Calgary Innovation Funding Lunch and Learn Highlights SR&ED Tax Credits
•
2 likes•1,025 views
The Canadian Government provides over $7B in innovation funding each year and is considered one of the most generous countries for funding research, innovation, and experimentation. Learn more about a few of Canada's innovation funding programs during this exclusive Lunch & Learn. We'll cover the following topics: -Scientific Research & Experimental Development Tax Credit (SR&ED) presented by Jeff Christie, Boast Capital -TECTERRA presented by Richard Gorecki, TECTERRA -Mitacs presented by Eric Loo, Mitacs
Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Viewers also liked
Viewers also liked (11)
Similar to Calgary Innovation Funding Lunch and Learn Highlights SR&ED Tax Credits
Similar to Calgary Innovation Funding Lunch and Learn Highlights SR&ED Tax Credits (20)
More from Boast Capital
More from Boast Capital (15)
Recently uploaded
Recently uploaded (20)
Calgary Innovation Funding Lunch and Learn Highlights SR&ED Tax Credits
- 1. LUNCH & LEARN: Innovation Funding for Growth Oriented Companies in Calgary November 18, 2014
- 2. SR&Education : Everything You Need To Know to Claim SR&ED Tax Credits November 18, 2014 Presented by Jeff Christie
- 3. | 3 WHAT’S SR&ED? Scientific Research & Experimental Development
- 4. | 4 SR&ED FUNDING In 2013, the CRA provided $3.4B of investment tax credits (ITCs) to 22,000 companies
- 5. | 5 SR&ED ELIGIBILITY
- 6. | 6 EXAMPLES
- 7. | 7 WHO CAN CLAIM? CCPC = Canadian Controlled Private Corporations Non-CCPC = Foreign or Publically Owned Corporations Partnerships
- 8. | 8 WHAT CAN YOU CLAIM Non-arms length subcontractors *Salaries and sub-contractors MUST be Canadian tax payers
- 9. | 9 CCPC AND SME SME = Small to medium sized enterprise generating less than $500K in taxable net income in the prior fiscal year ITCs are refundable ($$$) * Salaries and sub-contractors MUST be Canadian tax payers
- 10. NON-CCPC or LARGE CCPC | 10 ITCs are non-refundable ITCs can be carried back 3 years or forward indefinitely * Salaries and sub-contractors MUST be Canadian tax payers
- 11. | 11 OVERHEAD
- 12. | 16 DOCUMENTATION - TECH Documented at the time the work was completed Technical obstacles or challenges Dated
- 13. | 17 DOCUMENTATION - TIME
- 14. | 17 DOCUMENTATION - $$$
- 15. | 18 HOW TO FILE Claim is submitted with your corporate tax return – One set of tax schedules for Federal – Another set of tax schedules for Provincial
- 16. | 14 WHEN TO CLAIM? 18 Months Past Fiscal Year End Current Claim = Within 6 mo Amended Claim = Within 7 to 18 mo
- 17. | 15 TURNAROUND TIMES From receipt of a complete claim: CCPC Current Claim – 4 mo CCPC Amended Claim – 8 mo Non-CCPC Claim – 12 mo The CRA only took 68 days, on average, to process a CCPC current claim in 2012.
- 18. | 18 CRA REVIEWS CRA Review ≠ Tax Audit Multiple types of CRA Reviews: First Time Claimant Advisory Service (FTCAS) Desktop Financial Technical & Financial
- 19. | 19 THE DO’S AND DON’TS Do’s for Companies: Pay yourself and staff Start time tracking and proper documentation now Incorporate your company and ensure clear IP ownership
- 20. | 20 THE DO’S AND DON’TS Don’ts for Companies: Underestimate the importance of documentation Focus on the business opportunity Leave your SR&ED claim until the last minute
- 21. | 21 HOW WE WORK Contingent Scope your claim upfront and invoice when your claim is successful Efficient Only require interviews & documentation Proactive Ongoing engagement and future recommendations
- 22. | 22 WHY WORK WITH US Highly reputable Technology-focused Efficient Well-connected
- 23. | 23 JEFF CHRISTIE PARTNER 403 589 2809 | jchristie@boastcapital.com BoastCapital.com | @BoastCapital | @ChristieLuge For more info on R&D tax credits and other innovation funding programs, subscribe to our newsletter.
