Expanding the Cannabis Industry Through Big Data | EVAMAX Group

Regarding the recent legalization of cannabis in Canada, the country has become somewhat of a test patient in which the rest of the world is carefully analyzing.

People want to look at the hard facts rather than subjective information, and Canada has provided, through experience, the best processes and lessons learned. With the cannabis industry continuing to grow and evolve, the absence of big data can significantly impact consumers, distributors, manufacturers, and so much more.

Although there are plentiful amounts of anecdotal data regarding cannabis, the industry must seek standardization in order to achieve both data integrity and reliability. For companies looking to adapt and change in accordance with the trends within their industry, EVAMAX can assist you in identifying the benefits your business is potentially eligible for. 

Related: High but Not Dry: This Canadian Province is Taking the Cannabis Industry by Storm

Standardizing data sets in the cannabis industry can be a challenge, especially for third-party physicians and cannabis clinics. Unlike the rest of the medical sector, cannabis has not yet achieved a method that ensures consistency and accuracy when analyzing data. Outcome data reported through consumers only matches real-world criteria with consumer choices, which is not exhaustive of everything in the cannabis industry.

Related: SRED in the Cannabis Sector: What are the Eligible Projects?

Data collection should not only be focused on when the cannabis is prescribed but should act as a platform for consumers to learn from the experiences of others. Players in the cannabis industry should look to track data throughout the patient’s experience, ranging from the actual purchase to user behavior. 

The key to data reliability and integrity would be for major companies to unify their clinics and begin using a consistent process for clinical trials. Clinical trials should be a stage by stage process in which the safety and efficacy of the drug are tested. Blind testing and post-drug approval findings should also be analyzed to ensure big data is standardized.

The introduction of clinical research is the greatest barrier to any market, not solely the cannabis industry, as it acts as a bottleneck for people who do not see marijuana as a norm yet. 

Related: Industrial Research Assistance Program (IRAP)

In order for big data to be accurate and standardized, the key pillars of high volume, high velocity, and high variety are needed. Companies must be able to track data throughout the user’s experience to properly identify who their end-customer is. This is where technologies such as artificial intelligence (AI) can be very useful as predictive analytics can determine what consumers are interested and disinterested in.

For example, cannabis products such as topicals, oils, and edibles appear to gain slightly more interest compared to strains themselves. AI can then use machine learning to analyze and observe consumer patterns in order to determine what people prefer in accordance to their lifestyle.  

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

Despite the growing interest and development in the cannabis industry, there is still plenty of room to expand and evolve. Taking the next steps to unify centralized big data platforms and create standardized processes will advance the industry significantly. Cannabis must be treated and regulated the same way as other medications in order to become a social norm. 

If you are a company seeking funding for innovative or technologically advancing projects, contact EVAMAX today to discover how you can acquire non-repayable funding for your company.  

 

 

Blockchain Technology: What Your Company Can Expect

During a time of such rapid technological advancement and innovative growth, blockchain is becoming a very prevalent technology. Essentially, blockchain technology presents itself as a secure way to track and distinguish transactions through the recording and distribution of information without the ability to edit or change.

It is a technology that has proven itself to be something valuable on multiple levels and has the potential to change the way we operate in industries such as banking, investing, and so much more.

Despite all that, there are still many businesses who question the security of blockchain and are not open to implementing this technology into their company. The introduction of blockchain to a business can present multiple issues and obstacles for companies to overcome.

See below for the five challenges blockchain entrepreneurs will face according to Business.com.

Creating a new business model

With the implementation of blockchain, a company will have to adapt or modify the structure of their business. Depending on the complexity and purpose of current business models, blockchain forces companies to alter their structure to legally comply with certain standards.

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

This can present itself as a detrimental problem to smaller businesses and startups who are lacking the funding and personnel to make these changes.

Luckily, the federal government provides one of the most generous tax incentive programs in the world that is available to companies of all types and sizes. A number of other innovation grants/funding are mentioned at EVAMAX website.

Integrating blockchain

Blockchain is a fairly new technology that may be foreign to both individuals and companies. As stated previously, this technology may require serious modifications to the structure of the company and can require business owners to be creative and innovative during implementation.

