Our Purpose
North Innovation Fund (NIF) specializes in providing SR&ED accrual debt financing to support Canada's knowledge-based industries. Our objective is to help bridge the funding gap and foster (and accelerate) innovation in Canada. We want to encourage entrepreneurs to continue to take risks and invest in innovation.
The SR&ED program, a federal tax incentive program that encourages research and development activities in Canada, has long been the primary source of funding for early-stage companies in Canada. We want to play a role in Canada's ecosystem through SR&ED. North Innovation Fund is committed to helping Canadian technology companies reach their full potential.
The Funding Gap
- Between 2000 and 2010, venture capital investment in Canada decreased by more than 80 per cent from approximately $5.9 billion to $1.1 billion, with the number of companies receiving venture capital decreasing by more than 64 per cent from 1007 to only 357 during that same period.
- The total angel investment in Canada in 2010 was less than $100 million.
- Angel investors funded approximately 4.5 per cent of all business plans submitted to Canadian angel groups, and venture capitalists in Canada funded only 0.25% of business plans submitted to Canadian venture capitalists.
Source: Thompson Reuters Canada and National Angel Capital Organization