand their engineering as well as R&D teams. 

Related: Canadian Innovation Grants are Transforming Businesses Nationwide

In such a competitive industry, CryptoNumerics has realized that it is crucial to equip their employees with more capabilities in order to succeed in their given market.

Their goal is to deter concerns around privacy due to imperfections in artificial intelligence and machine learning. On top of that, funding will also be used to grow their marketing strategy and sales pipeline when they bring their big data analytics tools to market. Financing is needed to scale their products and expand alongside the trends of the industry. 

Related: Government Grants: What You Need To Know

As stated previously, CryptoNumerics aims to mitigate regulations and restrictions on data by creating privacy-protected data sets without compromising personal privacy. With big data analytics tools like CN-Protect, they enable a company’s ability to preserve analytical data, ensure privacy with minimal amounts of code, measure quantifiable risk, and streamline compliance processes.

Companies who are innovating and adapting in accordance with the trends of their industry, like CryptoNumerics, find themselves at the forefront of their respective market. 

If your company is partaking in activities seeking technological advancement or modernization, EVAMAX can assist you in identifying and maximizing your entitled benefits. Schedule an appointment with one of our grants/funding experts.

 

 

How BDC Capital’s New Innovation Fund is Transforming the Canadian Economy

BDC Capital, the investment arm of BDC Canada’s only bank, has just launched its own Industrial Innovation Venture Fund. The $250 million that this fund is composed of will be invested in technology companies that aim to modernize traditional Canadian industries.

BDC will target companies in the early-to-late stages of development that are focused on agriculture, food, drones, energy, mining, robotics, and artificial intelligence.

BDC brought on Joe Regan, a former board member for several companies with prior work experience at companies like Bioenterprise Capital and Export Development Canada, to oversee the fund as a managing partner. With Regan’s expertise and overview of the industry, BDC has confidence that he will successfully deliver the desired outcomes of the Industrial Innovation Venture Fund. 

Related: Canadian Innovation Grants are Transforming Businesses Nationwide

If your company is partaking in similar innovative activities or industry-modernizing projects, EVAMAX can help assist you in acquiring the funding and capital to do so.  

Some of the fund’s core targeted industries include agricultural technologies, resource extraction technologies, and advanced manufacturing.

 With the hopes of transforming and accelerating certain Canadian industries, BDC is looking to invest in companies seeking improvements in productivity and competitiveness through innovative technologies, processes and business models. 

Related: CRM Blockchain Startup Receives Funding to Launch New Platform

According to Jerome Nycz, Executive VP of BDC Capital, “This fund is complementary to our existing work with the Industrial, Clean and Energy Technology (ICE) Venture Fund, and by launching the Industrial Innovation Venture Fund, we are doubling down on developing transformative solutions for Canadian industries.” 

Related: How to get SRED Funding for Innovation Companies

The ICE Technology Venture Fund invests in capital-efficient and scalable businesses that enhance resource productivity with potential for global operations. Some of the industries that the ICE fund supports include artificial intelligence, machine learning, cloud computing, internet, intelligence systems, and more. 

By introducing the Industrial Innovation Venture Fund, BDC is furthering their interest in supporting innovation and industrial modernization in Canada. 

Related: Industrial Research Assistance Program (IRAP Funding)

Many of the industries that present Canada with a competitive advantage from a global perspective are slow to digitalize. The fund will assist these industries by meeting the urgent demands of the next business leaders seeking advancement in the Canadian economy.

 “With this new $250 million Fund, BDC Capital is encouraging innovation in traditional industries where venture capital has not yet engaged at a large scale in Canada…This shows how venture capital can accelerate Canada’s growth across a variety of sectors and industries.”, said Kim Furlong, CEO of the Canadian Venture Capital and Private Equity Association. 

Currently, BDC is invested in over 700 companies totaling approximately $3 billion under management. This fund is symbolic of the significant development regarding the Canadian venture capital ecosystem we have experienced in recent years.  

