Innovation within Canadian business is driven by factors including government support, a highly educated workforce, and a culture of entrepreneurship. Canada has a strong reputation for innovation in industries such as technology, healthcare, and natural resources.
Due to a lack of venture capital funding and a low level of collaboration between businesses and research institutions, innovation funding can have its obstacles in the true North. Overall, Canadian businesses continue to prioritize innovation as a key driver of growth and competitiveness, with a focus on sustainable and socially responsible practices.
The CanExport Innovation Program is a Canadian government initiative aimed at supporting small and medium-sized enterprises (SMEs) in developing and expanding their global innovation efforts. The program provides financial assistance to SMEs seeking to collaborate with international partners on research and development projects or to commercialize their innovations in foreign markets.
Eligible businesses can receive up to $75,000 in non-repayable funding to cover up to 75% of eligible expenses such as travel, accommodations, and legal fees. The program also offers guidance and support through a network of Canadian Trade Commissioners and international partners. CanExport Innovation aims to strengthen Canada’s innovation ecosystem and enhance global competitiveness for Canadian SMEs.
The program funds small and medium-sized businesses which fulfill the specific criteria. It aids them in fostering a new relationship with the R&D and international partners. With this program, you can secure funding of up to $75,000 for your international expansion.
Not every business can apply for this grant, there are certain criteria that Canadian organizations must abide by. The program only supports small and medium-sized enterprises, academic institutions, and research centers. Any organization beyond this cannot apply.
Moreover, the organization should be registered in Canada. It is also necessary for a business to have a CRA number. Furthermore, as a business owner, you should have IP rights to all the technology you are using in your organization. Your prototype should be above or at par with technology level 4. Lastly, you should have a plan to launch the technology within five years. If you need a foreign partner to apply, you may email written proof of the partnership to the authorities.
Our experienced CanExport grant writers can assist you in obtaining a CanExport Innovation Program grant by providing valuable insights and crafting a compelling grant proposal which stands out from the competition. Over the years, we have helped numerous businesses secure CanExport Innovation Grants.
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