Fundica Blog

Whitepaper – The Finding Funding Process and Costs (Part 1 and 2)

Wed, 31 Aug 2011 15:01:00 -0500

This whitepaper examines the process of finding funding for entrepreneurs. Finding funding steps will be examined, followed by the costs associated with each step. This whitepaper will consider grants, tax credits, loans, loan guarantees, and equity funding programs/products in the finding funding process.

Finding Funding Steps

The finding funding process can be logically broken down into the following steps:

1. Identification

2. Validation

3. Application

4. Verification

Identification

> Business Location
> Year of incorporation
> Industry/industries
> Legal ownership type
> Age of controlling shareholders
> Number of full time employees
> Revenues in the last year

The secondary criteria would include the entrepreneur’s focus, project, or specific needs. These secondary criteria, among other elements, include:

> Areas of operation
> Exporting
> Equipment purchasing/leasing
> Energy optimization
> Product or process development
> Product or process modification
> Collaborative development
> Hiring of interns
> Hiring of full time employees
> Hiring of contractors
> Training of employees
> Strategic transactions

Attempting to manually sort through these criteria for an entrepreneur with an evolving focus or need can be challenging, overwhelming, and for many a seemingly endless process.

The identification step is often carried out in an unsystematic manner by searching the web and manuals or CD-ROM directories, speaking with friends and colleagues, and talking to different funding advisors. However, with thousands of funding programs available that are constantly changing, it is impossible to maintain a current, relevant, and appropriate list of funding programs/products without an online, up-to-date database. Ideally, this database should be updated by the funding providers, by automated program/product validation algorithms, and by the solution provider as well. Effective identification should significantly reduce work and costs for the entrepreneur, while greatly improving the accuracy of the funding programs/products found.

Validation

The validation process should ideally be carried out by an expert that is knowledgeable in the programs/products identified. This is an important step, but like funding identification, should not be a costly or lengthy part of the process.

Application

After a funding program/product has been identified and validated, an application must be sent to the funding provider. Generally, the application step needs to be completed before the related expenditures are funded; but in certain instances, most notably with certain tax credits, it may be undertaken following the expenditures. The application process can be as simple as a one page application form, but could also require much more detailed information, such as: financial forecasts, full business plan, technical reports, or other documents. Many applications are very specific in what they are looking for, but there may or may not be well defined documents related to the application process to assist the entrepreneur.

In certain cases the application process is relatively straight forward and does not require any specific expertise, but in other cases (often applications for more significant amounts) the application process can be quite demanding and require specialized expertise and experience.

Verification

Prior to acceptance of the funding program/product by the funding source, the application must be verified by an authority. This may involve an in-depth review or audit process, or may simply be a simple acceptance or refusal. The best way for an entrepreneur to ensure verification for the funding product/process is to ensure that the funding identification, validation, and application were well done. This should naturally lead to approval in the verification step.

Ideally, the verification process is carried out by the same team that worked on the application process. In certain cases, additional specialized expertize needs to be bought in, but this is often more costly at this stage of the process.

Find Funding Costs

When seeking for appropriate funding it is important to think about return-on-investment with respect to the program/product, just like with any new project or new activity undertaken by an entrepreneur. It is important to consider the application and verification costs mentioned above, but also the carrying and administration costs on a time value basis. Certain programs/products are simply not worth applying for because their internal and external costs outweigh the benefits. Conversely, some other programs/products should always be applied for as the costs are not significant.

Identification and Validation Costs

The identification and validation costs for finding funding may vary tremendously depending on the approach taken to find these funds. The most appropriate approach is not to spend internal or external time on this function, but to use a reliable and up to date online find funding database system. The typical entrepreneur can spend between 1 and 20 hours per program/product on funding identification and validation, which can be a fairly significant and can often incur hidden costs (see chart below) and in many cases will not even lead to finding the most appropriate programs/products!

Application and Verification Costs

Application and verification costs can vary quite significantly and will depend on the program/product being applied for, expertise of the team involved, cost of the team, and other application fees (if any) involved with the funding process. The costs, besides the application fees, are generally invoiced on an hourly basis, as a fixed amount, as a retainer amount, as a success fee, or as a combination of these approaches. It is also important to include internal costs in the true total cost. The typical entrepreneur can spend between 2 hours and 50 hours for simple grants and tax credits, and up to hundreds of hours for complex grant, tax credits, loan, or equity applications.

Carrying and Administration Costs

The carrying and administration costs include interest, on-going administration or compliance costs, and on-going fees. These costs vary significantly from one program/product to the next. As with the other costs, it is important to include these costs in calculating the return on investment of a program/product. There is no typical situation for carrying and administrative costs – it is very dependent on the exact program/product.

Summary

In summary, it is important to understand the steps (identification, validation, application, and verification) and total costs (identification, validation, application, verification, carrying, and administration) in the funding process. To simplify the funding process and maximize the benefits:

> Efficiently identify and validate appropriate programs/products, preferably using a reliable and up-to-date online database system;

> Ensure only the undertaking of attractive return-on-investment programs/products; and

> Put together an effective and appropriate team for each specific funding program/product.

This was created by Mike Lee, Eng., MBA, CFA and Partner at Fundica (www.Fundica.com). Fundica is an up-to-date, extensive on-line funding identification tool. Fundica allows entrepreneurs to intelligently identify and be notified of relevant and appropriate grants, tax credits, loans, loans guarantees, and equity funding programs in Canada. We think of it as the best way to find funding in Canada.

Normes de service de la RS&DE – Temps de traitement des demandes

Wed, 26 Jan 2011 08:11:50 -0500

Le programme de RS&DE a récemment dévoilé de l’information sur leurs normes de service pour les traitements de demandes et sur leur taux de réussite en ce qui concerne le respect de ces normes. L’ARC a établi des temps de traitement de demandes qui dépendent à la fois du type du demandeur et de la demande. Par exemple, les demandes qui comportent un remboursement devraient être traitées dans les 120 jours calendriers suivant la réception de celles-ci alors que les demandes sans remboursement devraient être traitées dans les 365 jours calendriers. L’engagement de l’ARC est de respecter ces normes, ou exigences, dans au moins 90% des cas.

L’année dernière, l’ARC a réussi à traiter les demandes de RS&DE selon leurs normes de service dans 97% des cas. Pour de plus amples informations sur leurs normes de service, leur engagement et leur taux de réussite, visitez le lien suivant : http://www.cra-arc.gc.ca/txcrdt/sred-rsde/srvc_stds-fra.html

SR&ED Service Standards - Claim Processing Time

Wed, 26 Jan 2011 08:10:39 -0500

The SR&ED program recently released information about their processing service standards and success rates in processing claims within a pre-determined time span. The CRA has established processing time for SR&ED claims that vary according to the type of claimant and whether it is an amended claim or not. For instance, refundable claims are supposed to be processed within 120 calendar days after the receipt of the claim, while non-refundable claims are to be processed in less than 365 calendar days. The commitment of the CRA is to meet these deadlines in 90% of the time.

Last year, the CRA efficiently processed 97% of the SR&ED claims within the standard service time. Further information about their service standards, commitment and success rates can be found here: http://www.cra-arc.gc.ca/txcrdt/sred-rsde/srvc_stds-eng.html?=eml20110114

Fundica just lauched its new feature: The Search Box

Wed, 25 Jan 2012 17:01:51 -0500

This week, we launched the Fundica Search Box. Without even login in, anyone can type a few letters in the Fundica Search Box to search for funding programs in the system. Basically, a Google search box just for funding programs. The top 5 funding program results are then displayed. Any of the results can be clicked on to see full funding program descriptions.

Try it out at www.fundica.com or call us at 1-855-386-3422 (FUNDICA) if you would like to learn more.

Fundica lance un nouvel outil : La barre de recherche

Wed, 25 Jan 2012 16:47:16 -0500

Cette semaine, un nouvel outil de recherche est disponible sur le site internet de Fundica.

Sans vous connecter en tant qu'entrepreneur ou fournisseur de financement, vous pouvez rechercher les programmes disponibles dans le système. Après avoir entré les mots-clés liés à la recherche, un top cinq de publications est affiché. Vous avez la possibilité de cliquer sur chacun d'entre eux afin d'en voir la description complète. Par la suite, connectez-vous pour avoir accès à tous les programmes correspondant à vos critères de financement.

Venez essayer notre nouvel outil de recherche au www.fundica.com ou appelez au 1(855) 386-3422 pour plus d'information.

