Making Strategic Research and Development Financing Work
By understanding development and funding profiles, companies can focus efforts to gather support for R&D.
Canadian decision-makers have heard the point made so often, it has become clichéd: an aging population and post-industrial economy are driving the requirement to raise productivity. That spells research and development. Yet with tepid economic growth, changing political dynamics, and uncertain trade relationships, corporate leaders have rarely been so risk averse.
So how to reconcile these priorities? At least part of the answer could lie in recruiting government as a strategic partner in your activities.
Ayming addresses this topic in a feature article in this month's edition of Innovation, a journal issued by The Professional Association of Engineers and Geoscientists of British Columbia. In the article, they discuss how subsidies and incentives aren’t new policies enacted by the different tiers of government, and why the sheer scale of funding available should be sufficient to pique the interest of most executives seeking respite from the challenges they face in research and development.
The authors outline some of the frustrations business leaders have experienced with government funding, and describe two of the main categories of federal government R&D funding in Canada—tax credits and government grants. They demonstrate how the different types of funding generally apply at different stages of R&D, and profile the most commonly experienced effects of both product development and company development on tax credits and grants.