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Meet Bellissima, a New 130-Foot Italian Superyacht That Lives Up to Its Name

The newly launched vessel is the flagship model in riva’s flybridge range., rachel cormack.

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Riva ’s new fleet member proves that big and beautiful are not mutually exclusive.

The elegant superyacht, which left the Italian builder’s La Spezia yard on Thursday, spans an imposing 130 feet and is the largest model in Riva’s flybridge range. Fittingly, it’s also the new flagship of the series.

Named after the Italian word for “very beautiful,” the Bellissima is a looker, too, showcasing expert craftsmanship, the latest technology and high design. The model was penned by Mauro Micheli of Officina Italiana Design. The Italian firm, which Micheli founded with Sergio Beratta in the late ‘90s, has designed all of Riva’s yachts for the past 27 years. The Ferretti Group (Riva’s parent company) also had a hand in the design, of course.

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About the riva shipyard.

The renowned Italian Riva shipyard is known for the elegance and speed of their yachts. The legendary brand is synonymous with European savoir-faire and timeless design. It’s no coincidence that almost every James Bond movie features Riva yachts, probably most infamously in Casino Royale, where Daniel Craig and Eva Greene cruise into Venice onboard a Riva Spirit 54. This spirit of excellence is expressed in every Riva yacht for sale on the market today.

Are you looking for a Riva yacht for sale? Contact a broker today, or continue reading to discover why Riva boats are among the most sought-after in today’s superyacht market.

The Riva Legend: an Italian Success Story of Craftsmanship and Engineering

The history of the esteemed Italian Riva shipyard dates back to 1842, when young Pietro Riva started making a name for himself, restoring yachts damaged by a storm on Lake Iseo, Italy, like no other. He continued to open the Riva shipyard in Sarnico, where he started developing the first Riva models, earning Riva yachts an excellent reputation. His son Ernesto Riva then continued his father’s legacy by introducing the first Riva yachts powered by internal combustion engines.

Today, the Riva brand is one of the world’s most seemed and prestigious yacht builders, perfectly combining elegance and speed.

Exclusive Italian elegance and design

Since the Riva shipyard was acquired by the Ferretti Group in 2000, the brand and its reputation have only grown. Another outstanding feature of every Riva yacht for sale is expressed in the builder’s exclusive partnership with Mauro Micheli. Micheli, alongside Sergio Beretta, is the founder of Officina Italiana Design and has an exclusive design partnership with the Riva shipyard.

The Riva Yacht Range

The Riva range expresses the shipyard’s commitment to revolutionary engineering, reliability, and performance throughout all models. Currently, Riva is producing a range of 19 different yacht models.

Riva Open Model Range

The Riva Dolceriva, Riva Aquariva, Riva Bahamas Super, and Riva Rivamare are just some of the builder’s open yacht models. The open model range consists of motor yachts between 23ft and 85 ft (7-26m) and is the epitome of European sport boats.

Riva Sportfly Range

The Sportfly yacht range combines the speed of the open model range and the comfort of the flybridge range. The Riva 66 Ribelle, Riva 76 Perseo Super, and Riva 88 Folgore range from 65ft to 88ft (20 to 27m) and combine the best of both worlds.

Riva Flybridge Range

Riva’s flybridge line ranges from 82ft to 108ft (25 to 33m) and includes the iconic Riva 110 Dolce Vita model. All flybridge yachts are designed with the utmost comfort and elegance in mind while still impressing with great cruising speeds.

Riva Superyacht Range

The Riva superyacht range includes three catalog models that truly express that yacht’s commitment to elegance and forward-thinking engineering. The Riva 130 Belissima, Riva 50 Metri (264ft), and Riva 54 Metri (177ft) are the epitome of European yacht building and feature the brand’s signature design throughout.

Custom Riva Motor Yachts

In addition to their impressive model range, Riva has built numerous custom luxury yachts. Famous custom Riva yachts are 95.8ft (29.2m) Ruzarija, 85.3 (26m) BLACK PEARL AJJACIO, and 264ft (50m) RACE.

Why buy a Riva yacht for sale?

There are many reasons why you would want to buy a Riva yacht. Some of the most outstanding ones are:

Engineering & Speed

From day one onwards, all yachts from the esteemed Riva shipyard are crafted with perfect engineering in mind, reaching up to 45 knots.

Elegance & Design

A Riva’s iconic lines are recognizable from far away, and the elegance of Mauro Micheli’s design translates into the very last detail of every Riva yacht’s design.

Iconic Shipbuilding Heritage

Pietro Riva, Ernesto Riva, and most recently, Serafino Riva and Carlo Riva have truly translated their Italian heritage into the Riva brand. The long family-owned shipyard has stayed true to its roots and is the epitome of European luxury.

Wide Range of Models

The wide model range from 23ft to over 177ft (7m to over 50m) allows owners to grow with the brand and have a yacht that fits every need. While a Riva Aquariva is the perfect model to cruise into Venice like James Bond, the Riva Bellissima is the ideal yacht for a cruise along the Italian Riviera.

Buy a Riva Yacht

Looking to buy a Riva yacht? Contact Northrop & Johnson’s Riva specialists today and find the Riva model that is right for you!

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Riva, the new jewel. The world of yachting is ready to welcome the first 50-METER M/Y RIVA

[dropcap]T[/dropcap]he first 50-meter yacht by Riva will be built in the Group’s shipyards in Ancona, which specialize in the construction of steel, aluminum and composite material yachts between 45 and 90 meters in length and which will witness the birth of this new yacht after building the brand’s current flagship, the 122’ Mythos.

THE NEW RIVA RANGE IN STEEL IS BORN. THE FUTURE IS LARGER THAN EVER.

During the 2014 monaco boat show riva presented its innovative full custom line, which, starting from the first 50-meter project, will develop further with a second 68-meter yacht, and will reach lengths of 100 meters over the next few years, “i’d love to try and cruise with her…” is the wish expressed by eng. carlo riva himself. the same wish shared by the entire world of yachting, who is ready to welcome riva’s new jewel..

“Building in fiberglass is undoubtedly easier than building in wood. Building well, though, is difficult.” Paraphrasing this statement made by Carlo Riva in the late 1960s by replacing the word fiberglass with the word steel would be enough to summarize the inextinguishable drive that has always pushed the iconic brand of worldwide yachting towards the future and innovation, heading for perfection.

Because this is Riva’s DNA: it was in the past as much as it is in the present. Today, the brand has chosen one of its most beloved locations, Montecarlo, and particularly the charming Aquarama Lounge, on the terrace of the Yacht Club de Monaco, to announce that it is ready to seduce the world once more, making its debut in a market segment to which its reputation has naturally led it and to which it has ideally always belonged.

Riva is announcing the creation of its new full custom line in steel, which, starting off with a first 50-meter long project, followed by a second 68-meter yacht, will develop further over the next few years to include a range of crafts up to 100 meters in length. Between the 1960s and the 1970s, Eng. Carlo Riva, through his Yacht Division, had started to ‘think big’ – first by cooperating with Northern European shipyards and building the famous “Caravelle” and “Atlantic” M/Y series; then establishing a historic partnership with CRN, thanks to which six motor yachts exceeding 20 meters in length in the “Marco Polo” series and two 90-foot and 100-foot “Vespucci” crafts were built between1970 and 1978. Today, his project turns into reality. And the baton, in this relay, has ideally been taken by ‘his’ Riva company, now a member of the Ferretti Group.

Alberto Galassi, Ferretti Group’s CEO, is understandably very excited to present this new adventure: “Just over three months ago, again in Montecarlo, we celebrated the debut of the 122’ Mythos, the flagship of the brand and Riva’s first yacht to be entirely built using a light alloy. Today is another extraordinary day, because Carlo Riva’s idea to build large yachts is finally turning into reality. Riva is ready to step into this market segment as a leader. Thanks to the support of our shareholders, who are truly in love with this brand, and thanks to the efforts of the numerous teams involved in this project, we will be able to offer owners magnificent works of art cruising the seas, characterized by Riva’s unmistakable style. From now on, everybody will immediately recognize a Riva creation not only when looking at an Iseo, an 86’ Domino or a 122’ Mythos, but also when admiring one of these new yachts-to be.”

Riva’s new line will include displacement yachts fully customizable by the owner in terms of fittings and interior decor and will be characterized by a very innovative look and style, somehow different from Riva’s traditional classical lines. Featuring slender, streamlined and dynamic profiles and a very sober, clean design, these yachts will be truly unique works of art fully embodying Riva’s DNA. Every owner will enjoy a unique experience: supported by Officina Italiana Design – the firm that deigns the brand’s entire range – and by Ferretti Group’s engineers, architects and designers, as well as by his own consultants, he will embark upon a fascinating path that, day after day, will lead him to owning something more than any other owner in the world – ‘his own’ Riva mega yacht, a unique creation by an iconic yachting brand.

Mauro Micheli, the designer and co-founder, with Sergio Beretta, of Officina Italiana Design, is really enthusiastic about this project: “I am thrilled by this new challenge and can’t wait to ‘dive’ into designing this new line. Riva – continues Micheli – is probably the only yachting brand that has been capable of creating, throughout its history, true icons which can be recognized everywhere in the world. And it managed to do so because it was always focused on innovation and perfection. Aquarama – only to mention the most famous model – was so innovative mainly as a result of its creators’ constant search for flawless quality. Thus drive towards perfection is inextinguishable for us too, who have ideally taken the baton of Riva’s tradition. This is why I am so eager to start. Riva is ready to ‘leave its mark’ also on these future ‘giants of the sea’.”

50-METER M/Y RIVA

Various very spacious areas will be devoted to relaxation and entertainment, to make sure all guests can enjoy onboard life to the fullest and in the utmost comfort during both daytime and nighttime. While the large outdoor dinette at the bow (located just before a garage fitting thesecond tender and the technical area with two jet skis), will ensure the utmost privacy, the aft part of each deck will be fitted with large outdoor spaces to be used for meals or simply relaxation.

The cockpit on the main deck will include a lounge area with fixed sofas facing each other, while the upper deck may be furnished with a large dining table; the sun deck will feature freestanding seats plus a Jacuzzi with sun pads and loungers arranged around it at the bow. The aft area on the lower deck is really magnificent – a real beach club with a cocktail bar and an indoor living room that can be further extended outside, both towards the stern – thanks to the collapsible door turning into a swimming platform – and to starboard, thanks to a second optional door converting into a terrace at the sea level. The innovative float-in garage, which can store a tender up to almost 6 meters in length, will in turn open on the left bulwark, allowing for very easy launching and haulage operations.

The interior decor and fittings will be fully customizable to the owner’s taste. The shipyard will propose several layout versions for the main deck and the upper deck, which may be entirely arranged as living areas or include alternating lounge areas and stylishly furnished dining areas. The true protagonist on the main deck will be the master stateroom, which will be located across the entire bow area and will include four different sections: a private living room, a large walk-in wardrobe, a double room, and, at the extreme bow, an amazingly wide bathroom with two toilets and twin washbasins. Both bulwarks in this suite may be collapsible upon request, thus creating exclusive terraces overlooking the sea. The guest area, below deck, includes four VIP cabins, all having similar sizes and features and fitted with a double bed, a vanity set-desk area, and a large private head. Upon request, the guest cabins can be replaced by other rooms allowing the owner and his guests to enjoy their spare time in total relaxation, for example a gym or a SPA, or even a second master cabin.

Great care has been devoted to the crew quarters too. The galley, located on the main deck, the pilot station on the upper deck, and the sailor cabins on the lower deck will all be connected, thereby allowing the crew to move unseen without affecting the guests’ privacy. While the owner will be able to enjoy almost ‘royal’ spaces, the captain too will benefit from a carefully designed and very comfortable en-suite cabin, located to starboard on the upper deck. This will be part of a larger area entirely devoted to technical operations and strategically arranged behind the pilot station room. The crew cabins, located on the lower deck, will host up to eight more staff members in one en-suite cabin for the hostesses and two more double cabins, with bunk beds, for the sailors. The crew quarters will also include a large dinette with a galley.

The new 50-meter Riva may be equipped with two possible engine sets: either two CAT C32 2100 rpm engines or two MAN D2862 LE 466 2100 rpm engines, both capable of pushing the yacht to a maximum speed of 15 knots and a cruising speed of 14 knots (preliminary data). The transatlantic range at a cost-saving cruising speed of 11 knots is extremely interesting, as it will reach 3,800 nautical miles. Two zero speed stabilizing fins will be installed standard, to ensure maximum comfort and stability even when the yacht is at anchor.

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www.ferrettigroup.com

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Riva’s First Superyacht

By Diane M. Byrne
Updated: July 28, 2020

In the early 1950s, a young man enthralled with his father’s boatbuilding company took over the family business. As sometimes happens when new generations step in, he wasn’t content to do the same thing his father, or his grandfather, had done. Strong ambition persuaded him to design and build pleasure boats, as opposed to the racing and commercial boats of the shipyard’s past. What’s more, he continuously wanted to outdo himself, focusing on creating motoryachts that were more than boats, as well as status symbols.

While the young Carlo Riva succeeded in all of this after taking the helm of Riva, there’s perhaps no better example of his driving ambition than the period from the mid-1960s into the 1970s, when he launched three limited series of motoryachts.

Not only were their steel hulls a marked change from the glistening mahogany of their sisterships, they were also far larger. The Atlantic series, at 88 feet, and the Caravelle series, at 74 feet, were astoundingly large for their eras. Between their style and the fact that they were faster than many other yachts at the time, they helped Riva find several clients.

More than 50 years later, the spirit of these series lives on with the Riva 50-Meter. It’s the first model in the Riva Superyachts Division and the second Riva constructed entirely of aluminum. At 160 feet, 9 inches length overall, she’s larger than any previous launch from the boatbuilder, but she upholds many of the same principles her predecessors established.

“She is full of personality, exactly like any other Riva yacht,” says Sergio Beretta, CEO and co-founder of Officina Italiana Design, the studio responsible for every modern-era Riva. “It is essentially a true connoisseur’s boat. In a nutshell, it is chic, and that is the whole logic behind it.”

Mauro Micheli, chief designer and co-founder of Officina Italiana Design, agrees. “It is certainly a boat with a very different character to its siblings” because of the LOA and four decks, he explains, “but references to Riva’s signature styling are a constant.”

