As an incumbent in the Web3 Integrator space that is well funded, we’d be lying to say we feel secure even though we have a healthy runway. The current market conditions are callous as of late. We’ve had implosions in the cryptocurrency space, which is near and dear to us, followed by bank runs that cause panic in all levels of innovative industry (tech, healthcare, other start-ups — we are all indirectly affected); which, frankly, we’re also at the forefront. At the time of writing this, there were negative news on Silicon Valley Bank and Signature Bank.
As we continue to face the struggle due to various external factors, we remain resilient; and feel positive. We are pleased to announce that we are currently receiving advisory services and funding from the National Research Council of Canada Industrial Research Assistance Program supporting a research and development project for our PERCS Hub. 🎊 🥅 Our application process was intensive and rigorous. We want to share a few learnings with Canada’s start-up community:
· Despite the stereotype regarding innovation and technology, there exists Canadian government support. You may have challenges because you may not have fleshed out your MVP/ concept. As we are accessing Canadian tax payer’s money, your project has to have a direct economic impact and be defensible.
· Demonstrate true economic benefit for Canada. At the very least, show potential for IP.
· Hone your proposal -– NRC IRAP Industrial Technology Advisors (ITA’s) will patiently work with you. Don’t abuse their expertise, but they will help you with their understanding of requirements to meet the project scope and navigate proposing a Business Case and completing an Independent Project Proposal.
Benefits of pursuing funding:
· Extending your runway rate: NRC IRAP support has extended our runway by roughly six months. As a start-up, this is a tremendous buffer.
· Impact on the Canadian start-up community — rockets! We’ve always thought that Canada’s mindset, in general, was a watch-and-learn. This misconception demonstrates support for the Web3 community and support for incumbents with the same profile as us!!! It’s about time we address the brain drain down south.
· We retain IP in Canada — enough said.
#innovation #canadianstartup #funding #web3development #researchanddevelopment