BDC Capital serves as a strategic partner to innovative firms, offering a full spectrum of risk capital that supports Canadian companies looking to scale their business on the global level.

The implementation of the Industrial Innovation Venture Fund will support growing companies, the Canadian economy and also create more jobs for the middle class. BDC has proven to be a vital supporter for entrepreneurs and small businesses with the hopes to continue to do so in the coming future.

For more information regarding available funding, grants and tax incentives, contact EVAMAX today! We can help identify your company’s potential to qualify for these benefits. 

 

 

 

CRM Blockchain Startup Receives Funding to Launch New Platform

The Cere Network, a blockchain CRM company, has recently received funding through NEO Global Capital, Arrington XRP Capital, and Binance Labs.

The Cere Network was apart of Binance Lab’s Incubation Program, in which Binance provides incumbents with seed funding, mentorship, network opportunities, and more in order to empower blockchain and cryptocurrency projects. 

Related: Back to the Future: The Revived Upbringing of Cryptocurrencies

With the venture capital financing received, Cere Network plans on developing the world’s first blockchain CRM and customer data (CDP) platform/ecosystem. 

For companies partaking in innovative activities or projects seeking technological advancement, EVAMAX can assist you in identifying and maximizing the potential funding your business is eligible for.  

The blockchain platform being constructed will unlock customer data trapped in current CRM and CDP systems. From a functionality standpoint, the platform will capture all customer interactions, including transactions, on a custom blockchain platform that promotes secure data collaboration and integration through an open microservices platform. 

Essentially, Cere Network plans on tracking the entire customer journey and experience through blockchain.  

Related: Blockchain Technology Adaptation: What Your Company Can Expect

Despite blockchain being one of the fastest-growing software in the world, it is difficult to extract customer information as the data is often fragmented across multiple CRM systems. 

With many current CRM platforms and other centralized software systems often costly and inefficient, Cere’s system will facilitate secure data transactions and collaboration through collaborative microservices.  

According to Fred Jin, CEO of Cere Network, “Our mission with Cere Network is to leverage blockchain to empower businesses to have control over their own data and unlock the potential of collaborative microservices on top of the unsiloed user data.”

Through a decentralized platform, Cere’s CRM and CDP ecosystem will enable secure data sharing and acquisition among users. Businesses and brands will have the ability to increase the potential and flexibility for collaboration through encrypted customer data. 

The on-demand marketplace will use CERE tokens as a method of currency for the services included in the platform and act as an incentive for running their blockchain and data nodes. 

Related: Back to the Future: The Revived Upbringing of Cryptocurrencies

For companies, having everything right in the palm of their hands provides an effective solution to efficiently acquire accurate customer data. 

Despite entering a highly competitive market that features companies such as IBM and SAP, Cere Network has the potential to be the front-runner in the blockchain sector.

They look to provide one of the first venues for brands, apps, businesses, and other assets to be integrated with one another through blockchain technology.  In a CRM industry that is expected to grow to $35 billion in 2023, the room for advancement and growth is unlimited. 

Related: Top Ten Software Development Companies According to the GoodFirms

If your company is looking to advance in the CRM or blockchain industries, contact EVAMAX for a no-obligation consultation regarding the financing your company can use to grow and successfully carry out operations. 

Our team of experienced consultants can help you acquire the funding you are entitled to and will assist your company in taking the next step.  

 

 

Government Grants What You Need To Know | EVAMAX Group

Government grants are funds awarded to individuals, companies, institutions, and others partaking in certain types of projects. This could be through both innovative activities as well as projects seeking (technological) advancement.

Lack of funding can be a problem for many companies, especially start-ups and small businesses.

Despite the fact that the application process can often be complex and specific, these grants can significantly contribute to both the growth and overall success of your company. If you believe you or your company is in need of funding, contact EVAMAX today to identify which government grants and benefits you are potentially eligible for.

Before submitting a grant application, it is important to understand how government grants work and what they entail. Below discusses some of the advantages and disadvantages of funding provided through government grants.