It is important for businesses to be knowledgeable of blockchain technology in order to avoid any problems or obstacles they may face.

Related: How Innovation Companies can Qualify for SRED

Finding talented people

Despite the increasing interest and use of blockchain, it still may be difficult to identify individuals with thorough knowledge and experience of the technology. Prior to implementing this into your company, business owners should provide employees with additional training regarding blockchain and other facets meaningful to their role.

Proper training will lead to success in the long term, as knowledgeable employees will be able to resolve problems that arise and maximize the company’s use of blockchain.

Related: Canadian Innovation Grants are Transforming Businesses Nationwide

Acquiring the proper funding

Blockchain-based companies are often perceived by investors as high risk and can deter them from financing your business. Funding is vital to the success of a company, especially for startups and those partaking in big projects. Companies should identify investors who are open to blockchain and develop a strong relationship with them.

Related: North American Company Secures Millions in Financing

Other than investors, the Canadian government also offers a tax incentive and grants/funding for businesses across the country. Companies involved in activities or projects regarding technological advancement or innovation are likely to be eligible for investment tax credits, innovation grants, and/or cash refunds.

Related: Case Studies: List of Activities that qualify for SR&ED

EVAMAX has assisted companies in successfully acquiring these benefits for over a decade and can help your company receive the funding needed to carry out business operations and more. Read more client testimonials

Incorrectly evaluating the business

Evidently, implementing blockchain technology into a company presents many risks and potential issues to be faced. Business owners are often very optimistic about the returns and future of their business, which can cause them to be unprepared for when problems arise.

Future profits and returns should be calculated realistically and accurately in order to align business operations with their potential capacity.

Businesses who improperly evaluate their company will often face serious losses and lost connections with their investors. Companies should always ensure they have a thorough understanding of their industry and what they are implementing into their operations.

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

(Conclusion)

All in all, blockchain technology can provide a company with new opportunities to operate and grow. It can lead to more transparency, enhanced security, increased efficiency, and a reduction in costs.

The time we are currently living in requires businesses to adapt or die, and blockchain has the potential to be the next big thing.

If your company is looking to take this next step, EVAMAX can assist you in acquiring the financing needed to ensure your business goals are met.

Contact us today for a no-obligation consultation regarding how your company is potentially missing out on entitled benefits.

 

 


Back to the Future: The Revived Upbringing of Cryptocurrencies

Despite dramatic price fluctuations in cryptocurrencies as of late, such as Bitcoin, technology experts still believe the future is bright for the budding industry.

All things considered, cryptocurrency has the potential to completely revolutionize the way society operates today. Little things, such as grocery shopping and banking, will become more convenient and secure once bitcoin is introduced as the social norm.

Companies are investing plenty of research regarding how they can innovate and establish themselves in the market while it is still feasible to do so. If you are a company seeking financial assistance concerning innovation or scientific research, EVAMAX can expedite this process and maximize your entitled benefits. See below for more information regarding the future of cryptocurrency.

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

Its Value Will Rise Dramatically

During the earlier stages of cryptocurrency in 2017, Bitcoin prices increased by approximately $20,000 in a span of less than 12 months. Despite the harsh drop in value since then, industry experts are still optimistic regarding the future. Tim Draper from Draper Associates finds himself in agreeance among these tech experts. The veteran venture capitalist and bitcoin enthusiast believes the price per bitcoin can soar to new heights at paces we have never seen before.


As a matter of fact, he believes prices will reach $250,000 per bitcoin by 2022, more than 10 times the current highest Bitcoin price we have ever experienced.


As society continues to evolve technologically, it is reasonable to believe the significant increase in Bitcoin users will ultimately increase the price as well.

Related: Canadian Innovation Grants are Transforming Businesses Nationwide

The Elimination of Paper Money

Regarding security and convenience, the elimination of paper money is inevitable to society today. Cryptocurrencies promote a safer and easier exchange of money rather than physically transferring pieces of paper among people. We are currently living in a time in which we have experienced the fastest and largest technological changes ever.

For example, the introduction of computers significantly reduced the use of paper as people can now create and store necessary items on a portable laptop. Recent technological trends indicate cryptocurrency could be following a similar path.