That styling is well-known and detailed. For instance, Hull No. 1, Race, shows off varnished mahogany and stainless-steel handrails, complementing the metallic painted surfaces. Even the yacht’s wing stations have these handrail details. The richness of the high-gloss wood serves as a reminder that “artisanal craftsmanship is at the very core of each project,” Micheli asserts. “The handrails are the fil rouge [French for common thread] of the yacht.”

Further to the styling’s influences, Micheli mentions the Caravelle line, conceived in 1964. Its uncluttered, simple elegance inspired the team working on the 50-Meter. Though more angular than today’s yachts, the Caravelle had long lines and a proud bow—two timeless characteristics.

“They are the kind of lines that don’t necessarily set out to dazzle but still capture attention with their sheer simplicity,” Micheli says.

For the Riva 50-Meter, the studio focused on classic yet sleek lines. “Race has a great personality,” he says. “She has three straight lines that define each level. The design is clean. We refuse overworked, elaborate and redundant lines.”

Amid these lines are some of the owner’s particular requests. “He wanted lots of light and to enjoy the external panoramas,” Micheli says. While every Riva—indeed, every large yacht—these days incorporates large glass ports, Race’s owner felt it was especially important for the 50-Meter to have them, notably along the main and upper decks. Additionally, in an interesting twist on an indoor-outdoor area, the covered alfresco dining area aft on the upper deck has slide-open glass to each side.

In terms of the open alfresco areas, meanwhile, the owner wanted a front-row seat for when he was approaching shorelines. This explains why Race has cozy seating and viewing spots at the bow and up on the sun deck. Yet another request outside, for similar reasons: a walk-around hot tub and sun pads aft on the upper deck. The owner envisioned standing back here as Race entered a marina and tied up stern-to.

Inside is a relatively customary arrangement, with accommodations for 10 to 12 guests in five staterooms: a main-deck master and four guest staterooms below. However, the owner did request that the galley go belowdecks, with a dumbwaiter connecting it to each of the upper levels. The relocation of the galley permitted more room for the master stateroom.

With Hull No. 2 in the 50-Meter series under construction, Riva is poised to make its mark in the superyacht sector. Larger models are coming too, with the biggest being the 90-Meter (295 feet).

And while Carlo Riva didn’t live to see the 50-Meter launch, having died at age 95 in 2017, there’s no doubt he’d be proud. “The first time that engineer Carlo Riva saw the renderings of the first Riva 50-Meter mega-yacht, he said, ‘I’d like to try and cruise on her,’” Micheli recalls.

Perhaps the once-determined heir to the family business is doing that in spirit.

Take the next step: riva-yacht.com

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SEVEN is a 28.55 m Motor Yacht, built in Italy by Riva and delivered in 2021. She is one of 29 Argo 90 models.

Her top speed is 30.0 kn, her cruising speed is 25.0 kn, and she boasts a maximum cruising range of 300.0 nm at 22.0 kn, with power coming from two MTU diesel engines. She can accommodate up to 8 guests in 4 staterooms, with 2 crew members waiting on their every need. She has a gross tonnage of 114.0 GT and a 6.5 m beam.

She was designed by Officina Italiana Design , who also designed the interior. Officina Italiana Design has designed 296 yachts and designed the interior of 232 yachts for yachts above 24 metres.

The naval architecture was developed by Ferretti Engineering Department , who has architected 576 other superyachts in the BOAT Pro database - she is built with a Teak deck, a GRP hull, and GRP superstructure.

SEVEN is in the top 30% by speed in the world. She is one of 5739 motor yachts in the 24-30m size range, and, compared to similarly sized motor yachts, her cruising speed is 2.79 kn above the average, her top speed 3.5 kn above the average, and her volume 1.98 GT above the average.

SEVEN is currently sailing under the Cayman Islands flag, the 2nd most popular flag state for superyachts with a total of 1376 yachts registered. She is currently located at the superyacht marina Lauderdale Marine Center, in United States of America, where she has been located for 3 weeks. For more information regarding SEVEN's movements, find out more about BOAT Pro AIS .

Specifications

Name: SEVEN
Yacht Type: Motor Yacht
Yacht Subtype: Planing Fast Yacht
Model: Argo 90
Builder: Riva
Naval Architect: Ferretti Engineering Department
Exterior Designer: Officina Italiana Design
Interior Designer: Officina Italiana Design

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By SuperyachtNews 29 Sep 2020

The first 50m superyacht of the Riva Superyachts Division in Ancona

The vessel has been optimised to be lightweight yet resilient….

With a steel displacement hull and aluminium superstructure, the first 50m superyacht of the Riva Superyachts Division in Ancona, turns the dreams of Carlo Riva, creator of the Caravelle and Atlantic motor yacht series back in the ’60s and ‘70s, into a reality. 50m, Race , is an heir of these yachts made of steel, which becomes clear when looking at its aesthetics, style, and innovation in more detail.

Named Race by its owner, who completely customised the interior layout and décor, the Riva 50 Metri has a maximum beam of 9m and can accommodate 10 guests and 9 crew members. Created by the Riva Superyachts Division engineering team in Ancona, the yacht was built in collaboration with the Ferretti Group’s Strategic Product Committee and Officina Italiana Design. The firm established by Mauro Micheli and Sergio Beretta - which exclusively designs the entire Riva fleet - has created both the interior and exterior design.

The concept behind the design of the Riva 50 Metri is intended to be an all-encompassing experience of the sea and open spaces – a trend that is prominent now within the wellness industry. The design choices are a blend of practicality and aesthetics, making the most of the comfort of the on-board exterior areas and offering views of the coast or horizon.

Riva 50 Metri enables the owner to have a sailing experience with high standards of comfort and safety. There are many components that evoke the Riva tradition, such as the tarting dominant mahogany wood that characterises the gunwale and covers all the rails and the lifelines of the outside decks, creating continuity with the interiors.

Riva’s heritage can also be found in the aquamarine waterline, and the fife rails enriched with steel elements, as well as the full custom bollards and moorings which are customised with the Riva logo.

The owner chose mostly freestanding furniture in order to modulate the outdoor environments according to need, to provide added flexibility for guests when on board. To optimise the weight, all the furniture and ceilings are made with a construction process that uses the material Nomex®, which is employed in the aerospace industry due to its extremely lightweight and its resistance to temperature changes as well as wear and tear.

The Riva 50 Metri has a gross tonnage of less than 500 GRT, yet offers the comfort and liveability of larger superyachts. The space has been optimised to give the owner the maximum privacy and dedicated pathways, while at the same time ensuring that the crew can move freely on-board to perform everyday operations across all five decks.

The first unit of the Riva 50 Metri is powered by twin MTU 8V 4000 M63 engines with 1000 kW output at 1800 rpm, with propeller propulsion, enabling a top speed of up to 15.5 knots and a cruising speed of 14 knots.

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Riva Yacht is one of the most iconic shipbuilders in the world. With a story originating over 175 years ago with the craftsmanship of Pietro Riva, the yard is now one of the world's oldest and most renowned.

Heritage The shipyard in Sarnico, created in 1842 on the shores of Lake Iseo, gave life to the whole Riva story. Its beating heart is Carlo Riva’s office, called the ‘Wheelhouse’, which he designed himself with meticulous attention to functionality. It is situated at the centre of the facilities, flanked by two columns supporting a 40-metre arch with two cranes able to haul boats of up to 20 tons in weight. Key to the construction of each trademark Riva yacht is craftsmanship, quality, and innovative yet functional design.

Construction Riva’s extensive range of models – open, coupé, flybridge versions and superyachts – is conceived by Officina Italiana Design, founded by Mauro Micheli and Sergio Beretta, along with the Group’s Product Strategy Committee and Marketing Department, together with the Ferretti Group Engineering Department.

Locations From beginnings in Sarnico, Riva Shipyards are now based across strategic locations in Italy to include La Spezia in 2003 and Ancona since joining the Ferretti Group.

Ferretti Group Since 2000 Riva has been a member of the Ferretti Group, a world leader in the luxury yachting sector. The Ferretti Group added new life to the shipyard; the Riva range was completely refreshed and remodelled by producing a new model almost every year.

Riva launched 50m Race in 2019 - the first model of its superyacht division - marking a new frontier for the historic Italian brand with the strength and support of Ferretti Group to propel it forward.

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NEW RIVA YACHTS FOR SALE

Allied Marine is the exclusive US dealer for new Riva Yachts for sale. Browse current-year models as well as preorder reservations for yachts scheduled to be built in 2022 and 2023. View all Riva Yachts for Sale . Allied Marine strives to educate prospective buyers on the world-class quality and performance of our new Riva yachts for sale. Learn more about the incredible origins of the Riva brand below.

A FAMILY LEGACY SINCE 1842 In 1842 in Laglio, Italy, on the banks of Lake Como, a visiting fisherman admired young Pietro Riva’s skill in boat repair. He invited Pietro to Sarnico, Italy to repair two of the fisherman’s own damaged boats. This is the humble birth of what would become Riva’s legendary history.

Soon Pietro started building fishing boats in addition to repairing them. He also married and built a family. His son, Ernesto Riva, learned the trade and became a skilled carpenter, but Ernesto saw motorboats as the future, not fishing boats.

MOTORBOATS AND SPEEDBOAT RACING EMERGE In 1881 Ernesto began his own family, and in the meantime was commissioned to build the first motorboat. Its success encouraged him to design and build motorboats of his own, some of which were used to transport tourists to Montisola, the largest lake island in Europe.

When Ernesto was killed in a boatyard accident in 1907, his son, Serafino Riva, stepped in to run the family business. Aware of the technology and attitude shifts occurring after the turn of the century, Serafino devoted his time to building leisure craft instead of his father’s transport boats. European inboard engines and outboard engines from the United States revolutionized the construction of boats, and Serafino decided to dedicate the company's new Riva yachts for sale to the new sport of motorboat racing.

Serafino showcased Riva’s excellent performance, which convinced the most famous pilots of the time to drive Rivas in the speedboat races. The races, which were rapidly gaining in popularity, became an excellent way to promote leisure boats in general, even outside of the racing region. In fact, in 1928, Riva participated in Milan’s first Nautical Exhibition. Riva was part of virtually all motorboat events held between 1931 and 1939, the year when racing activities were suspended in Italy.

THE FAMOUS RIVA RUNABOUT In the mid-1930s, the world’s most famous mahogany runabout (still instantly recognizable today) was designed and built by Riva. Production of these yachts was never interrupted, even when demand declined during the Second World War.

After the war, Riva designed and popularized more speedboats, such as the “Sea Spider” which evolved into the “ Corsaro . ” The new sport of water skiing became popular, and of course, Riva yachts were right there, meeting the needs of water skiers throughout the Mediterranean .

ENTERING THE MODERN ERA In 1949, Carlo Riva purchased the yard from his father, Serafino. In 1956, Carlo began a decades-long collaboration working with Giorgio Barilani, a boat designer and architect exclusive to Riva.

By the late 1960s, Riva boats became synonymous with the rich and famous. Owning a Riva was a sign of style and elegance. In Saint-Tropez, actors, actresses, heirs, and heiresses partied onboard these stylish yachts all night long. Sophia Loren purchased at least two Riva yachts, and Rivas were frequently showing up in the movies. Because of their timeless design and top-quality material choices, Riva yachts became instant classics that still hold their prestige more than six decades later.

OWNERSHIP CHANGES In 1991, the last Riva family member to work at the company left shortly after Rolls Royce purchased 100 percent of Riva's shares. But in 2000, Riva became Italian-owned once again when the Ferretti Group acquired the yard.

Ferretti relaunched the product and the brand, with a primary focus once again on what made Riva great: Quality, design, and style.

As part of the Ferretti Group, Allied Marine is proud to be the exclusive dealer for all new Riva Yachts for sale along the East Coast in the United States.

RIVA YACHTS BY MODEL

RIVA ISEO The Riva mystique lives on in her name, but this refined 27-foot runabout is more modern and current than ever before. While her lines and design are as smooth and sensuous as ever, in typical Riva flair, Iseo can also claim some of the most cutting-edge technologies. The end product is a blend of history and innovation that will enchant everyone who encounters her. Speak to a Riva Yacht Sales Specialist for details or browse Riva ISEO for sale here .

RIVA 33' AQUARIVA SUPER The Aquariva Super was designed to carry on the legend's narrative, and she has always done it in style. She has been designated as the heir to the renowned Aquarama, and she keeps all her forefather's timeless charm while adding a new modern touch with her cutting-edge high-tech trappings. The fine fittings and details provide unrivaled comfort with absolute elegance, resulting in a cruising experience of stunning uniqueness. Speak to a Riva Yacht Sales Specialist for details or browse Riva Aquariva for sale here .

RIVA ANNIVERSARIO It’s an Aquariva, it’s an Aquarama, its history transformed into future and beauty: Riva Anniversario is an incredible combination of details and inspiration drawn from both these boats. Speak to a Riva Yacht Sales Specialist for details or browse Riva Anniversario for sale here .

RIVA 38' RIVAMARE Rivamare is a jewel in the Riva crown that shines alongside other yachting masterworks in the brand’s oeuvre, like Aquariva Super and Aquarama. With her sinuous, flowing lines, this feat of engineering and style is a fusion of legend, modernity, and sheer class – a seductive, sporty motorboat that charms from the very first glance. Speak to a Riva Yacht Sales Specialist for details or browse Rivamare for sale here .

RIVA 48' DOLCERIVA There are boats that tell a familiar tale, and then there are boats that write a totally new one, such as the Dolceriva, whose fundamentally rethought design and aesthetic usher in a new chapter for the old Sarnico yard. Riva's most recent inspired innovation is a 48' open yacht designed for a luxurious on-board lifestyle. Speak to a Riva Yacht Sales Specialist for details or browse Dolceriva for sale here .

RIVA 56’ RIVALE Rivale, at 56', is an unrivaled open cruiser of immaculate vigor and sporting flair, thanks to certain unique and creative design characteristics. Peerless creativity, masterful workmanship, and cutting-edge technology combine to create a boat that quickly bowls over all comers. She is ideal for seaside vacations and memorable day excursions to experience the Riva legend. Speak to a Riva Yacht Sales Specialist for details or browse 56’ Rivale for sale here .