23rd Annual PROFIT 200

Wed, 23 Mar 2011 21:12:26 -0500

An evolution of the Profit 100-Canada’s Fasted-Growing Companies is the PROFIT 200 presented by CATA Alliance (partner in the event) and recognizes the 200 most entrepreneurial businesses in Canada. Companies can apply by March 31st, 2011 at http://www.profit200.ca to be on the 23rd annual PROFIT 200 list and in the June 2011 issue of PROFIT Magazine. If you wish to get ranked in the PROFIT 200 list and gain the related visibility, visit http://www.cata.ca/Media_and_Events/Press_Releases/cata_pr03111101.html for more info.

2011 Artist Project Plan Contest

Wed, 23 Mar 2011 21:09:47 -0500

YES’ Artistic Project Plan Contest 2011 is set up by the Youth Employment Services of Montreal and offers artists and arts-entrepreneurs $1000 grants to make their creative projects come true. The project application deadline is March 31st, 2011 and the winners will be announced at the 11th Annual Business Skills for Creative Souls Artists’ Conference on June 6th, 2011. This contest is not open to full-time students and requires the participants to live in or around the city of Montreal. Eligibility criteria, application, forms and further details about the contest can be found at: http://www.yesmontreal.ca/yes.php?section=artists/contest

Concours québécois en entrepreneuriat 2011

Wed, 23 Feb 2011 11:48:35 -0500

Le concours québécois en entrepreneuriat est considéré comme l’un des plus importants concours qui encourage l’esprit entrepreneurial au Québec. Le concours s’adresse aux étudiants ayant créés un projet entrepreneurial dans le cadre de leurs études (secondaires, collégiales ou universitaires) ou encore à tout autre entrepreneur de plus de 18 ans développant une nouvelle entreprise au Québec.

Les frais d’inscription au concours s’élève à 50$ et les bourses et prix peuvent atteindre jusqu’à 10 000$. Ce concours vous donne la chance de parfaire vos habiletés de ventes, de vous faire de nouveaux contacts d’affaires, de créer de la visibilité pour votre idée / entreprise et de recevoir des commentaires sur votre plan d’affaires. La date limite d’inscription est le 14 mars 2011 à 16h. Pour de plus amples informations, visitez le: http://www.concours-entrepreneur.org/

2011 Quebec Entrepreneurship Contest

Wed, 23 Feb 2011 11:47:34 -0500

The 2011 Quebec Entrepreneurship Contest is known as one of the major contests pushing entrepreneurial innovation and spirit in the province of Quebec. The contest is open to students who created an entrepreneurial project during their studies, whether it is through high school, college or university, and to any other entrepreneur who is over 18 years of age and who is developing a new venture in Quebec.

The registration fees of the contest are set at $50 and the bursaries and prices can go up to $10 000. This contest allows you to improve on your selling skills, make new business contacts, create visibility for your idea / venture, and receive valuable feedback on your business plan. Deadline to register is March 14th, 2011 at 4pm. For further details, visit: http://www.concours-entrepreneur.org/index_en.asp

Changements importants du programme de RS&DE

Wed, 19 Jan 2011 08:03:56 -0500

Depuis les deux dernières années, il y a eu bon nombre de changements pour les applications et l’administration du programme de RS&DE. En fait, les applications sont maintenant plus spécifiques, il semble y avoir plus d’emphase et plus de demandes sur la documentation, et plusieurs diront même que l’application du programme est plus stricte qu’auparavant.

Alors, les entreprises devraient prendre bien conscience de cette nouvelle réalité afin de pouvoir s’adapter et de mieux comprendre les paramètres dorénavant plus strictes qui rendent la tâche plus difficile aux compagnies afin de se qualifier pour les crédits d’impôts du RS&DE.

Important Changes of the SR&ED Program

Wed, 19 Jan 2011 08:02:45 -0500

Over the last two years, there has been a number of changes in the SR&ED forms and administration of the SR&ED program. The forms have become more specific, there appears to be a greater focus and demands for documentation, and many would argue that there is a more stringent application of the program.

Thus, businesses should be aware of this new reality in order to be able to adapt to it and to better understand the new tighten parameters that make it harder to qualify companies for the SR&ED tax credit.

Le capital-risque est à son niveau le plus faible depuis 16 ans

Wed, 18 May 2011 12:21:55 -0500

Pour une deuxième année consécutive, PWC a déclaré que les investissements « anges » ont été la principale source de financement pour les entreprises de logiciel en démarrages canadienne. Selon le rapport, plus de 100 CEO Canadien annoncent que le capital-risque représente seulement 8% du financement reçus par cette industrie. Cela peut être comparé à 53% qui ont annoncé que les investisseurs indépendants ou « anges » ont été leur principale source de financement. Cela représente un obstacle important à surmonter pour l'industrie de technologie canadienne surtout en ce qui concerne leur compétitivité au niveau international. Le rapport poursuit en constatant que le montant de capital-risque au Canada n'a pas cessé de diminuer depuis l'éclatement de la bulle technologique en 2001. Il se situe actuellement à son niveau le plus faire depuis 16 ans. De plus, le « Financial Post » a déclaré que les investissements en capital-risque au Canada, en pourcentage du PIB, sont moins que la moitié de ceux qui ont été investis aux États-Unis en 2011. L'association du capital-risque et des capitaux propresdu Canada annonce qu'un facteur influent dans la baise d'investissements de capital-risque d'année en année est certainement lié à la pénurie d'acquisitions et de formations de partenariats entre les importantes associations de capital-risque.

Crédit d’impôt pour le développement des affaires électroniques

Wed, 16 Feb 2011 09:10:35 -0500

Investissement Québec offre un programme de crédit d’impôt qui s’adresse aux entreprises qui mettent l’emphase sur le développement des affaires électroniques et sur les technologies de l’information au Québec. L’objectif de ce programme est de supporter les compagnies qui œuvrent dans le domaine des technologies de l’information dans la province de Québec en leur offrant un crédit d’impôt pouvant aller jusqu’à 30% des dépenses admissibles. Le crédit d’impôt pour le développement des affaires électroniques peut être obtenu jusqu’au 31 décembre 2015.

Nous vous invitons à visiter le lien suivant afin d’obtenir plus de détails sur les exigences particulières et sur la clientèle, les employés, les activités et les salaires admissibles au crédit : http://www.investquebec.com/fr/index.aspx?page=2275

Development of E-Business Tax Credit

Wed, 16 Feb 2011 09:08:47 -0500

Invest Quebec offers a tax credit incentive program that emphasizes the development of e-business and information technologies in Quebec. This program aims at supporting companies operating in the IT sector in the province of Quebec by providing tax credits of up to 30% of eligible expenses. The development of e-business tax credit can be obtained until December 31st, 2015.

We invite you to visit the following link to get more detailed information on special requirements and on eligible businesses, employees, wages and operations: http://www.investquebec.com/en/index.aspx?page=2275

Tungle's Success Story

Wed, 15 Jun 2011 09:56:51 -0500

In a recent Podcast interview by Frederic Guarino on NextMontreal, Marc Gingras, founder and CEO of Tungle (recently acquired by RIM) explained that Montreal is very attractive for start-ups and was instrumental in Tungle’s success because of the: 1) available government programs, 2) technical capabilities found in the city, and 3) the strong tech community.

Initially, Gingras explained that Tungle received a $100,000 grant from the National Research Council (NRC) that helped launch the product. He then went on to say that over the five year existence of Tungle, the company received roughly $500,000 in NRC funding, $200,000 in government interest-free loans, and additional government funding through R&D tax credits.

For the full Podcast see the following link: http://nextmontreal.com/podcast-tungle-edition/

Programme jeunes promoteurs – Entreprenariat

Wed, 09 Feb 2011 11:14:35 -0500

Le programme jeunes promoteurs aide les entrepreneurs âgés entre 18 et 35 ans à bâtir leurs premières entreprises en leurs offrant de l’aide technique et financière. Le SAJE Montréal Centre, l’organisation qui offre ce programme jeunes promoteurs, aide les jeunes entrepreneurs dans la rédaction de leur plan d’affaire et aide également en offrant de l’aide financière pouvant aller jusqu’à 6000$ par entrepreneur pour un maximum de deux entrepreneurs par projet.

Certains critères d’admissibilités doivent cependant être rencontrés afin de bénéficier de ce programme tel que être âgé entre 18 et 35 ans, être un citoyen canadien, travailler à temps plein pour votre entreprise et opérer celle-ci dans un des territoires prédéfinis de la grande région de Montréal. Plus d’informations à propos de ce programme peuvent être trouvés sur http://www.sajemontrealcentre.com/nav_1_c.htm

La source de financement majeure: Le crédit d'impôt du RS&DE

Wed, 09 Feb 2011 11:13:12 -0500

       Le programme de crédits d'impôt pour la Recherche Scientifique et le Développement Expérimental (RS&DE) est un incitatif gouvernemental de plusieurs milliard de dollars, qui vise à soutenir l'innovation et le leadership canadien en subventionnant les dépenses admissibles en RS&DE. Le programme RS&DE est en compétition féroce avec d'autres programmes de crédit d'impôt partout à travers le monde afin d'attirer les meilleurs équipes et projets de R&D.

