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.


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  and 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:


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.



Getting You Out Of Treble How Canadian Artists Can Acquire Funding

Over the past two decades, the way society has utilized and operated the internet has shifted the way we use media today. With respects to Canada specifically, firms are now building applications and experiences that educate and entertain us on portable devices such as tablets and smartphones.

We have evolved from the days of print media which was used to advertise and communicate messages in a much simpler and less efficient way.

Our federal government promotes information, research and technological development in the cultural media industry through funding initiatives in the form of grants, tax credits, and loan guarantees.

There is a variety of tax incentives and funding opportunities that EVAMAX can assist your company in retrieving, to facilitate your business as a competitive entity in the media industry.

Related: Government Grants for Digital Media Sector

MVP Project

One of the numerous funding opportunities in the interactive digital media industry is the Music Video Production (MVP) Project sanctioned by the Royal Bank of Canada and the Academy of Canadian Cinema and Television.

This project aims to promote and assist emerging Canadian artists, producers and filmmakers in creating music video content. The MVP project provides the financial support needed by artists to collaborate with those from different disciplines and introduce them to new opportunities.

Related: The Strategic Innovation Fund (SIF)

During May of 2019, nine recipients were awarded grants in the 2nd round of the project. The artists selected across the country featured different genres, such as pop, EDM, and indie rock, as well as various filmmaking styles including stop-animation, dance and short-form narrative.

The project supports innovations/inventions and fosters cooperation within the media industry as there is a belief that artists will be more successful as a collaborative unit rather than as individuals.

Related: Ontario Interactive Digital MediaTax Credits (OIDMTC)

The funding received provides these artists the opportunity to match their vision to their budget that once restricted them from reaching their full potential. From Charlottetown to Toronto, the funding provided by the MVP project has given several artists the ability to make their dreams come to life.

Related: Canadian Innovation Grants are Transforming Businesses Nationwide

Importance of SRED and Government Grants for Digital Media Sector

It is crucial for companies to leverage the different funding sources provided by the government in order to be successful in the digital media industry. With so many competitors in the market, many artists often find their visions or goals to be limited by their budget.

Related: How to Develop Your App Through Different Funding Sources

Fortunately, the federal government offers one of the most generous tax incentive programs in the world for companies partaking in Scientific Research and Experimental Design (SR&ED) and other innovative activities.

These programs can significantly impact the overall success of those in the digital media industry by providing them the funding and benefits needed to carry out the company or individual vision. Contact EVAMAX today and schedule a no-obligation consultation regarding the potential benefits you could be missing out on.

The several sources of funding provided through SR&ED and the government can act as a competitive advantage for competitors in the industry. Receiving these benefits can promote investment, job creation, and original content creation by:

  • Facilitating and supporting innovation, invention, and excellence in Canadian cultural media industry
  • Fostering and facilitating co-operation within the cultural media industry and between the public and private sectors
  • Promote information, research and technological development in the cultural media industry provincially, nationally and internationally
  • Making Canada a great place to invest in, create, produce and enjoy original cultural media product

Related: Canadian Innovation Grants are Transforming Businesses Nationwide

Canada’s interactive digital media industry is currently expanding with more companies, including a video game sub-sector ranked third in the world. The direction this industry has been trending as of late has led to a shift in the way we use and view media.

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

It is vital for competitors in the industry to identify techniques that provide a competitive advantage and promote individual success.


If you are looking to differentiate your company in a competitive industry like the digital media and entertainment sector, EVAMAX can help you subsidize the growth and development needed to reach your business goals.



Canadian Innovation Grants are Transforming Businesses Nationwide

Regardless you are partaking in activities at the R&D or commercialization stage, the Canadian government offers many opportunities for businesses of all types and sizes to acquire funding.

Pertaining to innovation funding specifically, the federal government offers several programs such as IRAP (Industrial Research Assistance Program) and SR&ED (Scientific Research and Experimental Development Tax Incentive Program) to assist businesses in the operations of their company.

IRAP funding is available to small and medium-sized companies with the intention of creating new products and processes that lead to enhanced productivity, new competitive advantages, or innovative research.

The SR&ED program, on the other hand, provides tax incentives/refunds to companies undertaking activities involving innovation or improvements in products and processes. These are both examples of Canadian government grants that provide funding to eligible companies nationwide.

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

Listed below are a few benefits that outline the significance of not just SR&ED and IRAP funding but Canadian government grants as a whole.

Development of Your Business

Companies that are successful in acquiring funding often find that their strategies align with the preferences of government funding programs. Firms like EVAMAX offer to consult and assist you in developing funding strategies in order to leverage more from Canadian government grants.