Related: Quantum Computing: Guess Which Canadian School Just Joined the IBM Q Network

Companies are already adapting and attempting to get ahead of the curve to benefit their business. JP Morgan Chase, one of the largest banks in the United States, is currently developing their own private cryptocurrency to provide a more secure and efficient banking experience.

The introduction of their own private cryptocurrency will reduce client risk, decrease capital requirements, and allow consumers to instantly value transfer. Similarly, Samsung is also trying to innovate the industry through the implementation of a built-in crypto wallet in their phones.

This feature would encourage Samsung users to use cryptocurrencies in order to transfer money and value. Companies, like JP Morgan and Samsung, looking to innovate and make their mark in the cryptocurrency market will need assistance in doing so.

Related: SRED: The Most Generous Research & Development Cash Refund

Monitoring Crime

In a few years time, experts believe the only users of physical money will be criminals. Cryptocurrency transactions are tracked and will identify those potentially partaking in illegal activities. Four of the most renowned criminal activities, tax evasion, money laundering, contraband transactions, and extortion, can now be tracked and mitigated through cryptocurrency technologies such as blockchain security.

Essentially, law enforcement will now be able to monitor crime, in these 4 areas especially, through the improved ability to identify financial or transactional irregularities.

Related: The Incredible Benefits of AI to Canadian Businesses

Conclusion

All in all, the speculative future of cryptocurrency contains many unknowns and uncertainties. That being said, industry experts express optimism regarding the future of cryptocurrency and the benefits it will provide. Cryptocurrency has the potential to revolutionize the way we approach security and monetary transactions as technology is being integrated into society like never before.

Companies looking to infiltrate the market can reach out to Government Grants/ Tax Incentives Experts like EVAMAX to successfully finance their projects and bring their ideas to the market. Contact us today for more information.

 

 

Top Ten Software Development Companies According to the GoodFirms

With regards to the software development market, Canada has carved a niche for itself in comparison to other countries. Software developers create software programs and applications that enable a variety of tasks on computers and other devices. This field of study can significantly contribute to the survival and success of the company as it improves several facets such as communication, service, accessibility, and more. See the list below outlining the top 10 software development companies in Canada according to the GoodFirms.

1) Big Drop Inc.

About: BigDrop Inc is a design and development firm that specializes in bespoke digital solutions for brands of all sizes. They look to produce design experiences that entertain, inspire, satisfy, and challenge clients. Through this, BigDrop helps enable your market to see the “glow” of your organization and increase the number of regular consumers.

  • Associated Clients & Companies: Samsung, Activision, Citibank, PayPal, Google, Adobe, and more
  • Services: Software development (20%), digital marketing (20%), web design (20%), web development (20%), mobile app development (10%), e-commerce development (10%)
  • Client Types: Medium Businesses ($10M-$1B) – 70%, Small Businesses (<$10M) – 10%

Related: What Qualifies for Scientific Research and Experimental Development Funding?

2) Iflexion

About: Iflexion assists companies in optimizing their business processes through custom software solutions. They help to address the needs of companies in different industries, including healthcare, consumer products, gaming, automotive, transportation, retail, and more. Iflexion can help you successfully achieve your outcomes through profound expertise in full-cycle custom software development, business commitment and trusted communication with clients and partners. Moving forward, Iflexion focuses on bringing bestseller technologies to consumer business environments to make their digitized operations sleek and error-free.

  • Associated Clients & Companies: Google, eBay, Pepsi, Cisco, PayPal, Phillips, and more
  • Services: Software development (25%), web development (20%), mobile app development (20%), e-commerce development (15%), blockchain technology (10%), VR & AR development (10%)
  • Client types: Medium Businesses ($10M-$1B) – 55%, Small Businesses (<$10M) – 30%

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

3) ELEKS

About: ELEKS helps clients transform their businesses digitally by providing expert software engineering and consultancy services. Through their expertise, they look to save business operations costs, adopt digital transformations, and close IT resourcing gaps. ELEKS deliver high tech innovations to Fortune 500 companies, big enterprises and technology challengers in hopes of improving the operations of their business and boost their value to the modern world. They provide their services to a wide range of industries with a heavy focus on retail, transportation and logistics, and financials.