- 24. Good Cents for Geomatics Innovation Funding Lunch and Learn Calgary, November 18th , 2014 30 Richard C. Gorecki, M.Sc. Director of Portfolio Development
- 25. Who is TECTERRA? We help Canadian Geomatics technology SMEs achieve commercial success faster than they could on their own. We fund product development & commercialization, create new jobs, build expertise in companies, and provide access to state-of-the-art technology. We help applied research groups bring their innovative technology to market. We are the only choice for geomatics SMEs that require a comprehensive range of services, efficiently delivered, without giving up control, IP or equity. 31
- 26. What is Geomatics? 32 Mapping Surveying Good Cents for Geomatics Cartography Photogrammetry Remote Sensing Geodesy Positioning Navigation
- 27. 33
- 28. 34 TECTERRA’s Portfolio start-ups
- 29. Our Approach 35 Commercializati on Projects Highly Qualified Personnel (HQP) Developmen t Networkin g Facilitation
- 30. TECTERRA’s Programs An effective catalyst for the commercialization of geomatics technology for integrated resource management and other geospatial applications across Canada 36 None of TECTERRA’s programs requires IP or equity sharing
- 31. Industry Investment Program 37 Product Development & Commercialization $100K - $500K 50% of Project Cost Geomatics SME IND 2015 Min. 1 HQP Good Cents for Geomatics
- 32. Industry Investment Model Innovation not invention Solid business plan Skin-in-the-Game – 50/50 Repayable Investment – 0% interest loan (forgivable) No encumbrance – No IP/equity sharing Risk mitigation measures 38
- 33. GEO-Placement: Creation of Industry Jobs 39 GEO 1 HQP Tech/Business Up to $50,000 Grant (non-repayable) 50% of Salary 1 Year Alberta Geomatics Start-Up & Small Companies 2015 Good Cents for Geomatics
- 34. CSS: Commercialization Support Services 40 CSS Business Support - Marketing - Finance - Operations - HR $50,000 Grant (25% repayable) Approved Service Providers Geomatics Start-Up & Small Companies Ongoing!
- 35. TAP: Trade-Show Attendance Program 41 Tradeshows & Conferences $15,000 Grant (non-repayable) Up to two delegate registrations / event Booth registration Three hotel-room nights / event Up to TWO events / year TAP Geomatics Start-Up & Small Companies Ongoing!
- 36. Geomatics Lab State-of-the-art equipment for technology development Free-of-charge access for TECTERRA portfolio companies & projects Highly-subsidized rates for non-portfolio companies & projects Book your access time today! 42 Ongoing!
