August 21st, 2017

Business Beat: Investment in innovation


By Medicine Hat News on July 19, 2017.

The Government of Canada has allocated millions of dollars to innovation programs because investment in people and technology will continue to transform and drive positive change in our economy. The 2017 Budget, Canada’s Innovation and Skills Plan, describes a mission to make Canada more innovative.

Innovation improves a product or a process; it can be an idea that offers a solution to a problem that may then evolve into a new product or service. The new product or service creates an industry which results in new jobs and that spurs growth in Alberta’s economy.

Almost anyone can be innovative. Frustrating problems force people to think about a change or process improvement and leads innovators into new ideas and creative solutions. Innovative business leaders carefully review critical feedback from clients and customers, farming it as a source of inspiration for innovation. The changes that result give them the edge enabling them to stay ahead of the curve.

Those same business leaders and creative entrepreneurs can find support for their innovative ideas with the Regional Innovation Network in southeast Alberta, known as APEX. The APEX team has the resources, knowledge, expertise and capacity to support those ideas.

The APEX partnership will introduce you to the programs offered by Alberta Innovates — there are vouchers available to eligible businesses and start-ups and these funds can be used to assist with all of the stages of the technology development life cycle: Intellectual property assessments, industry development, design, engineering, prototype development, product testing, research and even regulatory approval.

There are five main funding programs. To understand the details of each program, please visit the corresponding website links:

1.Micro-Voucher Program

Value: Maximum $10,000

http://www.connectica.ca/i3/organization/1/Program/1647/view

2.Voucher Program

Value:$10,001 – $100,000

http://www.connectica.ca/i3/organization/1/Program/1006/view

3.Industry r&D Associates Program

Value: Maximum $149,000

http://www.connectica.ca/i3/organization/1/Program/1013/view

4.Industry Commercialization Associates

Value: Maximum $224,000

http://www.connectica.ca/i3/organization/1/Program/1001/view

5.Product Demonstration Program (PDP)

Value: $100,001 – $300,000

http://www.connectica.ca/i3/organization/1/Program/1011/view

Community Futures Entre-Corp has been supporting small business since 1988. We provide the tools and guidance you need to run your business. For more information about our programs and how we can connect you with helpful resources, please call Community Futures at 403-528-2824.

Elizabeth Blair is the regional innovation network coordinator for APEX. APEX supports the growth of innovative and technologically-oriented businesses in Southeast Alberta. APEX is a collaborative initiative between three core service providers: Community Futures Entre-Corp, Medicine Hat College and Alberta Innovates.


Leave a Reply

You must be logged in to post a comment.