RIVA 66’ RIBELLE The 66' Ribelle’s brazen, rebellious nature is obvious from her name, but that's only the beginning. This gorgeous yacht is anything but average, combining exceptional design with the enjoyment and comfort of a variety of smart on-board amenities. The 66' Ribelle, the Sarnico yard's premier open cruiser, reflects the Riva spirit in her own distinctive manner, with a thrilling combination of technology and elegance. Speak to a Riva Yacht Sales Specialist for details or browse 66’ Ribelle for sale here .

RIVA 68’ DIABLE A sleek profile and stylish details infuse this trendsetting yacht with a fashion-driven spirit. Riva 68’ Diable sets the bar as the must-have open yacht, an incredible boat that tempts and beguiles, asking “what is it that you truly desire?” Speak to a Riva Yacht Sales Specialist for details or browse 68’ Diable for sale here .

RIVA 76' BAHAMAS SUPER The name Bahamas has long been associated with the Riva family. It recalls the exotic splendor of beautiful islands to be explored onboard your dream boat. This was the motivation for the 76' Bahamas, the world's second convertible yacht, a magnificent motorboat that combines the attraction of classic design with the refined delights of cutting-edge technology.

It's no wonder that this quick, sleek, super-high-tech, seductive open sportfly yacht is coveted by so many owners. Speak to a Riva Yacht Sales Specialist for details or browse 76’ Bahamas for sale here .

RIVA 76' PERSEO SUPER Heir to and evolution of the multiple award-winning 76’ Perseo Super, the best-loved Riva sport-fly of recent years proposes new aesthetic solutions combined with unprecedented functional design features, achieving excellence in terms of onboard livability and performance

RIVA 88' DOMINO SUPER The meticulous design process of the Riva 88 Domino Super led to many innovative features, both functional and aesthetic. Her aerodynamic profile is enhanced by the dark “London Grey” hull and the lighter “Regal Silver” of the superstructure.

The sun deck enhances the sportiness of the craft. The open-air control station at the center of the boat is compact and features a roomy, comfortable sofa forward. The single large window on the hull produces a strong sense of dynamism and radiance, with its very bold design pointing like an arrow from the middle of the boat through to the foredeck. Speak to a Riva Yacht Sales Specialist for details or browse Riva 88' Domino Super for sale here .

RIVA 88' FOLGORE This blaze of spectacular flair, this enticing thunderbolt, is set to attract Riva legend owners and devotees all around the world. The Riva 88' Folgore is a new sportfly with a twist: powerful and innovative, with an almost sci-fi elegance, this is a yacht designed to stun. Her design's magnetic attractiveness is based on the notion of combining modern materials like carbon with traditional aesthetic characteristics like mahogany inlay and ornate steel.

The 88' Folgore, like all of Riva's recent masterpieces, is the result of a collaboration between Officina Italiana Design (the firm formed by Mauro Micheli with Sergio Beretta), the Product Strategy Committee led by Piero Ferrari, and the Ferretti Group Engineering Department. Speak to a Riva Yacht Sales Specialist for details or browse Riva 88' Folgore for sale here .

RIVA 88' FLORIDA Even perfection may evolve. The 88' Florida exemplifies this concept, rewriting the code of yachting once more for a sailing experience unlike any other. Her sporty, sinuous forms embrace a double personality, as her coupé and open-cruiser personas swap places thanks to the proprietary patented Convertible Top system inherited from the fast car sector.

Her distinct aesthetic, the result of designer Mauro Micheli's creative imagination, blends flawlessly with cutting-edge nautical technology. What more could you want in a yacht than elegance, inventiveness, and élan combined with power and speed, all with the unmistakable Riva hallmark? Speak to a Riva Yacht Sales Specialist for details or browse Riva 88' Florida for sale here .

RIVA 90' ARGO The 90' Argo is a one-of-a-kind example of Riva's new generation of flybridges. This masterpiece of magnetic beauty is a matchless star in the worldwide yachting constellation, with a futuristic design, a name that invokes mythology, and a superlative variety of high-tech on-board solutions.

Her instantly identifiable, forward-thinking design, distinguished by fluid, athletic lines, provides her with a free-flowing, powerful profile that attracts the eye to a captivating effect. The wide areas combine the recognizable Riva style with contributions from the most famous names in Italian interior design, resulting in a spectacular victory of elegance and comfort. Speak to a Riva Yacht Sales Specialist for details or browse Riva 90' Argo for sale here .

RIVA SUPERYACHTS BY MODEL

RIVA 102' CORSARO SUPER The new Riva 102' Corsaro Super flybridge yacht is a stunningly attractive redesigned successor to the 100' Corsaro. The new Corsaro Super has even more astonishing dimensions, with unparalleled uniqueness and class: 102 feet of grandeur and fresh style accents that breathe life into an exceptional masterpiece of yacht design, poised to make a spectacular mark in the history of the flybridge line.

Both the superstructure and the hull have been fully redesigned based on a modern sport philosophy that views direct touch with the water as the ultimate pleasure of sailing. The new Corsaro Super measures 102' (31 meters) overall and has a beam of over 23'. (7 meters).

New dimensions and efficient places transform how passengers spend their time on board. The guiding principles behind all the new features are functionality, maximum livability, and ever more direct contact with the water, such as the option to install special gunwales that swing out on either side of the main deck to create exclusive terraces with a panoramic view, increasing the volume of the external walkways without affecting the vessel's elegant profile.

The stern section on the main deck has been completely redesigned to include a 35-square-meter beach club dedicated to conviviality and comfort. There are three decks and five staterooms on the vessel. Speak to a Riva Yacht Sales Specialist for details or browse Riva 102' Corsaro Superyacht for sale here .

RIVA 110' DOLCEVITA Riva's new fiberglass flagship, 110' Dolcevita, is the newest beauty to adorn the redesigned flybridge fleet. Majestic like the work of art she is, as sparkling as the most spectacular time in contemporary history.

This maritime masterpiece is a flybridge of unlimited beauty, the result of a partnership between Officina Italiana Design and the Ferretti Group Engineering department. She is a magnificent invention in every way: for her spectacular visual effect, for her unparalleled balance of aesthetics, luxury, and high technology, and for the premium cruising experience she provides. Speak to a Riva Superyacht Sales Specialist for details or browse Riva 110' Dolcevita Superyacht for sale here .

RIVA 130' BELLISSIMA PROJECT The design, as with all Rivas since 1991, is from Officina Italiana of Mauro Micheli and Sergio Beretta. She promises a class-leading capacity, and a classic elegant style synonymous with the Riva brand.

The new 130’ Bellissima superyacht will accommodate up to 10 guests in 5 cabins, all of which will be unequaled in terms of comfort, elegance, and luxury. Speak to a Riva Superyacht Sales Specialist for details or browse Riva 130' Bellissima Project Superyacht for sale here .

RIVA 50METRI Riva 50METRI turns Carlo Riva’s dream into reality. Driven by an inspired ambition to break new ground, he created the great steel motor yachts in the celebrated Caravelle and Atlantic series during the ’60s and ’70s. His concept of experiencing the sea and the open-air life to the full achieves its finest expression yet in the new flagship.

All the design decisions blend functionality and aesthetics to perfection, for optimum livability in every outdoor space and an interrupted panorama towards the coast or horizon. Riva 50METRI reflects and even enhances the brand’s aesthetic prestige and hallmark style, giving her owner a cruising experience with supreme standards of comfort and total peace of mind. Speak to a Riva Superyacht Sales Specialist for details or browse the Riva 50Metri Superyacht for sale here .

RIVA 54METRI PROJECT Discover Riva 54METRI Project, a spirit akin to the legendary Riva boat fleet. Riva range expresses the soul of this legendary brand to sublime effect. Now with Superyachts Division, you can make a Riva truly yours. Speak to a Riva Superyacht Sales Specialist for details or browse the Riva 54Metri Superyacht for sale here .

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Riva – 50 Metre Race

SY65-Spring-2020

“Race”, is the name the owner chose. This jewel is the latest from the Riva boat yard which was founded by Carlo Riva . Today’s 50 metre is built in steel and aluminium at Riva’s Superyachts Division in Ancona which the yard’s in house engineering team drew up with input from Ferretti Group and Officina Italiana Design which has an exclusive design contract applicable to all Riva yachts. The owner contributed during the initial phases and requested custom built decor to the interior layout according to his personal tastes and chose free standing furniture for the exteriors. The exterior design work by Mauro Micheli and Sergio Beretta offers timeless classic styling so as to avoid falling for what is currently labelled as trendy one moment, and is gone the very next. Long lasting traits instead like the aquamarine used for the waterline, embellishing steel elements applied to some of the structural parts with mahogany strips lining the bulwarks and the toe and grab rails.

Original video by the shipyard

Liberal use of this precious essence is also found below decks where this wood’s dark colour prevails over other components in polished steel, leather and some of the furniture’s diverse grey hues as well as several other details such as precious carpets that are deployed to protect Apuan white marble flooring. The same stone essentially but of the statuarietto variety, enriches coffee table tops and lines bathroom walls with darker streaks which highlight the contrast with the furniture’s mahogany lining and lacquered grey finishes. This styling is repeated along each of this 50 metres Riva yacht’s five decks which sports something just below 500 GRT in spite of the numerous liveable areas the owner and his guests can enjoy. The passage ways installed enhance an already enviable sense of privacy where separate corridors for crew and guests are the norm.

Stepping on board from the stern into a large cockpit with Nomex® , free standing furniture which is light in terms of weight and is practically insensitive to heat and cold and highly durable through time. It is generally used at best in the aerospace industry. A large shoe basket, an icemaker and a pop-up 55” television set complete the picture. The interiors, engine room or beach area can be accessed from here as well. The beach area comprises two platforms one on port side the other on starboard side resulting in a larger surface area engendering greater contact with the surrounding waters normally accessed by using the sets of carbon steps on each side, which can be also deployed to launch and recover a Williams Dieseljet 625 tender. Crossing the threshold leading into the interiors, visiting guests are confronted with an ample bright open space featuring large window like ports where there’s plenty of room for a living area equipped with a leather sofa seating up to eight, a television cabinet, and a dining area with a cut glass table and a seating capacity of up to ten adjacent to a pair of lateral doors opening out towards the exteriors. Enormous cut glass sliding doors seem to effectively reduce the dividing line between the surroundings and the numerous mirrored surface areas creating en ever growing play of bounding light which seems to increase the volume of the interiors further.

The bow area along the main deck reserved for the owner’s quarters covers a surface area of 70 square metres. The layout comprises three separate spots; a foyer with private study, a lounge with media room and the master cabin with bathroom en suite. Special care has been taken to dampen noise levels in the master cabin. At cruising speeds noise levels are never more than 40 Decibel.All of the four guest cabins, three of which are doubles and one is a twin, are situated along the lower deck as the crew quarters are. Obviously access to each is separate from the other. The crew’s quarters are inclusive of dinette, galley, cold cellar and storage facility. The captain’s cabin is situated adjacent to the helm controls station along the main deck which also hosts a covered living area, with sofa, armchairs, wine cellar and thanks to a dumb waiter this area can double as a place in which to enjoy evening drinks and exquisite dishes in the exterior dining area featuring a corian table for 14 and a pair of electric windscreens on each side.

Astern of this but separated by a 180° swivel and pop up television there’s a furnished area featuring custom built sofas and armchairs. To enjoy even greater privacy when tied up in a port, the bow lounge can be deployed instead. Beneath this there’s a hangar in which to stow a rescue craft and several water toys. The sundeck covers an area of 120 square metres, 90 of these are shaded by a hardtop. A sun bathing spot, a pool with an incorporated hydro massage, a dining zone with BBQ and a rotating pop up television set complete the picture. Every interior and exterior section sports Lutron domotic technology through which you can also exploit diversely lit scenarios accordingly. With a pair of 1,000KW MTU 8V4000M63 engines, Riva “Race” can reach a top speed of 15.5 knots and at 11.0 knots it can cover 3,500 nautical miles without having to refuel.

The technologies on the Riva Race

As a highly sophisticated yacht, Riva “Race” comes with the latest innovation in technologies, custom developed by two Italians highly specialized companies: Videoworks and Team Italia.

Videoworks ( www.videoworksgroup.com ) has designed the AV, IT, TV/Sat, CCTV, IP telephony and home automation system. The AV-IT system was designed according to the philosophy of a distributed system – every cabin/hall has a local rack containing the AV electronics. The audio system in the internal and external premium areas has the James Loudspeaker marine speakers. IP telephony is based on a Panasonic switchboard with fixed and cordless terminals.

The IT infrastructure (cabled and Wi-Fi) is made entirely with Cisco hardware, a world leader in terms of reliability and performance. IP telephony is based on a Panasonic switchboard with fixed and cordless terminals.

Thanks to its considerable experience and long-term partnership with Lutron (a world leading company in the production of light control systems), Videoworks has designed and built the on-board home automation system, i.e. the intelligent control of lights and blinds in the guest area, which makes time on board even more comfortable and pleasant.

The CCTV system is made up entirely of professional Panasonic products. It includes 5 high-resolution IP cameras and a network recorder for recording video flows and archiving them in encrypted form.

Additionally, the satellite TV receiving system has a double antenna with arbitrator, which guarantees optimal signal without blind spots.

Team Italia ( www.team-italia.it ) has designed the innovative I-Bridge® solution with multicontrol and 38” full HD stretched display.

Navigation is made easier by two integrated side flaps and by the exclusive TEAM Italia EMAS (Electronic Moving Assistant System), which processes the data from the 3D sensors and makes manoeuvring the yacht easier

Text by Daniele Carnevali – Photos by Alberto Cocchi

The sea trial was pubblished in Superyacht 65 -Spring 2020

Superyacht numero 65 Spring 2020

TECHNICAL DATA

LOA: 49.90 m

Beam: 8.70 m

Draught: 2.63 m

Displacement fully laden: 514.95 tons

Gross tons: 499.00 GT

Fuel tank capacity: 55,000 litres

Water tank capacity: 13,000 litres

Sewage tank capacity: 7,000 litres

Engines: 2×1.000 kW MTU 8V4000M63

Top speed declared: 15.5 knots

Recommended cruising speed: 14 knots

Range @ 11 knots: 3,500 nm

Naval architecture: Riva

Exterior & Interior Design: Officina Italiana Design

Construction material: steel and aluminium

Classification: Lloyd’s Register of Shipping LR Malta Cross 100, A1, SSC, Yacht, MONO, G6, Malta Cross LMC RINA Green Plus (Y) LY3 Statement of Compliance.

