ConnectivInnovation recently completed its sixth and final Innovation Peer Group session with TechConnex. The subject of this session, which took place in late June, was Government Funding, a topic dear to many businesses around the country. The guest speakers came from two different but very complementary organizations and points of view – Brian Cookson, President and Managing Director of RDP Associates, and Rami Posner, Innovation Advisor at the National Research Council.

Both speakers brought invaluable insights into the various funding options available for SMEs, and explained how businesses can maximize and leverage government funding. Here are five essential tips from this session:

  1. The decision to apply for a grant should be strategic
    Look at grants as a way to leverage the initiatives that are already part of your strategy or plan. What that means is that you should have decided on the initiative as the right thing to do for your business and applying for a grant will provide for additional funds to achieve the result faster or expand the project to cover additional work you would like to accomplish. The grant will also help to decrease the financial risk of undertaking the project.
  2. Know what funding is available to meet your goals
    Did you know that Canada gives out more government grants than any other country? While this is great news, with the multitude of programs available and with changing governments, these can be confusing times. Sometimes we hear of funding opportunities too late or we get deep into a funding application only to find out we’re not eligible, or funds have run out. Organizations such as RDP Associates and NRC’s Concierge Service can help you navigate the grant funding landscape.

Read about the remaining tips on ConnectivInnovation’s blog page.