Show Me the Money!

Eligible Canadian companies looking to expand their innovation portfolios and protect their intellectual property can do so by taking advantage of available funding programs. These programs enable them to access the necessary capital to scale their businesses and attract investors who are interested in the potential growth of the company. By exploring these various cost effective sources, savvy SMEs can grow their business while also protecting it – a must in today’s competitive environment.

Innovation is at the core of competitive economic growth, and intellectual property (IP) protection is critical for the success of any innovation, but it can quickly get expensive, which is why it is critical to be able to identify smart ways to allocate your funds to maximize your ROI. Small and mid-sized companies shouldn’t let budget restrictions keep them from taking full advantage of the invaluable protection IP offers.

Here are the things that we recommend to help you make the most of the budget you do have and leverage additional funding to help support your growth objectives.

1. Start with assessing your funding needs 

It is vital to know your funding needs before seeking funding. This will help determine the type of funding that suits your business and what you may be eligible for.  

2. Find and apply to funding programs 

There are various funding programs that Canadian companies can apply to depending on their innovation portfolio and funding needs.

• • Industrial Research Assistance Program: Aimed at small or medium-sized businesses seeking to drive growth through innovation and technology, the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) is Canada’s leading innovation assistance program and provides advice, connections, and funding to help Canadian small and medium-sized businesses increase their innovation capacity and take ideas to market.
     
  • NRC IRAP IP Assist: The National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) provides comprehensive advisory services as well as funding to help accelerate the growth of Canadian small and medium sized businesses. They have expanded their advisory service offering by adding a new program, IP Assist, to help innovative Canadian businesses make the very most of their innovations. IP is a valuable tool that can help to leverage company innovations. IP Assist offers a range of targeted IP services to help both transform innovations into valuable assets in support of commercial goals and safeguard innovations. Eligible companies should be able to demonstrate plans to pursue growth and profit by developing and commercializing innovative, technology-driven new or improved products, services or processes in Canada.
     
  • Innovation Asset Collective: IAC is an independent, membership based not-for-profit selected by the Canadian Government’s Department of Innovation, Science and Economic Development (ISED) to assist Canadian SMEs in leveraging IP strategy to compete and scale. A key pillar in Canada’s IP Strategy, they are the first program that considers the broader relevant IP needs for companies. Their role is to help Canadian companies to understand the importance of IP know who to build formidable IP and data positions to support growth. To take advantage, applicants must be members of the Collective (IAC members are small and medium-sized enterprises in the data driven cleantech sector).
     
  • Intellectual Property Ontario (IPON): IPON was created to drive economic growth for companies by leveraging IP; working with innovators, businesses, and researchers at various stages of their IP journey by providing access to expert IP education, financial supports, and mentorship to help clients better understand how to: maximize the value of IP, strengthen their capacity to grow, compete in the market, and enhance research and commercialization outcomes. Companies looking to take advantage of this source of funding must be IP owners or licensees developing intellectual property. Initial priority sectors include medical technology, automotive, artificial intelligence and Ontario Research Fund – Research Excellence recipients.
     
  • BDC Capital: Intellectual Property-Backed Financing: Aimed at scaling companies in knowledge based industries who have monetized their IP portfolios through product commercialization or licensing arrangements (or both), BDC Capital has created a development financing envelope to support IP rich companies in Canada. This $160M envelope is the first of its kind in Canada providing customized, patient capital that recognizes the strength and value of a company’s IP strategy and portfolio. BDC’s Intellectual Property-Backed Financing solution recognizes the value of IP strategy to raise capital in support of commercialization and expansion. BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs and serves as a strategic partner to the country’s innovative firms. Supporting Canadian entrepreneurs, it offers businesses a full spectrum of capital, from seed investments to growth equity.
     
  • Innovation Canada: Accelerated Growth Service: The Accelerated Growth Service (AGS) is powered by Innovation Canada (a part of Innovation, Science and Economic Development Canada (ISED) to help entrepreneurs and businesses access the support they need to grow and scale. For companies that are established and growing fast, or a start‑up with a lot of potential – their Innovation Advisors can help find, and take advantage of, everything that government can do for – from research support to financing to foreign market expertise. Companies who are incorporated, ready to grow or scale, looking to create a new product, service or process, or looking for advice are the target market for this type of funding.
     
  • Welch LLP: Welch’s highly specialized team of business incentive experts can help navigate the wide range of government incentives and held determine eligibility. Welch has successfully supported SR&ED claims for a wide range of industries, including software, manufacturing, hardware and biotechnology/life sciences. The team has worked closely with CRA on filings and has a deep understanding of the filing process, SR&ED rules and strategies to maximize amounts claimed.
     
  • Export Development Canada (EDC): EDC is a Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage by equipping them with the tools they need (trade knowledge, financial solutions, equity, insurance, and connections, etc.) to grow their business with confidence. As international risk experts, EDC helps Canadian companies to navigate, manage, take on risk to support their growth beyond Canada’s borders, and facilitate connection with partners, Canadian suppliers, and international buyers. This would be ideal for Canadian companies (particularly SMEs) looking to connect to international supply chains and leverage EDC’s financial and equity investment relationships.

3. Work with IP experts 

Developing and implementing an effective IP strategy requires expertise; finding an IP professional who you can trust to lean in and provide value will improve the way that you develop, protect, and monetize your entire portfolio. 

Funding programs such as IP Assist recognize the importance of engaging with IP experts and aim to make IP strategy accessible to all by providing access and expertise that may have been out of reach otherwise by facilitating connection to a network of experts and by subsiding the cost of eligible IP services.

4. Build an IP strategy 

Strategy provides more than just protection. Developing an IP strategy involves identifying, protecting and managing your company’s IP assets, which may include patents, trademarks, trade secrets, and copyrights. A robust IP strategy concretizes innovation, reduces risk and enhances the valuation of your company. 

If you have an existing IP strategy, you can take advantage of a service like Stratford Intellectual Property’s IP Strategy Review where we work with organizations to advise on the areas of IP strategy that are foundational to a successful IP portfolio and identify areas of need. The goal of our IP Strategy Review is to provide insights and recommendations in line with industry best practices and that are ISO 56005 compliant, resulting in a proactive and actionable strategy plan.

5. Maximize the benefits of IP protection 

Intellectual property protection offers numerous benefits, including protection against infringement, establishing barriers to entry and maintaining a competitive edge.  A strong IP portfolio demonstrates your investment in innovation as well as the unique value propositions you offer to your customers. 

Interested in learning more about the programs we have highlighted here? We’ve created a downloadable resource with additional insight as well as contact information for the funding sources we think may be able to help your organization grow and scale through prioritizing innovation. We want you to be able to implement an IP strategy that works for you, protects your interests appropriately, and provides you with the resources to help grow and scale your business.

The IP Experts at Stratford can help you determine which programs you might be eligible for and dig deeper into how to make these programs work for your unique needs. We can help you find, identify, and leverage various sources of funding and assistance so that your budget and your people are being used optimally.