It seems the blockchain revolution is in full swing. Over the course of a one-year period, Google search requests for the keyword “blockchain” have increased by 250% (Source 1). So what’s all the hype about? 10 years after the Satoshi Nakamoto’s white paper was published, the number of companies with “blockchain” in their name has skyrocketed.
Of course, the idea of a trust-less, immutable and distributed manner of recording and executing transactions has spurred a huge number of innovative business models with the potential to disrupt every imaginable vertical.
Canada, the birthplace of Ethereum, has emerged as a true pioneer in the development of this disruptive technology. “Canada probably has one of the three biggest hubs for blockchain technology in the world,” says Jason Cassidy, chief executive officer of Crypto Consultant, a Toronto-based firm that provides consulting and market analysis services for digital currency and the blockchain (Source 3).
The good news is that Canada continues to incentivize innovators through the SR&ED tax credit program and a number of other grants and industry-specific incentives.
Qualifying activities/ expenditures in R&D can bring a Canadian Controlled Private Corporation (CCPC) approximately 60% recovery for T4 labour, regardless of its taxable position. This is a huge boost for companies in a pre-revenue, start-up phase.
Braithwaite has been around for over 30 years and built an enviable track record of success in Innovation Funding through SR&ED and other government grants and incentives. Whether you are working at the protocol level or building DApps and integrating with legacy platforms, chances are you are doing SR&ED eligible work.
For a detailed evaluation of the blockchain industry and to find out more about your company’s fit with various non-dilutive sources of government funding, please contact the professionals at Braithwaite.
Source 1: Forbes – What is Blockchain And What Can Businesses Benefit From It?
Source 2: Lets Talk Payments Image
Source 3: The Globe and Mail – Canada emerges as a hub for blockchain technology