Your CDAP eligibility will depend on which criteria you can pass and if it’s enough for them to grant your application. It’s important to look through the requirements first and gather the data or information you need before sending in your application.
The Canada Digital Adoption Program (CDAP) was created to assist small to medium businesses (SMEs) that want to adopt new technological processes. The program aims to encourage companies to be more efficient and productive through digital means.
With the help of new digital technology, repetitive tasks can be automated making the work process more streamlined. In turn, this improves the efficiency of the business and also reduces the risk of making errors and wasting valuable time during production.
Understanding the Goal of CDAP
CDAP aims to assist SMEs that want to integrate digital processes. Technology, data, and digital platforms have a significant impact on modern sciences and many SMEs need a little push to open up more opportunities for company expansion.
Some SMEs feel like transforming their processes will cost them a lot and will be a huge risk for the company. That’s why CDAP offers a more secure way that ensures the business that it will have enough assistance as it is transitioning into using a new way of business marketing.
If you want your business to have a strong edge over its competition, then considering CDAP is a good way to start. A company must be open to adapting to changes such as digital transformation. You are not only evolving your company, but you are also opening your company to more opportunities in the future.
Qualifying for CDAP
Before you apply for CDAP you have to make sure that you pass the criteria and can submit your application on time. The program is strict about deadlines, and they also want you to send in your application complete with all the information and data needed from your company.
1. Be a Canadian Resident and Have a For-Profit Business
You will have to be a Canadian resident to avail of CDAP. Being a resident increases your chances of qualifying for the program because you assure them that you are staying in Canada and that you‘re actively managing your company.
Apart from that you also need to have a for-profit company. That means you must operate a company that generates money through sales and services. The objective of your company is to operate to make a profit which you would later pay to your investors or shareholders.
It helps to be aware of these criteria so that you’re sure about applying. Not only that, but it can prepare you by making sure your documents are ready before applying. You can append time in fixing your residency or creating a for-profit company before you send in any application.
2. Business Should Be Provincially or Federally Incorporated
You have to make sure that your business is provincially or federally incorporated. CDAP will not give you access to the grants when your business has no protection for its name. By having your business incorporated, you are not only protecting your business, but you are also giving assurance to the program that you legally own the name.
Being provincially incorporated means that you are only doing business in that specific province. What you have to remember is that provincial incorporation will only protect your business in the province where you’ve incorporated your company.
For federally incorporated businesses, you can conduct business throughout the country. Federal incorporation can protect your business all around Canada. That’s why you have to carefully consider the scope of your business.
3. Follow-up Surveys and Sharing Your CDAP Results
When you apply and receive the CDAP grant, you will still have a couple of responsibilities for the program. It doesn’t mean that once your application is granted, you don’t have to do anything with CDAP. On the contrary, you will have to communicate your results for months afterward.
The purpose of this is to ensure that you are using your grant to further improve your business through digital transformation. The program wants to see what your current progress is that’s why they will be sending surveys your way. You will have to fill out those surveys as part of the requirements for applying for the grant.
Apart from that, you will also need to create a report that shares the results of the digital transformation. If you’re working with a CDAP advisor, they will help you make this report. Usually, in one of the streams, you are required to create a Digital Adoption Plan (DAP) that you have to follow for 6 months.
4. Have Full-Time Employees
To qualify for a CDAP grant you need to have active employees in your company. You have to have at least 1-499 active employees. Anything else or more than that will not get you qualified. Why is it only in this range you ask? It’s because CDAP is targeted at SMEs.
Bigger companies are not expected to apply for CDAP, and they are not allowed. If you have employees in the given range, you are more than welcome to submit your application. You don’t have to worry if your business is too small or if you only have one or two employees.
What’s important is that you’re willing to change or adopt new technology and enter digital platforms. The program wants to see more SMEs take a more digital and modern approach when it comes to marketing and business practices.
5. Have Company Revenue
The allowed company revenue for CDAP applicants is about $500,000 to $100 million at least once in the past 3 years. That is to ensure that you are not a big company and that you are still earning as much as regular SMEs in the market.
It is possible that thanks to the assistance you get from CDAP, your business grows and thrives. The grant is all for business growth and expansion and continues to support smaller businesses until they become big enough to support themselves.
You’re not eligible for the grant if you are an online reseller, multi-level company, or distributor. The same applies to corporate channels, registered charities, brokerages, or franchises. You have to be an SME that operates the business without any big corporations behind you.
Why CDAP Is One of the Best Programs Supporting SMEs
It is always better to have assistance in business especially if it’s CDAP. The program is backed by the government and can help thousands of SMEs that are currently active in the country. There are plenty of advantages that you get from acquiring this grant.
You can generate more sales for your business thanks to the ability to have an eCommerce store. Your DAP will help you reach out to more people and generate more sales than you could have in your local area.
If you work with a CDAP advisor, you also gain knowledge and information about how to improve your business practices. Your advisors are professionals who have been in business for years and can share plenty of tips and tricks with you. If you know that you have the criteria to pass CDAP eligibility, you should apply for one now.