  • Associated Clients & Companies: Aramex, Autodesk, The States of Jersey Government, and more
  • Services: VR & AR development (15%), software development (10%), app designing (10%), mobile app development (10%), web development (10%), blockchain technology (10%), e-commerce development (10%), artificial intelligence (5%), IT services (5%), web designing (5%), devops, testing services, big data & BI, cloud computing services (10%)
  • Client types: Large Businesses (>$1B) – 60%, Medium Businesses ($10M-$1B) – 30%

Related: Industrial Research Assistance Program (IRAP) for Tech Firms

4) IndiaNIC

About: IndiaNIC is a mobile app, web and mobile games development company. They look to provide IT solutions to essentially all industries, including transportation and logistics, healthcare, telecommunication, startups, education, and much more.

  • Associated Clients & Companies: Adidas, Cisco, Pepsi, McDonald’s, Vodafone, and more
  • Services: Mobile app development (30%), web development (25%), e-commerce development (15%), app design (10%), IT services (10%), software development (5%), web design (5%)
  • Client types: Small Businesses (<$10M) – 70%, Medium Business ($10M-$1B) – 25%,

Related: Quantum Computing: Guess Which Canadian School Just Joined the IBM Q Network

5) Cyber Infrastructure Inc.

About: CIS has established itself as a leading name in providing exceptional technology solutions and services. They assist companies in achieving their business objectives through highly optimized solutions and services across a wide range of industry domains. These industries include information technology, e-commerce, gaming, healthcare, and much more.

  • Associated Clients & Companies: eBay, Sprint, Mannatech, Nokia, and more
  • Services: IT services (17%), blockchain technology (15%), web development (10%), mobile app development (10%), software development (5%), game development, e-commerce development and much more
  • Client types: Small Businesses (<$10M) – 50%, Medium Businesses ($10M-$1B) – 30%

Related: Go Global with Regional Economic Growth Innovation (REGI) Programs

6) Diceus

About: Diceus delivers solutions to world-class brands and enterprises. They aim to help enterprises adapt to new IT environments and identify cost-saving solutions for clients. Diceus services entail product engineering, software development, mobile development, and more. They provide their services to the financial, healthcare, and information technology industries.

  • Associated Clients & Companies: TeamBase, Palmers, Textil AG, ApexSQL, and more
  • Services: Software development (30%), web development (20%), blockchain technology (15%), big data and BI (15%), e-commerce development (10%), IT services (10%)
  • Client types: Small Businesses (<$10M) – 45%, Medium Businesses ($10M-$1B) – 40%,

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

7) Syberry Corporation

About: Syberry prides itself in transparent pricing, superior communication and unparalleled quality. They develop software solutions for any business need with real-time results. Some of the industries Syberry is often interested in healthcare, financial, retail, startups, telecommunication, and more.

  • Associated Clients & Companies: Shell, Walt Disney, PayPal, Bridgewater, and more
  • Services: Software development (30%), e-commerce development (20%), mobile app development (15%), web development (15%), testing services (10%), IT services (5%), mobile app development (5%)
  • Client types: Small Businesses (<$10M) – 45%, Medium Businesses ($10M-$1B) – 55%

Related: The Strategic Innovation Fund (SIF)

8) Kohactive

About: Kohactive is a custom software design and development firm that delivers innovation solutions to business needs. They work with you as a partner, not necessarily a vendor, in the sense that they align your vision with their interests. Kohactive aims to create and maximize value for businesses of different industries including business services, transportation, healthcare, consumer products, education, and real estate.

  • Associated Clients & Companies: Groupon, Edwards Lifesciences, Northwestern University, and more
  • Services: Software development (30%), web development (30%), mobile app development (15%), web design (15%), app design (10%)
  • Client types: Medium Businesses ($10M-$1B) – 50%, Small Businesses (<$10M) – 25%,

Related: Canadian Innovation Grants are Transforming Businesses Nationwide

9) Sunflower Lab

About: Sunflower Lab is an award-winning digital product and innovations agency with offices across North America and India. They aim to assist startups and brands to build innovative technology solutions. Sunflower Lab provides a variety of services to a variety of industries including information technology, consumer products, business services, retail, e-commerce, financial, and more. This company has done a precise job of branching out evenly to several different industries.