Advantages

One of the most significant, if not the most significant, advantages to government grants is the fact that the funding received can be non-repayable. Government agencies are often more willing to take the risk on start-ups and small businesses that banks/investors are not.

Certain types of financing, such as those received through specific non-repayable government grants, do not require the funding to be repaid. This can provide financial stability and certainty as well as allow companies to focus on other aspects of the business that they would not have been able to prior to the acquisition of government financing.

Related: 5 Tips in Identifying Small Business Grants in Canada

In addition, government grants are available to a wide range of categories and can be found regardless of the industry you are in. Websites such as Grants.gov  and SBIR.gov provide thorough lists of funding available to your particular industry.

Whether you are involved with healthcare, science, education, etc. there are many resources available to companies looking to acquire financing. Depending on the grant, there can often be an unlimited amount of applications a company can submit to acquire the desired benefits.

Below is a compiled list of business grants per industry:

Disadvantages

Crafting the proposal is often the most difficult component of the application. Regardless of the nature of activities and projects being completed, the government will not grant you funds if you do not have a solid and plausible plan. It is absolutely critical for companies to complete thorough research pertaining to the government grant they are seeking, or outsource the work to a firm like EVAMAX who has a team of experienced consultants that will assist you in acquiring funding.

Government grants also often come with restrictions and guidelines. Even if you qualify for a grant, you can not necessarily utilize the funds provided on whatever you want.

Related: $100 Million in AI Funding Provided to Albertan Companies

Companies or individuals are required to consistently submit progress and tracking reports to the given agency that financed the grant. If certain regulations are not followed, the agency may be eligible to request a refund of the money they provided to you.

All in all, the benefits of government grants heavily outweigh the costs. The drawbacks related to the acquisition and use of government financing should not deter companies and individuals from seeking these grants.

As long as companies are willing to invest both their time and effort, they should apply for the government grants they are eligible for.

Related: Canadian Innovation Grants are Transforming Businesses Nationwide

The application process may include rejection on more than one occasion, however, companies should continue to try and find an appropriate grant that suits their needs.

For assistance in acquiring government grants, contact EVAMAX today to discover which grants are available to you and your company.

 

 

Tips in Identifying Small Business Grants in Canada | EVAMAX Group

For small businesses especially, identifying and acquiring grants can be very challenging. There is no single exhaustive list to consult. Also, every industry contains different businesses eligible for different grants. 

Acquiring funding through contributions and subsidies can be difficult considering many Canadian grant programs require a matching contribution of some sort. Outsourcing knowledgeable consultants to research the best grants for your company is a potential solution for small businesses having difficulty in pinpointing funding.

With the help of experienced firms like EVAMAX, companies are more likely to successfully identify and acquire the financing they desire.  

Listed below are the five tips for identifying Canadian small business grants according to The Balance SMB. 

1. Know Your Terminology 

It’s uncommon for Canadian grant programs to simply be listed as “small business grants” online. There is often research to be done and companies should be knowledgeable of keywords to look for.

When seeking subsidized funding, look for terms such as awards, contributions, shared costs, subsidies, rebates, tax credits, and non-repayable loans. It is important to know what you are looking for before investing your time in conducting research. 

Related: Canadian Innovation Grants are Transforming Businesses Nationwide

2. Know Where Your Business Falls on the Grant Priority Scale 

Depending on the nature of your business, where it is located, and the industry it falls in, the availability of grants your company is eligible for can vary.

 For example, government and small business grants tend to be plentiful in industries such as agribusiness, environmental technology, and biotechnology. Companies in industries such as retail, however, may find the availability of small business grants to be scarce as their industry is not as heavily supported as others. 

Similarly, the location and nature of your business can also determine the eligibility and likelihood of acquiring financing. The number of assistance programs available varies in accordance to where they are located.