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If you have any questions about the FIFTY information page below please contact us .

50m motor yacht from FIFTY was completed in 2021 by Italian shipyard Riva. She is the second hull in the yard’s 50 Metri series, and features beautiful interior and exterior design courtesy of a collaboration between Officina Italiana Design and Riva’s Product Strategy Committee, led by Mr. Piero Ferrari. She can reach a top speed of 15 knots and cruises at 11 knots. Accommodation is for 12 guests over 6 cabins, taken care of by a dedicated crew of 9.

NOTABLE FEATURES OF FIFTY: ~Unique grey coloured hull ~Three decks with plenty of sunbathing spots ~WiFi ~Air conditioning ~En-suite bathrooms

This stunning motor yacht was designed to celebrate the Caravelle and Atlantic series motor yachts of the 1960s and 70s, but with a modern take and state of the art technology. Her hull is a unique, blue-tinged shark grey colour, which is sure to stand out in any port. Her strong, clean lines give her an elegant yet masculine shape, and her three spacious decks provide plenty of socializing and entertaining areas, both indoors and out.

Exact details of the interior have yet to be revealed, but with a maximum beam of 9m, there is sure to be an abundance of living and dining spaces for guests to enjoy.

Her twin MTU 8V 4000 M63 engines provide a top speed of 15 knots, and a cruising speed of 11 knots.

FIFTY Specifications

Yacht accommodation.

Accommodation if for 12 guests over 6 cabins, with specific layout details yet to be revealed by the shipyard. A crew of 9 will be onboard to ensure guests have a safe and wonderful stay.

Amenities and Extras

We do have available further amenity, owner and price information for the 49.9m (163'9") yacht FIFTY, so please enquire for more information.

FIFTY Disclaimer:

The luxury yacht FIFTY displayed on this page is merely informational and she is not necessarily available for yacht charter or for sale, nor is she represented or marketed in anyway by CharterWorld. This web page and the superyacht information contained herein is not contractual. All yacht specifications and informations are displayed in good faith but CharterWorld does not warrant or assume any legal liability or responsibility for the current accuracy, completeness, validity, or usefulness of any superyacht information and/or images displayed. All boat information is subject to change without prior notice and may not be current.

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"Craftsmanship, unmatchable quality, innovative but always functional design, has always been Riva's hallmark. With a painstaking care to structural details, every boat. Riva is, more than ever, a refined, elegant and timeless beauty on water, featuring state of the art design and performance. All of Riva's unique characteristics are due to a strong bond between design and tradition." - Riva Yachts

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Amenities & Toys

RACE yacht NOT for charter*

49.9m / 163'9 | riva | 2019.

Owner & Guests

Cabin Configuration

Previous Yacht

Special Features:

Impressive 3,500nm range
Multi-award winning
RINA (Registro Italiano Navale) classification
Interior design from Officina Italiana Design
Airy beach club

The multi-award winning 49.9m/163'9" motor yacht 'Race' was built by Riva in Italy at their Ancona shipyard. Her interior is styled by Italian designer design house Officina Italiana Design and she was delivered to her owner in June 2019. This luxury vessel's exterior design is the work of Officina Italiana Design.

Guest Accommodation

Race has been designed to comfortably accommodate up to 10 guests in 5 suites. She is also capable of carrying up to 9 crew onboard to ensure a relaxed luxury yacht experience.

Onboard Comfort & Entertainment

Her features include beach club and air conditioning.

Range & Performance

Race is built with a steel hull and aluminium superstructure, with teak decks. Powered by twin diesel MTU (8V 4000 M63) 8-cylinder 1,341hp engines running at 1800rpm, she comfortably cruises at 14 knots, reaches a maximum speed of 15 knots with a range of up to 3,500 nautical miles from her 55,000 litre fuel tanks at 11 knots. Race features at-anchor stabilizers providing exceptional comfort levels. Her water tanks store around 13,000 Litres of fresh water. She was built to RINA (Registro Italiano Navale) classification society rules.

*Charter Race Motor Yacht

Motor yacht Race is currently not believed to be available for private Charter. To view similar yachts for charter , or contact your Yacht Charter Broker for information about renting a luxury charter yacht.

Race Yacht Owner, Captain or marketing company

'Yacht Charter Fleet' is a free information service, if your yacht is available for charter please contact us with details and photos and we will update our records.

Race Photos

Race Awards & Nominations

World Yachts Trophies 2019 Most Achieved Winner
Yacht Awards 2019 Monaco Yacht Show Awards Nomination
Boat International Design & Innovation Awards 2020 Outstanding Exterior Motor Yachts - 24m to 49.9m Winner
The World Superyacht Awards 2020 Displacement Motor Yachts Below 499GT - 40m and above Nomination

NOTE to U.S. Customs & Border Protection

Specification

M/Y Race

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January 30 2023

Riva 130' Bellissima: the “Riva fleet flagship” enters the water for the second time.

Built in the new Riva shipyard in La Spezia, the second hull of the largest flybridge in the range has a European owner. La Spezia, January 30, 2023 – Born out of skilled hand craftsmanship, avant-garde design and advanced marine technology, Riva 130’ Bellissima is a magnificent flybridge yacht with an overall length of 40 meters, and the perfect blend of power and elegance: a work of art that is “Bellissima” in both name and fact. The second unit built of Riva’s flagship model was launched on behalf of a European owner last Friday in La Spezia , in the shipyard dedicated to the production of Riva yachts from 70 to 130 feet. After recently undergoing major expansion and architectural restyling work, the La Spezia yard now extends over a total surface area of more than 39,000 square meters , of which 17,000 under cover. The facility also includes three buildings containing eighteen assembly stations, plus six equipped for testing. The production site also has a 300-tonne travel lift and two of the largest advanced technology painting systems in Europe. The launch also saw the official opening of the new wing of the facility reserved for owner hospitality . Representing a further optimization of the services offered to guests, it joins 26 yacht berths , with two docks under cover, ensuring optimal conditions for work and delivery to owners in any season. Riva 130’ Bellissima has exterior styling and interiors by Mauro Micheli and Sergio Beretta , founders of Officina Italiana Design , the design firm behind all Riva’s yachts for the last 27 years, working in partnership with the P roduct Strategy Committee led by Piero Ferrari , and the Ferretti Group Engineering Department . With an overall length of over 40 meters and a beam of 8 meters, Riva 130’ Bellissima is the first planing flybridge in the range to extend across three real decks, with a full-wide-body design and generous volumes in every setting, while remaining under 300 GT and maintaining sleek, elegant lines. “The name Bellissima perfectly expresses the spirit of this boat, a true work of art that has been a huge success on all four continents,” said Ferretti Group CEO Alberto Galassi. “With her sporty but at the same time extremely elegant lines, Riva 130’ Bellissima is the dream yacht of every owner in search of outstanding cruising performance combined with the feeling of being at home.” “Riva 130’ Bellissima is designed to be superlative and on entering the water becomes even more beautiful, powerful and poetic, like the boats that have written the brand’s history,” continues Alberto Galassi. “The success this model is reporting is a credit to Riva's commitment to always designing boats that navigate both in legend and in the future.” Carbon fiber, steel and glass are the distinctive elements of the hull design, which features three simple lines running along the silhouette : two black strokes along the yacht’s silvery side define the hull windows, while the windshield, made with spherical crystals, has the characteristic slight forward rake already used on the Riva 48’ Dolceriva. Aft, the all-glass fashion plates enhance the aerodynamics and elegance of the yacht, while the carbon fiber detailing and the hardtop with its quintessentially sporty style add dynamism and personality. The outdoor areas are optimized to fully experience close contact with the water: the stern area, set low and open to the water, is divided into a large beach club and a cockpit of over 60 square metres. Forward, guests can choose between a lounge, a large sun pad and other intimate and inviting spaces. The exterior spaces are rounded out by an alfresco dining area, accommodating up to ten people on the upper deck, and a relaxation area on the sundeck. Inside, Riva 130’ Bellissima offers spacious, light-filled settings, thanks to the large glazed surfaces extending along the full length of the main and upper decks. The interior design is contemporary, pointed up by elements made from steel, polished wood and leather, and achieves the perfect balance between celebrating tradition and reaching into the future. The star feature of Riva 130’ is the large lounge on the main deck: with a 270-degree panoramic view and a height of over 2 meters , this one-of-a-kind space features an imposing staircase with polished marble steps that not only connects the decks, but is also a magnificent architectural element. The cabin layout puts the master suite on the main deck and four cabins on the lower deck , separated by a large lobby and all with en suite bathrooms. The crew area, made up of three cabins with bathrooms and a large living area, is forward, with reserved entrances and walkways to ensure the utmost privacy and tranquility for both the owner and guests. Riva 130’ Bellissima is powered by twin MTU 16V 2000 M96L engines rated 2,638 mhp each, giving her a top speed of 22,5 knots and a cruising speed of 20 knots.

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Ferretti S.p.A.

Tax code and VAT no. 04485970968 Registered Office Via Irma Bandiera, 62 – 47841 Cattolica (RN) Italy REA no. RN 296608 - Companies Register no. 04485970968 Share capital € 338.482.654,00 fully paid-up PEC: [email protected]

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

A business plan is a document describing a company's business activities and how it plans to achieve its goals.
Startup companies use business plans to get off the ground and attract outside investors.
For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

U.S. Small Business Administration. " Write Your Business Plan ."

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What Is a Business Plan? Definition and Planning Essentials Explained

Posted february 21, 2022 by kody wirth.

What is a business plan? It’s the roadmap for your business. The outline of your goals, objectives, and the steps you’ll take to get there. It describes the structure of your organization, how it operates, as well as the financial expectations and actual performance.

A business plan can help you explore ideas, successfully start a business, manage operations, and pursue growth. In short, a business plan is a lot of different things. It’s more than just a stack of paper and can be one of your most effective tools as a business owner.

Let’s explore the basics of business planning, the structure of a traditional plan, your planning options, and how you can use your plan to succeed.

What is a business plan?

A business plan is a document that explains how your business operates. It summarizes your business structure, objectives, milestones, and financial performance. Again, it’s a guide that helps you, and anyone else, better understand how your business will succeed.

Why do you need a business plan?

The primary purpose of a business plan is to help you understand the direction of your business and the steps it will take to get there. Having a solid business plan can help you grow up to 30% faster and according to our own 2021 Small Business research working on a business plan increases confidence regarding business health—even in the midst of a crisis.

These benefits are directly connected to how writing a business plan makes you more informed and better prepares you for entrepreneurship. It helps you reduce risk and avoid pursuing potentially poor ideas. You’ll also be able to more easily uncover your business’s potential. By regularly returning to your plan you can understand what parts of your strategy are working and those that are not.

That just scratches the surface for why having a plan is valuable. Check out our full write-up for fifteen more reasons why you need a business plan .

What can you do with your plan?

So what can you do with a business plan once you’ve created it? It can be all too easy to write a plan and just let it be. Here are just a few ways you can leverage your plan to benefit your business.

Test an idea

Writing a plan isn’t just for those that are ready to start a business. It’s just as valuable for those that have an idea and want to determine if it’s actually possible or not. By writing a plan to explore the validity of an idea, you are working through the process of understanding what it would take to be successful.

The market and competitive research alone can tell you a lot about your idea. Is the marketplace too crowded? Is the solution you have in mind not really needed? Add in the exploration of milestones, potential expenses, and the sales needed to attain profitability and you can paint a pretty clear picture of the potential of your business.

Document your strategy and goals

For those starting or managing a business understanding where you’re going and how you’re going to get there are vital. Writing your plan helps you do that. It ensures that you are considering all aspects of your business, know what milestones you need to hit, and can effectively make adjustments if that doesn’t happen.

With a plan in place, you’ll have an idea of where you want your business to go as well as how you’ve performed in the past. This alone better prepares you to take on challenges, review what you’ve done before, and make the right adjustments.

Pursue funding

Even if you do not intend to pursue funding right away, having a business plan will prepare you for it. It will ensure that you have all of the information necessary to submit a loan application and pitch to investors. So, rather than scrambling to gather documentation and write a cohesive plan once it’s relevant, you can instead keep your plan up-to-date and attempt to attain funding. Just add a use of funds report to your financial plan and you’ll be ready to go.

The benefits of having a plan don’t stop there. You can then use your business plan to help you manage the funding you receive. You’ll not only be able to easily track and forecast how you’ll use your funds but easily report on how it’s been used.

Better manage your business

A solid business plan isn’t meant to be something you do once and forget about. Instead, it should be a useful tool that you can regularly use to analyze performance, make strategic decisions, and anticipate future scenarios. It’s a document that you should regularly update and adjust as you go to better fit the actual state of your business.

Doing so makes it easier to understand what’s working and what’s not. It helps you understand if you’re truly reaching your goals or if you need to make further adjustments. Having your plan in place makes that process quicker, more informative, and leaves you with far more time to actually spend running your business.

What should your business plan include?

The content and structure of your business plan should include anything that will help you use it effectively. That being said, there are some key elements that you should cover and that investors will expect to see.

Executive summary

The executive summary is a simple overview of your business and your overall plan. It should serve as a standalone document that provides enough detail for anyone—including yourself, team members, or investors—to fully understand your business strategy. Make sure to cover the problem you’re solving, a description of your product or service, your target market, organizational structure, a financial summary, and any necessary funding requirements.

This will be the first part of your plan but it’s easiest to write it after you’ve created your full plan.

Products & Services

When describing your products or services, you need to start by outlining the problem you’re solving and why what you offer is valuable. This is where you’ll also address current competition in the market and any competitive advantages your products or services bring to the table. Lastly, be sure to outline the steps or milestones that you’ll need to hit to successfully launch your business. If you’ve already hit some initial milestones, like taking pre-orders or early funding, be sure to include it here to further prove the validity of your business.

Market analysis

A market analysis is a qualitative and quantitative assessment of the current market you’re entering or competing in. It helps you understand the overall state and potential of the industry, who your ideal customers are, the positioning of your competition, and how you intend to position your own business. This helps you better explore the long-term trends of the market, what challenges to expect, and how you will need to initially introduce and even price your products or services.

