Dave Reynolds of INAC Services Inc spoke to the GTO PTP (Guelph Technology Organization) last night about government funding in 2010. INAC is a firm that assists companies in finding the right funding match and of course application development – and well – this route is time consuming and sometimes help even at a fee is a good thing, 80% of approved funding is better than $0 for example.
The turnout was good as always with the audience representing diverse technological businesses such as the University of Guelph (Business Development Office and Co-op), Agricultural Marketing, Digital Signs, Scientific equipment, Internet technologies and more.
Key take aways about funding applications:
- persistence
- patience
- speak the funding language in your applications – if they want to see risk talk about risk,
- understand what the applications require before filling them out – go after the right funding for your company
- put time into understanding the details or you may have wasted your time (if your new hire can not be hired before the application is approved you need to know that – perhaps you can use them as a subcontractor until approval comes etc.) and
- be able to financially back your own ventures anyway (as funding notoriously comes through not at the time you need it and/or if your developing technology can only be build with funding maybe the business plan is off — funding is never a sure thing).
Interesting Note: I have heard this before – several well established companies in Guelph are surprised when they find other well established companies in Guelph whom they have never know about and could have used (and hopefully will now us) their products and services — this happened again last night — hmm.. I see a gap here that needs filling!
