Powerhouse provinces for R&D
Support for Canadian entrepreneurs comes from many sources and both the federal and provincial governments offer incentives to build and foster successful start-ups. The R&D ecosystem across Canada is a function of powerhouse provinces that support entrepreneurs with incubators and accelerators embedded within major universities and technology hubs.
The Scientific Research and Experimental Development (SR&ED) program is perhaps the best-known incentive tax credit designed to amplify research and development (R&D) activity. The R&D ecosystem across Canada is a function of powerhouse provinces that support entrepreneurs with incubators and accelerators embedded within major universities and technology hubs. These resources vary from province-to-province so we have highlighted a handful of provinces that have gone to extra lengths to attract and retain businesses seeking growth through innovation.
The innovation landscape in Canada is changing rapidly. As cities and provinces build their reputations as centres of excellence, new programs, institutions, funding sources and policies are emerging that have the potential to change your business’s trajectory. Unfortunately, these resources aren’t always easy to find which is why we have compiled this provincial guide: to help entrepreneurs access the support and resources available locally, provincially and federally. As an entrepreneur, it’s important to make sure you’re aware of resources locally, provincially and federally that could take your business to the next level.
What resources are available to me?
The resources available to Canadian entrepreneurs are too numerous and diverse to list in full, but there are a few major categories of funding and guidance that you should be aware of. These include:
- tax incentives and other initiatives aimed at encouraging innovation in the private sector;
- non-dilutive grant funding similarly designed to foster innovation by helping businesses finance research and new technology; and
- other resources available at the local and provincial levels (e.g., start-up incubators and accelerators, regional innovation centres and centres of excellence).
Can my business benefit from these resources?
Whether you’re considering expanding, hiring new talent, scaling an innovative product or entering new markets, don’t overlook the resources available to you from these programs such as mentoring, partnerships and funding. In addition to a host of federal and provincial tax credits and grant opportunities targeted toward businesses at all stages of development, there are also programs and networks at the community level that can connect you with the resources you need to move your business forward.