Archive for the ‘Government Funding’ Category

New FedDev Funding For Rural Innovation Projects

SMEs operating in rural Southern Ontario within priority sectors such as advanced manufacturing, clean technology, digital industries, and food processing and Agtech may be eligible to receive a non-repayable grant to cover up to 50% of eligible project costs for a maximum of $100,000 through the FedDev Rural Innovation Initiative (RII) Regional stream. 

FedDev is dedicating $100M, over the next three years, to spur investment in rural southern Ontario. The recently launched Rural Innovation Initiative (RII) Regional Stream aims to invest in local projects that support high-potential enterprises and the transition of traditional rural sectors and business to the new rural economy.

Supported projects will strengthen competitiveness, productivity, business growth, process innovation, new market access, creation and retention of employment opportunities, the re-skilling of the industrial workforce, incremental sales and increased profitability.

Priority will be given to projects that advance the economic participation of youth, women, Indigenous peoples, persons with disabilities, newcomers, and visible minorities.

Applications will be accepted on an ongoing basis starting on May 21, 2019, with project activities to be completed by December 31, 2020.

Eligible Costs may include:

  • Labour
  • Expertise
  • Non-Capital
  • Capital

Eligible Activities may include:

  • New materials
  • Cutting edge services software
  • Integrated solutions
  • Cloud computing
  • Rapid prototyping and engineering
  • Robotics and automation
  • Machine learning
  • Extended intelligence, etc.

Is your company looking for funding to support innovation and business growth initiatives? Contact us today to discuss your projects and find out how much funding your company could receive.

Health Innovation Week Showcases Canadian Medical Technology Advancements

This year marked the 6th annual MaRS Health Innovation Week (HIW), Canada’s largest gathering of health startups, investors and the health ecosystem, as over 4,000 attendees collected to network, secure funding, and learn from industry experts.  HIW events were focused around three key conferences this year including HealthKick Adopt, HealthKick Investment, and HealthKick Focus.

Health Innovation Week 2019, Healthkick Invest

HIW kicked off with HealthKick Adopt, where health institutions, decision-makers and entrepreneurs came together to drive the adoption of the latest health solutions in local and foreign markets. The HIW Healthkick Focus events explored “How AI Will Transform the Pharma Industry” and “The Intersection of Innovation and Aging.”  

Next came HealthKick Invest, which is the largest early-stage health investment conference in Canada.  It provided a platform for attendees to connect with global venture capital funds, family offices, angel investors and other capital partners through a series of investment panels, networking events, one-on-one meetings and the HealthKick Challenge pitch competition.

Medical technology startups pitched to Canadian and U.S VCs, other investors, c-suite leaders and industry partners for a chance win up to $25000 in cash prizes as well as in-kind services valued up to $10000 at the Healthkick Pitch competition. The competition showcased 16 Medical devices, pharma & biotech, and digital health companies, and three finalists were then chosen from each industry category.  The pitch competition prize was awarded to Nanology Labs, a pharmaceutical company that harnesses advanced nanotechnology to detect and treat cancers at the early stages. In kind services were awarded to the runners up, Managing Life, an industry-leading digital pain management solution, and ImmunoBiochem Corporation an oncology biotechnology company that is innovating the targeting of heterogeneous solid tumors.  

Healthkick Pitch Competition Finalists (Top left: Christopher Jones, Partner at Blakes. Top right: Mohammad Ali Amini, CEO at Nanology Labs. Bottom left: Tahir Janmohamed, CEO at Managing Pain. Bottom right: Anton Neschadim, CEO at ImmunoBiochem)

Fundraising panel discussions provided attendees with the opportunity to gain investor insights on deal making, raising capital, expectations following investment, and the effects of public markets on private health investing. The panel emphasised the importance of startups having alignment with the investor, understanding what value the investor brings to the table other than just money, and maintaining trust and transparency with investors after the close.   