  • Associated Clients & Companies: Groove Dance Competition, Metro D.C. Government, WorthPoint, and more
  • Services: Web development (25%), mobile app development (25%), software development (20%), cloud computing services (15%), e-commerce development (10%), testing services (10%)
  • Client types: Small Businesses (<$10M) – 100%

Related: The Incredible Benefits of AI to Canadian Businesses

10) West Coast Infotech

About: West Coast InfoTech is a custom software development and digital marketing company. They provide an array of services including social media advertising, software development, website application development, and more. They have made their largest impact in the education sector, however, have also branched out to other industries such as advertising and marketing, hospitality, startups, e-commerce and more.

  • Associated Clients & Companies: Wifi Chai, Payroll Bureau, Topsource, Flatmates, and more
  • Services: software development (30%), web development (30%), e-commerce development (20%), digital marketing (20%)
  • Client types: Small Businesses (<$10M) – 70%, Medium Business – 30%

Related: VR in the ER: Benefits of Virtual Reality in the Healthcare Industry

The software industry has significantly impacted the ways companies operate as well as their interactions with each other. The internet and other new advanced technologies have shaped societal trends and will continue to in the coming years. In an industry with so much potential, companies are constantly looking to innovate and advance operations in order to differentiate themselves from competitors and ultimately improve potential inefficiencies.

This provides a unique opportunity for the software sector as several other industries do not have as many possibilities to expand and experiment. Many software companies today are likely eligible for government grants and tax incentives that finance businesses partaking in innovative activities or projects seeking technological advancement.

EVAMAX assists these companies in maximizing the potential benefits their business is entitled to.  Contact EVAMAX today for a no-obligation consultation.

 

 

Quantum Computing Guess Which Canadian School Just Joined the IBM Q Network

Although our advancements in the field of quantum computing are somewhat modest, we continue to focus on finding ways to accelerate our research. The power of quantum computing can lead to efficiencies that are not currently possible in our world and solve problems much too complex for computers today. At EVAMAX, we assist companies who are seeking innovation by securing grants and tax incentives to fund their business.

The main difference between classical and quantum computers is the way they store and communicate information. Classical computers use bits which have binary values of 0 or 1 to compute information. Quantum computers, on the other hand, use quantum bits, or qubits, which have a continuum of values of which it can take form, unlike normal bits who can only assume two values.

Related: $15M funding for Quebec’s First fully Integrated Industrial Wood Pellet

There are several companies and governments worldwide, including large and influential corporations such as Google, who are heavily invested in advancing the field of quantum computing research. Just recently, IBM partnered with a handful of universities to assist their research in quantum algorithms and quantum complexity theory.

These institutions included some of the most prestigious schools in the world, such as Harvard University and the University of Chicago, with the University of Waterloo being the only Canadian school in the pack. IBM connects with these schools through the IBM Q Network which is a community of Fortune 500 companies, startups, academic institutions, and research labs focused on quantum computing.

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

The purpose of the IBM Q Network is to prepare students for new careers and to further collaborative research in quantum computing with the hopes of discovering new efficiencies unavailable to society today.  This network allows IBM to provide its associates with quantum expertise, quantum resources, quantum software, developer tools, and cloud-based access to IBM’s universal quantum computing systems and quantum software.

The University of Waterloo, who is the sole Canadian school in the IBM Q Network, has become a global hub for quantum computing. The students and faculty involved are expected to research aspects of quantum computing that will enable more proficient quantum systems and expedite our current understanding of quantum algorithms and complexity theory.

Related: POINTCLICKCARE: Toronto-based Cloud Software received $186 Million

In April 2019, the federal government awarded uWaterloo with a $41 million investment which was split between four local organizations doing work in quantum computing. The government hopes that this investment will contribute to characterizing teams of researchers, tech experts, and engineers looking to develop innovations in the field of quantum research.

With regards to quantum computing and other advanced technologies, there is a substantial amount of room for innovation. The introduction of quantum computers into society will enable us to compute millions of calculations at once rather than just a single binary calculation, a potentially revolutionary technology. 

