Canada is uniquely positioned to meet the world’s changing demands for protein. The country features more than 28 million hectares of arable land and produces 12 million metric tons of protein annually. The Protein Industries Supercluster in Canada helps organizations work collaboratively and seize this lucrative opportunity, making the nation a global competitor in the plant-based protein and livestock feed sector. Here, we explore how these companies can receive funding for their plant protein projects.
What are the Global Innovation Clusters (formerly known as the Innovation Superclusters Initiative)?
The Global Innovation Clusters (formerly known as the Innovation Superclusters Initiative) represents the government’s dedication to stimulating the economy and creating more jobs. The program transforms small to medium-sized enterprises (SMEs), large corporations, academic institutions, and non-profit groups into Superclusters to drive innovation across Canada.
The Global Innovation Clusters also help organizations overcome challenges and amplifies the country in the global market. Much like the SR&ED tax credit program, this initiative plays a significant role in supporting research and development activities within Canada.
What is the Protein Industries Supercluster?
Protein Industries Canada (PIC) developed the Protein Industries Supercluster in response to the Global Innovation Clusters. This project is expected to create more than 4,500 jobs and add more than $4.5 billion to Canada’s economy over the span of a decade. This program facilitates opportunities for large and small companies to collaborate on projects that can transform the country’s agricultural and food processing industries. PIC accomplishes these goals by implementing the following strategies:
- Building a robust and globally-recognized Canadian plant protein value chain
- Enhancing Canada’s global appeal and brand
- Establishing connections between businesses, scientific institutions, and customers
- Investing in prevalent technologies
- Solving challenges that can impede growth
What Funding is Available for the Protein Industries Supercluster?
Protein Industries Canada co-invests up to 50% of eligible expenses for approved projects, meaning that the participating organizations must fund the rest of their projects through other means. Easly can help provide the funding necessary to match the co-investment by advancing companies their accrued SR&ED refunds. That funding unlocks access to the Supercluster support that will help them grow.
There are five types of activity that are eligible for funding within this Supercluster, including:
- Access to innovation: To stimulate innovation, these activities ensure Supercluster members can access the most updated equipment, specialized services, and intellectual property available.
- Diverse and skilled talent pools: These activities enhance industry talent needs and regional workforce skills.
- Global advantage: Designed to position the Supercluster as world-leading, these activities allow firms to capture market opportunities and entice international investors.
- Technology leadership: These activities advance key platform technologies that drive competitive advantage for the Supercluster.
- Partnerships for scale: Supporting growth, these activities help different groups in the Supercluster expand and respond to the demand for services.
Members of the Supercluster can receive additional funding after PIC reviews proof of eligible costs. The organization may advance up to 50% of the overall project expenses up to a maximum of $500,000 at the beginning of the initiative. PIC only matches contributions to qualifying costs, leaving all ineligible costs entirely in the hands of the participating organizations.
Access Support with Easly
While partial funding is provided through the Protein Industries Supercluster in Canada, your business will need to come up with the funds to match the co-investment. By partnering with Easly, you can receive the capital you need to grow your business and elevate Canada in the global plant-based protein market. Advance your accrued SR&ED refund through our Capital-as-a Service platform and access it up to 15 months sooner.
Contact us today to apply for financing.