- 37. TECTERRA’s Funding Programs @ a Glance 43 Program Target Support Payback IP or Equity IND SME Commercialization Projects $150 - $500k CSS Commercialization Support Services Up to $50k 25% TAP Tradeshow Attendance Support Up to $15k Geomatics Lab State-of-the-art Equipment Access & Utilization Training Industry & Graduate Students HQP Development Good Cents for Geomatics
- 38. 44 The TECTERRA Recipe
- 39. 45 investing in innovation www.tecterra.com admin@tecterra.com @TECTERRA TECTERRA
- 40. Delivering innovation through research and development Eric Loo, PhD Business Development Specialist November 17, 2014 Boast Capital Innovation Funding Lunch and Learn wwwwww.m.mitaitcasc.csa.ca 46
- 41. Agenda Why Mitacs? Talent supply chain Research outcomes Mitacs programs Contact information www.mitacs.ca 47
- 42. Why Mitacs? National research network 15 years in operation 37 research partners 61 university partners Almost 10,000 research projects to solve business problems and drive innovation www.mitacs.ca 48
- 43. Why Mitacs? Annual snapshot www.mitacs.ca 49
- 44. Why Mitacs? The Mitacs network Small & medium business Large business Government Not-for-profit & hospitals Computer science Engineering Anthropology Economics Chemistry Geography Health sciences Genetics Social work Forestry History Languages & linguistics Mathematics Business Education Interactive arts Psychology And more… www.mitacs.ca 50
- 45. Why Mitacs? Research talent supply chain Attract Train Retain Deploy Best and brightest research talent With industry-ready skills and experience Talent locally to enhance Canadian industry Researchers to drive innovation outcomes www.mitacs.ca 51
- 46. Why Mitacs? National news coverage www.mitacs.ca 52
- 47. Why Mitacs? Program growth 2500 2000 1500 1000 500 0 18 30 85 170 240 675 1060 1544 1576 2109 Mitacs research projects www.mitacs.ca 53
- 48. Why Mitacs? Business Advantages Access expertise not currently in-house Leverage R&D budget and claim SR&ED tax credits Gain a competitive advantage Tap into a national research network Develop IP Researchers paid by Mitacs: not a company employee Pipeline for recruitment of talent Mitacs assistance throughout application process Academic Industry Industry International www.mitacs.ca 54
- 49. Why Mitacs? Research Outcomes Pulp mill saves $40,000/year Robotics company enhances drone aircraft camera prototype Biotech firm commercializes one-step food testing kits New generation greenhouse lighting results in higher crop yields Enhanced GPS navigation technology commercialized www.mitacs.ca 55
- 50. Building research collaborations Large-scale, multidisciplinary projects From $15,000 to $2M+ Development of IP Top research talent Matching funding Scalable projects Quick application – 6 week approval www.mitacs.ca 56
- 51. Mitacs Accelerate Standard build $7,500 Mitacs $15,000 Over 4-6 months $10,000 minimum intern stipend $5,000 other project-related expenses $7,500 Industry • Grad student (MSc or PhD) and Postdocs • Clearly defined project objectives • 50/50 time commitment at both the industry and academic sites • Ensure active collaboration • Multiple Internships – 2 max per Masters Student – 6 max per PhD Student – 6 max per Post-Doc www.mitacs.ca 57
- 52. Mitacs Accelerate Scalability: build large-scale projects, “clusters” 4 months 4 months 4months 4 months 4 months 4 months First 1 to 5 internship units: industry funding matched 1:1 6 internships $80,000 (cluster) $44,000 from Mitacs, $36,000 from partner. Minimum 3 interns. Access researchers from multiple disciplines for the same research project www.mitacs.ca 58
- 53. Mitacs Accelerate Cluster build • Extra leverage for medium to large projects • Higher ratio of funds matching • Minimum 3 students • Can be split among different research groups • Scalable: each additional $18K from industry generates $22K from Mitacs $80,000 $36, 000 Industry $44,000 Mitacs $10,000 Stipend $10,000 Stipend $10,000 Stipend $10,000 Stipend $10,000 Stipend $10,000 Stipend $20,000 other project-related expenses www.mitacs.ca 59
- 54. Three-year PhD Fellowships Long-term research collaboration $90,000 in total funding $25,000 stipend + $5,000 research costs annually Peer-reviewed, open to all disciplines and international students Professor may recruit PhD after project approval Next call opens Early 2015 Annual: $12,000 from partner, $18,000 from Mitacs = $30,000 total grant. www.mitacs.ca 60
