Itracks is a Saskatoon-based software development company that creates innovative new tools for conducting market research online. The company develops proprietary software that lets researchers conduct real-time focus groups through video or text chat, discussion boards, and surveys.
Itracks designs their tools with market research agencies in mind. These agencies rely on accessing high quality, reliable data in a timely manner to provide their clients with the knowledge necessary to make smarter decisions.
These agencies help Canadian businesses make decisions based on facts, but how can they ensure their tools are collecting accurate data in a timely manner that’s consistently reliable? This is where the need for funding new market research tools comes in.
What the $1.1M in Business Expansion Funding Will Help Itracks Do
The funding will be used to complete renovations for a state-of-the-art software development centre and to help with ongoing expansion of the firm’s software and sales teams. The centre is described by Itracks’ CEO as having “some of the most advanced software for the market research industry.”
Funding provided to Itracks comes from Western Economic Diversification Canada’s Business Scale-up and Productivity (BSP) Program.
The business expansion funding will also be used towards the creation of the firm’s newest product, the Itracks video IDI (in-depth interview). The tool lets researchers host online focus groups through a direct video chat system. The moderator can host and control the meeting, while allowing participants to contribute ideas through written or verbal feedback, interactive whiteboards, and screensharing, all directly through their web browser.
How Does Good Market Research Benefit Companies?
- Customer Insights – Before businesses can change and adapt to the constantly evolving needs, wants, and expectations of their customers, they need to first understand what those drivers are.
- Competitor Insights – Getting a better understanding of how your customers perceive your competitors can reveal what those firms offer that resonates most with your customers.
- Service and Product Testing – Finding a cost-effective way for startups to conduct market testing before commercialization is crucial for increasing chances that your product or service will connect with consumers at launch.
- Business Stability – Adapting to new shifts in the market can take time depending on what industry your business is in, which is why it’s so valuable to see those shifts before they happen.
- Competitive Advantage – Having an in-depth understanding of your customers, competitors, your own products/services, as well as upcoming shifts in your industry are all great advantages that help your business meet the current needs of your clients.
More About WD Canada’s Business Scale-up and Productivity Program
Western Economic Diversification Canada’s Business Scale-up and Productivity Program (BSP) was set up by the Canadian Government to help businesses adopt new technologies into their workplaces to increase productivity, grow operations, and export to new markets. BSP offers successful applicants repayable, no-interest loans of up to 50% of eligible project costs to a maximum of $5 million per project and $10 million per applicant.
At the time of writing, current intakes for the Western Business Scale-up and Productivity (BSP) Program are: February 24 – March 23, 2020 | September 15 – October 14, 2020 | January 15 – February 16, 2021.
To get an understanding of when your business should apply to receive government grants for expansion projects, you can download the “When to Apply for Government Funding” slide deck.