Looking For Funding?
Written by ISIC // March 2, 2012 // Blog // 15 Comments
First, we’re assuming that since you’re on our page you’re obviously involved in science or technology innovation. We’re also assuming that you’d like to turn that idea into a business. A process often referred to as, Commercialization of Technology.
If that comes pretty close to describing you than the organizations mentioned in this article just might be able to help.
But before we get going I want to make sure you understand that WE ARE NOT A COMPANY OR CONSULTANT AND DON’T CHARGE FEES, COMMISSIONS OR TAKE EQUITY POSITIONS IN YOUR COMPANY. That’s right, we’re a non-profit and our services are free and without obligation!
Ok, now that we know who you are and you’ve got a sense of who ISIC is, let’s get down to why you’re here…..Funding and here’s the list you need. By the way, most of the following organizations have long, sometimes very long names, so we’ll give you the long version once and then immediately switch to acronyms.
National Research Council’s Industry Research Assistance Program (NRC/IRAP)
NRC
http://www.nrc-cnrc.gc.ca/eng/ibp/irap.html
This is probably the first place you’ll want to start your search. They can fund innovative business ideas and are focused on Small to Medium Enterprises or SME’s. More than just a funding agency, NRC/IRAP has access to engineering, scientific and technology expertise that can help you work through some of the development and business issues you may come across.
Sustainable Development Technology Canada (SDTC)
http://www.sdtc.ca/index.php?page=home&hl=en_CA
SDTC is a not-for-profit foundation that finances and supports the development and demonstration of clean technologies. They operate two funds aimed at the development and demonstration of innovative clean technological solutions: The $550 million SD Tech Fund and the $500 million NexGen Biofuels fund. SDTC supports project that address climate change, air quality, clean water and clean soil.
Scientific Research and Experimental Development (SR&ED)
http://www.cra-arc.gc.ca/sred/
Unlike the first two agencies, SHRED isn’t a “funder” in the traditional sense of things but is a valuable resource for getting money back from the government. SHRED is a Canada Revenue Agency (CRA) program that gives you a huge tax break on R&D costs you incurred while developing your product. You can claim up to 68% of your R&D costs as a tax credit. You’ve got to spend it first but it’s still a great program and one to take advantage of.
Innovative Clean Energy Fund (ICE)
http://www.tted.gov.bc.ca/ICEFund/About/Pages/default.aspx
A BC fund, ICE was established to encourage the development of new sources of clean energy and technologies that would help support local economies within British Columbia. They will support pre-commercial energy technologies, help showcase clean tech firms in BC and look at opportunities that demonstrate the commercial viability of new energy technologies.
Canadian Innovation Commercialization Program (CICP)
https://buyandsell.gc.ca/initiatives-and-programs/canadian-innovation-commercialization-program
This is a brand new $40 million program specifically targeted at bridging the pre-commercialization gap. It aims to help businesses by testing their innovative products and services within the Government of Canada before you take them to the marketplace. Their key priorities are: Environment, health, enabling technologies and safety & security.
BCIT, Commercialization Assistance Program (CAP)
http://www.bcit.ca/appliedresearch/arlo/caps/
BCIT’s Commercialization Assistance Program (CAP) offers support services to help entrepreneurs and small to medium sized businesses (SME) commercialize new services, products and processes. Companies approved into the CAP program receive assistance along the full commercialization path from concept to commercial success. New product development, prototype builds, product testing, IP assistance and market research can qualify for funding assistance.
Western Economic Diversification Canada (WD)
http://www.wd.gc.ca/eng/244.asp
WD offers numerous funding and assistance programs, often working in partnership with financial institutions and not-for-profits with the aim of improving access to funding for SME’s. Funding for business generally involves assistance in financing and unlike grants, there is an expectation of repayment.
These are the key provincial and federal agencies and organizations that you should be in touch with. Here at ISIC, we can help you navigate your way through the process and a word warning: These government funding opportunities come with a lot of paperwork attached to them. Be prepared but in most cases the funds you receive are grants and don’t have to be paid back, so the paperwork that keeps track of the process is definitely worth your time.
Finally, and although it sounds crazy, it’s not all about the money. When you work with these groups you end up meeting some very knowledgeable and experienced people. The information and contacts you gain will often be more valuable in the long term then the funding they will hopefully provide.
15 Comments on "Looking For Funding?"
trying to find you on facebook, wats ur profile
You can find us on Facebook at http://www.facebook.com/pages/Interior-Science-Innovation-Council/132005287688 or search Interior Science Innovation Council. We can also be found on Twitter @interiorscience
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Thanks for the post, it helped me quickly learn about the funding options for startups in BC.
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