- 55. Mitacs Accelerate Partners Business with facilities in Canada Domestic or foreign-owned May include – Utility providers – University spin-offs – First Nations development corporations – Industry associations Limited: hospitals, NGOs, municipalities, government agencies, not-for-profit www.mitacs.ca 61
- 56. Develop in-house R&D capacity Two-year projects Postdoctoral expertise Leveraged funding Relationships with experts Evaluation of potential employees Access to specialized software and equipment Next call Open now Closes Dec. 3 www.mitacs.ca 62
- 57. Mitacs Elevate Mitacs Elevate Annual Funding cycle $57,500 $50,000 $7,500 www.mitacs.ca 63
- 58. Our Funding Partners www.mitacs.ca 64
- 59. Next Steps Contact me to discuss research goals: Calgary Victoria Hodgkinson-Brechenmacher Business Development Specialist Mobile: 403-461-7262 Email: vhodgkinson@mitacs.ca Find a local representative: mitacs.ca/accelerate/contact-us Edmonton Eric Loo Business Development Specialist Mobile: 587-335-3778 Email: eloo@mitacs.ca www.mitacs.ca 65
Editor's Notes
- Welcome, introductions, format of presentation (length, will be sharing notes after and posting on Slideshare)
- Welcome, introductions, format of presentation (length, will be sharing notes after and posting on Slideshare)
- Hi my name is _____ and I’m a/the______ at Boast Capital. Boast Capital is made up of a team of engineers and financial professionals with over 20 years experience successfully claiming and maximizing SR&ED. What makes us different from other providers is that we take a technology-first approach to SR&ED claims. We have a software or mechanical engineer work on your claim as opposed to a junior accountant. Boast Capital has an office in Calgary, Vancouver and Sunnyvale in Silicon Valley. Our areas of expertise include: Software Development ICT Oil and Gas Services Manufacturing Agriculture Now, let’s dive into what SR&ED is exactly.
- About SR&ED Program: Federal and Provincial tax incentive program that allows companies to recover cost associated with R&D Program is intended to encourage businesses of all sizes to conduct applied research and development (R&D) that will lead to new, improved, or technologically advanced products, processes, principles, methodologies, or materials Can recover a significant credit that can be re-invested into your growing business More Specifically: SR&ED (commonly pronounced SHRED) stands for Scientific Research and Experimental Development Scientific Research (SR) is usually carried out in Universities/Laboratories Experimental Development (ED) is considered a majority of the claims (95%) CRA defines this as “Work performed for the purpose of creating new, or improving existing, materials, devices, products, or processes” Can occur in various industries (both low and high tech)
- SR&ED is a tax credit. The benefits are called investment tax credits or ITCs. In 2013, CRA provided about $3.4B in assistance to 22,000 claimants. (In 2012, they provided over $3.6B 22,000.)
- Three criteria to qualify for SR&ED: 1. Technology Advancement Sought – explain with a relevant example 2. Technological Uncertainties, Obstacles, or Challenges – explain with relevant example 3. Technical Content (Iterations) – explain with relevant example
- http://www.cra-arc.gc.ca/txcrdt/sred-rsde/clmng/lgbltywrkfrsrdnvstmnttxcrdts-eng.html#N1038D
- http://www.cra-arc.gc.ca/txcrdt/sred-rsde/clmng/lgbltywrkfrsrdnvstmnttxcrdts-eng.html#N1038D
- Other examples in ICT include: (*Switch these examples and images so it is targeted for the audience) Combining existing technology or software that was not intended to work together Developing new software Improving software to work with legacy systems Developing new down hole tools or fluids Adapting a product for use it was not intended to be used for
- *Explain CCPC and non-CCPC and provide company examples that people would be familiar with. We are going to focus on Corporations for this discussion. If you have a proprietorship or partnership, let’s discuss one on one after the presentation.
- SME = Small to medium sized enterprise generating less than $500K of revenue per fiscal year For 2014: Salaries ~64% (Work must be carried out in Canada. Only 10% or work can be performed outside of Canada) Sub-Contactors ~ 32% (Calculated on 80% of expenditures) Materials ~40% ICTs are refundable for Canadian controlled SMEs. This means that you can receive a cheque, assuming you’ve paid all your income tax owing. Note: Capital expenditures ends after 2013.
