A recent investment of $1,562,000 from the Western Economic Diversification Canada has allowed for the creation of a pilot initiative called Mitacs Converge. Mitacs Converge will provide government grant funding to support research initiatives. Mitacs, which connects and nurtures partnerships between academic institutions, SMEs, and multi-national companies, has added Converge to their established list of programs in order to better serve businesses within Canada.
Canadian small and medium-sized enterprises (SMEs) that employ between 1 and 500 people qualify to participate in this program to address issues in the technology, manufacturing, natural resources and life sciences industries. Periodic calls for proposals will be made as new industry-led projects arise. To stay updated on which projects are currently available, sign up for Mitacs’ newsletter and have relevant opportunities delivered to your inbox.
Research Grants for Small Business
A two-step process is used to identify potential projects that are funded under Mitacs Converge:
- Step One: Multi-national companies identify high-priority research topics that will allow them to capitalize in international markets. Through Mitacs’ comprehensive network of partnerships and business development team, they will request the submission of proposals from strategic SMEs and university representatives. These companies and academic institutions will respond with letters of intent to be reviewed by Mitacs’ to discover the technical merit and potential business value of the proposal.
- Step Two: Applicants who have been selected by Mitacs will be asked to then submit formal project proposals. This stage will focus on the project scope and budget of work to be completed. Proposals are to be reviewed by a sponsor company, and upon approval, documentation will be sent to the SME to sign before beginning work on the project.
Canadian Government Funding Allocation
Funding for small business projects will be awarded based on the scope and budget outlined in an SME’s proposal. Accurate, reasonable budgets will have a greater chance of receiving the funding that they have asked for. Mitacs Converge will assist small businesses to leverage their Research and development funding more effectively by cost-sharing and providing matching funds for expenses that have resulted from the program.
Projects must include a minimum budget of $20,000, excluding in-kind contributions. At least 50% of the total project budget will be used to pay for a qualified research candidate.
Benefits of Small Business Funding Through Converge
- Access to global supply chains with established customer bases;
- Increased capacity for research and development;
- Access to Canadian universities and top talent graduating from the institutions; and
- Comprehensive project management and project support.
Find Research and Development Funding and Other Funding for Small Business
Being able to craft a complete and accurate program proposal is essential to being approved for Mitacs Converge. Mentor Works’ team of Canadian government funding experts will qualify your project and optimize your application; contact Mentor Works today. Not sure if this is the right program for you, but still want to leverage Canadian research funding opportunities? Mentor Works’ small business funding consulting services can ensure that you’re receiving the right mix of funds. To stay up-to-date on all government funding news, subscribe to our Canadian business funding newsletter.