When we’re still young, we aspired of leading by example and of becoming a successful leader one day. But only some of us succeed in fulfilling this dream. What sets the successful business leaders apart from the others?
In this article, we will provide you some tips on what you can do in order to become a successful young business leader in Canada.
Don’t be afraid of experimentation
Experimentation is necessary for the success of any business. Of course, when you experiment there is an equal opportunity for both success and failure but that should not stop you from trying. Remember one can innovate new paths to success only when he is not afraid of experimenting with new things.
We at EVAMAX support businesses that try new things and assist them by helping them in arranging financial aid.
Have a Strategic and Clear vision
There are plenty of businessmen out there who have both the knowledge and courage. Then why are they not successful? Well, that is probably because they do not have a strategy and a clear vision. Remember to decide on your goal first and then plan a strategy that you believe can achieve your vision.
Having a clear vision provides a sense of purpose and direction for the company. It also motivates and encourages business leaders to persevere even in difficult circumstances. It reminds them of why they started the business in the first place.
Explore Financial assistance
Capital is an important part of planning for any business. You need it for various things like research, marketing, development, training, etc. But not everyone has the resources to arrange the required funds. What can be done in that case? One thing you can do is to check out the criterion for grants and government funding that the Canadian government offers to SMEs.
The government has also provided focal attention to businesses that are into the Innovation industry. In this way, the government can aid these innovative & tech companies and at the same time, encourage and support research and development in the country.
If you need assistance in identifying which grants and benefits you’re eligible for, contact EVAMAX today for a no-obligation consultation.
One thing that is common in all the tech startups when they initiate their business is that they all start with big dreams and promises of new innovations. However, as time drags this vigor, the sense of creating new ways and new things start subsidizing. This is not how it should go.
In this article, we will offer you some tips that you can follow to make sure that innovation stays alive in your tech startup.
It might sound odd, but it is important to let your employees know that it is okay to make mistakes. A lot of times employees feel so threatened by the idea of failure that they do not experiment.
Practice an innovative culture
It is important to make sure that your tech startup follows a culture that supports and respects new ideas. Inculcate an atmosphere where ideas are shared openly and tested on a regular basis.
Fortunately, the government of Canada supports this practice by providing innovation grants to encourage research, new discoveries, and innovation for small and medium businesses.
As for EVAMAX, we help clients in the field of innovation to secure government funding and support their innovative ideas financially.
Create a free channel
Design a channel in your tech startup where your employees can pitch their ideas freely on any projects. This will encourage working in a shared environment and inspire innovation.
Recognize and reward
Make sure to recognize and reward those employees that come up with a successful innovative idea. This will motivate employees to experiment and suggest improvement without hesitation.
These are some tips that you can implement in your tech startup to push employees to think outside of the box and utilize their creative ideas. By following them, this will surely boost innovation and drive the business towards success.
Do you want to know all the Innovation Grants and Incentives that your company is eligible for? Contact EVAMAX today for a no-obligation consultation.
Alberta Innovates has proudly announced the Exploring Cannabis-Based Medicines and Tools (mCannabis) Program on December 9, 2019.
The said program aims to provide new opportunity for stakeholders in Alberta’s Cannabis ecosystem collaboration.
In connection with this, the coordination between stakeholders is projected to result to advance Cannabis research and innovations that aim to enhance patient care, improve patient outcomes, support the training of healthcare professionals, and responsibly grow Canada’s Cannabis industry.
These opportunities will align to Alberta Innovates’ three research and innovation priorities, the Alberta Research and Innovation Framework (ARIF), and will create economic and health value for Alberta citizens.
Also, Alberta Innovates acknowledges the collaborative support from the Campus Alberta Neurosciences during launching of the program.
Objectives of mCannabis Program:
- Understand Cannabis phytochemicals for putative pain or analgesic properties (Stream 1).
- To improve patient outcomes and to responsibly grow Canada’s Cannabis Industry by understanding how Alberta Innovates can support the use of post-market surveillance data (Stream 2).
- Provide a platform of engagement among medical Cannabis stakeholders to coordinate and collaborate to generate evidence and knowledge for more informed Cannabis use.
- Provide advisory support for entities seeking engagement and input with healthcare delivery professionals and patients.
- To promote Alberta-based research and innovation into local and global markets to support Canada’s Cannabis industry.
- To realize economic and health benefits for Albertans.
Benefits of mCannabis Program:
Projects that are up to $300,000 for a maximum term of 24 months will be supported by the said program.