- Foreign owned corporations, publically-traded, or Canadian controlled companies that are earning more than $500K in revenue per year qualify for the following returns: For 2014: Salaries ~36% Sub-Contactors ~ 18% (Calculated on 80% of expenditures) Materials ~28% Lowered the federal SR&ED return rate from 20% to 15% as of Jan 1, 2014 ITCs are non-refundable. They are simply tax credits that be carried back 3 years or forward indefinitely.
- What about overhead? Proxy vs Traditional Method In 2014, it is 55%. For 2013 claims, it is 65%
- ICT Software Case Study: Developing software platform to integrate their customer relationship management system and their operations management system. This works out to roughly $210K of eligible salaries per year. Using the proxy overhead method and assuming the company is a Canadian-controlled SME based in Alberta, they qualify for a return of $135K in ITCs (cheque, since SME) That’s roughly the equivalent of two more developer hires! If this pattern continued over 3 years, that’s $405K of ITCs What better way to improve your bottom line without adding more resources?
- 3 developers. $130K per year – one if front end, two are backend. Backend guys qualify for about 70% of their time and collectively earn $140K per year. $140K total between the two. How much time is applicable? Numbers
- 3 developers. $130K per year – one if front end, two are backend. Backend guys qualify for about 70% of their time and collectively earn $140K per year. $140K total between the two. How much time is applicable? Numbers $140,000 - $84,000 - $53,760 $193,706 - $116,256 - $74,403 $214,403 – 128,642 - $82,331 $210,494 on $420,000
- So you think you might qualify? Here’s what you need to be doing right now. Technical documentation needs to be: Contemporaneous – documented at the time of the experimentation. Highlight technical obstacles or challenges Dated Examples of documentation: Timesheets, Engineering notebooks, Versioning Control on software Iterations, Whiteboard images, Emails. Just be aware. Some agile software development teams have needed to implement a better documentation system for their SR&ED eligible projects. Each company works very differently - we can help you set up an efficient system for your company.
- Time Tracking
- Financial Tracking - What needs to be tracked from a financial/accounting perspective and give some tips on how to do that
- 18 Months past the fiscal year end Current Filing= 6 Months to file taxes after fiscal year end Amended Filing= 7 Months to 18 month past fiscal year end
- CRA’s success rate at meeting these turnaround times is 96%
- A CRA Audit is not to be confused with a tax audit. The CRA only reviews SR&ED expenditures and technical work. Multiple Types of Reviews: Desktop Financial only Technical & Financial FTCAS – new service launched Jan 2014, it is an in-person meeting with the CRA to review your first submitted claim and to set you up for success for the next claim. Will happen every 4/5 years Most important way to support a review claim is documentation and time tracking. Keep in mind, just because your claim has been approved, doesn’t mean that it’s been fully reviewed. Just because you are at a higher risk of an audit, doesn’t mean you shouldn’t submit a claim. If you have documentation to support your claim, you should be fine and we are with you every step of the way.
- Recommended approaches for claiming R&D grants: Pay yourself or staff (sweat equity is $0 equity) SR&ED require spend / NRC – solid business model Incorporate company and ensure clear IP ownership. Company vs contractor
- Common pitfalls for technology startups: Poor documentation of dev activity and financials- also important for business. Focus on business opportunity vs technology
- Contingent Scope your claim upfront and invoice when your claim is successful Efficient Only require interviews & documentation Proactive Ongoing engagement and future recommendations
- Highly Reputable – we have a long-standing positive reputation with the Canada Revenue Agency Technology Focused – we hire technically trained and highly knowledgeable Technology Advisors Efficient - our inhouse team uses a 7-step methodology to process claims. Well Connected – we’ve built strong relationships with innovation funding program administrators, investors, and support organizations in multiple communities
- If you haven’t already, assess your internal projects for SR&ED eligibility. You may have some projects that you hadn’t even considered. I’d happy to sit down with you for 30 minutes to assess your potential. We work on a contingency basis, so we don’t invoice until you’ve successfully received your ITC’s. We invoice on a percentage of the ITCs collected. I’ll be emailing you with a copy of our SR&ED infographic as well as a link to the Slideshare file with these slides. Now let’s move onto Questions. Will publish on SlideShare and distribute the link afterwards
- … have been in operation for a little over three years and have demonstrated a national reach. I can confidently say that we have become the hub for commercialization of geomatics technology across Canada. Our value proposition is that we offer a one-stop shop for small and medium geomatics technology companies for effective and meaningful commercialization support programs. Our programs are uncomplicated and inexpensive, and we take pride in being efficient in how we deliver our services without getting in the way of the companies we work with.