Check out our full guide for how to conduct a market analysis in just four easy steps .

Marketing & sales

Here you detail how you intend to reach your target market. This includes your sales activities, general pricing plan, and the beginnings of your marketing strategy. If you have any branding elements, sample marketing campaigns, or messaging available—this is the place to add it.

Additionally, it may be wise to include a SWOT analysis that demonstrates your business or specific product/service position. This will showcase how you intend to leverage sales and marketing channels to deal with competitive threats and take advantage of any opportunities.

Check out our full write-up to learn how to create a cohesive marketing strategy for your business.

Organization & management

This section addresses the legal structure of your business, your current team, and any gaps that need to be filled. Depending on your business type and longevity, you’ll also need to include your location, ownership information, and business history. Basically, add any information that helps explain your organizational structure and how you operate. This section is particularly important for pitching to investors but should be included even if attempted funding is not in your immediate future.

Financial projections

Possibly the most important piece of your plan, your financials section is vital for showcasing the viability of your business. It also helps you establish a baseline to measure against and makes it easier to make ongoing strategic decisions as your business grows. This may seem complex on the surface, but it can be far easier than you think.

Focus on building solid forecasts, keep your categories simple, and lean on assumptions. You can always return to this section to add more details and refine your financial statements as you operate.

Here are the statements you should include in your financial plan:

Sales and revenue projections
Profit and loss statement
Cash flow statement
Balance sheet

The appendix is where you add additional detail, documentation, or extended notes that support the other sections of your plan. Don’t worry about adding this section at first and only add documentation that you think will be beneficial for anyone reading your plan.

Types of business plans explained

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. So, to get the most out of your plan, it’s best to find a format that suits your needs. Here are a few common business plan types worth considering.

Traditional business plan

The tried-and-true traditional business plan is a formal document meant to be used for external purposes. Typically this is the type of plan you’ll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or any other situation where the full details of your business must be understood by another individual.

This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix. We recommend only starting with this business plan format if you plan to immediately pursue funding and already have a solid handle on your business information.

Business model canvas

The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

The structure ditches a linear structure in favor of a cell-based template. It encourages you to build connections between every element of your business. It’s faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations. This is really best for those exploring their business idea for the first time, but keep in mind that it can be difficult to actually validate your idea this way as well as adapt it into a full plan.

One-page business plan

The true middle ground between the business model canvas and a traditional business plan is the one-page business plan. This format is a simplified version of the traditional plan that focuses on the core aspects of your business. It basically serves as a beefed-up pitch document and can be finished as quickly as the business model canvas.

By starting with a one-page plan, you give yourself a minimal document to build from. You’ll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan. This plan type is useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Now, the option that we here at LivePlan recommend is the Lean Plan . This is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance.

It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27-minutes . However, it’s even easier to convert into a full plan thanks to how heavily it’s tied to your financials. The overall goal of Lean Planning isn’t to just produce documents that you use once and shelve. Instead, the Lean Planning process helps you build a healthier company that thrives in times of growth and stable through times of crisis.

It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

Try the LivePlan Method for Lean Business Planning

Now that you know the basics of business planning, it’s time to get started. Again we recommend leveraging a Lean Plan for a faster, easier, and far more useful planning process.

To get familiar with the Lean Plan format, you can download our free Lean Plan template . However, if you want to elevate your ability to create and use your lean plan even further, you may want to explore LivePlan.

It features step-by-step guidance that ensures you cover everything necessary while reducing the time spent on formatting and presenting. You’ll also gain access to financial forecasting tools that propel you through the process. Finally, it will transform your plan into a management tool that will help you easily compare your forecasts to your actual results.

Check out how LivePlan streamlines Lean Planning by downloading our Kickstart Your Business ebook .

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What is a Business Plan? Definition, Tips, and Templates

Published: June 07, 2023

In an era where more than 20% of small enterprises fail in their first year, having a clear, defined, and well-thought-out business plan is a crucial first step for setting up a business for long-term success.

Business plan graphic with business owner, lightbulb, and pens to symbolize coming up with ideas and writing a business plan.

Business plans are a required tool for all entrepreneurs, business owners, business acquirers, and even business school students. But … what exactly is a business plan?

In this post, we'll explain what a business plan is, the reasons why you'd need one, identify different types of business plans, and what you should include in yours.

A business plan is a documented strategy for a business that highlights its goals and its plans for achieving them. It outlines a company's go-to-market plan, financial projections, market research, business purpose, and mission statement. Key staff who are responsible for achieving the goals may also be included in the business plan along with a timeline.

The business plan is an undeniably critical component to getting any company off the ground. It's key to securing financing, documenting your business model, outlining your financial projections, and turning that nugget of a business idea into a reality.

What is a business plan used for?

The purpose of a business plan is three-fold: It summarizes the organization’s strategy in order to execute it long term, secures financing from investors, and helps forecast future business demands.

Business Plan Template [ Download Now ]

Working on your business plan? Try using our Business Plan Template . Pre-filled with the sections a great business plan needs, the template will give aspiring entrepreneurs a feel for what a business plan is, what should be in it, and how it can be used to establish and grow a business from the ground up.

Purposes of a Business Plan

Chances are, someone drafting a business plan will be doing so for one or more of the following reasons:

1. Securing financing from investors.

Since its contents revolve around how businesses succeed, break even, and turn a profit, a business plan is used as a tool for sourcing capital. This document is an entrepreneur's way of showing potential investors or lenders how their capital will be put to work and how it will help the business thrive.

All banks, investors, and venture capital firms will want to see a business plan before handing over their money, and investors typically expect a 10% ROI or more from the capital they invest in a business.

Therefore, these investors need to know if — and when — they'll be making their money back (and then some). Additionally, they'll want to read about the process and strategy for how the business will reach those financial goals, which is where the context provided by sales, marketing, and operations plans come into play.

2. Documenting a company's strategy and goals.

A business plan should leave no stone unturned.

Business plans can span dozens or even hundreds of pages, affording their drafters the opportunity to explain what a business' goals are and how the business will achieve them.

To show potential investors that they've addressed every question and thought through every possible scenario, entrepreneurs should thoroughly explain their marketing, sales, and operations strategies — from acquiring a physical location for the business to explaining a tactical approach for marketing penetration.

These explanations should ultimately lead to a business' break-even point supported by a sales forecast and financial projections, with the business plan writer being able to speak to the why behind anything outlined in the plan.

Free Business Plan Template

The essential document for starting a business -- custom built for your needs.

Outline your idea.
Pitch to investors.
Secure funding.
Get to work!

You're all set!

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Free Business Plan [Template]

Fill out the form to access your free business plan., 3. legitimizing a business idea..

Everyone's got a great idea for a company — until they put pen to paper and realize that it's not exactly feasible.

A business plan is an aspiring entrepreneur's way to prove that a business idea is actually worth pursuing.

As entrepreneurs document their go-to-market process, capital needs, and expected return on investment, entrepreneurs likely come across a few hiccups that will make them second guess their strategies and metrics — and that's exactly what the business plan is for.

It ensures an entrepreneur's ducks are in a row before bringing their business idea to the world and reassures the readers that whoever wrote the plan is serious about the idea, having put hours into thinking of the business idea, fleshing out growth tactics, and calculating financial projections.

4. Getting an A in your business class.

Speaking from personal experience, there's a chance you're here to get business plan ideas for your Business 101 class project.

If that's the case, might we suggest checking out this post on How to Write a Business Plan — providing a section-by-section guide on creating your plan?

What does a business plan need to include?

Business Plan Subtitle

Executive Summary

Company Description
The Business Opportunity

Competitive Analysis

Target Market

Marketing Plan

Financial Summary
Funding Requirements

1. Business Plan Subtitle

Every great business plan starts with a captivating title and subtitle. You’ll want to make it clear that the document is, in fact, a business plan, but the subtitle can help tell the story of your business in just a short sentence.

2. Executive Summary

Although this is the last part of the business plan that you’ll write, it’s the first section (and maybe the only section) that stakeholders will read. The executive summary of a business plan sets the stage for the rest of the document. It includes your company’s mission or vision statement, value proposition, and long-term goals.

3. Company Description

This brief part of your business plan will detail your business name, years in operation, key offerings, and positioning statement. You might even add core values or a short history of the company. The company description’s role in a business plan is to introduce your business to the reader in a compelling and concise way.

4. The Business Opportunity

The business opportunity should convince investors that your organization meets the needs of the market in a way that no other company can. This section explains the specific problem your business solves within the marketplace and how it solves them. It will include your value proposition as well as some high-level information about your target market.

5. Competitive Analysis

Just about every industry has more than one player in the market. Even if your business owns the majority of the market share in your industry or your business concept is the first of its kind, you still have competition. In the competitive analysis section, you’ll take an objective look at the industry landscape to determine where your business fits. A SWOT analysis is an organized way to format this section.

6. Target Market

Who are the core customers of your business and why? The target market portion of your business plan outlines this in detail. The target market should explain the demographics, psychographics, behavioristics, and geographics of the ideal customer.

7. Marketing Plan

Marketing is expansive, and it’ll be tempting to cover every type of marketing possible, but a brief overview of how you’ll market your unique value proposition to your target audience, followed by a tactical plan will suffice.

Think broadly and narrow down from there: Will you focus on a slow-and-steady play where you make an upfront investment in organic customer acquisition? Or will you generate lots of quick customers using a pay-to-play advertising strategy? This kind of information should guide the marketing plan section of your business plan.

8. Financial Summary

Money doesn’t grow on trees and even the most digital, sustainable businesses have expenses. Outlining a financial summary of where your business is currently and where you’d like it to be in the future will substantiate this section. Consider including any monetary information that will give potential investors a glimpse into the financial health of your business. Assets, liabilities, expenses, debt, investments, revenue, and more are all useful adds here.

So, you’ve outlined some great goals, the business opportunity is valid, and the industry is ready for what you have to offer. Who’s responsible for turning all this high-level talk into results? The "team" section of your business plan answers that question by providing an overview of the roles responsible for each goal. Don’t worry if you don’t have every team member on board yet, knowing what roles to hire for is helpful as you seek funding from investors.

10. Funding Requirements

Remember that one of the goals of a business plan is to secure funding from investors, so you’ll need to include funding requirements you’d like them to fulfill. The amount your business needs, for what reasons, and for how long will meet the requirement for this section.

Types of Business Plans

Startup Business Plan
Feasibility Business Plan
Internal Business Plan
Strategic Business Plan
Business Acquisition Plan
Business Repositioning Plan
Expansion or Growth Business Plan

There’s no one size fits all business plan as there are several types of businesses in the market today. From startups with just one founder to historic household names that need to stay competitive, every type of business needs a business plan that’s tailored to its needs. Below are a few of the most common types of business plans.

For even more examples, check out these sample business plans to help you write your own .

1. Startup Business Plan

As one of the most common types of business plans, a startup business plan is for new business ideas. This plan lays the foundation for the eventual success of a business.

The biggest challenge with the startup business plan is that it’s written completely from scratch. Startup business plans often reference existing industry data. They also explain unique business strategies and go-to-market plans.

Because startup business plans expand on an original idea, the contents will vary by the top priority goals.

For example, say a startup is looking for funding. If capital is a priority, this business plan might focus more on financial projections than marketing or company culture.

2. Feasibility Business Plan

This type of business plan focuses on a single essential aspect of the business — the product or service. It may be part of a startup business plan or a standalone plan for an existing organization. This comprehensive plan may include:

A detailed product description
Technology needs
Production needs
Financial sources
Production operations

According to CBInsights research, 35% of startups fail because of a lack of market need. Another 10% fail because of mistimed products.

Some businesses will complete a feasibility study to explore ideas and narrow product plans to the best choice. They conduct these studies before completing the feasibility business plan. Then the feasibility plan centers on that one product or service.

3. Internal Business Plan

Internal business plans help leaders communicate company goals, strategy, and performance. This helps the business align and work toward objectives more effectively.

Besides the typical elements in a startup business plan, an internal business plan may also include:

Department-specific budgets
Target demographic analysis
Market size and share of voice analysis
Action plans
Sustainability plans

Most external-facing business plans focus on raising capital and support for a business. But an internal business plan helps keep the business mission consistent in the face of change.

4. Strategic Business Plan

Strategic business plans focus on long-term objectives for your business. They usually cover the first three to five years of operations. This is different from the typical startup business plan which focuses on the first one to three years. The audience for this plan is also primarily internal stakeholders.

These types of business plans may include:

Relevant data and analysis
Assessments of company resources
Vision and mission statements

It's important to remember that, while many businesses create a strategic plan before launching, some business owners just jump in. So, this business plan can add value by outlining how your business plans to reach specific goals. This type of planning can also help a business anticipate future challenges.

5. Business Acquisition Plan

Investors use business plans to acquire existing businesses, too — not just new businesses.

A business acquisition plan may include costs, schedules, or management requirements. This data will come from an acquisition strategy.

A business plan for an existing company will explain:

How an acquisition will change its operating model
What will stay the same under new ownership
Why things will change or stay the same
Acquisition planning documentation
Timelines for acquisition

Additionally, the business plan should speak to the current state of the business and why it's up for sale.

For example, if someone is purchasing a failing business, the business plan should explain why the business is being purchased. It should also include:

What the new owner will do to turn the business around
Historic business metrics
Sales projections after the acquisition
Justification for those projections

6. Business Repositioning Plan

When a business wants to avoid acquisition, reposition its brand, or try something new, CEOs or owners will develop a business repositioning plan.

This plan will:

Acknowledge the current state of the company.
State a vision for the future of the company.
Explain why the business needs to reposition itself.
Outline a process for how the company will adjust.

Companies planning for a business reposition often do so — proactively or retroactively — due to a shift in market trends and customer needs.

For example, shoe brand AllBirds plans to refocus its brand on core customers and shift its go-to-market strategy. These decisions are a reaction to lackluster sales following product changes and other missteps.

7. Expansion or Growth Business Plan

When your business is ready to expand, a growth business plan creates a useful structure for reaching specific targets.

For example, a successful business expanding into another location can use a growth business plan. This is because it may also mean the business needs to focus on a new target market or generate more capital.

