As an entrepreneur, you are constantly on the lookout for funding and opportunities to help grow your business. One organization you may have yet to hear of but should consider is Mitacs. Mitacs is a not-for-profit organization that helps small businesses and entrepreneurial startups access funding and resources to grow their businesses in partnership with researchers, students, and academic institutions. This article introduces four funding and support programs available to small businesses through Mitacs.
The Accelerate Program is Mitacs' flagship program that provides funding for research and development projects. The program is open to all disciplines and sectors and designed to help small businesses and startups develop innovative solutions to real-world problems. The program is also available to students conducting research as part of their studies who want to develop their research project into a startup.
The program provides funding of up to $15,000 per unit for four to six months of research projects. The funding is awarded on a 1:1 matching basis, meaning that the partner organization must contribute 50% of the project cost. The program also provides access to business mentorship and incubators to help entrepreneurs develop their businesses.
Business Strategy Internship
The Business Strategy Internship (BSI) program is designed to help small businesses and startups turn their research knowledge into practical projects. The program is open to college students, undergraduates, graduates, and postdocs, and it provides funding of up to $15,000 for non-research innovation projects. The program is also available to international students and entrepreneurs.
The program is awarded on a 1:1 matching basis, meaning that the partner organization must contribute 50% of the project cost. The program is open to all sectors and disciplines. It is designed to help small businesses and startups develop new business models, improve public services, and contribute new solutions to community challenges in Canada. The program also provides access to business mentorship and incubators to help entrepreneurs develop their businesses.
Enhanced Indigenous Pathway to Innovation
Mitacs is committed to working with Indigenous people and creating equitable access to all different resources and programs. The Enhanced Indigenous Pathway to Innovation program reduces the required partner contribution by half, making it easier for Indigenous partners to access funding. In addition, the program provides a 3:1 matching for Indigenous partners or students, meaning that the partner pays only 25% of the project cost.
The program is open to all sectors and disciplines, and it is designed to help Indigenous entrepreneurs develop their businesses while respecting their knowledge and traditions. The program is available to all partner organizations that are 50% owned by individuals who self-identify as Indigenous and not-for-profit organizations with at least 50% self-identified Indigenous people on the board of directors.
Entrepreneur International is a program that provides travel grants of up to $5,000 per trip for small businesses and startups to explore international markets and develop new opportunities. The program is open to small companies and startups hosted in a Canadian university-linked incubator. The program is designed to help entrepreneurs build a network of international partners and explore new opportunities in the global market.
The program provides a total of five trips per company. In addition, it requires a host incubator from the destination country to ensure the entrepreneur develops a long-term relationship in that market.
Whether you are just starting or looking to grow your business, partnering with Mitacs and its extensive network of resources and expertise can help you achieve your goals and make your business thrive. Through Mitacs, entrepreneurs can tap into various programs, including Accelerate, Business Strategy Internship, Enhanced Indigenous Pathway, and Entrepreneur International, to turn their ideas into reality, expand their network, and access funding opportunities.