- TECTERRA is not about geomatics for geomatics sake; we invest in geomatics applications that lead to economic, societal and environmental benefits. Wildlife – GPS Collar for animals with Dead-Reckoning capability (Funded Partner: Lotek) Agriculture – Precision farming (navigation & positioning of farm machinery) Forestry – Web-based Wildfire Management Decision Support System (MRF) and Advanced Forest Resource Inventory Decision Support System (LIM) Energy – earth observation for oil sands monitoring and management (discussions with ERCB and University of Lethbridge) Water Resource Management – wet lands assessment using LiDAR technologies (Government of Alberta) The funded partners who are here today can further explain how our investment is contributing to their success and economic growth
- INVEST – in both the development and commercialization of geomatics technologies Enable & invest in the applied R&D of geomatics technology for the creation of commercially viable products and services Support SMEs and start-ups that are developing incremental and breakthrough geomatics technologies TECTERRA’s investment programs are available largely through Calls for Proposals soliciting commercialization partnerships CREATE JOBS Invest in attracting, developing, training & employing world-class, highly qualified business & research professionals in Alberta NETWORK Facilitate collaboration between key stakeholder groups: technology providers (companies), researchers (universities) and end users (inc govt.)
- We enable, facilitate and accelerate the development and commercialization of geomatics technology. - We help ensure that good ideas become real projects and initiatives that generate economic benefit.
- Innovation not invention, where innovation is the creative and efficient implementation of an original idea or method, leading to the delivery of a new product, service or process, through a sustainable business model, to provide economic, social or environmental value. Our proponents are expected to have a solid business plan with a well-articulated market problem, well defined market segment, full understanding of the competition and own value proposition, clear marketing and sales plan, and solid business forecast. We do accept risky ventures, but they have to know what risks they are facing and have complete mitigation plans. “Skin-in-the-Game” Model TECTERRA’s contribution limited to 50% of eligible costs “Forgivable Loan” Model TECTERRA shares technology commercialization risk TECTERRA receives no interest/share in equity or IP No payback required if no sales – easy quarterly payback starts with 1st sale Easy Payback - paid back only upon commercialization; i.e. only if successful Quarterly payments: 20% of funding, ≤ 25% of quarter gross revenue Immediate payback as one lump-sum upon Change of Control to a foreign entity No Encumbrance: We don’t get in the way Risk Mitigation through initial due diligence and quarterly disbursement TECTERRA conducts initial due diligence through preliminary “dating” period TECTERRA monitors progress and regularly evaluates risk TECTERRA can stop funding anytime if project success is no longer foreseen Straightforward reporting mechanism and tools
- Independent and flexible – in tune with industry needs - No conflict, no equity and no politics Focus on commercialization and wealth generation Proven and successful business model and programs Great management team with strong governance & support systems Efficient, effective and focused operation Alignment with the Government’s strategy and priority areas: Improved resource management through innovative technology Increased commercialization of technology supporting a diversified economy Environmental, economic and social outcomes Expanded market access for Alberta technology SME’s Established connections with industry and applied research Positive perception and strong support from industry Innovative support model and a complete suite of programs Meritorious project intake and selection process Quick turn-around between submission & approval Small and effective management team Focus on the overall goal of commercial success for the SMEs Effective geomatics domain expertise on staff Well-established and observed corporate culture Volunteer Board of Directors and Advisory Committees Independent oversight: industry-led Board of Directors Extended support: Business & Scientific Advisory Committees Governance system and processes mirror industry practice Regular reviews of objectives, metrics and achievements
- Icons represent the Mitacs offices across Canada Mitacs is celebrating its 15th year of inspiring innovation in Canada Almost 10,000 research projects across all Mitacs programs (Accelerate, Globalink, Elevate and Enterprise) over 15 years. We have 61 academic partners across Canada Our research collaborations help companies overcome R&D challenges and drive innovation Why is Mitacs different? Can be scaled to suit the size of the research project with 1-to-many interns Fast application approval Access researchers from any discipline, from STEM to social sciences Open to all industry partners, regardless of size.