Investing panel discussions ran in parallel with the Fundraising panels and addressed digital health, medical device and therapeutics investing, multinational partnering and corporate venture capital investing, as well as Angels and family offices investing in Health. The investing panels wrapped up with a discussion on “Why Invest in Canada,” which identified Canada’s medical technology infrastructure and talent arbitrage as major advantages amidst current political and economic volatility. But the panel also highlighted a lack of Canadian aspiration, emphasizing the need for a change in mindset to dream bigger in order to create anchor companies and advance medical technology commercialization.  

Tags: , ,

Budget 2019: Highlights for Businesses

Federal Finance Minister Bill Morneau’s election year budget, tabled on March 19th, 2019, forecasted a deficit of $19.8B for fiscal 2019, with deficits projected to decline gradually to $9.8B by 2023.

No additional measures were proposed to provide business tax reductions, or to address the 2018 Fall Economic Statement announcements regarding an Accelerated Investment Incentive or the immediate write-off of manufacturing/processing and clean energy machinery and equipment in response to the recent U.S. tax reform.  

The initiatives proposed in Budget 2019 are heavily focused on investments in skills and training and offer some limited benefits to Small- and Medium-Sized Enterprises (SMEs).

SR&ED Enhanced Tax Credit Rate Eligibility Amended

The Scientific Research and Experimental Development (SR&ED) Tax Incentive Program provides a  basic 15% , non-refundable credit to all businesses performing SR&ED in Canada. Eligible small and medium-sized companies can qualify for enhanced 35% refundable tax credit rate of qualifying SR&ED expenditures up to $3M per fiscal year.

Eligibility for the 35% rate is determined by a business’ level of taxable capital and income from the prior fiscal year. 

  • The taxable capital threshold is between $10M and $50M.
  • The taxable income threshold begins at $500,000 taxable income in the prior year and reduces current fiscal year eligibility for the enhanced credit on a sliding scale until $800,000 taxable income in the prior year.

Budget 2019 proposed to eliminate the income threshold to qualify for federal enhanced (refundable) SR&ED investment tax credits for taxation years beginning on or after March 19, 2019, for SMEs, in order to increase support for SMEs that are scaling up their R&D efforts or have variable income from year to year. The capital threshold will continue to apply.

The proposed changes will allow SMEs to continue to receive refundable tax credits on up to $3M in expenditures, regardless of their profitability. 

Corporate Rates and Employee Stock Option Deductions (Compared to U.S. Tax Measures)

Despite tax-payer anticipation for Canadian corporate tax rate reductions in accordance with recent U.S. tax reform, there were no proposed changes in Budget 2019 to the corporate income tax rates or to the $500,000 Small-Business Deduction Limit for Canadian-controlled private corporations (CCPCs).

Budget 2019 proposed to impose a $200,000 annual cap on employee stock option grants for employees of large, long-established, mature firms in alignment with the U.S. tax treatment. Employee stock option benefits of startups and rapidly growing Canadian businesses will remain uncapped.

Further details of this measure will be released before the summer of 2019.

Canada’s Innovation and Skills Plan is Ongoing

Canada’s Innovation and Skills Plan was launched in 2017 to help Canadian businesses start up, scale up, and become globally competitive.

