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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. 

 

 

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. 

 

 

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.