Last week’s 2018 Federal Budget ushered in a bold and transformative modernization of incentives for business. Over the next two years, many of the innovation funds currently available to businesses will undergo changes. Here is a shortlist of the top three funds affected and information on how these changes will affect your business.
- Strategic Innovation Fund. This $1.26B fund provides grants and repayable contributions to businesses across Canada to spur innovation.
2018 Update. This fund is currently accepting applications for eligible projects of all sizes, but in the future will only focus on projects with eligible costs of more than $10M.
- Industrial Research Assistance Program (IRAP). This program, administered by the National Research Council (NRC), provides grants and contributions to SMEs from any region and from any sector for innovative research, development and commercialization projects.
2018 Update. The max. amount per project will increase from $1M to $10M.
- Programs at Regional Development Agencies. Canada has six regional development agencies (FedDev Ontario, Western Economic Diversification, Atlantic Canada Opportunities Agency, Canada Economic Development for Quebec Regions, CanNor, and FedNor) administering 22 popular programs across the country, including: Investing in Business Innovation, Investing in Business Growth and Productivity, Western Innovation Initiative, Atlantic Innovation Fund and Quebec Economic Development Program.
2018 Update. The government will explore ways to simplify this suite of programs over the next year. It is proposed that the agencies will place greater emphasis in helping firms scale up, develop new markets and expand, as well as assist with the adoption of new technologies and processes. Proposals on how to consolidate programs are in the works.
Learn how can your business take advantage of new and existing programs by ordering a custom Funding Sources Report.