Each year the US and Canadian governments provide billions of dollars in funding through the R&D Tax Credit program. But it is not easy for startups to apply for the R&D Tax Credit due to a manual and time consuming process as projects need to meet certain eligibility criteria per the tax law.
In addition, companies need to show that they faced technological problems which could not be resolved with publicly available information and they need to document their research and development activities as the work occurred.
Boast.AI is helping businesses get the required funding without the cumbersome process. Boast leverages its proprietary R&D Tax Credit software platform along with in-house R&D Tax experts to help companies get larger refunds. Boast prepares the technical and financial reports along with the R&D tax forms and handles all communications with the government authorities. Boast only charges its fee once the funds are received by the company from the government.
The pandemic has caused 74 percent of all startups to decrease their staff and has slowed venture capital investments causing the startup economy to slow down. In the US the number of venture capital rounds has decreased by 44 percent.
The Research and Development tax credit program is one of the most beneficial programs for startups to fund their innovative ideas and sustain jobs. Alex Popa and Lloyed Lobo are the entrepreneurs who founded Boast.AI to help startups streamline the R&D Tax Credit application process. Boast.AI has now grown to hundreds of customers within a short span of time with offices in San Francisco, Toronto, Calgary, and Vancouver.