For many Canadian SMEs and entrepreneurs, passion drives their quest for innovation. But innovation requires research and development (R&D), and R&D demands capital — sometimes in the tens of thousands of dollars, sometimes in the millions. Having a great idea isn’t enough: you need the money to fund it and, once you have it, you need to spend it smartly, constantly re-evaluating.

Spending smartly is also understanding that there are methods of making your budget go further.

Putting processes in place to ensure you are continually getting information and feedback means you can adjust your budgets as you go, ensuring your capital is being spent in the most efficient way. Spending smartly is also understanding that there are methods of making your budget go further. Both government and non-government sources have funds available to support your research and innovation projects, so it’s important to know what is out there to assist you at the right time in your process.