Which Industry is the Most Grantable?
Starting and running a small business in Canada can be a challenging but nonetheless rewarding endeavour. It requires a lot of hard work, dedication, and financial resources to get off the ground and succeed. One way that small businesses can get the financial support they need is by leveraging grant funding. Grants can help cushion your bottom line and allow you to divert the funds to where your business needs them most.
If you’re considering starting a business, or you’re already doing so, you may be wondering which industry is the most “grantable” – in other words, which industry has the most business grants available. In this article, we’ll explore this and discuss the types of support that these grants offer.
Why are some industries more grantable than others?
There are a number of factors that influence which industries have more available grants over others. The key driver is the government of Canada. Every year in April, the Canadian government announces its annual budget. This budget encompasses the government’s priorities, which impact many things, including the types of grants that are launched.
The Canadian government wants to support industry sectors that are considered to be key drivers of innovation and economic growth. One way that this is done is by injecting non-dilutive funding into the largest professional group in the country: small and medium businesses (SMEs). This is why some industries may have more grants available than others – the government has identified it as a key driver in the Canadian economy.
What industries is the government supporting?
Now that we know the rationale behind the industry-segmented grant programs, we can talk about the industries themselves! There are four segments that the government heavily supports through various grant programs: Manufacturing, Technology, Cleantech, and Agri-Tech.
Canada’s manufacturing sector is among the most diverse sectors, encompassing a wide range of industries including machinery, automotive, aircraft, consumer goods, electronics, and more. With 1.74 million Canadians working in manufacturing, it’s an important part of the country’s economy.
The technology sector in Canada is a fast-moving and always-evolving sector that plays a significant role in driving Canada’s economy. This industry encompasses a wide range of tech, including information and communications (ICT), biotechnology, and advanced manufacturing. The technology sector is a major employer with 1.9 million Canadians working in tech as of 2021. It is supported by a strong ecosystem of research and development (R&D) institutions, incubators, accelerators, and let’s not forget – grant programs.
Canada’s cleantech sector is focused on developing innovative technologies that contribute to a more sustainable future. The term ‘cleantech’ casts a wide net and includes renewable energy, energy efficiency, water treatment, waste management, carbon management, and more. Companies across Canada strive to develop solutions that address the most pressing environmental challenges facing the world today.
The agri-tech sector in Canada aims to use technology to improve the efficiency and sustainability of the agriculture and agri-food industries. Within this is a range of sub-sectors including precision agriculture, animal health, food processing, and supply chain management. Agriculture, agri-tech, and agri-food are among the largest industries in Canada, employing over 2.3 million Canadians as of 2021.
These industries are supported by a strong ecosystem of research and development (R&D) institutions, incubators, accelerators, and let’s not forget – grant programs! Each one of them play an important role in Canada’s economy and are projected to grow in the coming years as we continue to prioritize clean, innovative solutions that stimulate Canada’s global competitiveness.
How is the government supporting key industries?
The federal government supports these industries through various organizations. These organizations have specific mandates to provide funding to businesses to help them develop and commercialize new products, adopt new technologies, grow their operations, and contribute to a more sustainable future. Some of the key federal organizations include:
- The National Research Council of Canada Industrial Research Assistance Program (NRC IRAP)
- Natural Resources Canada (NRC)
- The Canadian Manufacturing Technology Show (CMTS)
- Agriculture and Agri-Food Canada (AAFC)
- Innovation, Science and Economic Development Canada (ISED)
This list is certainly not exhaustive. There are many other federal-level granting bodies that offer support to small businesses in Canada.
Even though these industries tend to have more grants available to them, it doesn’t mean that you can’t get grant funding if you don’t fall under these categories. There are many grant programs that are industry-agnostic and serve to support small businesses of all types.
Where can I get support with grant funding?
If you’re looking to secure grant funding for your small business, then you’ve come to the right place!
At Granted Consulting, we help clients across Canada leverage grant funds so they can grow their businesses without the stress and worry of grant management. To get connected with one of our Grant Angels, head over to our Grant Calculator.