This type of plan usually covers the next year or two of growth. It often references current sales, revenue, and successes. It may also include:

SWOT analysis
Growth opportunity studies
Financial goals and plans
Marketing plans
Capability planning

These types of business plans will vary by business, but they can help businesses quickly rally around new priorities to drive growth.

Getting Started With Your Business Plan

At the end of the day, a business plan is simply an explanation of a business idea and why it will be successful. The more detail and thought you put into it, the more successful your plan — and the business it outlines — will be.

When writing your business plan, you’ll benefit from extensive research, feedback from your team or board of directors, and a solid template to organize your thoughts. If you need one of these, download HubSpot's Free Business Plan Template below to get started.

Editor's note: This post was originally published in August 2020 and has been updated for comprehensiveness.

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A Business Plan is a Roadmap for a Business to Achieve its Goals

What is a business plan? Definition, Purpose, and Types

In the world of business, a well-thought-out plan is often the key to success. This plan, known as a business plan, is a comprehensive document that outlines a company’s goals, strategies , and financial projections. Whether you’re starting a new business or looking to expand an existing one, a business plan is an essential tool.

As a business plan writer and consultant , I’ve crafted over 15,000 plans for a diverse range of businesses. In this article, I’ll be sharing my wealth of experience about what a business plan is, its purpose, and the step-by-step process of creating one. By the end, you’ll have a thorough understanding of how to develop a robust business plan that can drive your business to success.

Purposes of a business plan, executive summary, business description or overview, product and price, competitive analysis, target market, marketing plan, financial plan, funding requirements, lean startup business plans, traditional business plans, how often should a business plan be reviewed and revised, what are the key elements of a lean startup business plan.

What are some of the reasons why business plans don't succeed?

A business plan is a roadmap for your business. It outlines your goals, strategies, and how you plan to achieve them. It’s a living document that you can update as your business grows and changes.

Looking for someone to write a business plan?

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These are the following purpose of business plan:

Attract investors and lenders: If you’re seeking funding for your business , a business plan is a must-have. Investors and lenders want to see that you have a clear plan for how you’ll use their money to grow your business and generate revenue.
Get organized and stay on track: Writing a business plan forces you to think through all aspects of your business, from your target market to your marketing strategy. This can help you identify any potential challenges and opportunities early on, so you can develop a plan to address them.
Make better decisions: A business plan can help you make better decisions about your business by providing you with a framework to evaluate different options. For example, if you’re considering launching a new product, your business plan can help you assess the potential market demand, costs, and profitability.

What are the essential components of a business plan?

The executive summary is the most important part of your business plan, even though it’s the last one you’ll write. It’s the first section that potential investors or lenders will read, and it may be the only one they read. The executive summary sets the stage for the rest of the document by introducing your company’s mission or vision statement, value proposition, and long-term goals.

The business description section of your business plan should introduce your business to the reader in a compelling and concise way. It should include your business name, years in operation, key offerings, positioning statement, and core values (if applicable). You may also want to include a short history of your company.

In this section, the company should describe its products or services , including pricing, product lifespan, and unique benefits to the consumer. Other relevant information could include production and manufacturing processes, patents, and proprietary technology.

Every industry has competitors, even if your business is the first of its kind or has the majority of the market share. In the competitive analysis section of your business plan, you’ll objectively assess the industry landscape to understand your business’s competitive position. A SWOT analysis is a structured way to organize this section.

Your target market section explains the core customers of your business and why they are your ideal customers. It should include demographic, psychographic, behavioral, and geographic information about your target market.

Marketing plan describes how the company will attract and retain customers, including any planned advertising and marketing campaigns . It also describes how the company will distribute its products or services to consumers.

After outlining your goals, validating your business opportunity, and assessing the industry landscape, the team section of your business plan identifies who will be responsible for achieving your goals. Even if you don’t have your full team in place yet, investors will be impressed by your clear understanding of the roles that need to be filled.

In the financial plan section,established businesses should provide financial statements , balance sheets , and other financial data. New businesses should provide financial targets and estimates for the first few years, and may also request funding.

Since one goal of a business plan is to secure funding from investors , you should include the amount of funding you need, why you need it, and how long you need it for.

Tip: Use bullet points and numbered lists to make your plan easy to read and scannable.

Access specialized business plan writing service now!

Types of business plan.

Business plans can come in many different formats, but they are often divided into two main types: traditional and lean startup. The U.S. Small Business Administration (SBA) says that the traditional business plan is the more common of the two.

Lean startup business plans are short (as short as one page) and focus on the most important elements. They are easy to create, but companies may need to provide more information if requested by investors or lenders.

Traditional business plans are longer and more detailed than lean startup business plans, which makes them more time-consuming to create but more persuasive to potential investors. Lean startup business plans are shorter and less detailed, but companies should be prepared to provide more information if requested.

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A business plan should be reviewed and revised at least annually, or more often if the business is experiencing significant changes. This is because the business landscape is constantly changing, and your business plan needs to reflect those changes in order to remain relevant and effective.

Here are some specific situations in which you should review and revise your business plan:

You have launched a new product or service line.
You have entered a new market.
You have experienced significant changes in your customer base or competitive landscape.
You have made changes to your management team or organizational structure.
You have raised new funding.

A lean startup business plan is a short and simple way for a company to explain its business, especially if it is new and does not have a lot of information yet. It can include sections on the company’s value proposition, major activities and advantages, resources, partnerships, customer segments, and revenue sources.

What are some of the reasons why business plans don't succeed?

Unrealistic assumptions: Business plans are often based on assumptions about the market, the competition, and the company’s own capabilities. If these assumptions are unrealistic, the plan is doomed to fail.
Lack of focus: A good business plan should be focused on a specific goal and how the company will achieve it. If the plan is too broad or tries to do too much, it is unlikely to be successful.
Poor execution: Even the best business plan is useless if it is not executed properly. This means having the right team in place, the necessary resources, and the ability to adapt to changing circumstances.
Unforeseen challenges: Every business faces challenges that could not be predicted or planned for. These challenges can be anything from a natural disaster to a new competitor to a change in government regulations.

What are the benefits of having a business plan?

It helps you to clarify your business goals and strategies.
It can help you to attract investors and lenders.
It can serve as a roadmap for your business as it grows and changes.
It can help you to make better business decisions.

How to write a business plan?

There are many different ways to write a business plan, but most follow the same basic structure. Here is a step-by-step guide:

Executive summary.
Company description.
Management and organization description.

Financial projections.

How to write a business plan step by step?

Start with an executive summary, then describe your business, analyze the market, outline your products or services, detail your marketing and sales strategies, introduce your team, and provide financial projections.

Why do I need a business plan for my startup?

A business plan helps define your startup’s direction, attract investors, secure funding, and make informed decisions crucial for success.

What are the key components of a business plan?

Key components include an executive summary, business description, market analysis, products or services, marketing and sales strategy, management and team, financial projections, and funding requirements.

Can a business plan help secure funding for my business?

Yes, a well-crafted business plan demonstrates your business’s viability, the use of investment, and potential returns, making it a valuable tool for attracting investors and lenders.

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What is a Business Plan? Definition and Resources

Clipboard with paper, calculator, compass, and other similar tools laid out on a table. Represents the basics of what is a business plan.

9 min. read

Updated March 4, 2024

If you’ve ever jotted down a business idea on a napkin with a few tasks you need to accomplish, you’ve written a business plan — or at least the very basic components of one.

The origin of formal business plans is murky. But they certainly go back centuries. And when you consider that 20% of new businesses fail in year 1 , and half fail within 5 years, the importance of thorough planning and research should be clear.

But just what is a business plan? And what’s required to move from a series of ideas to a formal plan? Here we’ll answer that question and explain why you need one to be a successful business owner.

Definition: Business plan is a description of a company's strategies, goals, and plans for achieving them.

A business plan lays out a strategic roadmap for any new or growing business.

Any entrepreneur with a great idea for a business needs to conduct market research , analyze their competitors , validate their idea by talking to potential customers, and define their unique value proposition .

The business plan captures that opportunity you see for your company: it describes your product or service and business model , and the target market you’ll serve.

It also includes details on how you’ll execute your plan: how you’ll price and market your solution and your financial projections .

Reasons for writing a business plan

If you’re asking yourself, ‘Do I really need to write a business plan?’ consider this fact:

Companies that commit to planning grow 30% faster than those that don’t.

Creating a business plan is crucial for businesses of any size or stage.

If you plan to raise funds for your business through a traditional bank loan or SBA loan , none of them will want to move forward without seeing your business plan. Venture capital firms may or may not ask for one, but you’ll still need to do thorough planning to create a pitch that makes them want to invest.

But it’s more than just a means of getting your business funded . The plan is also your roadmap to identify and address potential risks.

It’s not a one-time document. Your business plan is a living guide to ensure your business stays on course.

Related: 14 of the top reasons why you need a business plan

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What research shows about business plans

Numerous studies have established that planning improves business performance:

71% of fast-growing companies have business plans that include budgets, sales goals, and marketing and sales strategies.
Companies that clearly define their value proposition are more successful than those that can’t.
Companies or startups with a business plan are more likely to get funding than those without one.
Starting the business planning process before investing in marketing reduces the likelihood of business failure.

The planning process significantly impacts business growth for existing companies and startups alike.

Read More: Research-backed reasons why writing a business plan matters

When should you write a business plan?

No two business plans are alike.

Yet there are similar questions for anyone considering writing a plan to answer. One basic but important question is when to start writing it.

A Harvard Business Review study found that the ideal time to write a business plan is between 6 and 12 months after deciding to start a business.

But the reality can be more nuanced – it depends on the stage a business is in, or the type of business plan being written.

Ideal times to write a business plan include:

When you have an idea for a business
When you’re starting a business
When you’re preparing to buy (or sell)
When you’re trying to get funding
When business conditions change
When you’re growing or scaling your business

Read More: The best times to write or update your business plan

How often should you update your business plan?

As is often the case, how often a business plan should be updated depends on your circumstances.

A business plan isn’t a homework assignment to complete and forget about. At the same time, no one wants to get so bogged down in the details that they lose sight of day-to-day goals.

But it should cover new opportunities and threats that a business owner surfaces, and incorporate feedback they get from customers. So it can’t be a static document.

For an entrepreneur at the ideation stage, writing and checking back on their business plan will help them determine if they can turn that idea into a profitable business .

And for owners of up-and-running businesses, updating the plan (or rewriting it) will help them respond to market shifts they wouldn’t be prepared for otherwise.

It also lets them compare their forecasts and budgets to actual financial results. This invaluable process surfaces where a business might be out-performing expectations and where weak performance may require a prompt strategy change.

The planning process is what uncovers those insights.

Related Reading: 10 prompts to help you write a business plan with AI

How long should your business plan be?

Thinking about a business plan strictly in terms of page length can risk overlooking more important factors, like the level of detail or clarity in the plan.

Not all of the plan consists of writing – there are also financial tables, graphs, and product illustrations to include.

But there are a few general rules to consider about a plan’s length:

Your business plan shouldn’t take more than 15 minutes to skim.
Business plans for internal use (not for a bank loan or outside investment) can be as short as 5 to 10 pages.

A good practice is to write your business plan to match the expectations of your audience.

If you’re walking into a bank looking for a loan, your plan should match the formal, professional style that a loan officer would expect . But if you’re writing it for stakeholders on your own team—shorter and less formal (even just a few pages) could be the better way to go.

The length of your plan may also depend on the stage your business is in.

For instance, a startup plan won’t have nearly as much financial information to include as a plan written for an established company will.

Read More: How long should your business plan be?

What information is included in a business plan?

The contents of a plan business plan will vary depending on the industry the business is in.

After all, someone opening a new restaurant will have different customers, inventory needs, and marketing tactics to consider than someone bringing a new medical device to the market.

But there are some common elements that most business plans include:

Executive summary: An overview of the business operation, strategy, and goals. The executive summary should be written last, despite being the first thing anyone will read.
Products and services: A description of the solution that a business is bringing to the market, emphasizing how it solves the problem customers are facing.
Market analysis: An examination of the demographic and psychographic attributes of likely customers, resulting in the profile of an ideal customer for the business.
Competitive analysis: Documenting the competitors a business will face in the market, and their strengths and weaknesses relative to those competitors.
Marketing and sales plan: Summarizing a business’s tactics to position their product or service favorably in the market, attract customers, and generate revenue.
Operational plan: Detailing the requirements to run the business day-to-day, including staffing, equipment, inventory, and facility needs.
Organization and management structure: A listing of the departments and position breakdown of the business, as well as descriptions of the backgrounds and qualifications of the leadership team.
Key milestones: Laying out the key dates that a business is projected to reach certain milestones , such as revenue, break-even, or customer acquisition goals.
Financial plan: Balance sheets, cash flow forecast , and sales and expense forecasts with forward-looking financial projections, listing assumptions and potential risks that could affect the accuracy of the plan.
Appendix: All of the supporting information that doesn’t fit into specific sections of the business plan, such as data and charts.

Read More: Use this business plan outline to organize your plan

Different types of business plans

A business plan isn’t a one-size-fits-all document. There are numerous ways to create an effective business plan that fits entrepreneurs’ or established business owners’ needs.

Here are a few of the most common types of business plans for small businesses:

One-page plan : Outlining all of the most important information about a business into an adaptable one-page plan.
Growth plan : An ongoing business management plan that ensures business tactics and strategies are aligned as a business scales up.
Internal plan : A shorter version of a full business plan to be shared with internal stakeholders – ideal for established companies considering strategic shifts.

Business plan vs. operational plan vs. strategic plan

What questions are you trying to answer?
Are you trying to lay out a plan for the actual running of your business?
Is your focus on how you will meet short or long-term goals?

Since your objective will ultimately inform your plan, you need to know what you’re trying to accomplish before you start writing.

While a business plan provides the foundation for a business, other types of plans support this guiding document.

An operational plan sets short-term goals for the business by laying out where it plans to focus energy and investments and when it plans to hit key milestones.

Then there is the strategic plan , which examines longer-range opportunities for the business, and how to meet those larger goals over time.

Read More: How to use a business plan for strategic development and operations

Business plan vs. business model

If a business plan describes the tactics an entrepreneur will use to succeed in the market, then the business model represents how they will make money.

The difference may seem subtle, but it’s important.

Think of a business plan as the roadmap for how to exploit market opportunities and reach a state of sustainable growth. By contrast, the business model lays out how a business will operate and what it will look like once it has reached that growth phase.