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

If you are a company related to the field of quantum computing or other advanced technologies, there are incentives implemented by the government to fund your business through Canadian tax incentive/refund programs. You may be missing out on innovation funding and other sources of financing that you are entitled to.
Contact EVAMAX today to discover how you can start identifying and maximizing your potential benefits.
 
 

VR in the ER Benefits of Virtual Reality in the Healthcare Industry

Throughout the 21st century, we have seen the most rapid growth in technological advancements ever experienced. Society is consistently trying to find improvements in the way we operate and solutions to problems that have not been sufficiently solved.

The up-and-coming role of virtual reality (VR) in the healthcare industry is no different from this. Although many people tend to relate VR with the video game and smartphone industries, there are many ways in which virtual reality is positively impacting and growing in the health sector.

Reducing Pain

VR therapy has been proven to impair and weaken the brain’s ability to process, and ultimately feel, pain. This new technique essentially immerses patients in specific virtual surroundings that provide them with rushes of multisensory inputs to the brain, diverting the patient’s attention away from the pain. Medical VR promotes mindfulness and teaches the brain to dissociate certain thoughts and emotions with the pain they experience. These virtual environments are customized and tailored to the user’s specific needs in order to successfully treat patients.

Related: The Incredible Benefits of AI to Canadian Businesses

The role of virtual reality in the health sector is an adjunct to other treatment methods such as physical therapy, hypnosis, and cognitive behavioral therapy. Virtual reality often cannot be the single cure to one’s pain considering that once a patient steps out of VR therapy, the pain can resurface. Instead, medical VR fosters rehabilitation and helps patients differentiate pain from suffering.

It is proven that patients are more likely to retain and engage in what they experience in a virtual environment. For example, patients facing chronic pain and requiring physical therapy may find serious discomfort in rehabilitation exercises. VR helps to gently exercise the identified body parts as well as extend one’s range of motion by impeding the brain’s ability to detect and process pain.

Related: Claiming AI /Machine Learning Centric Projects for SRED Tax Credits

Remodeling Patient Care

One of the several upsides to VR therapy is the fact that patients learn through their VR experiences at a higher level. Essentially, what a patient learns and experiences within their medical VR environment translates to the way they act and feel when they exit the environment as well.

From both a psychological and physical standpoint, VR can help improve the well-being of patients and identify possible solutions to unsolved issues. For example, VisitU is a company that provides hospitalized patients with virtual glasses, allowing them to connect with friends and family at home. This improves the psychological well-being of patients and helps them escape negativity they may face with regards to spending time in a hospital bed.

Related: The Strategic Innovation Fund (SIF)

Virtual reality’s impact on remodeling patient care has also shown to reduce costs. Although VR therapy is not a direct substitute for the medication and certain treatment techniques, it helps improve the speed and efficiency of the process.

For example, Mindmaze is an app that helps patients who have experienced a traumatic brain injury (eg. stroke) regain and recover lost functions. They do this by allowing patients to practice movements in a fun fashion, leaving a resounding impact on patient engagement and attitude. This can reduce both time and money spent on medication/treatments that may not achieve the necessary results. 

Related: Industrial Research Assistance Program (IRAP)  Funding for Tech SMBs

Improving Medical Treatment and Professionals

Medical professionals have found ways to incorporate virtual reality in beneficial ways with regards to how they learn and their approach to treating patients.  Nowadays, when surgeons are operating, VR allows the experience to be shared by several people. What was once only viewed by a handful of medical professionals can now be streamed for numerous students and other interested parties to witness. Not only does this promote learning through observation but it also provides a hands-on opportunity to teach through a virtual environment.

In addition, VR has improved the development of relationships between patients and medical professionals. It is believed that there is often a misunderstanding between young doctors and elderly patients due to the large difference in age. Medical students and young doctors may experience difficulties in thoroughly understanding problems seniors face considering they have little experience themselves. VR therapies allow young students to experience the challenges seniors face on a first-hand basis.

Related: Quantum Computing: Guess Which Canadian School Just Joined the IBM Q Network

Programs such as We Are Alfred place users in a virtual environment that portrays what it is like to live as a senior with hearing and visual impairments. Programs like these provide insight to young doctors that is unattainable without experience. This has helped to bridge the gap regarding large age discrepancies, ultimately improving the treatment of patients.

