Innovation is the key to business success and staying ahead of competitors; but many businesses struggle to find the innovative thinkers they need to enhance their existing processes, products and technologies.
Overview of Mitacs Co-Funding for Research and Development Programs
Mitacs is a national, not-for-profit organization that connects businesses with academia and new graduates for research projects, innovation and idea sharing. Through co-funded internships and partnering with universities across Canada. Mitacs is able to link companies with the right expertise, specialized knowledge and skills they need to develop solutions to problems, conduct research, or overcome challenges.
Two internship programs operate in Southern Ontario – Mitacs Enterprise and Mitacs-Accelerate.
Mitacs Enterprise internships for Small and Medium-sized Businesses
Mitacs Enterprise is exclusive to small and medium-sized STEM (science, technology, engineering and math) companies operating in Southern Ontario. Through Mitacs Enterprise, businesses can access a recent university graduate in a STEM field for a full-time, six-month, co-funded internship with Mitacs paying eligible interns up to half their salary. Furthermore, Mitacs will work with the company to determine how the program can provide maximum benefits, develop an internship proposal, and help find a suitable graduate with the right skills and qualifications.
Mitacs Enterprise provides the ideal opportunity for a small to medium-sized businesses to evaluate new graduates as a potential future employee, while accessing their skills and knowledge. As an added benefit, Mitacs provides the intern with business management training and any intellectual property developed during the internship belongs to the company.
Mitacs Accelerate Research and Development Funding for Business
Mitacs-Accelerate supports short and medium-term (minimum four months) research- projects, where graduate students or postdoctoral fellows help solve a specific challenge, or develop ways to improve existing processes or products. The internship is co-funded, allowing businesses to leverage their R&D budget for maximum return. For a four-month internship, the company contributes $7,500, with Mitacs matching this for a total $15,000 of research and development funding.
This matched funding for small business investment provides the industry partner with an experienced researcher, unique access to university facilities and new connections within the academic community. Mitacs-Accelerate is open to all industry sectors and companies across Canada; applications are accepted year-round and usually approved within four to six weeks.
More Information about how Mitacs can help your small business
If your business has a research challenge or is looking for new, innovative ideas, visit the Mitacs website and learn how Mitacs co-funded programs can give your business the competitive edge.