      Tout projet comportant une avancée technologique, une incertitude technologique et une approche scientifique peut obtenir un remboursement (ou une réduction d'impôt) des dépenses admissibles en R&D. Ce programme n'est pas seulement offert aux larges multinationales, mais également aux petites et moyennes entreprises qui représentent même 75% des firmes qui profitent de ce programme au Canada.

      Les détails sur comment se qualifier, sur les récents défis et modifications du programme, et des conseils sur le système de vérification seront sujets de nos futurs blogs. Pour plus d'informations, je vous suggère de visiter le site officiel du programme de RS&DE http://www.cra-arc.gc.ca/txcrdt/sred-rsde/menu-fra.html

The Largest Government Funding Program: SR&ED Tax Credit

Wed, 09 Feb 2011 11:13:12 -0500

       The Canadian Scientific Research and Experimental Development (SR&ED) tax credit program is a multi-billion dollar federal and provincial government incentive program to encourage innovation and leadership by subsidizing eligible R&D expenditures. The Canadian SR&ED tax credit program competes fiercely with other R&D tax credit programs around the world to attract and retain the best R&D teams and projects.

      With the SR&ED program, all projects that attempt technological advancement, have technological uncertainty, and follow a systematic approach are potentially eligible for a refundable tax credit (or reduction of taxes payable) for related eligible R&D expenditures. This funding program is not only offered to large multinational, but also to small and medium firms that represent about 75% of the businesses benefiting from this program.

      The details on how to qualify for, latest changes/challenges, tips for audits, and other aspect will be the subject of future blogs. For more information on the program, visit the Canada Revenue Agency website at http://www.cra-arc.gc.ca/sred/

Jeunes Promoteurs Program - Youth Entrepreneurship

Wed, 09 Feb 2011 08:56:50 -0500

The Jeunes Promoteurs Program helps young entrepreneurs between the ages of 18 and 35 to build their first business by providing technical and financial assistance. The SAJE Montréal Centre, the organization that offers this youth entrepreneurship program, provides assistance for young entrepreneurs with their business plan, and they also provide financial aid that can go up to $6000 per entrepreneur with a maximum of two entrepreneurs per project.

Certain admissibility criteria have to be met in order to benefit from this program such as being between 18 and 35 years of age, being a Canadian citizen, working full-time for your business, and operating the business in pre-defined local areas of the greater Montreal. Further information about this program can be found on: http://www.sajemontrealcentre.com/english/nav_1_c.htm

For a limited time Fundica is offering the Basic account for $199 and the Premium account for $349

Wed, 08 Jun 2011 10:52:13 -0500

Fundica currently offers four types of accounts: trial, basic, premium and funding provider account.

The trial account gives entrepreneurs the opportunity to explore the database and gives them full access to the list of equities. The basic account gives access to grants, tax credits, equity, loans and loan guaranties specific to the company’s needs. The premium account gives the same benefits as the basic account and includes one hour of expert consulting. Finally, the funding provider account allows users to modify, add and remove programs at any given time while increasing the visibility of their programs.

Till June 30, Fundica has decided to lower the prices of its basic and premium accounts. With this promotion, the basic account costs $199 instead of $299 and the premium account costs $349 instead of $449. This allows entrepreneurs to save $100 on their yearly subscription.

Pour une durée limitée Fundica offre le compte de Base pour $199 et le compte Premium pour $349

Wed, 08 Jun 2011 10:47:12 -0500

Fundica offre présentement quatre types de compte; le compte essai, de base, premium et celui pour fournisseur de financement.

Le compte Essai donne l'occasion aux entrepreneurs d'explorer la base de données et leur donnent présentement accès à la liste complète de capital de risque. Le compte de Base donne accès aux subventions, crédits d'impôt, capital de risque, prêts et garanties de prêts appropriés pour l'entreprise. Le compte Premium offre les mêmes avantages que le compte de base et inclue une heure de conseil expert. Finalement, le compte pour Fournisseur de financement permet aux membres de modifier, ajouter ou supprimer leurs programmes en tout temps, tout en augmentant la visibilité de leurs programmes.

Jusqu'au 30 juin, Fundica a décidé de baiser les prix pour le compte de base et premium. Avec la promotion, le compte de base coûte $199 au lieu de $299 et le compte Premium $349 au lieu de $449. Ce qui permet aux entrepreneurs d'épargner $100 sur leur inscription annuelle.

Modern Matchmaker - Financial Post Article on Fundica

Wed, 06 Jul 2011 11:06:54 -0500

Tell us about yourself. Where are you from? What do you do? What are your ambitions? Just answer a couple dozen questions and we'll find you a match.

Fundica, a sort of eHarmony of the funding world, promises to match small-and medium-sized businesses up with all manner of funding opportunities from government grants to loans from traditional financial institutions to venture capital investments.

The Montreal-based startup launched its proprietary Web service that connects business owners and investors at the beginning of the year.

Companies looking for funding create a profile based on 20 to 30 criteria and are "matched up" with the opportunities they qualify for.

Louis Cleroux, the 25 year-old founder of gaming startup Cravio Games, used Fundica to access $25,000 in grants and $150,000 in loans between January and May and says the financial assistance he secured was crucial in allowing him to incorporate and move ahead with his company.

"The project would not have been born if we didn't have the funding," he says, adding that he would not have found the six total opportunities -ranging from a grant for $1,000 to a government-backed loan for $80,000 -without Fundica's help.

Mr. Cleroux recently returned from the E3 video game conference in Los Angeles where he pitched the mobile game he plans to release in October to several international publishers. He hopes to reach a deal with one of them to promote his game abroad soon, he says.

Cravio Games -an entrepreneurial business in its early stages -is exactly the kind of company Fundica targets.

"It's businesses that are really looking to grow and do new things," Mike Lee, founder of Fundica, says. "Nobody funds you just for being the way you are in the private sector."

But organizations of this scale may find the prospect of securing funding confusing and difficult to manage. "Finding and tracking these initiatives can be mysterious and costly for busy entrepreneurs," Mr. Lee says. "And high advertising and administration costs can make programs/ products completely ineffective for governments."

After a decade working as consultants helping companies connect with research and development tax credits and other incentives, Mr. Lee and his business partners decided to take a more systematic approach to the task and developed the matching software.

"It was always a question of getting asked -and we started out with spreadsheets and then databases and even that was not enough to manage it properly," he says. "We decided we needed a full online web server that funding providers can come in and help us update and we can maintain in a much more dynamic way."

The system they developed systematically combs for funding opportunities using an algorithm as well as manual updates, and it allows funding providers to update their own information. It covers Ontario and Quebec and plans to expand to the rest of Canada starting with Alberta and British Columbia in the near future.

Users can do a basic search for free to evaluate the number and size of potentially applicable programs. For a monthly fee of $40, they get details of the opportunities, continuing notifications of other programs and an hour of consulting from Fundica.

Some, like Mr. Cleroux, choose Fundica's help to complete the funding applications for a fee.

Mr. Lee won't say how many clients the company has attracted since its January launch, but says the numbers are growing. "We've mostly been working on generating traffic," he says, adding he hopes to attract interest from technology-related startups.

"Our market will probably come down to the number of small-and medium-sized businesses across Canada and how many of them are related to tech in a very broad sense," he says.

Interestingly, Fundica also fits that bill. "Prior to doing this, we never actually got any funding. We built the product and decided to test it out and very quickly realized there's programs here for ourselves," Mr. Lee says.

Like their clients, he says, they just didn't think of it or were too busy to do anything about it.

"We realized there's programs that fit exactly what we're doing. Now obviously, we're pretty aware and we follow this much closer."

cdobby@nationalpost.com

The Ontario Interactive Digital Media Tax Credit

Wed, 02 Feb 2011 12:38:42 -0500

The government of Ontario offers a tax credit program for Ontario based businesses that develop interactive digital media products. Eligible corporations receive 35% to 40% in tax credits on admissible expenses depending on who is developing the products and on what kind of digital media products are being developed (games, educational and informational products, or other).

For more details on eligibility criteria, admissible expenditures, or tax credit rates, please visit the following websites: http://www.omdc.on.ca/Page3400.aspx
http://www.rev.gov.on.ca/en/credit/oidmtc/index.html

Federal 'Wall of Taxation'

Tue, 31 May 2011 14:57:51 -0500

A recent study suggests that small business tax incentives are keeping businesses in Canada small, hindering business efficiency and disproportionately benefiting the wealthy. This study says that Canada’s small business tax rate creates a ‘wall of taxation’ in the country that keeps businesses small so they can remain in favourable tax brackets.