Although the role of VR in the health care industry has its limitations, it is evident that it provides positive benefits to those involved and is only growing larger. Considering we are living in a time of rapid technological growth, virtual reality in the health sector holds the potential to be a revolutionary technology in the coming years.

During the last year, over $1 billion was invested in artificial intelligence (AI) research and enterprises in Canada. The Canadian government encourages businesses to indulge in technologies, like AI and VR, by providing incentives regarding funding and building a competitive advantage over competitors.

If you are taking on a project looking to adapt or advance AI technologies such as VR, EVAMAX has found that you are not only a good candidate for SRED tax credits/refunds but also for other Innovation grants

EVAMAX Group has been assisting companies in the AI, VR, Software, and Innovation industries. To identify grants/tax incentives applicable to your company, contact us today.

 

Learn more about SRED from these Case Study:

SR&ED Case Study Creating new materials, devices, products or processes without technological advancement

 

The Incredible Benefits of AI to Canadian Businesses

In the past years, Canada has become the center for research of Artificial Intelligence or commonly known as AI. The federal government and many huge companies are investing to further study and support this development. 

Artificial Intelligence can make procedures smoother for businesses. These are the great benefits for business operations in terms of enforcing the use of Artificial Intelligence. 

Efficiently handle big data 

For any company, there are a huge amount of data that needs to process and organize. Some data gets outdated but by being connected to social media, mobile, cloud, or internet will help in updating the data necessary. This is commonly seen in a mobile application which asks access to customer’s public information.  

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

Implement automation  

Once automation is set up, the time required for processing will lessen. Time is a great value that can be never be turn back, by implementing automation, tasks that take a long time to accomplish can be easily finished in a short time. 

Faster analytics 

Analysis of data is one of the tasks that is required for any company. When the analysis is done by a person, the task itself can take a longer time period to accomplish compared to the analysis generated by technology. An example of this is the analysis that Netflix uses in providing suggestions for their customers. In opening an account in Netflix, customers are asked their preference which is in turn used to suggest shows that the customer is more likely to watch. 

Related: High but Not Dry: This Canadian Province is Taking the Cannabis Industry by Storm

More accurate forecasting 

Using all the data gained, the formulation of forecasting is more accurate compared to the forecast of a person. Once data is gained and analyzed, this can be turned to a forecast that conveniently saves time to prepare. For a salesperson, this is a big support in pursuing better prospects for a specific period of time. 

Improve customer experience  

Customers prefer to have a standard level of service when they interact with a company. They also want to have their issues resolved faster. Both of these are possible by administering AI on Customer Relationship Management. 

Related: VR in the ER: Benefits of Virtual Reality in the Healthcare Industry

Reduce operational time and costs 

Menial tasks are decreased, making it easier for personnel to focus on more complex matters. Ultimately, this is one of the main goals of utilizing Artificial Intelligence for businesses.  

These are just some of the benefits that can be gained by enterprises who incorporate the use of AI. However, handling Artificial Intelligence is not a simple task and companies should not blindly adopt the use of AI in their business, it is an important factor that they are aware of how the system works.  

In terms of funding, the government and other big companies are already investing in research. Startup Canadian businesses can benefit from getting funds with the help of the government. Find out more funding opportunities for AI, IT and Software


There are more funds that are being allocated for the AI sector and one of which is  Scientific Research and Experimental Development (SR&ED), the most generous R&D cash refund/tax incentive program. 


The field of AI is further expanding and its existence has already helped people in many ways. Whether it is applied to work or in our daily lives, it will make the process of longer tasks shorter or even instantaneous. This great movement in the technological world is advantageous.  

Related: Claiming AI /Machine Learning Centric Projects for SR&ED Tax Credits

We are in the age where Artificial Intelligence is no longer a science fiction of the past, instead, it is currently growing amidst us. This is a gateway that will bring out unlimited possibilities for the future. Whether one is a part of that industry or presently integrating it to business, everyone will be reaping benefits in the long run. In order to gain the full potential of using AI, Canadian businesses must embrace the change

With our expertise, we can assist you in preparing your application and position it for approval. Please contact EVAMAX Group to learn more. You may email us at info@evamax.com or call 1-877-711-7733.