Is your company in one of the industries predicted by Forbes to be revolutionized by artificial intelligence? If so, your competitors are probably taking advantage of the government programs to reimburse a large portion of costs related to testing or implementing AI innovation technology to help them succeed.
Companies engaged in cybersecurity, health care, manufacturing and construction and more are enlisting AI innovation in their businesses with anticipation of becoming leaders in their fields, and many are taking advantage of government programs to cover most of the costs. And, the list of companies grows, touching almost every aspect of life – everything from chatbots in retail stores to making restaurant recommendations and analyzing risk factors in loan applications.
There are several factors that make artificial intelligence or machine learning projects more complex in terms of substantiating a SR&ED claim. Firstly, artificial intelligence and machine learning are a relatively new development and the speed of growth and change is this field is rapid. Secondly, it is not always clear what is new or innovative about an AI project.
We can help you overcome these challenges with an approach that focuses on technical improvements and on the challenges associate with real world application of the development. The majority of AI projects are challenging due to limitations of data and other factors that make moving from established theory to a working reality. Although the whole project may not be considered SR&ED, parts of it, as well as supporting activities may well be.
R&D funding is not limited to new AI innovations, but a number of related activities involving overcoming technical challenges including; training AI systems to use data and make distinctions; prototyping to identify enhancements to existing model designs; designing modifications that improve the capabilities of known algorithms and models, and more.
If you have attempted to design, analyze, develop, improve, or implement some of your programs, techniques, products, or devices, the activities you performed may qualify for the SR&ED tax credit program.
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