Goal-focused Digital Adoption Plan for your business
Take the first step towards building a digitally competitive business with the help of Finofo and a CDAP grant.
We believe digital strategies are a means to an end for a business and, as such, are most useful when they are built with a goal-oriented approach. We work hard in understanding the key goals of the business to identify the digital strategies to achieve those goals.
We understand that each business faces its unique challenges and opportunities. We work with you to understand your unique situation so that we can build a robust digital adoption plan that will set you up for success.
Objective and unbiased
Our aim is to help SMEs achieve their business goals through digital adoption. In order to successfully do so, we perform an unbiased and objective analysis of your business.
Businesses are a combination of people and machines working together.
We are a team of business strategists and technologists passionate about finding the optimal combination of digital solutions for our clients.
Check your CDAP eligibility
Complete the CDAP assessment tool to determine whether you qualify for the Boost Your Business Technology Grant.
How is Finofo the right digital advisor for your business?
We know that there are multiple digital advisors in the marketplace, so why should you pick Finofo? We think that it is highly important for a digital advisor to have experience operating an SME. It is hard and unpleasant to deal with someone who thinks that he knows how to run your business better than you do, but who has never actually ran a business himself.
We are a team of entrepreneurs with backgrounds in business, finance, and computer science. We understand the hurdles business operators go through to make their business a success. Our goal-focused approach helps entrepreneurs avoid the noise by using digital strategies as mere tools towards achieving their goals, because in the end this is what truly matters.
Ready to Get Started?
Our dedicated team is standing by and ready to help you with your consulting needs and make the most of CDAP funding. Reach out today for more information about how we can help unlock your company's potential.
What is the CDAP Boost Your Business Technology Grant?
The Canada Digital Adoption Program (CDAP) Boost Your Business Technology stream offers up to $115,000 in funding to help SMEs with the development and implementation of digital adoption strategies that will aid their business transformation and competitiveness.
Under this funding stream, eligible Canadian SMEs can gain access to accredited digital advisors and receive a non-refundable grant that covers 90% of the costs of a Digital Adoption Plan up to a maximum of $15,000.
Upon completion of the Digital Adoption Plan, companies can apply for an interest-free loan of up to $100,000 from the Business Development Bank of Canada (BDC) to finance technology acquisition and implementation. Additionally, companies can also apply for a wage subsidy of up to $7,300 to hire a student or recent graduate to help achieve their digital adoption goals through the funded work placement program.
Does my company qualify for CDAP funding?
The Government of Canada has set four mandatory criteria for eligibility:
1. Your company is incorporated at the federal or provincial level; or you are a Canadian resident sole proprietor.
2. Your company is privately owned and for profit.
3. You have between 1 and 499 full time equivalent employees.
4. Your company had an annual revenue of at least $500,000 in at least 1 of the past 3 tax years.
How do I access funds for my digital adoption plan?
The Government of Canada will reimburse you for up to $15,000 of eligible expenses towards the development of your digital adoption plan. Once Finofo has completed work on your digital adoption plan you will submit the relevant invoices to receive your grant payment.
Can I access funding if I’ve participated in a digital adoption program before?
You are not eligible for the $15,000 Boost Your Business Technology Grant if you already have a digital adoption plan developed through one of the following programs in the last 12 months:
-Programme Audit Industrie 4.0
-Digital Boost 2.0
-Atlantic Canada Opportunities Agency: Digital Acceleration Pilot
However, you may qualify for the Fast-Track option and be eligible to apply for a $100,000 interest free loan through BDC to continue your digital transformation journey. All program eligibility requirement still apply.
Can I work with any company that offers digital services?
The Government of Canada has a list of partners in its Digital Advisor Marketplace who you can work with. Finofo is an approved vendor for the Canada Digital Adoption Program.
Who will work with me on my digital adoption plan?
Finofo has assembled a team of transformation advisors with extensive experience operating SMBs and helping SMB owners achieve their transformation objectives. You’ll work with an MBA-accredited senior digital strategist.
Can Finofo apply for funding on my behalf?
You must apply for the grant directly. However, we can guide you through the process, review your application, provide feedback to maximize your likelihood of success, and answer any questions you have.
I’m not sure how to answer my digital maturity assessment, can Finofo help?
Yes! We know some questions may be difficult to answer depending on your experience with and understanding of digital technologies. Your Finofo advisor will be more than happy to walk you through the assessment and clarify any sections that you may struggle with.
How long will it take to create my digital adoption plan?
In most cases Finofo can help you develop your technology roadmap within a few weeks of signing your engagement contract.
What will I get as part of my digital adoption plan?
Your digital adoption plan is a comprehensive assessment of the opportunities to improve your business by leveraging modern hardware and technologies. As part of your report you will receive:
-Deep dive analysis into your company's current state
-Post transformation capability report
-Summary of proposed digital solutions, including a cost / benefit analysis of your top three options and high-level requirements
-Near- and long-term digital strategy
-Digital implementation roadmap, including timelines, costs, and required capabilities
Are you flexible on payment terms?
We understand that SMEs may require flexibility in the payment terms. We are willing to work with our clients on our payment terms on a case by case basis.
I have several companies where I am an owner / director. Can I apply for multiple grants?
Yes. You may apply for each company individually, provided each is a separate legal entity and meets the eligibility criteria.
What do you know about the funded work placement program?
Businesses may qualify for a $7,300 wage subsidy to hire either a current student or recent graduate as part of a digital transformation or adoption initiative. As this is part of the Boost Your Business Technology track, the same eligibility criteria and process to access funds will apply. In most cases, this option would be most beneficial during the implementation phase, after you’ve created a digital adoption strategy.