Whether you want to automate your business processes to maintain or accelerate your growth, or whether you are able to innovate in artificial intelligence, several forms of financing can help you make your projects a reality.
The only downside… Without appropriate and specialized help in obtaining grants and other sources of financing, you risk finding the process long and complex.
How do you find the right grants and tax credits to fund AI?
The best and easiest approach is to be accompanied by financial aid experts such as RD Capital advisors. Not only do they know each source of financing to which you are entitled, but they are aware of the issues in your sector of activity.
Carrying out your own research and procedures to obtain the funding, tax credits and government grants to which you are entitled, as soon as possible, can be stressful and endless.
You want to focus your efforts on deploying your innovations in artificial intelligence, so make your job easier by leaving it to the specialists to fulfill their role for the financial aspect.
Why favor financing experts rather than bank loans?
Obtaining a loan from a bank is much more difficult and less flexible than a financial assistance plan managed by specialists in finding financing.
The bank will ask for accounts, probably a comprehensive business plan, as well as projections of your cash and working capital. If you are a startupthe exercise will be even more difficult.
Fortunately, you can deal with private financial institutions that offer personalized and innovative financing products. Be sure to check that they are recognized by federal and provincial government authorities, namely:
- The Canada Revenue Agency (CRA) and
- Revenue Quebec (RQ).
These, rather than giving you a list of “homework” to complete, act rather as advisers and guides.
- They take your needs into consideration by analyzing priorities and emergencies;
- They determine the subsidies, tax credits and other sources of government funding corresponding to the development of artificial intelligence;
- They lighten your burden by accompanying you in the administrative procedures;
- They finance your project in the most flexible and personalized way so that you can continue your progress without a period of uncertainty.
What is the extent of government funding available for artificial intelligence?
The Ministry of Economy, Innovation and Energy supports the growth and technological competitiveness of Quebec companies in many ways. He wants Quebec to position itself advantageously on the world market, one of the reasons why he is turning his gaze towards the technologies of the future.
The government is therefore keen to fund the various phases of AI product development, including research and development, the prototyping phase, pre-marketing and even the hiring of skilled talent.
In 2020, a program that supports projects related to the development of artificial intelligence was set up for all types of companies; SMEs, large and even start-ups, all sectors combined. Moreover, deadlines for submitting an application are posted on the site, namely April 15, 2023 and October 15, 2023.
Other government-backed AI funding initiatives
By focusing on the collective development of SMEs in the field of artificial intelligence, the governments of Quebec and Canada also support other forms of funding and various assistance.
- CNRC BET – For SMEs in technological innovation. The program funds research and development projects.
- INVEST AI – Aimed at businesses with revenues over $1 million, 50% of which are sales.
- SCALE AI – Consortium defined as a growth engine and AI deployment accelerator for Canadian companies.
Besides money, the need for qualified employees and training can be met by specialized groups. Your financing expert will be able to guide you, in particular in order to be able to benefit from combined aid.
Whatever the nature of your project, there is financing
Many AI development projects from several sectors are subsidized. The amounts vary enormously and can exceed one million.
Among the companies receiving financial assistance are medical assistance up to metastasis detection, autonomous driving, conversational agents, body language detection and facial recognition, AI coaching, process automation, etc.
Therefore, jump at the chance and quickly present your project to an advisor. You will thus contribute to the sustainability of your business and its innovative character.
