Are You Getting Your Fair Share of Government Funding?
Does the following scenario sound familiar?
You are the CFO of a large Fortune 500 firm in Canada. You are aware of the Scientific Research and Experimental Development Tax Credit Program and have been completing the annual claim process to receive the tax credit. However, due to the Federal program reductions, and increased rigorous audit process, you are experiencing increased difficulties in achieving your funding targets.
Through a recent news announcement, you learn that the government has provided grants to a company similar to yours. You task one of your staff members to look into the possibility of securing grant funding for your business. Best case scenario, 6 Months later, they come back to you to report, they have an approval! The achievement is celebrated, everyone congratulates one another. Since this is a relatively new area, there are no expectations for a positive result. Therefore, a small level of resources are typically committed. Typically, at a Fortune 500, it will consume less than 20% of one staff member’s time. Despite the success, an important question needs to be asked.
Are we maximizing government funding opportunities?
The only way to intelligently answer this question is to perform a competitive benchmarking analysis. A competitive benchmark needs to be used to set expectations and help make decisions about resource allocation. If you are very similar to 3 or 4 other businesses in your industry and making similar capital investments, they can act as a great comparison within this area. Tax credits such as the SR&ED program are not public information and therefore, it is not possible to complete competitive benchmarking.
GrantMatch™ simplifies the competitive benchmarking process by collecting and tracking a vast amount of data, including over $130 Billion in government funding approvals. Through government legislation and a rigorous data scraping process, grant funding approvals are managed within the GrantMatch platform. Similar businesses in your industry can be easily tracked and the funding achieved by each quickly compared. This detailed level of analysis uncovers new funding opportunities by drilling down into the funding program that a competitor accessed. If the program is still open, you may be able to generate an application.
Fortune 500 firms such as yours are typically missing funding opportunities simply because of a lack of program information. Alternatively, you can outsource all of your government funding opportunities and we will employ GrantMatch to complete competitive benchmarking, as well as the identification, matching, and application writing process. We work on a performance fee basis, with no risk to you if we are unsuccessful in securing funding.