Learn More: The differences between a business model and business plan

Moving from idea to business plan

Now that you understand what a business plan is, the next step is to start writing your business plan .

If you’re stuck, start with a one-page business plan and check out our collection of over 550 business plan examples for inspiration. They’re broken out over dozens of industries—you can even copy and paste sections into your plan and rewrite them with information specific to your business.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Tim Berry is the founder and chairman of Palo Alto Software , a co-founder of Borland International, and a recognized expert in business planning. He has an MBA from Stanford and degrees with honors from the University of Oregon and the University of Notre Dame. Today, Tim dedicates most of his time to blogging, teaching and evangelizing for business planning.

Table of Contents

Reasons to write a business plan
Business planning research
When to write a business plan
When to update a business plan
Information to include
Business vs. operational vs. strategic plans

10 Min. Read

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Airbnb rental business plan

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Business Plan

By Entrepreneur Staff

Business Plan Definition:

A written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement

A business plan is also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road. The time you spend making your business plan thorough and accurate, and keeping it up-to-date, is an investment that pays big dividends in the long term.

Your business plan should conform to generally accepted guidelines regarding form and content. Each section should include specific elements and address relevant questions that the people who read your plan will most likely ask. Generally, a business plan has the following components:

Title Page and Contents A business plan should be presented in a binder with a cover listing the name of the business, the name(s) of the principal(s), address, phone number, e-mail and website addresses, and the date. You don't have to spend a lot of money on a fancy binder or cover. Your readers want a plan that looks professional, is easy to read and is well-put-together.

Include the same information on the title page. If you have a logo, you can use it, too. A table of contents follows the executive summary or statement of purpose, so that readers can quickly find the information or financial data they need.

Executive Summary The executive summary, or statement of purpose, succinctly encapsulates your reason for writing the business plan. It tells the reader what you want and why, right up front. Are you looking for a $10,000 loan to remodel and refurbish your factory? A loan of $25,000 to expand your product line or buy new equipment? How will you repay your loan, and over what term? Would you like to find a partner to whom you'd sell 25 percent of the business? What's in it for him or her? The questions that pertain to your situation should be addressed here clearly and succinctly.

The summary or statement should be no more than half a page in length and should touch on the following key elements:

Business concept describes the business, its product, the market it serves and the business' competitive advantage.
Financial features include financial highlights, such as sales and profits.
Financial requirements state how much capital is needed for startup or expansion, how it will be used and what collateral is available.
Current business position furnishes relevant information about the company, its legal form of operation, when it was founded, the principal owners and key personnel.
Major achievements points out anything noteworthy, such as patents, prototypes, important contracts regarding product development, or results from test marketing that have been conducted.

Description of the Business The business description usually begins with a short explanation of the industry. When describing the industry, discuss what's going on now as well as the outlook for the future. Do the necessary research so you can provide information on all the various markets within the industry, including references to new products or developments that could benefit or hinder your business. Base your observations on reliable data and be sure to footnote and cite your sources of information when necessary. Remember that bankers and investors want to know hard facts--they won't risk money on assumptions or conjecture.

When describing your business, say which sector it falls into (wholesale, retail, food service, manufacturing, hospitality and so on), and whether the business is new or established. Then say whether the business is a sole proprietorship, partnership, C or Sub chapter S corporation. Next, list the business' principals and state what they bring to the business. Continue with information on who the business' customers are, how big the market is, and how the product or service is distributed and marketed.

Description of the Product or Service The business description can be a few paragraphs to a few pages in length, depending on the complexity of your plan. If your plan isn't too complicated, keep your business description short, describing the industry in one paragraph, the product in another, and the business and its success factors in two or three more paragraphs.

When you describe your product or service, make sure your reader has a clear idea of what you're talking about. Explain how people use your product or service and talk about what makes your product or service different from others available in the market. Be specific about what sets your business apart from those of your competitors.

Then explain how your business will gain a competitive edge and why your business will be profitable. Describe the factors you think will make it successful. If your business plan will be used as a financing proposal, explain why the additional equity or debt will make your business more profitable. Give hard facts, such as "new equipment will create an income stream of $10,000 per year" and briefly describe how.

Other information to address here is a description of the experience of the other key people in the business. Whoever reads your business plan will want to know what suppliers or experts you've spoken to about your business and their response to your idea. They may even ask you to clarify your choice of location or reasons for selling this particular product.

Market Analysis A thorough market analysis will help you define your prospects as well as help you establish pricing, distribution, and promotional strategies that will allow your company to be successful vis-à-vis your competition, both in the short and long term.

Begin your market analysis by defining the market in terms of size, demographics, structure, growth prospects, trends, and sales potential. Next, determine how often your product or service will be purchased by your target market. Then figure out the potential annual purchase. Then figure out what percentage of this annual sum you either have or can attain. Keep in mind that no one gets 100 percent market share, and that a something as small as 25 percent is considered a dominant share. Your market share will be a benchmark that tells you how well you're doing in light of your market-planning projections.

You'll also have to describe your positioning strategy. How you differentiate your product or service from that of your competitors and then determine which market niche to fill is called "positioning." Positioning helps establish your product or service's identity within the eyes of the purchaser. A positioning statement for a business plan doesn't have to be long or elaborate, but it does need to point out who your target market is, how you'll reach them, what they're really buying from you, who your competitors are, and what your USP (unique selling proposition) is.

How you price your product or service is perhaps your most important marketing decision. It's also one of the most difficult to make for most small business owners, because there are no instant formulas. Many methods of establishing prices are available to you, but these are among the most common.

Cost-plus pricing is used mainly by manufacturers to assure that all costs, both fixed and variable, are covered and the desired profit percentage is attained.
Demand pricing is used by companies that sell their products through a variety of sources at differing prices based on demand.
Competitive pricing is used by companies that are entering a market where there's already an established price and it's difficult to differentiate one product from another.
Markup pricing is used mainly by retailers and is calculated by adding your desired profit to the cost of the product.

You'll also have to determine distribution, which includes the entire process of moving the product from the factory to the end user. Make sure to analyze your competitors' distribution channels before deciding whether to use the same type of channel or an alternative that may provide you with a strategic advantage.

Finally, your promotion strategy should include all the ways you communicate with your markets to make them aware of your products or services. To be successful, your promotion strategy should address advertising, packaging, public relations, sales promotions and personal sales.

Competitive Analysis The purpose of the competitive analysis is to determine:

the strengths and weaknesses of the competitors within your market.
strategies that will provide you with a distinct advantage.
barriers that can be developed to prevent competition from entering your market.
any weaknesses that can be exploited in the product development cycle.

The first step in a competitor analysis is to identify both direct and indirect competition for your business, both now and in the future. Once you've grouped your competitors, start analyzing their marketing strategies and identifying their vulnerable areas by examining their strengths and weaknesses. This will help you determine your distinct competitive advantage.

Whoever reads your business plan should be very clear on who your target market is, what your market niche is, exactly how you'll stand apart from your competitors, and why you'll be successful doing so.

Operations and Management The operations and management component of your plan is designed to describe how the business functions on a continuing basis. The operations plan highlights the logistics of the organization, such as the responsibilities of the management team, the tasks assigned to each division within the company, and capital and expense requirements related to the operations of the business.

Financial Components of Your Business Plan After defining the product, market and operations, the next area to turn your attention to are the three financial statements that form the backbone of your business plan: the income statement, cash flow statement, and balance sheet.

The income statement is a simple and straightforward report on the business' cash-generating ability. It is a scorecard on the financial performance of your business that reflects when sales are made and when expenses are incurred. It draws information from the various financial models developed earlier such as revenue, expenses, capital (in the form of depreciation), and cost of goods. By combining these elements, the income statement illustrates just how much your company makes or loses during the year by subtracting cost of goods and expenses from revenue to arrive at a net result, which is either a profit or loss. In addition to the income statements, include a note analyzing the results. The analysis should be very short, emphasizing the key points of the income statement. Your CPA can help you craft this.

The cash flow statement is one of the most critical information tools for your business, since it shows how much cash you'll need to meet obligations, when you'll require it and where it will come from. The result is the profit or loss at the end of each month and year. The cash flow statement carries both profits and losses over to the next month to also show the cumulative amount. Running a loss on your cash flow statement is a major red flag that indicates not having enough cash to meet expenses-something that demands immediate attention and action.

The cash flow statement should be prepared on a monthly basis during the first year, on a quarterly basis for the second year, and annually for the third year. The following 17 items are listed in the order they need to appear on your cash flow statement. As with the income statement, you'll need to analyze the cash flow statement in a short summary in the business plan. Once again, the analysis doesn't have to be long and should cover highlights only. Ask your CPA for help.

The last financial statement you'll need is a balance sheet. Unlike the previous financial statements, the balance sheet is generated annually for the business plan and is, more or less, a summary of all the preceding financial information broken down into three areas: assets, liabilities and equity.

Balance sheets are used to calculate the net worth of a business or individual by measuring assets against liabilities. If your business plan is for an existing business, the balance sheet from your last reporting period should be included. If the business plan is for a new business, try to project what your assets and liabilities will be over the course of the business plan to determine what equity you may accumulate in the business. To obtain financing for a new business, you'll need to include a personal financial statement or balance sheet.

In the business plan, you'll need to create an analysis for the balance sheet just as you need to do for the income and cash flow statements. The analysis of the balance sheet should be kept short and cover key points.

Supporting Documents In this section, include any other documents that are of interest to your reader, such as your resume; contracts with suppliers, customers, or clients, letters of reference, letters of intent, copy of your lease and any other legal documents, tax returns for the previous three years, and anything else relevant to your business plan.

Some people think you don't need a business plan unless you're trying to borrow money. Of course, it's true that you do need a good plan if you intend to approach a lender--whether a banker, a venture capitalist or any number of other sources--for startup capital. But a business plan is more than a pitch for financing; it's a guide to help you define and meet your business goals.

Just as you wouldn't start off on a cross-country drive without a road map, you should not embark on your new business without a business plan to guide you. A business plan won't automatically make you a success, but it will help you avoid some common causes of business failure, such as under-capitalization or lack of an adequate market.

As you research and prepare your business plan, you'll find weak spots in your business idea that you'll be able to repair. You'll also discover areas with potential you may not have thought about before--and ways to profit from them. Only by putting together a business plan can you decide whether your great idea is really worth your time and investment.

More from Business Plans

Estimates of the future financial performance of a business

Financial Statement

A written report of the financial condition of a firm. Financial statements include the balance sheet, income statement, statement of changes in net worth and statement of cash flow.

A nontechnical summary statement at the beginning of a business plan that's designed to encapsulate your reason for writing the plan

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Definition and Examples of a Business Plan

Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.

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Keep reading to learn the basic components of a business plan, why they're useful , and how they differ from an investment plan.

A business plan is a guide for how a company will achieve its goals. For anyone starting a business , crafting a business plan is a vital first step. Having these concrete milestones will help track the business's success (or lack thereof). There are different business plans for different purposes, and the best business plans are living documents that respond to real-world factors as quickly as possible.

In a nutshell, a business plan is a practice in due diligence. When it's done well, it will prevent entrepreneurs from wasting time and money on a venture that won't work.

How Does a Business Plan Work?

If you have an idea for starting a new venture, a business plan can help you determine if your business idea is viable. There's no point in starting a business if there is little or no chance that the business will be profitable, and a business plan helps to figure out your chances of success.

In many cases, people starting new businesses don't have the money they need to start the business they want to start. If start-up financing is required, you must have an investor-ready business plan to show potential investors that demonstrates how the proposed business will be profitable.

Since the business plan contains detailed financial projections, forecasts about your business's performance, and a marketing plan, it's an incredibly useful tool for everyday business planning. To be as effective as possible, it should be reviewed regularly and updated as required.

Business owners have leeway when crafting their business plan outline. They can be short or long, and they can include whatever detail you think will be useful. There are basic templates you can work from, and you'll likely notice some common elements if you look up examples of business plans.

Market Analysis

The market analysis will reveal whether there is sufficient demand for your product or service in your target market . If the market is already saturated, your business model will need to be changed (or scrapped).

The competitive analysis will examine the strengths and weaknesses of the competition and help direct your strategy for garnering a share of the market in your marketing plan . If the existing market is dominated by established competitors, for instance, you will have to come up with a marketing plan to lure customers from the competition (lower prices, better service, etc.).

Management Plan

The management plan outlines your business structure, management, and staffing requirements. If your business requires specific employee and management expertise, you will need a strategy for finding and hiring qualified staff and retaining them.

Operating Plan

The operating plan describes your facilities, equipment, inventory, and supply requirements. Business location and accessibility are critical for many businesses. If this is the case for your business, you will need to scout potential sites. If your proposed business requires parts or raw materials to produce goods to be sold to customers, you will need to investigate potential supply chains.

Financial Plan

The financial plan is the determining factor as to whether your proposed business idea is likely to be a success. If financing is required, your financial plan will determine how likely you are to obtain start-up funding in the form of equity or debt financing from banks, angel investors , or venture capitalists . You can have a great idea for a business, along with excellent marketing, management, and operational plans, but if the financial plan shows that the business will not be profitable enough, then the business model is not viable and there's no point in starting that venture.

Business Plan vs. Investment Proposal

A business plan is similar to an investment proposal. In fact, investment proposals are sometimes called investor-ready business plans . Generally speaking, they both have the same contents. You can think of an investment proposal as a business plan with a different audience.

The business plan is largely an internal document, intended to guide the decisions of executives, managers, and employees. The investment proposal, on the other hand, is designed to be presented to external agencies.

A business plan is a detailed road map that explains what the company's goals are and how it will achieve them.
The exact details of a business plan will depend on the intended audience and the nature of the business.
It's a good idea to regularly revisit your business plan so you know it's as accurate, realistic, and detailed as possible.

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Who should write a business plan, pros and cons of a business plan, the anatomy of a business plan, .css-uphcpb{position:absolute;left:0;top:-87px;} what is a business plan, definition of a business plan.

A business plan is a strategic document which details the strategic objectives for a growing business or startup, and how it plans to achieve them.

In a nutshell, a business plan is a written expression of a business idea and will describe your business model, your product or service, how it will be priced, who will be your target market, and which tactics you plan to use to reach commercial success.

