Toronto Technology Hub
If you work in the downtown Toronto Core, you are aware of the Technology Hubs particularly around King West. For example there is a plan for 460 King West to become the newest innovation hub. See the link below for an article on the revitalization plans.
This is an exciting time for technology business, because there is a strong community and presence in Toronto.
As noted, there are a lot of entrepreneurs that have had a background from some of the large Tech. companies and have seen the opportunity to create new technologies and software on their own or with various partners. Have a read of this article it makes reference to the current state of the tech- startup scene in Toronto.
Toronto Technology Accountants
It's great to hear success stories of new tech startup companies obtaining seed capital to develop and bring their new technology to market. We come across businesses all the time that have developed a technology, software, or application that is successful in solving a business or personal challenge. As these businesses grow, we make it a priority to ensure that their accounting, tax matters are taking care of and they understand their reporting requirements and plan ahead to stay on top of the game before equity partners become involved.
Research and development costs incurred to bring products to market that solve a problem and are considered innovative may quality for the Scientific Research & Experimental Development Credit.
More information can be found on CRA's website:
The goal for most technology start ups is the securing capital to develop products to bring to market. Since new technology is a niche industry, new products don't always find it easy to obtain traditional debt financing via banks, or other lending sources. The common root has been seeking equity partners, whether local venture capital firms, or firms from Silicon Valley. Once the first round of equity has been secured, depending on the requirements and interests of the firms, a second and third private placement may proceed.
Market & Operational Efficiency
As Technology businesses have brought there products to market and have grew rapidly, the challenge becomes operational efficiency and aligning your IT system, processes, and controls to support the sales growth and volume. Some up-front investment can save a lot of headache and solve issues before they become a problem down the road.
Interested in more information? We always like learning about new technologies and it's our passion to help your company find its way. We have professional service experience in the following:
MP Group l Helping your Company Find Its Way.