Technology and innovation companies work in a variety of industries. These companies may specialize in tasks such as product development and research, as well as delivering novel solutions to existing processes. This book will help you understand what you need to start your firm, whether you're interested in new technologies, product innovation, or research and development.
Getting going
Before you can offer your product or service, there are various factors to consider when starting a business. In Ontario, most firms must fulfill at least three fundamental steps:
- Find out what permits and licenses your type of business need.
- Choose a business structure and incorporate or register your company.
- Determine whether you'll be required to collect and remit HST.
- More information on these processes and other basic criteria for launching a business in Ontario may be found in our Starting a Business guide.
Supporting Innovation in Canada
Innovation Canada, the ICGC has programs and services to assist your business innovate, create employment, and expand the economy, whether you need funding or expert advice.
- The Business Benefits Finder is a program that generates a customized list of everything the government can do for your company.
- Innovation Advisors offer one-on-one advice for free to help you choose the best innovation programs and services. An adviser can assist you in locating finance, expertise, facilities, and global prospects if you are incorporated and developing a new innovative product, process, or service.
- The Strategic Innovation Fund invests in innovative companies, assisting them in scaling up, researching, developing, and commercializing cutting-edge ideas, as well as collaborating in new ways.
- Innovative Solutions Canada allows the government of Canada to collaborate with eligible small firms and innovators to assist with prototype development, testing, and validation.
- Clean Growth Hub provides a personal guide to businesses with clean technology projects who can answer questions, discuss choices, and make introductions.
- The Accelerated Growth Service connects high-growth businesses with a single point of contact for all government programs and services. Ontario Entrepreneurs' Network
The Ontario Network of Entrepreneurs (ONE)
Is a network supported by the Ontario government. The ONE is a one-stop shop for everyone involved in planning, launching, or growing a business, whether it's a main street merchant, a high-tech start-up, or a growing manufacturer, with nearly 90 locations around the province.
Innovation and Research Digital Accelerator (DAIR)
You could benefit from the DAIR program's high-performance cloud resources if you manage a Canadian small or medium-sized firm with less than 500 employees and are active in software development, testing, or demonstration. Benefits include:
- Self-service access to high-performance virtual servers is provided for free.
- Online application process is simple.
- Ability to create and test a variety of software applications for tech companies
- Ability to design e-commerce applications, services, or websites for non-tech firms, either for internal or external use.
- Data storage in Canada (may be a legal or contractual requirement for some businesses)
Financing
Various government agencies offer grants, donations, subsidies, and loan guarantees. Look for programs and services that may be relevant to your business using Innovation Canada's online search tool.
Regulations
The federal, provincial, and municipal governments may require licenses and permissions for your firm.
You can utilize BizPaL to identify licenses and laws that may influence your business in addition to the information in this guide. You can also get in touch with us to talk about starting your own business.