Yet many companies do not claim, simply because they are unaware that these types of programs exist.
There are a ton of these programs, though once you discover them it can be time consuming to determine which ones fit your particular business needs. Common questions: “What does the application process look like?”; “How much money will I have to contribute?”; “Is this a loan or a grant?”
There are multiple forms of innovation funding that government departments and agencies provide for businesses. This includes grants, tax credits, contributions, subsidies, and loan guarantees.
One helpful tool is the Government of Canada’s Concierge Service, which was created to help Canadians find and access information about programs and resources in support of business innovation
Another option for learning about the most impactful innovation funding programs is a paper titled “Your Ultimate Guide to Innovation Funding,” which includes:
- Criteria for over 20 popular funding programs;
- Information about 5 programs to help you hire your next employee or intern;
- And an eligibility chart to help you figure out which program fits your needs.