The business grants received through these programs can contribute to the development of a company in several ways such as expansion, adaptation and R&D. Often, companies will even seek government grants as a source of seed funding or to generate enough cash flow to cover expenses.

Related: Strategic Innovation Fund (SIF)

Through sources of funding, companies can seek expansion physically, to increase production/efficiency, and in their given market as well. In addition, businesses who receive government grants can utilize this to increase the efficiency of the company’s technology and capital by purchasing or modifying equipment. Through expansion and adaptation, a company can discover new products and processes that positively contribute to the business’s development.

Related: Sustainable Development Technology Fund

Increasing the Potential of Your Outcomes

By acquiring government funding, businesses can improve and increase the potential of their outcomes. The incorporation of additional activities within a company, such as new and better equipment, increases project capacity and helps to avoid congestion created by production inefficiencies.

Related: Alliance Grants: How Partnering with Organizations Can Reduce Your Costs

In other words, the Canadian government grants can dispose of inefficiencies that would otherwise have been impossible to do so without funding. Even if a company does not use the funding to introduce additional activities and assets, companies can expand the degree to which a current strategy is being deployed instead. For example, productivity can be increased by repairing a damaged machine, not necessarily purchasing a different one.

Through the potential increases in productivity and efficiency, it can also be expected that these government grants can reduce the timelines of projects. Government funding gives companies the ability to react to market trends quickly and make the most out of their product and processes. Time is a crucial aspect of the growth and success of a company. Canada business grants assist in maximizing this intangible element whenever possible.

Experimenting and Identifying Risks

The process of seeking grants and funding can have benefits and provide important insight to companies about the operations of their business. Talking to Tax Incentives/Grants Adviser helps companies identify applicable grants to mitigate potential risks of their business in pursuing experimental/new projects.

For example, SR&ED consultants at EVAMAX can increase the return of claims by helping to identify the technical approach a business should use when applying for grants. With the information provided, we are often able to maximize a company’s eligible benefits by using an approach or outlook of the company that was possibly not seen by those internally.

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

All in all, there are significant benefits to acquiring government grants that many Canadian companies do not take advantage of. Through government funding, companies can experiment, adapt, and choose the plan they deem as most suitable to their company.

Learn more about the federal grants and funding programs your company is qualified for.  Contact us or dial 1-877-711-7733.



IRAP Funding_ Could You Be the Next Company to Receive Millions in Funding

Our Canadian federal government encourages businesses to partake in innovative activities regarding process improvements and technology-driven research. The National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) is a federal innovation assistance program for small and medium-sized businesses. They have invested in over 12,000 companies since 2015 which has led to the creation of 49,000 jobs in the process.

They aim to expedite the growth of small and medium-sized companies by servicing them with advisory services, financial assistance, and other innovation funding. Companies engaged in the research and development of technology can use assistance from EVAMAX in identifying opportunities to reduce project costs.

Related: Why do you Need Business Advisory Services

The NRC IRAP has just recently provided $5.6 million in funding to support three companies located in Richmond Hill, ON. The funding provided to these companies was apart of the $56.6 million investment made by the government of Canada through the NRC IRAP. IRAP funding is a key component of the Canadian Innovation and Skills Plan introduced in 2017.

This plan is open to all Canadians with the purpose of making Canada a world leader in innovation, create more and better-paying jobs, and help strengthen the middle class. EVAMAX contributes to Canada’s Innovation and Skills Plan by providing information and services that benefit companies who are partaking in innovative activities. Learn more

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

The recent $5.6 million funding from NRC IRAP has split among three companies; Applanix Corporation, Opus One Solutions, and Hibar Systems Ltd. Each of the businesses that were granted funding is currently or planning on participating in activities seeking innovation. Applanix Corp. was given $2 million to support the design, development and global commercialization of its next-generation navigation solutions for both land and sea autonomous vehicles.

Related: Government Grants and Funding for Advanced Manufacturing and Engineering

Hibar Systems Ltd, on the other hand, intends to utilize the $2 million they received to support the development of a high-speed lithium-ion battery manufacturing system aimed to meet demand in the mass electric energy storage market. Lastly, Opus One Solutions received $1.6 million to develop software that lowers electricity costs through the integration of distributed energy sources, such as solar and storage.

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

All in all, there are many opportunities for businesses to acquire potential funding and other benefits. There are several companies who are eligible for funding and other grants but do not maximize their entitled benefits.

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

The Canadian federal government has provided numerous opportunities for companies nationwide to cover the costs of certain activities and projects they undertake. The NRC IRAP helps small and medium-sized businesses to develop technologies and encourages growth among individual businesses and the Canadian innovation system.

At EVAMAX, our job is to help you save money and maximize your potential benefits. Contact EVAMAX today for more information regarding how your company can receive funding through IRAP.