Related: $100 Million in AI Funding Provided to Albertan Companies

For example, the Northwest Territories offers a grant of up to $15,000 per year for all potential entrepreneurs in the territory. This program is exclusive to the nature of the business, entrepreneurship, and also the location, the Northwest Territories. 

Related: IRAP: Could You Be the Next Company to Receive Millions in Funding?

3. Use Hub Sites To Search 

It is important for companies to use the research opportunities and resources at their disposal. Government hub sites, like the Industry of Canada website, can provide a nearly exhaustive list of financing your company is eligible for, including small business grants.

The government assistance page helps you narrow your search and identify the grants available to you based on the criteria you provide.  

Related: Canadian Innovation Grants are Transforming Businesses Nationwide

4. Look Within Your Particular Industry 

As stated previously, different grants are available to different businesses depending on the industry they are in. Rather than searching for an exhaustive list of all small business grants, you can tailor your search to specifically within your industry.  

Again, companies can use government hub sites that will generate a list of grants in accordance with your industry name and NAICS (North American code. By answering questions regarding your location, business type, type of funding, amount desired, etc. the government assistance page will generate the appropriate grants corresponding to the criteria you provided. 

Below is a compiled list of business grants per industry:

5. Position Your Business to Take Advantage of Small Business Grants/Tax Incentives

There are substitutions to small business grants that still provide the financing desired, such as the Canadian SR&ED program. The Canadian government offers one of the most generous tax incentive programs in the world in which they reward companies partaking in innovative activities or technological advancement through tax deductions, tax credits, and/or refunds. 

Related: SR&ED Consulting: Is Your Company Maximizing Potential Benefits?

 The SR&ED program is often preferred in comparison to small business grants as it does not require project approval prior to commencement but rather you can carry out your project and then make the appropriate tax claim after.

Related: Why Choose EVAMAX SRED Consultants?  

At EVAMAX, our team of specialized SR&ED and grants consultants can help identify and acquire the potential benefits your company is eligible for.

For a no-obligation consultation, contact EVAMAX today to identify all applicable grants/tax incentives your business is missing out on. 

 

 

$100 Million in AI Funding Provided to Albertan Companies | EVAMAX Group

The Alberta provincial government has recently implemented a five-year plan that will see $100 million in AI funding provided to focused companies.

Premier Rachel Notley hopes the funding received will support new companies to commercialize and help Alberta sustain its competitive advantage in AI talent.

Related: Claiming Artificial Intelligence Centric Projects for SR&ED Tax Credits

The government, both provincial and federal, looks for opportunities to promote innovative activities. Canada is home to one of the most generous tax incentive programs in the world. The government provides incentives, such as tax deductions and refunds, for companies to undertake certain activities.

EVAMAX can assist your business in acquiring funding through our specialized team of experienced SR&ED consultants.

Of the $100 million, $27 million was invested in the Alberta Machine Intelligence Institute (Amii), one of the world’s top AI research groups/programs. Amii will use the funding provided to leverage partnerships with Alberta universities, support companies building in-house AI technologies, and establish a new office in Calgary to expand their operations.

Related: The Incredible Benefits of AI to Canadian Businesses

As for the remaining funding, it was mostly allocated to the Alberta Innovates, the leading provincial research, and innovation agency. They plan on using the funding to expand their work in the AI sector, grow the company, and accelerate research and development.

Together, Amii and the Alberta Innovates will support innovation growth and technological advancement through an expected 5,600 new jobs and 100+ companies across the province.

Related: Alberta Innovates: Alberta Bio Future: Opportunities

The Alberta government highlights the fact that the province must continue to innovate in order to stay competitive in the AI industry and digitally transform into a data-enabled economy.

According to John Shillington, CEO of Amii, “Businesses around the world are turning to machine learning and artificial intelligence as key drivers of innovation across every industry sector.”

Innovation is critical for companies to be competitive and without a long-term plan for diversified commitment, Alberta could lose their competitive advantage regarding artificial intelligence. The opportunities that advanced technologies are providing us are more accessible to us than they have ever been before.

