CAMBRIDGE, ONTARIO--(Marketwire - Aug. 22, 2012) - A common business challenge SMEs face is the lack of capital and resources needed to carry out research and development efforts. When companies collaborate with post-secondary institutions, they are able to carry out their research more efficiently and effectively, allowing access to a critical mass of researchers with the additional benefit of identifying graduate students who may be hired in the future.
Natural Sciences and Engineering Research Council (NSERC) Engage Program
The business funding grants NSERC Engage program provides government funding to any eligible short-term research or development project aimed at addressing a company specific problem through technological innovations. Eligible partnerships can tap into these business funding grants to a maximum of $25,000 for up to six months with no cash contribution required from the industry partner. This research and development funding is provided to the academic researcher to cover the direct project costs associated with the research activities needed to address the identified problem. Participating SMEs would also have the opportunity to further capitalize on their relationships with the universities, develop ongoing collaborative research developments, and through other popular Canadian Government grants for hiring, employ these students. The NSERC Engage program is currently available on an on-going basis.
OCE Technical Problem Solving (TPS): Research and Development Funding
The OCE Technical Problem Solving program supports the development and implementation of short-term research and development projects to solve a technical challenge identified by the SME. Eligible projects for these business funding grants must focus on applying research and technical expertise to solve business challenges and provide innovative products and services to consumers. Projects last from 4-9 months and companies can tap into these small business funding grants that range from $25,000 to $50,000 with an in-kind contribution from the industry partner on a cost share basis matching OCE's investment.
Funding for Small Business With MITACS Accelerate Program
The MITACS Accelerate grant funding for business program provides funding by matching high-quality expertise from universities with business to provide innovative research methods and development of tools, models, technology or solutions to support challenges over a period of four months. This program is open all year long and preference is given to research-based projects. MITACS Accelerate is a cost-sharing program where companies will contribute $7,500 and the graduate will receive $7,500 from MITACS in direct small business funding grants for the recruitment of an undergraduate for a 4-6 month internship. Businesses are able to hire the same undergraduate twice in a 12-month period through this program. Half of the intern's contract will be dedicated to applying their skills and knowledge to research the identified issue, gather data, and obtain an understanding of the business challenge. The other half of the contract will focus on developing the solution at the university under the guidance of the professor.
Ontario Government Grants Through Connect Canada Internship
Connect Canada is a national internship program that links Canadian companies with graduate students and post-doctoral fellows for research placements. The Connect Canadian government funding for business internship program supports the hiring of an intern in any research field, including natural sciences, engineering, economy, social science, health, environment and ethics. This Canadian government funding program helps companies find a cost-effective solution developed by highly skilled graduate students under the supervision of an academic supervisor. The intern will help in solving a research and development problem over a 4-6 month period. Eligible companies will invest in research and development funding of $5,000 and $5,000 from Connect Canada to be received by the student. Currently, this program is open and applicants must be private-sector companies that derive the majority of their revenues from the sale of a product or service.
Mentor Works Ltd.: The Canadian Government Funding Experts
Mentor Works Ltd. is an Ontario-based company that specializes in offering support in finding appropriate government funding programs to solve business challenges in small businesses. Bernadeen McLeod is the principal behind the company and the business groups activities have considerable expertise in government funding, both on a federal and provincial level. Mentor Works value is to secure grant funding and low interest loans for SMEs. Companies interested in learning more about Canadian business grants, loans, and tax credits for small businesses are encouraged to subscribe to the Mentor Works Canadian Government Funding E-Newsletter or visit http://www.mentorworks.ca for more details.