  • In February 2018 the Government announced a $950M investment in five regional industry-led innovation superclusters including digital technologies, food production, advanced manufacturing, artificial intelligence in supply chain management, and ocean industries. These superclusters have assumed operation and are expected to create 50,000 jobs and add $50B to the economy over the next 10 years. 
  • The $1.2B Strategic Innovation Fund was launched in July 2017, to spur Canadian innovation by supporting the costs of direct labour, subcontractors, and consultants, as well as overhead, direct materials and equipment, land and building, and other direct costs. As of January 2019, the Fund had secured 31 investment agreements from leading researchers and manufacturers, worth a total of $8.1B, including a federal investment of $795M. Budget 2019 proposes to provide a further $100M over four years, starting in 2019–20, to the Strategic Innovation Fund (SIF).  The SIF will leverage private sector co-investments in order to support the activities of the Clean Resource Innovation Network.
  • Innovative Solutions Canada was launched in December 2017, replacing the Build in Canada Innovation Program (BCIP), to help companies bridge the technology gap between the R&D stage of projects and the pre-commercialization phase through government acquisitions. The program will dedicate over $100M annually by the end of March 2020 to support challenges issued by twenty participating federal departments and agencies to address federal government needs.
  • The first Canadian National Intellectual Property Strategy was proposed in Budget 2018. Budget 2019 announced intent to move forward with a pilot Patent Collective, to help Canadian start-ups and small and medium-sized enterprises pool together vital intellectual property assets.

Workforce Development Investments

Budget 2019 proposed investments in talent acquisition and skills training that impact businesses including: 

  • $35.2M over five years, starting in 2019, with $7.4M per year ongoing to make the Global Talent Stream a permanent program to give Canadian businesses enhanced access to top global talent. The Global Stream Talent pilot project was a part of the Global Skills Strategy that was announced in the 2016 Fall Economic Statement.
  • More than $1.7B over five years, and $586.5M per year ongoing to: (1) implement a Canada Training Benefit which will include a new, refundable Canada Training Credit (CTC) to help cover up to half of eligible tuition and fees associated with training, and (2) to implement a new Employment Insurance Training Support Benefit to provide income support when an individual requires time off work As of 2019, eligible individuals will be able to accumulate $250 annually (up to a maximum of $5,000 over a lifetime) that can be applied towards eligible expenses beginning in 2020.
  • An additional $150.0M over four years, starting in 2020, to Employment and Social Development Canada to create up to 20,000 additional work-integrated learning opportunities annually in partnership with innovative businesses.

Additional Funding Proposed in Budget 2019

  • $100M over three years (on a cash basis), starting in 2019, to Western Economic Diversification Canada to increase its programming in western Canada.
  • New Strategic Science Fund starting in 2022, which will operate under a principles-based framework for allocating federal funding for third-party science and research organizations. The Minister of Science will provide more detail on the Fund over the coming months.
  • Implementation of new Regulatory Roadmaps for reviewing and modernizing regulatory requirements and practices that impede innovation and growth in the following high-growth sectors:
    • Agri-food and aquaculture
    • Health and bio-sciences
    • Transportation/infrastructure

This includes the establishment of a regulatory sandbox for new and innovative medical products such as tissues developed through 3D printing, artificial intelligence, and gene therapies targeted to specific individuals. Further details will be released in the coming weeks.

New FedDev Funding Announced- Business Scale-up and Productivity Stream

If your company is a Canadian or provincially incorporated businesses located in southern Ontario you may be eligible to receive a repayable grant to cover up to 35% of eligible project costs for a maximum of $10 million per project through the FedDev Stream 1: Business Scale-up and Productivity Stream.

The recently announced Business Scale-up and Productivity Stream aims to accelerate the growth of firms and assist with the adoption and adaptation of new, innovative technologies that support scale-up, productivity, development of and entry into new markets to help companies become globally competitive.

Applications will be accepted on an ongoing basis with no submission deadlines.

Eligible costs include:

  • Labor
  • Expertise
  • Non-Capital
  • Capital

Eligible applicants must demonstrate:

  • A minimum of 65% funding available for the project.
  • A sustainable business model
  • Financial, managerial, technical, and operational capacity
  • Minimum of 5 full time employees.
  • Market/industry demand
  • Potential for market growth
  • A viable project plan

Preference will be given to projects focused on issues and opportunities identified by FedDev Ontario as priority sectors, or projects that reinforce Ontario’s competitive advantage.

