Let’s face it, it’s not easy to take an idea and turn it into a reality. The truth is that being an entrepreneur will test you in ways you didn’t think possible, but we want you to pursue it anyway.
The good news is that you’re not alone. There are a ton of resources, funding opportunities and support organizations available to help entrepreneurs in the Okanagan who are ready to take the plunge. We recently collaborated with the team at Pocketed for a session titled “Funding & Support | Grants 101”.
Pocketed is a grant matching platform designed to do all the heavy lifting for you. We were lucky to have Ben and Anjelica from the Pocketed team join our recent funding and support session and share their insights on the grant process.
Here are 5 takeaways from the session:
- Create an Evergreen Company Grant Guide
This is a resource that you can refer back to whenever you apply for a grant that has the basic details that you need. This includes (but it is not limited to) your Business/CRA number, incorporation date, business name and description, key contact and contact details, annual revenue, etc. This will make it much easier when you or a team member apply for a grant as you won’t need to start from scratch each time.
- There are 4 Key Grant Types (and 1 Bonus Grant Type)
The main 4 grant types are:
- Research & Development
- Business Expansion
- BONUS Grant type: COVID-19 Recovery
- Apply Early
Some grants are distributed on a rolling basis (so those that apply first can get the funding first). So, if you apply early, you may be increasing your chances of grant success! To be a pro at applying early, that means you need to be aware and ahead of deadlines.
- Stacking Multiple Grants
A common myth is that you can’t stack 2 or more grants for the same project. The key is that you just need to know how to go about it. Grants are available at the Federal, Provincial, Municipal and Private levels. As long as you’re sourcing grants from each level, you can often stack them to cover a greater portion of your project costs.
- Canadian Grant Landscape is $2.9+ Billion per year!
There is a lot of money on the table for companies to take advantage of. Not all of them will be a fit for your company, but there is a ton of opportunity! Stay in the know through tools like Pocketed and the Innovation Canada Digital Platform.
Want to learn more?
Here are a few more resources that the team at Pocketed shared so you can all become Grant Pro’s:
You can connect with Ben and Anjelica at Pocketed by reaching out to them directly at email@example.com and firstname.lastname@example.org. Also, feel free to reach out to me directly at email@example.com