Presently, Canada has a deduction for small businesses that allow companies with less than $500,000 in revenue be federally taxed at a rate of 11%, as opposed to the standard corporate tax of 16.5%. Originally in place to lessen the tax burden on small businesses, Jack Mintz and Duanjie Chen of the University of Calgary counter this statement saying that this particular argument is not supported by their study.

The authors of the U of C study infer that small business tax rates have led to an abundance of small businesses in Canada that have no intention to grow. A 1997 Canadian study showed that only 12% of small businesses grew from having less than 5 employees to 5-19 employees, and only 1% grew to having 20 or more employees. One solution put forth by the study was to allow incentives for depreciable assets, which would allow all firms, regardless of size, to expense capital up to a certain limit. A similar system has been put in place in the UK.

Mr. Mintz and Ms. Chen also criticized the current capital gains tax regime which creates an exemption for investing in small businesses. The authors suggest that instead, a capital gains deferral account should be institutionalized, in which any assets that yield taxable capital gains would enable entrepreneurs and other investors to roll over assets on a deferral basis until disposed of.

TechnoMontréal

Tue, 26 Jul 2011 16:57:44 -0500

TechnoMontréal is an important cluster that brings together public, private, and institutional players in the Information and Communications Technology sector in the greater Montréal area. It represents over 120,000 employees in over 5,000 establishments. The non-profit organization aims to bring together and support industry players around common goals and concerted action in order to accelerate and enhance the competitiveness, growth and influence of the industry. The organization executes its mandate through its four strategic committees: innovation, workforce, commercialisation, and financing. TechnoMontréal facilitates transactions in this regard and works hard to act as a connector for funding and other aspects in the community.

Please, if you have a moment, stop by their website at www.technomontreal.com.

Whitepaper - The Finding Funding Process and Costs (Part 1 of 2)

Tue, 21 Jun 2011 18:00:03 -0500

This whitepaper examines the process of finding funding for entrepreneurs. Finding funding steps will be examined in this first post, followed by the costs associated with each step in an upcoming second post. This whitepaper will consider grants, tax credits, loans, loan guarantees, and equity funding programs/products in the finding funding process.

Finding Funding Steps

The finding funding process can be logically broken down into the following steps:

1. Identification
2. Validation
3. Application
4. Verification

Identification

One of the most arduous steps of the funding process for entrepreneurs is identifying current, relevant, and applicable funding programs/products. This can be the most time consuming step that is often not fully explored. It is also the step where the entrepreneur is most likely to make mistakes that can ultimately create problems that compound as the entrepreneur progresses through the subsequent funding steps. There are a number of criteria that need to be considered in the identification step. The primary company profile, or pre-determined, criteria include the following:

> Business Location
> Year of incorporation
> Industry/industries
> Legal ownership type
> Age of controlling shareholders
> Number of full time employees
> Revenues in the last year

The secondary criteria would include the entrepreneur’s focus, project, or specific needs. These secondary criteria, among other elements, include:

> Areas of operation
> Exporting
> Equipment purchasing/leasing
> Energy optimization
> Product or process development
> Product or process modification
> Collaborative development
> Hiring of interns
> Hiring of full time employees
> Hiring of contractors
> Training of employees
> Strategic transactions

Attempting to manually sort through these criteria for an entrepreneur with an evolving focus or need can be challenging, overwhelming, and for many a seemingly endless process.

The identification step is often carried out in an unsystematic manner by searching the web and manuals or CD-ROM directories, speaking with friends and colleagues, and talking to different funding advisors. However, with thousands of funding programs available that are constantly changing, it is impossible to maintain a current, relevant, and appropriate list of funding programs/products without an online, up-to-date database. Ideally, this database should be updated by the funding providers, by automated program/product validation algorithms, and by the solution provider as well. Effective identification should significantly reduce work and costs for the entrepreneur, while greatly improving the accuracy of the funding programs/products found.

Validation

After identifying an appropriate funding program/product, an entrepreneur should validate the funding program/product. The validation step requires ensuring the funding program/product is still right for the entrepreneur by examining complex, very specific, or evolving aspects not covered in the identification step. If the identification process is well carried out and effectively screens out inappropriate funding programs/products, the validation step should be considerably simplified. However, the validation process should still logically be carried out before the more time consuming steps of application and verification.

The validation process should ideally be carried out by an expert that is knowledgeable in the programs/products identified. This is an important step, but like funding identification, should not be a costly or lengthy part of the process.

Application

After a funding program/product has been identified and validated, an application must be sent to the funding provider. Generally, the application step needs to be completed before the related expenditures are funded; but in certain instances, most notably with certain tax credits, it may be undertaken following the expenditures. The application process can be as simple as a one page application form, but could also require much more detailed information, such as: financial forecasts, full business plan, technical reports, or other documents. Many applications are very specific in what they are looking for, but there may or may not be well defined documents related to the application process to assist the entrepreneur.
In certain cases the application process is relatively straight forward and does not require any specific expertise, but in other cases (often applications for more significant amounts) the application process can be quite demanding and require specialized expertise and experience.

Verification

Prior to acceptance of the funding program/product by the funding source, the application must be verified by an authority. This may involve an in-depth review or audit process, or may simply be a simple acceptance or refusal. The best way for an entrepreneur to ensure verification for the funding product/process is to ensure that the funding identification, validation, and application were well done. This should naturally lead to approval in the verification step.

Ideally, the verification process is carried out by the same team that worked on the application process. In certain cases, additional specialized expertize needs to be bought in, but this is often more costly at this stage of the process.

The costs associated with each funding step will be examined in an upcoming second post.

Document de présentation – Le processus de recherche de financement et les coûts (1 de 2)

Tue, 21 Jun 2011 15:26:39 -0500

Ce document revoit le processus de recherche de financement pour les entrepreneurs. Les étapes pour trouver du financement seront examinées dans une première publication, suivi par les coûts associés pour chacune d’elles dans une deuxième publication. Ce document prendra en compte les subventions, les crédits d’impôt, les prêts, les garanties de prêts et les programmes et produits de capitaux de risques dans le processus de recherche de financement.

Étapes pour trouver du financement

Le processus de recherche de financement peut être logiquement divisé en les étapes suivantes :

1. Identification

2. Validation

3. Soumission de la demande

4. Vérification

Identification

Une des étapes les plus ardues du processus de recherche de financement pour les entrepreneurs est d’identifier des programmes et des produits de financement à jour, pertinents et applicables. Il s’agit d’une étape nécessitant beaucoup de temps et qui est d’ailleurs négligée. C’est également une étape où l’entrepreneur est le plus à risque de faire des erreurs, ce qui peut ultimement créer des problèmes dans les étapes subséquentes de la recherche de financement. Il y a de nombreux critères qui ont besoin d’être considérés dans cette étape d’identification. Les critères primaires sont ceux décrivant l’entreprise, ce qui incluent :

> Lieu de l’entreprise

> L’année de la constitution de l’entreprise

> Secteur(s) industriels

> Type d’entreprise

> Âge des principaux actionnaires

> Nombre d’employés à temps plein

> Revenus dans la dernière année

Les critères secondaires incluraient les objectifs, le projet ou les besoins spécifiques de l’entreprise. Ces critères secondaires incluent, entre autres :

> Secteurs d’activités

> Exportation de produits

> Achat/location d’équipement

> Optimisation de la consommation énergétique

> Développement de produit ou de procédé

> Modification de produit ou de procédé

> Collaboration avec les universités ou les instituts de recherche

> Recrutement de stagiaires

> Recrutement d’employés à temps plein

> Recrutement de contractants

> Formation des employés

> Transactions stratégiques

Tenter de se définir à travers ces critères pour un entrepreneur avec des objectifs ou des besoins grandissants peut représenter un défi, une lourde tâche ou même, pour plusieurs, un processus semblant n’avoir aucune fin.

L’étape d’identification est souvent travaillée d’une manière non systématique en faisant une recherche sur le Web, dans des manuels ou des répertoires de CD-ROM et en parlant avec des amis, des collègues et différents conseillers en financement. Toutefois, avec les milliers de programmes de financement disponibles qui changent constamment, il est impossible de maintenir une liste actuelle, pertinente et applicable de programmes et de produits de financement sans une base de données en ligne et à jour. Idéalement, cette base de données doit être mise à jour par les fournisseurs de financement à l’aide d’algorithmes automatisés de validation des programmes et des produits ainsi que par le fournisseur de la base de données. Une identification efficace doit réduire de façon significative le travail et les coûts pour l’entrepreneur, tout en améliorant grandement l’exactitude des programmes et produits de financement trouvés.

