Canadian companies looking to maximize their research and development budget should look no further than the Mitacs-Accelerate program.
Mitacs Funding for Research and Development & Product Development
Mitacs is a non-profit organization that connects businesses with academic researchers from universities across Canada. Thousands of companies have benefited from tapping the research expertise of top graduate students to streamline their business operations, work on product development or create new, innovative technologies.
Mitacs-Accelerate can be used to access research and development funding across any industry or sector. The program is co-funded, allowing the participating company to leverage their research and development budget for maximum return on investment. For example, with a standard four month internship, the industry partner contributes $7,500 which Mitacs matches, providing a total of $15,000 to fund research.
Additional Benefits of Research and Development Funding through Mitacs
With a Mitacs-Accelerate cluster internship, a company can benefit from the expertise of multiple graduate and postdoctoral researchers for large-scale, long-term projects. These larger projects receive even better leveraging, with Mitacs contributing more than half of the funding for small business.
Other key benefits for businesses using Mitacs-Accelerate include:
- The research proposals are peer-reviewed to ensure scientific excellence and the students are supervised by a faculty member based at the intern’s university
- Access to the latest university research facilities and equipment, along with improved collaboration with the academic community
- No HR or payroll issues. The intern does not become a company employee and all administrative and financial arrangements are handled by Mitacs. The intern’s stipend is paid to them directly by Mitacs
- The industry partner’s contribution is often eligible for scientific research and experimental development (SR&ED) tax credits
- Fast approval on proposals with no application deadlines. Most internships are approved within 4-6 weeks
Mitacs Funding for Small Business Program Leverages Academia
During a Mitacs-Accelerate internship, the graduate student spends at least half of their time on site with the industry partner working directly to help solve their research challenge. Time is also spent back at the university lab, consulting with their professor and applying the latest equipment and facilities to the research challenge.
Next Steps for Securing Canadian Government Funding through Mitacs
If your business has a research challenge or is looking for new, innovative ideas, contact our local Business Development Director Jennifer Tedman-Jones at 519-591-5512.
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