Related: Alberta Innovates: Product Demonstration Program (PDP)

Companies should learn to utilize the resources available to them regarding both provincial and federal funding in order to be successful within their given industry. Learn more about Provincial & Territorial R&D Tax Credits 

All in all, the $100 million in funding will provide more than just the current monetary value to companies. The Alberta government expects this funding to leverage more than $207 million in investments by the industry and create $1.5 billion in value to Alberta businesses, including Amii-affiliated companies.

Related: Government Grants for Software, IT, AI and Machine Learning 

With Alberta researchers already being ranked as the third-best in the world, provincial leaders want to continue these efforts and maintain themselves as industry leaders.

Society is currently living in a time where innovative growth and technological advancement is greater than it ever has been before as companies are forced to adapt/innovate in order to thrive.

If your company is partaking in innovative activities or seeking financing, contact EVAMAX today to discover the potential entitled benefits your company is missing out on.

 

 

North American Company Secures Millions in Financing

Just recently, VanillaSoft Inc. received $4 million in equity and debt financing from different sources of funding. 

VanillaSoft is a sales engagement platform that supports clients in achieving better sales accountability, increased productivity and higher contact rates.

Essentially, they aim to optimize the sales and time of a company through software solutions by focusing on different facets of digital technology, such as CRM. CRM (Customer Relationship Management) is an approach to client interactions using data analysis on customer retention and relationships in order to increase efficiency and promote sales growth.

Related: SRED Funding for Innovation Companies

The purpose of CRM systems is to ultimately streamline processes and improve the profitability of companies, which shares similarities to VanillaSoft’s vision of empowering their clients.

Although VanillaSoft is not specifically identified as a CRM company, other similar businesses are likely eligible for digital media grants, similar to that received by VanillaSoft, that provide them with the competitive advantage needed to boost economic growth. Call EVAMAX today to discover the benefits your company is potentially eligible for.

With respects to the financing received by VanillaSoft, $3 million was provided by the Fonds Régionaux de Solidarité FTQ Outaouais (FRSO) and $1 million through a federal government agency, the Canadian Economic Development for Quebec Regions (CED).

Related: IRAP: Could You Be the Next Company to Receive Millions in Funding?

The FRSO has supported the economic development of numerous companies and created thousands of jobs in the process. Similarly, the CED focuses on supporting innovation and economic growth through financing, guidance, and connecting companies to the right partners for their given projects.

Prior to the recent funding received, VanillaSoft has had a relationship with both the FRSO and CED in the past. After the natural disaster of Hurricane Katrina in 2005, VanillaSoft did not recover their office and operations in New Orleans.

Related: Top Ten Software Development Companies According to the GoodFirms

The FRSO and CED assisted VanillaSoft to re-establish themselves in the National Capital Region which was vital to both the survival and growth of the company. The recent financing provided will now give the FRSO its first equity stake in the company as repayment of gratitude for their actions many years back.

The financing received from the FRSO and CED will be used to grow their R&D and sales team personnel as well as expand their business across the continent. This will provide the company with the ability to support a client’s marketing efforts and develop new markets/services.

Related: Industrial Research Assistance Program (IRAP)

VanillaSoft finds itself in a time where digital media technology is rapidly changing the operations, development, and opportunities available to companies. By accessing funding, VanillaSoft is building a competitive advantage by seizing opportunities they would not be able to attain individually.

Moving forward, VanillaSoft looks to specifically use the funding provided to launch functionality that will use AI to analyze data in order to optimize sales processes and allow customers to better understand their business.

Related: The Incredible Benefits of AI to Canadian Businesses

All in all, digital media technology has flourished in a time period where society is seeing the most rapid technological advancements and innovative growth ever experienced.

This provides companies with unique opportunities to expand and grow their business in new ways that may not have been available previously. There are numerous sources of financing available to businesses of all sizes, types, and locations that companies do not take advantage of.

If your company is partaking in innovative activities or seeking funding, contact EVAMAX to identify the potential financing available to you.