Validation

Après avoir identifié des programmes et des produits de financement, l’entrepreneur doit les valider. L’étape de validation assure que ces programmes et produits de financement sont encore appropriés pour l’entrepreneur en examinant les aspects complexes, spécifiques ou changeants qui ne sont pas couverts par l’étape d’identification. Si le processus d’identification est bien mené et qu’il met de côté de façon efficace les programmes et produits de financement qui ne sont pas appropriés, l’étape de validation devrait être significativement simplifiée. Toutefois, le processus de validation doit quand même être complété avant les étapes de soumission de la demande et de vérification qui, elles, nécessitent beaucoup de temps.

Le processus de validation doit idéalement être complété par un expert qui connaît bien les programmes et les produits de financement identifiés. Il s’agit d’une étape importante, mais, tout comme l’étape d’identification, ne devrait pas représenter une partie coûteuse ou lourde du processus.

Soumission de la demande

Après avoir identifié et validé les programmes et les produits, une demande doit être soumise au fournisseur de financement. Généralement, cette étape doit être complétée avant que les dépenses reliées à la demande soient encourues, mais dans certains cas, surtout avec les crédits d’impôts, il est possible de faire la demande après que les dépenses soient faites. Le processus entourant la soumission peut être très simple, comme compléter un formulaire de demande d’une page, mais peut également requérir des informations plus détaillées, telles que : des prévisions financières, un plan d'affaires complet, des rapports techniques ou d'autres documents. Des fournisseurs de financement peuvent demander des informations spécifiques, sans toutefois qu’il y ait des documents accompagnant l’entrepreneur dans sa demande de financement.

Dans certains cas, le processus entourant la demande de financement est relativement solide et ne requiert aucune expertise, mais dans d’autres cas (souvent par rapport à des montants élevés), le processus peut être complexe et requérir une expertise spécialisée avec expérience.

Vérification

Suite à la réception de la demande par le fournisseur de financement, celle-ci doit être vérifiée par une autorité appropriée. Cela peut inclure une révision approfondie de la demande ou un processus de vérification ou simplement une acceptation ou un refus. La meilleure manière pour un entrepreneur de s’assurer que la demande soit vérifiée est de faire en sorte que les étapes d’identification, de validation et de soumission de la demande ont été bien complétées. Cela devrait naturellement mener à une acceptation de la demande dans l’étape de vérification.

Idéalement, le processus de vérification est complété par la même équipe qui a mis en place le processus de demande de financement. Dans certains cas, une expertise spécialisée additionnelle doit être impliquée, mais c’est souvent plus dispendieux à cette étape du processus.

Les coûts associés aux étapes de financement seront examinées dans une prochaine publication.

Press Release: Fundica introduces free service to help entrepreneurs

Tue, 20 Dec 2011 13:06:27 -0500

Fundica, a provider of unique services that help entrepreneurs efficiently find suitable funding programs/products, today launched a free online service to intelligently help entrepreneurs and funding providers across Canada.

Fundica efficiently catalogues all available grants, tax credits, loans and equity funding offered by federal, provincial and municipal governments, and private funding providers. Using proprietary search, intelligent filtering and timely notifications, Fundica optimizes the match between funding programs and entrepreneurs. This unique Web service is kept up-to-date by funding providers (who may add or modify programs directly for free), a team of dedicated internal researchers and a number of advanced Web tools.

Fundica recently formed a partnership with Ajah, which further enriches its offering by expanding access to not-for-profit funding programs. Together, Fundica and Ajah Web services cover more than 12,000 programs – by far the most comprehensive solution in Canada.

Additionally, Fundica has improved its graphical user interface and added a Resources page to provide helpful funding documents, Web sites and other information for entrepreneurs.

“We are very proud to launch this new service which is entirely free to users,” explains Mike Lee, Eng., MBA, CFA, Partner, Fundica. “We believe that these new improvements will make it even easier for Canadian entrepreneurs and funding providers to work and succeed together,” concludes Mr. Lee.

Venture Capital is at a 16-year low

Tue, 17 May 2011 13:06:00 -0500

For the second year running, a PwC report on emerging Canadian software companies found angel investment was the primary source of funding for such firms. Based on results from over 100 Canadian CEO’s, venture capital only accounted for 8% of received financing within the industry. This can be compared to 53% who said individual investors or “angels” were their primary source of new funding. This presents the Canadian tech industry with a problem with regard to competing internationally. The report goes on to say that the amount of venture capital available in Canada has been steadily declining since the tech bubble burst in 2001. It currently stands at a 16-year low. The financial post reports venture capital investing in Canada, as a percentage of GDP, continued to lag VC invested in the U.S. by half in 2011. A key factor in the year-over-year drop was a relative shortage of major new venture capital partnership closings, according to Canada’s Venture Capital & Private Equity Association (CVCA).

Jeune Chambre de Commerce de Montréal - Entrepreneurship Fair

Tue, 12 Apr 2011 20:11:05 -0500

The Jeune Chambre de Commerce de Montréal will have its second annual Entrepreneurship Fair on April 20th, 2011. The fair allows young entrepreneurs in the Montreal area to gather, network, and learn more about numerous organizations that can provide financial and advisory support to them.

We will have a kiosk at the event and look forward to assisting budding entrepreneurs with tax credits, grants, loans, and equity. Come visit us (www.Fundica.com) at the event. For more information on the event: http://www.jccm.org/fr/activites/activite_493.asp

Jeunes Chambre de Commerce de Montréal – Salon Entrepreneurial

Tue, 12 Apr 2011 13:06:00 -0500

La Jeune Chambre de Commerce de Montréal tiendra sa deuxième édition du Salon Entrepreneurial le 20 avril prochain. Le salon permet aux jeunes entrepreneurs de la région de Montréal de se rassembler, de faire du réseautage et d’en apprendre plus sur les différentes organisations qui peuvent leur offrir des conseils et du support financier.

Nous serons présent à cet événement et aurons même notre propre kiosque. Nous sommes impatients de pouvoir aider de jeunes entrepreneurs en ce qui concerne l’obtention de crédits d’impôts, subventions, prêts et capital de risque. Venez nous visiter (www.Fundica.com) à cet événement. Pour de plus amples informations, visitez le http://www.jccm.org/fr/activites/activite_493.asp

Canada Can’t Compete with Tech Hub

Tue, 08 Feb 2011 11:09:13 -0500

Please visit the following link for the original article of the Globe and Mail: http://www.theglobeandmail.com/report-on-business/your-business/start/location/canada-cant-compete-with-tech-hub/article1892244/page1/

Go to the Globe and Mail homepage

Fundica to include advisors search results

Thu, 22 Sep 2011 15:00:01 -0500

To further simplify the work for entrepreneurs, Fundica will now also provide search results for advisors in addition to including search results for loans, loan guarantees, grants, equity, and tax credits corresponding to business-specific information. These advisors will be matched based on their relevance and focus towards any particular business. This service is being run in beta mode and is at this stage a free service for advisors.

Fundica now covers all of Canada!

Thu, 22 Sep 2011 14:57:07 -0500

Fundica now covers Canada coast to coast in a more user friendly system. It is the most comprehensive and up-to-date funding source for for-profit entrepreneurs and it allows funding providers to add and update their funding products/programs. This Canada wide system includes grants, loans, tax credits, equity financing, and loan guarantees/other.

With this new inclusion, entrepreneurs in any province in Canada can easily utilize the proprietary Fundica system to easily identify the best funding solutions based on their postal code and a number of other filters, while allowing our research team and funding providers to add and update funding programs/products.

« Dans l’oeil du Dragon », une téléréalité à suivre au Printemps 2012

Thu, 19 Jan 2012 17:18:38 -0500

La société Radio-Canada, en collaboration avec Cité Amérique (Bob Gratton), présentera, au printemps 2012, une téléréalité tournée à Québec. « Dans l’œil du Dragon », une série de 8 épisodes d’une heure chacun, met en lumière cinq « Dragons » qui investiront dans des projets présentés par des entrepreneurs québécois qui croient en leur projet dur comme fer. Chaque semaine, entre 5 et 7 candidats proposeront leur idée dans le but d’obtenir du financement. La version québécoise de « Dragon’s Den », un concept japonais qui est diffusé dans 15 pays dont au Canada (côté anglophone), sera animée par Paul Houde (Le Cercle) et réalisée par Alain Chicoine, un pro des variétés.

Tournée à Expocité, au même endroit que l’émission Les chefs!, la série « Dans l’œil du Dragon » comprendra cinq investisseurs et jury qui accepteront d’investir pas moins d’un million de dollars dans les projets qui leur seront dévoilés. Ces « Dragons » de la version québécoise seront quatre hommes et une femme et reconnus dans le monde des affaires québécois; Normand Legault, ancien président du Grand Prix du Canada; Gaétan Frigon, ancien président de la SAQ et de Loto-Québec; François Lambert, cofondateur d'Aheeva qui est spécialisée dans les logiciels pour centre d’appels; Dany Vachon, musicien et entrepreneur; Danièle Henkel, reconnue dans le domaine de l'esthétique et de la santé.

