Digital Adoption Grants for Accounting Firms and SMEs

There are 800,000 owner-managers, 50 years and up, who employ 8 million people. Most have been in business for 20 years or more and are experts at what they do, but they have pen & paper productivity standards and mindsets. They survive because their competitors do the same, but that cannot last. OpenAI just released ChatGPT, causing some to predict the end of cognitive work. Both levels of government are now offering Digital Adoption Grants to SMEs. These programs follow successful programs in Australia & New Zealand.

The Federal CDAP Boost Your Business Technology Grant program has $4 billion in funding, sufficient for 160,000 SMEs over the next three years. It provides:

• $15,000 grant up to 90% of the cost of a digital adoption assessment
• a 6-year interest-free BDC loan up to $100,000 for implementation
• a work placement subsidy of up to $7,300 for a student with digital skills

Ontario will announce an update to its DMAP Digital Modernization and Adoption Plan with:

• $15,000 grant of up to 50% of $30,000 for a digital adoption assessment
• a $150,000 grant for up to 50% of $300,000 for implementation.

It is not sure yet, but from the grant terms, the Federal & Ontario grants appear cumulative. There are other related grants available.

Topics will include:

• The meaning and practice of digital transformation
• Addressing the gap between business strategy and technical capability (is it usable?)
• Fair market value
• Who qualifies for grants?
• The type of technologies that qualify for funding
• The kind of tech stacks that are eligible for funding
• What the process would look like for an accounting firm
• The approval process
• The Grant writing process
• Purpose of and application for the BDC loan
• Applying for the work placement
• The intent is to create a new SME Digital Advisor industry
• Applying to become a CDAP-approved Digital Advisor

Speaker: John Mill, Digital Adoption Grant Specialist