- Annual figures from 2013. Last year alone we saw over $10 million in private sector investment in our research projects with over 900 industry partners We partner with over 60 academic institutions across Canada. In 2013, over 1,700 Mitacs Accelerate research projects were completed, with many more across Elevate, Globalink and Enterprise Through Globalink, we brought more than 280 of the world’s brightest students to Canada for research projects 6,300 graduate students participated in 260 professional development Step workshops
- We partner with companies of all sizes and in all industries across Canada. Currently, only industry-associated not-for-profits are able to participate in Mitacs programs. Mitacs internships are open to all disciplines, including sciences, engineering, health sciences, social sciences, humanities, business, medicine, and the arts.
- Mitacs aims to: Attract the best and brightest researchers to Canada Train students through professional development workshops and hands-on research with industry Retain talent locally in Canada, to benefit the local economy and innovation sector Deploy researchers where their talents and knowledge are most needed, to drive innovation.
- Mitacs programs and news are frequently covered in national, academic and research news outlets. Our CEO, Arvind Gupta, sat on the Jenkins Report panel – an independent review of the federal government’s support for research and development. Recommendations include more direct investment into industry to create incentives for R&D.
- Research figures cover Mitacs Accelerate, Globalink, Elevate and Enterprise programs from 2003/04 to 2012/13
- Company partner benefits include: Access the latest in research expertise and R&D knowledge that you may not have in-house Gain a competitive advantage over other companies by accessing R&D talent Tap a national research network and establish or enhance relations with local universities Maximize your R&D budget through matched Mitacs funding Develop IP through the research project Mitacs takes care of all stipend payments to the intern – they don’t become a company employee.
- Some examples of how Mitacs has helped companies: New Brunswick Pulp Mill has slashed its energy costs by $40,000 a year by implementing a new heat recovery system developed by a Mitacs intern Quebec-based robotics company enhanced camera technology on its drone aircraft A biotech firm in Toronto has developed a one-step food testing kit that saves time and money. It has now been commercialized. General Electric is developing new, energy-efficient green house lighting that improves plant growth and crop yields through research by a team of Mitacs interns And a Calgary company is commercializing new GPS technology that works indoors and underground, providing accurate location data from anywhere
- Mitacs Accelerate supports small and large scale research projects, from $15,000 up to $2 million across all industries and disciplines. Most applications to Mitacs are approved within 6 weeks.
- 1 to 5 internships: Mitacs funding is matched 1:1 Projects with six internship units or more and at least 3 interns become a cluster, where the Mitacs contribution becomes 122% of the private-sector partner’s, so the funds have better leveraging. For larger projects with multiple researchers, the interns can come from different disciplines but work on the same project.
- Funding available for 3 years with one proposal Application process: simple, easy, and quick with support from BDs Real-world exposure: interns and faculty apply the latest tools and innovations to real issues Funding provided to support the PhD student’s research Professors may recruit PhD students for the research project, even after it has been approved by Mitacs
- The “limited” category depends on the funding model for the organization. Currently, only industry-associated not-for-profits are able to participate in Mitacs programs.