For a budding entrepreneur, having a solid business plan is vital for a good start to their venture. With a good business plan, the entrepreneur can approach prospective financiers to kick start their dream. Typical sources of such financing may come from personal assets, financial institutions, venture capitalists and/or government funding.
Depending on the type of business, it may be possible to obtain government grants/funding; this post will look at a few such nationwide programs and it covers a variety of industries to show the scope. There is a link at the end of the article that provides the full list of programs and can be narrowed down by province.
The AgriInnovation Program is a 5-year, up to $698 million funding initiative designed to enable the conception, usage and transfer of new technologies in the agricultural sector (Industry-led Research and Development Stream) and facilitate the commercialization of such innovations (Enabling Commercialization and Adoption Stream).
The funding structure for the program ending on March 31, 2018 is split into two categories: $468 million is reserved for funding application-based projects and the remaining $230 million is available to Agriculture and Agri-Food Canada’s research and development activities and program administration. The total maximum contribution to an applicant from both (Industry-led R&D and Commercialization) streams cannot exceed $10 million per year.
Aquaculture Collaborative Research and Development Program
The Aquaculture Collaborative Research and Development Program (ACRDP) is a Fisheries and Oceans Canada (DFO) initiative meant to promote collaboration between the aquaculture industry and department by fostering teamwork in research and development activities that fall within the purview of DFO and are designed to meet the needs of aquaculture producers.
The project objectives that fit the program mandate encompass fish health and environmental performance. ACRDP funding is limited to $2 million per year. The program requires contributions from both parties (industry and department) and may be in the form of cash or in kind. The minimum industry contribution is 30% of the ACRDP amount requested (at least 7.5% in cash).
Collaborative Health Research Projects
The Collaborative Health Research Projects (CHRP) is a joint initiative between the Natural Sciences and Engineering Research Council of Canada (NSERC) and the Canadian Institutes of Health Research (CIHR). The program aims to support research projects in any field of engineering or natural sciences. A qualifying project could be one that provides health benefits for Canadians and better health services and/or economic development in health-oriented areas. The funding period can be up to 3 years.
Canada Feature Film Fund
The Canada Feature Film Fund offers Canadian-owned and/or controlled film production businesses the opportunity to seek financial assistance through different programs such as the Development Program, Production Program, Marketing Program, Micro-Budget Production Program, International Marketing and Festival Participation Program and Theatrical Documentary Program.
Part Two of this series will look at a few more national-level programs. In the meantime, if you are interested in exploring further, you can find the comprehensive list of programs here.
Have you or your company used one of the programs listed in this article? If so, do you have any insights from a former/current beneficiary’s perspective?