«C'est la première fois qu'on va voir le Québec Inc. à l'oeuvre et en direct. Les gens vont voir des négociations de gré à gré qui se déroulent pour vrai. Ce n'est pas de l'argent de Monopoly», précise Paul Houde. Houde aura le rôle d’intermédiaire; il présentera les candidats et facilitera les échanges entre le jury et ces derniers.

« Dans l’œil du Dragon » est à la recherche de candidats qui font preuve de créativité, innovation et d’efficacité. Les entrepreneurs retenus devront avoir un potentiel d’avenir commercial intéressant, une bonne présentation, ainsi qu’une maîtrise de leur proposition d’affaire.

Les candidatures seront acceptées jusqu’au 31 janvier 2012, avant minuit. Le règlement de l'appel de candidatures et le formulaire d'inscription sont disponibles sur le site web de Radio-Canada à l'adresse suivante : radio-canada.ca/emissions/dans_l_oeil_du_dragon/2011-2012/participez.asp.

Bonne chance à tous !

Jenkins Report recommends changes in SR&ED system

Thu, 17 Nov 2011 14:43:55 -0500

An expert panel leading the review of federal R&D support to Canadian controlled private corporations submitted its final report to the Honourable Gary Goodyear, Minister of State for Science and Technology. This report chronicles the large amount of funding available ($5 billion each year) for such projects, but the corresponding lack of results relative to other countries and the dollar figure associated.

The report made 6 main recommendations that included the creation of an Industrial Research and Innovation Council (IRIC) and an overall simplification of the tax credit system used to support SMEs in Canada, among others.

This report could prove to be a significant turning point in the efficiency of federal capital allocated towards research and development in Canada’s private sector.

For more information or to read the report in full, visit:

http://rd-review.ca/eic/site/033.nsf/eng/h_00000.html

THQ Moves Operations to Montreal

Thu, 16 Jun 2011 15:00:51 -0500

Video game giant THQ said that the Montreal studio will take over product development and creative management for its Homefront video game franchise. This big move comes as no surprise, as Quebec is renowned for its governmental support through various federal and provincial tax credits and grants, particularly for tech companies. “THQ’s decision confirms once again that Canada’s tax breaks are draining investment and employment away from the UK,” said Richard Wilson, chief executive of the UK game industry trade organization TIGA.

For more information: http://business.financialpost.com/2011/06/15/thq-to-close-ny-uk-studios-and-shift-operations-to-montreal/#more-63262

Fundica.com featured on MTL Tech Vibes!

Thu, 10 Feb 2011 13:10:00 -0500

Link to the original article on Mtl Tech Vibes: http://ht.ly/1bgTBX

Looking for startup funding? Look no further than Fundica

Posted by Liam Britten on Thu, February 10, 2011 7:52 AM · Filed under Montréal, Ottawa, Toronto, Kitchener-Waterloo , Venture Capital in Canada, Start-up and 5 other categories · No Comments

Startup entrepreneurs from Ontario and Quebec have a new friend in their corner when it comes to the fight for funding.

Fundica, what was originally a consulting service, has released database software compiling grants, tax credits, loans, loans guarantees, and equity funding from Canada’s two most populous provinces. As well, Fundica gives results based on company size, needs and sector.

Fundica isn’t just valuable for companies seeking investment; investors and grant providers can add their funding source to the Fundica database for free, and update details as necessary. Private organizations and governments of all sizes are able to add themselves to Fundica. In addition to matching recipient companies to these funding sources, Funica helps build visibility for organizations offering funds.

At $495 for six months, the premium subscription to Fundica includes database access, plus an hour of consulting and free updates to the database. A free subscription is available, but this just allows viewing of the existence or non-existence of funding programs plus a few additional details.

Globe and Mail Feature: Database matches entrepreneurs with much-needed funds

Thu, 05 Jan 2012 16:56:49 -0500

We are excited to announce the Fundica feature in the Globe and Mail. Give it a read!

You can see the full article here:

http://www.theglobeandmail.com/report-on-business/small-business/sb-money/business-funding/database-matches-entrepreneurs-with-much-needed-funds/article2282464/

Spéculation sur les changements budgétaires de la RS&DE

Thu, 02 Feb 2012 09:46:06 -0500

Le programme de Recherche Scientifique et le Développement Expérimental est un incitatif gouvernemental qui vise à soutenir l’innovation et le leadership canadien en subventionnant les dépenses admissibles. Toute entreprise qui exerce de la recherche et développement peut profiter de ce programme qui est l'un des meilleurs dans le monde des avancées technologiques.

Par contre, des changements se font sentir. Selon des études récentes et des commentaires du gouvernement Conservateur, nous verrons quelques modifications au début de la prochaine année fiscale.

Les consultants pourront se voir rémunérés à l'heure, au lieu d'un pourcentage du financement obtenu.
Seul la rémunération pourra être une dépense déductible, le matériel et le capital n'en feront plus partie.
Les pourcentages de crédits d'impôts changeront - surtout pour les PME.
De nouveaux programmes de financement apparaîtront, par exemple, plus de subventions.

Il ne reste plus qu'à attendre début avril afin de valider ces spéculations.

Pour plus d'information, visitez www.fundica.com ou contactez 1-855-386-3422

SR&ED Future Changes

Thu, 02 Feb 2012 09:43:59 -0500

The program for SR&ED (Scientific Research and Experimental Development) tax credit program is a government incentive program which aims to support innovation and Canadian leadership by subsidizing eligible expenses. It is one of the most generous and important programs for firms undertaking experimental development in Canada. It is a long standing program in Canada that other countries have emulated.

However, it now appears that major changes are coming following several recent studies and related comments by the Conservative government. The budget that is due in the next 60 days will likely have some or all of the following changes:

1. Limiting of eligible expenditures to solely labor (employee and subcontractor expenditures);

2. Reduction in the tax credit rate for SMEs;

3. Limiting of the billing methods by consultants to non-contingency methods; and

4. Addition of new strategic direct funding programs (i.e. grants).

For more information, visit www.fundica.com or call 1-855-386-3422

Le crédit d’impôt pour la production de titres multimédias

Mon, 31 Jan 2011 08:37:58 -0500

Investissement Québec gère plusieurs programmes de financement pour les entreprises œuvrant dans la province de Québec et un de leur programme majeur se nomme le crédit d’impôt pour la « production de titres multimédias ». L’objectif de ce programme est de supporter financièrement les entreprises qui produisent des titres multimédias en leur offrant un crédit d’impôt allant de 26.25% à 37.5% sur les dépenses éligibles. Les principaux critères pour le crédit sont l’interactivité et l’utilisation de multiples formes de médias. Ces critères, ainsi que d’autres plus approfondis, devraient êtres analysés correctement avant même d’appliquer pour le crédit d’impôt.

Pour plus de détails sur le programme en tant que tel, sur les critères d’admissibilité, sur des renseignements spéciaux ou sur l’assistance financière accordée, veillez visiter le site internet suivant : http://www.investquebec.com/fr/index.aspx?page=1295

Production of Multimedia Tax Credit

Mon, 31 Jan 2011 08:36:07 -0500

Invest Quebec manages several funding programs for businesses operating in Quebec and one of the major programs is called the “Production of Multimedia Titles” tax credit. It is intended to financially support businesses that produce multimedia by providing them a 26.25% to 37.5% tax credit on eligible expenses. The key criteria with the credit are interactivity and use of multiple media formats. These and other criteria should be analyzed carefully before even applying for this tax credit.

For further details on the program itself, on the eligibility criteria, on special requirements, or on the details of tax assistance, please visit the following website: http://www.investquebec.com/en/index.aspx?page=1295

Croissance Québec Techno

Mon, 28 Mar 2011 10:41:46 -0500

     Le programme Croissance Québec Techno est offert par la Fondation de l’entrepreneurship pour les entrepreneurs québécois œuvrant dans le domaine de la technologie qui désirent accélérer leur croissance au niveau international ou encore ont besoin d’aide pour le démarrage de leur entreprise. Les candidatures pour participer au programme sont recueillies entre le 22 février et le 1er avril 2011.