Who can apply:
- For potential Applicants seeking funding support for Stream 1 (i.e., phytochemicals and pain), Applicants must demonstrate a significant legal and physical presence in Alberta.
- This opportunity is intended for any interested parties working with Cannabis. For potential Applicants seeking to contribute Big Ideas for Stream 2 (i.e., request for ideas – how can Alberta Innovates support the use of post-market data), anyone can apply. Intake is open to all Cannabis-related stakeholders.
Deadline of Application: Applications will be accepted until 4:00 pm MST, January 29, 2020.
If you are interested in Exploring Cannabis-Based Medicines and Tools (mCannabis) Program or tax incentives and other sources of funding, schedule a call with EVAMAX for a free grant consultation.
When you are about to start a new business, you are quizzed with a lot of issues chief amongst is money. Every startup requires finance for various purposes like for conducting marketing research, for hiring and training staff, for purchasing land or equipment, for paying for marketing and advertising, etc.
And what better way of achieving these funding goals than by asking the Canadian government for assistance.
Canadian government helps SMEs in meeting their financial goals by offering them government funding for different purposes such as innovative business ventures, hiring and training and exports.
Unfortunately, not every business receives them. There can be many reasons for this. Let’s discuss a few of them.
The government funds are granted for very specific purposes and have a strict criterion that needs to be fulfilled. A lot of times many businesses fail to completely match these requirements hence, they cannot be granted the amount they applied for.
In connection with this, we at EVAMAX help businesses in recognizing which government grants and benefits they are eligible for. We make sure that they receive the maximum government funding they are entitled to.
Failing to Target the Right Grant
As an aspiring business entity, one must choose the right grant they qualify for and which is most beneficial to them. There are a number of grants available provided by the Federal Government of Canada but the dilemma is identifying which of these grants are applicable to your business.
Nevertheless, if applicable grants are identified correctly, applicants can proceed to the next step which is meeting all the criteria and requirements of what the grant entails. If qualifications are met and the paperwork is done properly, there is a high chance of getting approved for the grant and receiving the funding.
Identifying the grant plays a vital role in the success of a grant application. It is by far, one of the most crucial steps that will need more than one head to have a deliberate decision. This can be time-consuming and cumbersome at times, but this is where grants consultants/experts like EVAMAX comes in handy.
Many candidates apply for government funding every year and in-depth knowledge and expertise on grants application is compulsory in order to know whether you’re eligible or not.
Grants application can be competitive in a way that only qualified businesses can be able to avail the funding opportunities. Thus, we offer a no-obligation grants consultation for Canadian companies for pre-assessment whether there are areas or business activities that might meet the requirements.
We at EVAMAX can assist you in perfecting the process of how to identify and apply for these grants to make sure that you receive the necessary financial assistance for your business. Contact us today!
Bernice Allen is a SR&ED & Government Grants Adviser. Helping businesses in Canada & the US find funding for Innovation, Hiring, Export and other verticals. Follow her on Twitter, Facebook and Linkedin.
NSERC has recently announced that it is accepting applications to the Alliance Grants program specifically for applications requesting $150,000 or more annually from NSERC in Option 1.
Significant dates to remember:
December 2, 2019 – Alliance grants will be open for Option 1 applications requesting over $30,000 annually from NSERC.
December 11, 2019 – Applications requesting between $20,000 and $30,000 annually from NSERC will be accepted.
For option 2 applications, request for 90% to 100% support of the costs of the project will be accepted in early 2020. This component of the Alliance grants intends for proposals that:
- aim at conducting natural science or engineering research that will address societal needs that are not met yet. This may include research affecting public goods, or that will address national or global issues that benefit more than a single or a few organizations, and where sources of funds are unavailable;
- connect willing partner organizations to overcome existing barriers in order to address these challenges and achieve results that can lead to a societal impact beyond economic benefits, and where an increased level of support from public funds is justified.
More details on the objectives and on the application and evaluation processes for Option 2 will follow soon.
More About Alliance Grants
Alliance grants encourage and allow collaboration between university researchers and partner organizations that can either be from the private, public or not-for-profit sectors.
These grants support and enable research projects which are led by strong and collaborative teams. The research projects will be aiming to generate valuable knowledge, new discoveries and leverage the application of research that will eventually benefit Canada.
With the help and support of Alliance grants, the research activities will
- generate new knowledge and/or technology to address complex challenges;
- create economic, social and/or environmental benefits;
- contribute to Canada’s long-term competitiveness;
- support public policy;
- train new researchers in areas that are important to Canada and to the partner organizations;
- draw on diverse perspectives and skillsets to accelerate the translation and application of research results.