Tags: , , ,

Elevate TechFest Sets the Stage for Canadian AI – Powered Medicine

For the second year in a row, Elevate TechFest, Canada’s largest technology and innovation festival, took over downtown Toronto in September as over 10,000 members of the tech community, including investors, government, media, start-ups, talent and next generation innovators all gathered to “disrupt together, celebrate diversity and inclusiveness, and proudly showcase the best of Canadian innovation.”

As a community driven festival, Elevate provides a shared stage for Canada’s booming high tech startup ecosystem to showcase their work, and to learn and network through numerous events, educational presentations, award ceremonies, and social gatherings. The result is an exceptionally inclusive and collaborative entrepreneurial platform which highlights Canada’s greatest competitive advantage to attract talent and investment for the next generation of innovation.

This is particularly relevant in the fields of AI and health/medical technology, with Canada being uniquely poised to drive AI innovation in the healthcare field as a global leader in AI technology with its universal healthcare system. Canada’s strength in AI and medical technology was emphasized throughout the various Elevate events and tracks by the prevalence of growing companies developing machine learning and digital health solutions with the goal of democratizing AI powered medicine.

Industry leaders such as Al Gore, Eric Schmidt, Tobias Lutke, Minister Navdeep Bains, Whitney Wolfe Herd and Wyclef Jean, shared the main stage on September 25 to discuss the role of technology and collaboration in shaping the future.

Keynote: How Technology Drives Global Change with Al Gore

Keynote: How Technology Drives Global Change with Al Gore

In a fireside chat moderated by co-founder and CEO of Canada Learning Code, Melissa Sariffodeen, Innovation Minister Navdeep Bains discussed the federal Economic Strategy Table interim report and ‘How Canada Wins’ with Tobias Lutke, Shopify CEO and the Chair of the Digital Industries group (that is advising the government on improving the digital economy). The Economic Strategy Tables are a new model for industry-government collaboration that were announced as part of the Government of Canada’s Innovation and Skills Plan to support economic growth in six key sectors: advanced manufacturing, agri-food, clean technology, digital industries, health/bio-sciences and resources of the future. According to Lutke, Canada needs more “anchor” or “freight train” companies which have “an outsized impact on the ecosystem.”

Top Canadian AI startups were invited to pitch their ideas for a chance to win $1,000,000 and the attention of international media, investors and global tech leaders at the ElevateR pitch competition taking place as part of the Main Stage events. Finalists Elucid labs and Aifred Health pitched live before Al Gore’s keynote address. Elucid Labs, a Waterloo based company that is developing a non-invasive digital biopsy device for detecting and diagnosing dermatological disease, was named the people’s choice winner. Aifred Health, the runner-up in the competition, is a Montreal based company using machine learning to increase treatment efficacy in mental health by creating a deep-learning based clinical decision tool for physicians to bring personalized medicine to psychiatry.

ElevateR 7

2018 ElevateR Pitch Competition – AI Edition

During the event, Toronto based Daisy Intelligence, an AI software-as-a-service company targeting the retail and insurance industries, announced that they had secured a $5M investment from Espresso Capital. Daisy Intelligence CEO, Gary Saarenvirta, acknowledged government funding programs such as SR&ED in supporting the company.

Aifred’s CEO, David Benrimoh spoke about ‘A new hope for personalized Mental Health’ as part of the Elevate Educate Health track on September 26, which provided a platform for discussions emphasizing the growth and impact of technology solutions in mental health. The track featured keynote discussions on topics such as ‘Democratizing access to mental health using technology’ by Sam Duboc, Chair and CEO of Beacon, and ‘Chat Bot solution for mental health’ by Lexi Kaplin and Alexandra Reeves of Conversation Health.

Using innovation for better access to mental healthcare with Alisa Simon, Hemai Parthasarathy, Sam Duboc, and Sean Kidd.

Adjoining the Health track at Elevate Educate, the Cannabis track featured keynote speakers from federal, academic and industry policy experts, thereby providing a shared stage for an open dialogue for patients, growers, innovators, and healthcare providers on pain management, cannabis legislature, and technology solutions.