      Ce programme est offert à chaque année depuis 2007 en collaboration avec le MDEIE (Ministère du Développement Économique, de l’Innovation et de l’Exportation) et donne la chance à plus de 30 entrepreneurs québécois d’obtenir de l’aide provenant de mentors et d’autres entrepreneurs expérimentés. Pour plus d’information, visitiez le http://www.entrepreneurship.qc.ca/cqt

Fondation du Maire

Mon, 28 Feb 2011 08:34:27 -0500

La Fondation du Maire de Montréal pour la jeunesse offre de l’aide sous forme de bourses ainsi que plusieurs autres services aux jeunes entrepreneurs qui lancent leurs propres entreprises dans la ville de Montréal. La prochaine date limite pour appliquer pour une bourse est le 14 mars 2011. Le montant des bourses distribuées peut varier entre 5000$ et 30 000$ des frais de démarrage d’entreprise et les entrepreneurs qui désirent faire application pour cette aide financière doivent être âgés entre 18 et 35 ans, doivent habiter et opérer leur entreprise dans certains secteurs prédéterminés de la ville de Montréal et ils doivent également travailler à temps plein dans leur entreprise.

Pour plus d’information sur les critères d’éligibilité et sur comment appliquer, rendez-vous au : http://www.fondationdumaire.ca/fr/index.php

Fondation du Maire

Mon, 28 Feb 2011 08:33:10 -0500

The “Fondation du Maire de Montréal pour la jeunesse” offers help in the form of grants and services to young entrepreneurs launching their businesses in the city of Montreal. The next deadline date to apply for a grant is on March 14th, 2011. Grants awarded can range from $5000 to $30,000 of start-up costs and entrepreneurs that want to apply for this financial help need to be between 18 and 35 years of age, need to reside and operate a business in pre-determined areas of Montreal, and they need to work full-time for their business.

For more information on eligibility criteria and on how to apply, please visit: http://www.fondationdumaire.ca/en/index.php

SR&ED Tax Credit: Need for Contemporaneous R&D Documentation

Mon, 24 Jan 2011 07:11:49 -0500

      As we mentioned in an earlier blog, the SR&ED tax credit incentive is one of the most generous funding programs in the world. In order to be able to benefit from it, companies have to make sure they consistently keep contemporaneous (on an on-going basis) documentation about the R&D activities they undertake. There has been a noticeably stronger emphasis placed on documentation by the Canada Revenue Agency over the last two years.

      On the technical side, the contemporaneous documentation process should start with the outlining of the technological objectives at the start of a project, continue with the experimental development work undertaken and related findings, and conclude with the final conclusions on the project.

      On the financial side, the time spent, related expenses and supporting documentation should be tracked throughout the fiscal year. If done properly, the CRA Research and Technology Advisors should be able to quickly and efficiently accept the proof for an SR&ED claim and this should strongly improve the likelihood of a claim being accepted as filed.

Crédit d’impôt du RS&DE: Besoin pour de la documentation systématique en R&D

Mon, 24 Jan 2011 07:10:46 -0500

       Tel que mentionné dans un blog précédent, le programme de crédit d’impôt du RS&DE est l’un des programmes de financement les plus généreux au monde. Afin de pouvoir bénéficier du support financier accordé par le programme, les compagnies doivent mettre en place des procédures qui leur permettent de conserver systématiquement toute la documentation appropriée en rapport avec leurs activités en R&D. Il fut observé que l’Agence de Revenue du Canada met davantage d’emphase sur la documentation depuis les deux dernières années.

      En ce qui attrait à l’aspect technique de la documentation, les compagnies doivent effectuer la collecte systématique d’information sur les objectifs technologiques au tout début d’un projet, sur les développements expérimentaux et les résultats pendant la réalisation du projet, et finalement elle doivent également prendre note de l’information concernant les conclusions tirées de ce même projet.

      Du côté financier, les heures et les dépenses utilisées ainsi que toute la documentation doivent être maintenues à jour tout au cours de l’année fiscale. Si tout est effectué correctement, les vérificateurs de l’ARC devraient être en mesure d’accepter rapidement et efficacement votre preuve pour une demande au programme de RS&DE et ceci pourrait améliorer vos chances de voir votre demande être acceptée.

Concours Accolades 2011

Mon, 21 Mar 2011 09:42:05 -0500

La 26ème édition du Concours Accolades organisé par la Chambre de Commerce de l’Ouest-de-l’Île de Montréal récompense l’excellence et le leadership des entreprises. Les nominés et les prix seront présentés au gala annuel du Concours Accolades le 26 mai 2011. Dix différentes catégories de prix seront mises à l’honneur afin de reconnaître les meilleurs entreprises et organismes à but non-lucratif qui opèrent dans la région de l’Ouest-del’Île, ou qui sont situés à l’extérieur de ce territoire mais qui ont eu un impact important dans l’Ouest-de-l’Île lors des deux dernières années, et qui sont également membres de la Chambre. La date limite pour soumettre des nominations est le 25 mars 2011. Pour plus de détails, visitez le: http://www.ccoim.ca/fr/concours_accolades/programme_2008.php

Accolades 2011 Competition

Mon, 21 Mar 2011 09:39:55 -0500

The 26th Accolades Competition organized by the West Island of Montreal Chamber of Commerce recognizes business excellence and leadership. The awards will be presented at the annual Accolades Gala taking place on May 26th, 2011. Ten different award categories have been set up to recognize the best businesses and non-profit organizations operating in the West Island, or those which are located outside of the West Island but have had significant business activity in the West Island over the last two years and are members of the Chamber. The deadline to submit nominations is March 25th, 2011. For further details, please visit: http://www.ccoim.ca/en/concours_accolades/programme_2008.php

The Ontario Centres of Excellence

Mon, 21 Feb 2011 08:23:50 -0500

Start-ups and corporations in Ontario can benefit from several funding programs and other professional tools offered by different Ontario Centres of Excellence. In fact, there exist centres of excellence for industry sectors pertaining to Communications and Information Technology, Earth and Environmental Technology, Energy, Materials and Manufacturing, Photonics, and Commercialization of Research. These centres of excellence are open to any corporation operating in Ontario and their mandate is to help corporations grow by co-investing in them, by providing professional assistance or funding opportunities, by supporting labour skills development, and other support.

For more info about these centres of excellence and their funding programs, please visit: http://www.oce-ontario.org/Pages/Home.aspx

The 2011 Dobson Cup – McGill Business Plan Competition

Mon, 14 Mar 2011 10:04:04 -0500

The Dobson Centre for Entrepreneurial Studies of McGill University is organizing the 2011 Dobson Cup- a McGill business plan competition. The concept is quite simple: participants submit business plans, a panel of business experts provide feedback, and winners win start-up money and prizes. The competition is open to anybody with a new business idea as long as this person or anybody on his or her team (teams of 1 to 5 people) is a current student, an employee, or an alumnus of McGill University.

Prizes range from 1000$ to $5000 and teams are judged on their business idea’s innovativeness, feasibility, and growth potential. Business plans have to be submitted by March 29th, 2011. For more information, please visit: http://www.mcgill.ca/desautels/research/centres/dces/

CIX Accelerator Program

Mon, 14 Feb 2011 10:15:57 -0500

The Canadian Innovation Exchange (CIX) recently set up a program called the Canadian Technology Accelerator which will allow three Canadian start-ups operating in the fields of Digital Media or Information Communication Technology to spend three months in a rent-free center in Sunnyvale, California. More precisely, the three selected companies will have the opportunity to operate, starting June 2011, in a Plug and Play Tech Center in one of the most important tech hub worldwide.

This program was created, in a partnership agreement, by both the Department of Foreign Affairs and International Trade of Canada and the Consulate General in San Francisco. Deadline to apply for the Canadian Technology Accelerator is March 11th, 2011. Click on the following link for more info: http://www.canadianinnovationexchange.com/registration-cix-accelerator-program.php

Le programme CIX Accelerator

Mon, 14 Feb 2011 10:14:04 -0500

Le «Canadian Innovation exchange (CIX) » a récemment créé un programme appelé «Canadian Technology Accelerator » qui permettra à trois nouvelles entreprises œuvrant dans les domaines du multimédia ou des informations et communications technologiques de s’établir à Sunnyvale en Californie pendant trois mois sans avoir à payer de loyer. Plus précisément, les trois entreprises sélectionnées auront la chance d’opérer dans un centre « Plug and Play » au cœur de Silicon Valley à partie de Juin 2011.

Ce programme fut créé en partenariat par le Département des Affaires Étrangères et Internationale du Canada et le Consulat Général de San Francisco. La date limite pour appliquer au programme de « Canadian Technology Accelerator » est le 11 mars 2011. Suivez sur le lien suivant pour plus de détails (lien en anglais seulement) : http://www.canadianinnovationexchange.com/registration-cix-accelerator-program.php

Technology Growth Initiative

Mon, 07 Mar 2011 10:15:36 -0500

The Technology Growth Initiative is managed by Foreign Affairs and International Trade Canada, the Trade Commissioner Services, Miller Thomson and KPMG, and it allows emerging Canadian technology businesses to find new ways to expand to the US. In fact, the initiative supports these new ventures in crossing the Canadian south border by providing them with help in the form of webinars, boot camps, events, industry and business contacts, and so on.