Who can apply?
This is open for Canadian University researcher who is eligible to receive funds. Apply on your own or as a team along with co-applicants that are also eligible academic researchers.
Have at least one partner organization either in the private, public or not-for-profit sector whose cash contributions will be recognized for cost-sharing. You may include other partner organizations that play an important role in your research project other than providing cash contributions. They are also recognized for cost-sharing.
Projects of varying scale and complexity, from short-term smaller projects involving one researcher to long-term projects involving researchers across several universities, and from one-on-one collaborations with one partner organization directly involved in the research to projects involving many partner organizations across multiple sectors, all these are supported by Alliance grants.
If you are interested in Alliance grants or other sources of NSERC funding, schedule a call with EVAMAX for a free grant consultation.
The Life Sciences-Biotech industry is one of the fastest-growing industries in Canada. With lots of room for experimentation and advancement, it is also a large contributor to innovation in Canada. Our nation’s network of resources, ranging from hospitals and universities to laboratories and bio-health companies, is a world leader with respects to the bio-economy.
Listed below are a handful of the potential grants and funding opportunities available to those seeking financing in the Life Sciences-Biotech industry, according to Biotechnology Focus.
They are separated into three different categories of grants: 1) R&D, innovation and product development, 2) hiring and training, and 3) exports or access foreign markets.
If you or your company is partaking in innovative activities or projects seeking technological advancement, consult with EVAMAX today to discover the potential financing your company is eligible for.
R&D, Innovation and Product Development
Scientific Research and Experimental Development (SR&ED) Tax Incentives
Over the past 10 years, the SR&ED program has been one of the biggest, if not the biggest, tax credit program ranging from $2.5 billion – $4.5 billion annually. On average, the SR&ED program has received claims from approx. 20,000-30,000 businesses each year.
This program is intriguing for many eligible candidates as there is no program budget and is delivered through the corporate tax system. Depending on the type of business, companies are eligible for tax credits equal to a specific percentage of eligible SR&ED expenditures in addition to provincial tax credits in most Canadian provinces. Read more about SRED
- SRED Review Process and Supporting Documentation
- Provincial and Territorial Research & Development (R&D) Tax Credits
- SRED Case Studies
Industrial Research Assistance Program (IRAP)
IRAP follows similar guidelines and criteria for the SR&ED program when funding R&D projects. Typically, IRAP will cover 50% of eligible expenses, such as salaries, contractor costs, specific material costs, and overhead fees.
Despite a large budget of over $200 million, majority of the funds are committed early within the first six months of the fiscal year starting April 1st. Read more about IRAP
Hiring and Training
Canada-Ontario Job Grant (COJG)
There are several grants available pertaining to the hiring and training of employees in Canada. The COJG provides employers the funds to invest in their workforce through external training. This may include sales, technical, administration, or other training that increases an employee’s skill set and ability.
For successful applicants, the COJG provides employers with 67% of the external training costs with a cap of $10,000 per participant. This grant can prove to be very helpful for employers looking to either save time or train their employees with specialized skills they do not have expertise in. Read more about COJG
IRAP YEP (Youth Employment Program)
The IRAP YEP is geared towards providing post-secondary graduates with the opportunity to work. Essentially, the program covers the salary expenses incurred by hiring a new employee.
The graduate’s position is required to be R&D related or impactful on the environment as well as take place within a three to six months range. The program will cover 50% of salaries with a cap of $15,000 for any newly hired graduate under the age of 30.
Export or Access Foreign Markets
In addition to hiring/training as well as R&D funding, Canada is also home to several export and foreign market grants. CanExport provides the funding needed by companies to expand into a new market outside of Canada.
This market must be a country in which you had no previous sales in for two years and covers costs such as travel, market research, legal fees, and more. The program covers 50% of the market costs capped at $10,000 for each applicant.
(Note: We are no longer accepting applications to the export market access and export manager programs as both programs are now closed.)
Listed above are just a sample of the hundreds of grants available to Canadians amongst a wide variety of industries.
For more information regarding which grants your company is eligible for, contact EVAMAX to assist you in identifying and acquiring the funding you are entitled to.
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.
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 this, EVAMAX has been helping Canadian businesses from different verticals in identifying which government grants and benefits they are potentially eligible for.
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.
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 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.
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?
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.
- 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
- 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
- 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.
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.
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.
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.
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.
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.
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.
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.
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