Opioid Crisis and the Cannabis Opportunity with Kelly Narine of Aurora, Ed Sellers of the University of Toronto, Dr. Bernard Le Foll, Dr. Michel Verbora from Aleafia and moderator Ying Tam Managing Director, Health Ventures at MaRS

The strength of Canadian Medtech companies was particularly emphasized at the Elevate Educate AI track by several growing startups that are pushing the boundaries of AI powered medical technology. Various companies attended, such as Phenomic AI, which is developing deep learning solutions to automate and accelerate drug discovery; BenchSci, a reagent intelligence platform; Swift Medical, which is developing  the world’s most advanced and comprehensive wound care management software; tealbook, a platform providing centralized supplier  knowledge and discovery, and Cloud DX, a medically accurate, consumer/clinical vital sign platform.

AI Spotlight: Automating Drug Discovery with Oren Kraus of Phenomic AI

AI Spotlight: Automating Drug Discovery with Oren Kraus of Phenomic AI

 

AI Spotlight: How AI Will Transform B2B with Stephany Lapierre of tealbook

AI Spotlight: How AI Will Transform B2B  with Stephany Lapierre of tealbook

The rapid growth of AI and  availability of data in the age of information also raised important ethical discussions on the Elevate AI stage in regards to ownership, trust, use of information, data breaches, questionable data practices, and privacy debates. And there could not be a better time or place for these discussions to occur than in the country that has produced some of the most well known experts in AI, such as deep Learning pioneers Geoffrey Hinton and Joshua Bengio. When discussing the role of Canada in the AI revolution at the 2017 Elevate AI track, Bengio noted that “we had the foresight to invest in something risky…and we built something in terms of critical mass.” As a global leader in disruptive technologies such as Artificial Intelligence, FinTech and Blockchain, which will radically transform how we live, work and interact, Canada is emerging as a lucrative and inclusive epicenter of the advanced technology revolution which is drawing global talent, ideas, and investment. In particular, the startup community in the Waterloo-Toronto tech Corridor has exploded over the past few years, especially in areas such as AI and Medtech, thereby attracting private and public investment. Speaking at the 2018 Elevate TechFest,  Layer 6 AI co-founder and chief AI office for TD Bank, noted that “We are at a unique moment time when this industry around artificial intelligence is first starting to grow and we need to jump on this opportunity… we have an opportunity to transform the world.”

The New Normal? Institutionalizing Ethics in the Age of Algorithm with Hessie Jones, Carolina Bessega,  Ann Cavoukian,and Carol Piovesan,

The New Normal? Institutionalizing Ethics in the Age of Algorithm with Hessie Jones, Carolina Bessega, Ann Cavoukian, and Carol Piovesan.

Trust as a Value Creator: The Georgian Impact Model with Jason Brenier of Georgian Partners
Trust as a Value Creator: The Georgian Impact Model with Jason Brenier of Georgian Partners

Elevate Main Stage, Co-founder and CEO Razor Suleman announced the festival’s 2019 theme, Moonshots, following the 50th anniversary of the moon landing. Next year’s festival will welcome acclaimed Canadian astronaut and bestselling author Chris Hadfield as a keynote speaker on the Main Stage. Chris and Helene Hadfield will serve as 2019 Co-chairs of the Elevate Founders Board. “We couldn’t think of anyone better than Chris Hadfield to help us explore far-reaching ideas and the future of tech and innovation at Elevate,” said Suleman.

 

Elevate: Moonshots will run from September 23-27, 2019.

Get your tickets today!

  • Subscribe to our feed
  • NorthBridge Consultants' Government Funding Blog is dedicated to bringing businesses news and information to help them identify and access the most appropriate government funding programs.

    We offer opinions and insider information that can provide a pulse on government initiatives, the health of the Canadian economy, and firsthand thoughts from Canadian business owners.

Most Recent Entries

Upcoming Events