If you feel that your company needs advices and support in the commercialization of technology products and/or services to the US, in refining its business models and in making the right connections, please take some time to visit these two websites for more details:
http://www.international.gc.ca/canadexport/articles/110204a.aspx
http://www.tradecommissioner.gc.ca/eng/document.jsp?did=112057

L’initiative de croissance technologique

Mon, 07 Mar 2011 10:04:01 -0500

L’initiative de croissance technologique est gérée par Affaires Étrangères et Commerce International Canada, le Service des délégués commerciaux, Miller Thomson et KPMG, et elle permet aux compagnies canadiennes dans le domaine de la technologie de trouver de nouvelles façons de s’étendre vers les États-Unis. En fait, l’initiative supporte ces nouvelles entreprises dans leur tentative d’amener leurs produits et services au sud de la frontière canadienne en leur offrant de l’aide sous forme de webinaires, de cours intensifs, d’événements, de relations d’affaires et encore plus.

Si vous croyez que votre compagnie pourrait bénéficier d’aide et de support dans la commercialisation de ses produits ou services technologiques vers les États-Unis, dans le raffinement de ses modèles d’affaire ou dans la création de relations d’affaires, n’hésitez pas à prendre le temps de visiter les deux sites internet suivants pour obtenir plus de détails:
http://www.deleguescommerciaux.gc.ca/fra/document.jsp?did=112057
http://www.international.gc.ca/canadexport/articles/110204a.aspx?lang=fra

Review of Federal Support to R&D – Industry Submissions Deadline (Feb.18th, 2011)

Mon, 07 Feb 2011 08:32:52 -0500

In October 2010, an expert panel, headed by Mr. Tom Jenkins, was set up to assess the effectiveness of the federal government’s support of R&D. The panel’s mandate is to review the current R&D support awarded to Canadian corporations and make recommendations based on the findings. It is important to note that the SR&ED program and other R&D incentive programs could be significantly affected by these recommendations.

To allow corporations to speak up and to convey their opinions during this review, the expert panel set up a website (http://rd-review.ca/eic/site/033.nsf/eng/home) which allows corporations to learn about the panel’s mandate and submit their views on the federal R&D support programs. Submissions must be received by February 18th 2011.

L’examen du soutien fédéral du R&D – Date limite pour les soumissions de mémoires (18 Fév. 2011)

Mon, 07 Feb 2011 08:31:15 -0500

En octobre 2010, un groupe d’experts, dirigé par monsieur Tom Jenkins, fut créé afin de juger de l’efficacité du soutien en R&D du gouvernement fédéral. Le mandat du groupe d’experts est d’évaluer le soutien en R&D accordé présentement aux compagnies canadiennes et d’émettre des recommandations basées sur leurs conclusions. Il est important de prendre note que le programme de RS&DE et d’autres programmes en R&D pourraient être grandement affectés par ces futurs recommandations.

Afin de permettre aux entreprises de faire valoir leurs opinions pendant ces évaluations, le groupe d’experts a créé un site internet (http://examen-rd.ca/eic/site/033.nsf/fra/accueil) permettant aux compagnies d’en apprendre davantage sur le mandat du groupe d’experts et de soumettre leurs opinions, ou mémoires, sur les programmes gouvernementales de soutien en R&D. La date limite pour la soumission de ces mémoires est le 18 février 2011.

Complementary access to equity funding investors

Mon, 06 Jun 2011 13:16:55 -0500

Fundica is an up-to-date and comprehensive list of all grants, tax credits, loans, and equity funding offered by federal, provincial and municipal governments and private funding providers.

For a limited time, Fundica is offering its users complementary access to the equity funding investors database. In order to access this information, users simply need to sign up for a “trial” account on www.fundica.com. When the users sign up for a free account they will be granted access to a list of all of the equity funding programs filtered specifically for their company.

Accéder gratuitement aux capitaux propres

Mon, 06 Jun 2011 13:14:51 -0500

Fundica est une base de donné complète et à jour de tous les crédits d'impôt, prêts et financement par capitaux propres offerts par les gouvernements fédéral, provinciaux ou municipaux et les fournisseurs de financements privés.

Pour une durée limitée, Fundica offre un accès gratuit à la base de données des capitaux propres. Pour y accéder vous n'avez qu'à vous inscrire pour un compte « essai » sur www.fundica.com. Une fois inscrit vous aurez accès à la liste de programme de capital de risque personnalisé pour votre entreprise.

Festival international du startup

Mon, 06 Jun 2011 09:35:22 -0500

La semaine passée, 12 entreprises ont été sélectionnées pour présenter lors du festival international du startup qui aura lieu ici-même à Montréal du 13-15 juillet. Les entreprises choisies proviennent de divers pays et villes, notamment de New York, Québec, Vancouver, Bangalore, Waterloo, Paris, Israël et Toronto.

De plus plusieurs conférenciers expérimentés en entreprenariat seront présents, pour en nommer quelques-uns : Sarah Prevette, la fondatrice et CEO de Sprouter, Andy Nulman, le CMO de Juste Pour Rire et Marc Gingras le fondateur et CEO de Tungle.

Cet événement est à ne pas manquer particulièrement pour les personnes intéressées par le domaine de la mobilité, des réseaux sociaux et le jeu. Bien entendu, Fundica sera présent à cet événement!

Pour plus d'information à propos du festival international du startup consultez le lien suivant: http://www.startupfestival.com/fr/

Start Up Canada

Mon, 06 Feb 2012 18:54:56 -0500

A new initiative called Start Up Canada is launching in March 2012. It is based on an initial program called Start Up Chile that has also inspired Start Up America, Britain, Greece, and others. The program will work to bring entrepreneurs into one place. The details of the program are still to be announced, but it is been led by recognized young entrepreneur Victoria Lennox. She recently won the Queen’s Award for Enterprise Promotion that was awarded by the Queen of England herself. This will be a challenging venture, but certainly one that will be a step in the right direction for entrepreneurship in Canada.

Start Up Canada

Mon, 06 Feb 2012 18:47:46 -0500

Une nouvelle initiative appelée "Start Up Canada" sera lancée en mars 2012.
Cette dernière est basée sur un programme initial appelé "Start Up Chile", qui a également inspiré Start Up America, Grande-Bretagne, Grèce et bien d'autres. Le programme consistera à rassembler les entrepreneurs en un seul endroit. Les détails du programme sont encore à être annoncés, mais il est été mené par les jeunes entrepreneurs reconnus comme Victoria Lennox. Elle a récemment remporté le Prix "Queen’s Award for Enterprise Promotion" qui a été décerné par la Reine d'Angleterre elle-même. Ce sera une avanture difficile, mais ce sera certainement un pas dans la bonne direction pour l'entrepreneuriat au Canada.

Communoloft

Fri, 29 Jul 2011 15:29:51 -0500

As an early stage entrepreneur, office space rental is one of the most important decisions. There is normally some degree of uncertainty as to the required space size and term. These problems are solved by Communoloft, a Montreal based organization. The innovative and original Turnkey Office Model provides furnished office space, lease terms as short as 3 months long, private offices from 120 sq. ft. to 600 sq. ft., and a shared boardroom in the Communoloft space. A great fit if you are an early stage entrepreneur looking for office space. We are proud to partner with Communoloft.

You can see more at www.communoloft.com

Article about Fundica.com on Montreal Tech Watch!

Fri, 04 Feb 2011 11:21:57 -0500

Fundica lists funding sources in QC and Ontario

At the last Montreal New Tech, Montreal-based Fundica grabbed the opportunity to introduce their service. It’s both a consulting service AND an online application. The service is aimed to all corporations in Québec and Ontario, and as such does not target specifically technology ventures and entrepreneurs. It’s still a valuable tool since it’s the only one in my knowledge which lists all available government grants, tax credits, loans, equity funding. You can’t miss a funding source with fundica!

Fundica started as a consulting service, and built slowly a list of available funding providers, before seeing the value of making this database available through their website.

As for tech entrepreneurs, most know about angel investors as well VC funds in Montreal and in Canada. However, it’s not sometimes clear what industries those funds target, and most don’t think about tax credits, or may forget about special programs such as the SR&ED. Fundica quotes a one-time fee of $495 (discounts available), a price which is on the higher end for bootstrapping tech entrepreneurs, but certainly attractive for incubators, CFOs, consultants, and a no-brainer for medium and large corporations.

Here is the link to the video presentation: http://www.youtube.com/watch?v=S0tdv37QYGc
And the link to the article on Montreal Tech Watch: http://montrealtechwatch.com/2011/02/03/fundica-lists-funding-sources-in-qc-and-ontario/

Presentation of fundica at last Mtl New Tech