Whilst every enterprise should have a plan of some sort, a business plan is of particular importance during the investment process. Banks, venture capitalists, and angel investors alike will need to see a detailed plan in order to make sound investment decisions — think of your plan as a way of convincing them your idea is worth their resources.

Roadmapping From A to Z

Business plans can also be useful as a guide to keeping a new business on track, especially in the first few months or years when the road ahead isn’t too clear.

Starting a business isn’t an exact science. Some companies organically develop out of trial and error, while others are plotted out from start to finish.

So if you’re asking whether your company needs a lengthy business plan, the answer would be ‘no’. That said, there are definitely a few situations in which writing a plan makes sense and can help increase the chances of a business becoming successful:

In situations when the market is new and untested — or simply volatile — it can be very helpful to have a business plan to refer back to when the road ahead isn’t clear.

For those who have an exciting business idea but haven’t necessarily distilled it down into black-and-white. Writing a business plan is a great way to look at a concept from all angles and spot any potential pitfalls.

The most important step in writing a business plan is to identify its purpose.

Who are you trying to attract with it, and why?

Here are a few key pointers for writing a business plan:

Are you looking to secure a bank loan, get funding from private investors, or to lure skilled professionals to join you?

Include a brief history of your business, the concept, and the products or services. Keep it professional and transparent.

Don’t exaggerate your experience or skills, and definitely don’t leave out information investors need to know. They’ll find out at some point, and if they discover you lied, they could break off their involvement. Trust is crucial.

Explain what the product or service your business offers in simplistic terms.

Watch out for complex language and do whatever you can to prevent readers from becoming confused.

Focus on the benefits the business offers, how it solves the core audience’s problem(s), and what evidence you have to prove that there is a space in the market for your idea. It’s important to touch on the market your business will operate in, and who your main competitors are.

Another essential aspect of writing an effective business plan is to keep it short and sweet. Just focus on delivering the crucial information the reader has to know in order to make a decision. They can always ask you to elaborate on certain points later.

Still, deciding whether or not a business plan will benefit you at this stage of your venture?

Let’s look at a few reasons why you might (or might not) want to write a business plan.

A business plan will help you to secure funding even when you have no trading history. At the seed stage, funding is all-important — especially for tech and SaaS companies. It’s here that a business plan can become an absolute lifesaver.

Your business plan will maintain a strategic focus as time goes on. If you’ve ever heard of “mission creep”, you’ll know how important an agreed can be — and your business plan serves exactly that purpose.

Having a plan down in black and white will help you get other people on board . Again, with no trading history, it can be hard to convince new partners that you know what you’re doing. A business plan elegantly solves this problem.

Your business plan can cause you to stop looking outward. Sometimes, especially in business, you need to be reactive to market conditions. If you focus too much on your original business plan, you might make mistakes that can be costly or miss golden opportunities because they weren’t in the plan.

A lot of time can be wasted analyzing performance. It’s easy to become too focused on the goals and objectives in your business plan — especially when you’re not achieving them. By spending too much time analyzing past performance and looking back, you may miss out on other ways to push the business forward.

A business plan is out of date as soon as it’s written. We all know how quickly market conditions change. And, unfortunately, certain elements in your business plan may have lost relevance by the time you’re ready to launch. But there is another way — by transferring your strategic plan into an actionable roadmap , you can get the best of both worlds. The business plan contains important detail that is less likely to change, such as your mission statement and target audience, and the roadmap clarifies a flexible, adaptable, route forward.

So, you’ve decided to write a business plan — a great choice!

But now comes the tricky task of actually writing it.

This part can be a little frustrating because there is no one-size-fits-all template appropriate for all business plans. The best approach, in fact, is to look at common ingredients of a business plan and pick out the ones that make sense for your venture.

The key elements of a great business plan include:

An overview of the business concept . This is sometimes referred to as an executive summary and it’s essentially the elevator pitch for your business.

A detailed description of the product or service. It’s here that you’ll describe exactly what your core offering will be — what’s your USP , and what value do you deliver?

An explanation of the target audience. You need a good understanding of who you’ll be selling your product or service to, backed up by recent market research.

Your sales and marketing strategy. Now that you know who you’re targeting, how do you plan to reach them? Here you can list primary tactics for finding and maintaining an engaged client base.

Your core team . This section is all about people: do you have a team behind you already? If not, how will you build this team and what will the timeline be? Why are you the right group of people to bring this idea to the market? This section is incredibly important when seeking external investment — in most cases, passion can get you much further than professional experience.

Financial forecasts . Some investors will skim the executive summary and skip straight to the finances — so expect your forecasts to be scrutinized in a lot of detail. Writing a business plan for your eyes only? That’s fine, but you should still take time to map out your financial requirements: how much money do you need to start? How do you plan to keep money coming in? How long will it take to break even ? Remember, cash is king. So you need a cash flow forecast that is realistic, achievable and keeps your business afloat, especially in the tricky first few years.

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What Is a Business Plan and How to Write One

Start writing your business plan today and find out how Chase for Business can help you be successful. Presented by Chase for Business.

If you're planning on starting a business, one of your first steps should be writing a business plan.

The objectives of a business plan are guided by the goals of your business and should leave room for flexibility and future restructuring. Use these tips to help you get started.

A business plan is a guide for your company to follow as it scales in size and complexity. Business plans include basic information about your company's operational, financial and marketing goals. Writing a business plan will include several key sections:

Executive summary: A summary of your business model, your target market, your products and services and basic financial information.
Company overview: An overview of your business’ mission, location, legal structure and history.
Products and services: An explanation of the products and services your business offers. This section should cover the problems you solve for customers, intended audiences, and use cases and pricing.
Market analysis: An analysis of your value proposition, how you plan to reach your target market and where you fit into the competitive landscape.
Financial plan: An outline of the fiscal details of your business including a balance sheet, cash flow statement and sales forecast. This section should include a profit and loss statement, as well.
Contact Directory: An introduction of all key team members and an explanation of their roles. If applicable, list the chief executive officer (CEO), chief financial officer (CFO), chief operations officer (COO) and other key management roles.

Why is a business plan important?

The specific steps in writing a business plan can help your company build a strategy for long-term success. When starting a business, you should consider some items including:

Research your market
Develop a strategy
Record existing financial data
Organize your goals into a cohesive vision

If you're seeking financing or applying for a business loan , a business plan is essential. Banks, private investors and venture capital firms all need to see a business plan to make funding decisions. These institutions want to know how your business plan will achieve its goals and make their investments worthwhile.

Your company doesn't have to follow the same plan in perpetuity — you can and should revise your model as necessary. Reference your business plan in relation to other major goals and strategy throughout the year.

Types of business plans

Different business plans work for different business cases. Two of the most common business plan types include:

Traditional business plan: This plan tends to be long and detailed. It includes all of the sections above as well as information on the specific funding and human resources goals you hope to achieve. Traditional investors tend to request traditional business plans.
Lean business plan: This type of business plan is much shorter and includes only essential information. It should include partnerships, activities, resources, market, value proposition and distribution channels. A lean business plan may also include your cost structure and revenue streams. Lean business plans are ideal for internal use.

5 ways companies use business plans

The following are five ways that companies typically use a business plan to aid in their development and growth.

1. Assess feasibility

Business plans can be used to help examine the feasibility of a business or product idea. As you research your market, create a financial plan and crunch the numbers. By doing this, you’ll develop a better sense of what is needed in order to make a profit.

You should share your business plan with other people for feedback — such as mentors, potential partners or prospective employees. If you can demonstrate you have a plan to succeed, prospective clients or investors may be more confident in working with you.

2. Understand the market

Understanding your customers and marketplace dynamics is key to running a successful business. The market analysis section of your business plan positions your company within the industry and among your competitors. For example, your business plan might explain how you intend to solve a persistent problem in a way that your competitors cannot.

To help know your market better, you should conduct a SWOT analysis, which stands for strengths, weaknesses, opportunities and threats. By digging deep into your business goals, you can discover who your customers are and how you can best serve them. You can also assess where your business is likely to thrive and manage any perceived opportunities upfront.

3. Create milestones

It can be challenging to keep your eye on the big strategic picture while also managing a business. Writing a business plan forces you to set aside your daily tasks and consider your goals. In turn, setting milestones will help guide your business and give it a greater purpose.

The milestones you create should be unique to your business. For example, your milestones might include reaching $1 million in revenue, expanding to a new region, or selling your business to a larger company.

4. Seek funding

Some companies have all the capital they need to launch while others need outside financing. If you request funding from a bank or a private investor, you will need a clear business plan that allows investors to assess how your company will make money and grow.

Consider these business plan tips for common financial projections:

Cash-flow statement
Break-even projection
Sales forecast

Reposition the business

Few companies follow the same path the entire time they're in business. Issues like market changes, new technology, and economic growth can force a change in direction.

When you need to reposition your company, referring to your original business plan is essential. This will encourage you to analyze the market, consider different operational models and experiment with new strategies.

Even as you continue to evolve your business strategies and objectives, your business plan can guide your company through major changes and improve your chances for profitability.

Once your business plan is in motion, meet with your local business banker to manage your available finances or see how a Chase business checking account might help.

For informational/educational purposes only: The views expressed in this article may differ from those of other employees and departments of JPMorgan Chase & Co. Views and strategies described may not be appropriate for everyone and are not intended as specific advice/recommendation for any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results.

You should carefully consider your needs and objectives before making any decisions, and consult the appropriate professional(s).

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What is a business plan.

A business plan is a written document that details how a company—usually a startup —defines its goals and strategies for achieving them. A business plan lays out a written course for the organization from a marketing, financial, and operational perspective.

Business plans are crucial papers that are used by both the company’s external and internal audiences. A business plan serves three purposes: it describes the organization’s strategy in order to carry it out over time, it secures funding from investors, and it aids in forecasting future company demands.

The work you put into creating a complete and precise business plan, as well as keeping it up to date, is an investment that will pay off well in the long run.

In terms of structure and content, your business plan should adhere to widely accepted guidelines. Each part should contain specific elements and answer pertinent questions that readers of your plan are likely to have. A business strategy typically includes the following elements:

Title Page and Content
Description of Business
Description of the product/service
Market Analysis
Operations Management
Financial Components of your Business Plan
Supporting Documents

Also, See: Change Management

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11.4 The Business Plan

Learning objectives.

By the end of this section, you will be able to:

Describe the different purposes of a business plan
Describe and develop the components of a brief business plan
Describe and develop the components of a full business plan

Unlike the brief or lean formats introduced so far, the business plan is a formal document used for the long-range planning of a company’s operation. It typically includes background information, financial information, and a summary of the business. Investors nearly always request a formal business plan because it is an integral part of their evaluation of whether to invest in a company. Although nothing in business is permanent, a business plan typically has components that are more “set in stone” than a business model canvas , which is more commonly used as a first step in the planning process and throughout the early stages of a nascent business. A business plan is likely to describe the business and industry, market strategies, sales potential, and competitive analysis, as well as the company’s long-term goals and objectives. An in-depth formal business plan would follow at later stages after various iterations to business model canvases. The business plan usually projects financial data over a three-year period and is typically required by banks or other investors to secure funding. The business plan is a roadmap for the company to follow over multiple years.

Some entrepreneurs prefer to use the canvas process instead of the business plan, whereas others use a shorter version of the business plan, submitting it to investors after several iterations. There are also entrepreneurs who use the business plan earlier in the entrepreneurial process, either preceding or concurrently with a canvas. For instance, Chris Guillebeau has a one-page business plan template in his book The $100 Startup . 48 His version is basically an extension of a napkin sketch without the detail of a full business plan. As you progress, you can also consider a brief business plan (about two pages)—if you want to support a rapid business launch—and/or a standard business plan.

As with many aspects of entrepreneurship, there are no clear hard and fast rules to achieving entrepreneurial success. You may encounter different people who want different things (canvas, summary, full business plan), and you also have flexibility in following whatever tool works best for you. Like the canvas, the various versions of the business plan are tools that will aid you in your entrepreneurial endeavor.

Business Plan Overview

Most business plans have several distinct sections ( Figure 11.16 ). The business plan can range from a few pages to twenty-five pages or more, depending on the purpose and the intended audience. For our discussion, we’ll describe a brief business plan and a standard business plan. If you are able to successfully design a business model canvas, then you will have the structure for developing a clear business plan that you can submit for financial consideration.

Both types of business plans aim at providing a picture and roadmap to follow from conception to creation. If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept.

The full business plan is aimed at executing the vision concept, dealing with the proverbial devil in the details. Developing a full business plan will assist those of you who need a more detailed and structured roadmap, or those of you with little to no background in business. The business planning process includes the business model, a feasibility analysis, and a full business plan, which we will discuss later in this section. Next, we explore how a business plan can meet several different needs.

A business plan can serve many different purposes—some internal, others external. As we discussed previously, you can use a business plan as an internal early planning device, an extension of a napkin sketch, and as a follow-up to one of the canvas tools. A business plan can be an organizational roadmap , that is, an internal planning tool and working plan that you can apply to your business in order to reach your desired goals over the course of several years. The business plan should be written by the owners of the venture, since it forces a firsthand examination of the business operations and allows them to focus on areas that need improvement.

Refer to the business venture throughout the document. Generally speaking, a business plan should not be written in the first person.

A major external purpose for the business plan is as an investment tool that outlines financial projections, becoming a document designed to attract investors. In many instances, a business plan can complement a formal investor’s pitch. In this context, the business plan is a presentation plan, intended for an outside audience that may or may not be familiar with your industry, your business, and your competitors.

You can also use your business plan as a contingency plan by outlining some “what-if” scenarios and exploring how you might respond if these scenarios unfold. Pretty Young Professional launched in November 2010 as an online resource to guide an emerging generation of female leaders. The site focused on recent female college graduates and current students searching for professional roles and those in their first professional roles. It was founded by four friends who were coworkers at the global consultancy firm McKinsey. But after positions and equity were decided among them, fundamental differences of opinion about the direction of the business emerged between two factions, according to the cofounder and former CEO Kathryn Minshew . “I think, naively, we assumed that if we kicked the can down the road on some of those things, we’d be able to sort them out,” Minshew said. Minshew went on to found a different professional site, The Muse , and took much of the editorial team of Pretty Young Professional with her. 49 Whereas greater planning potentially could have prevented the early demise of Pretty Young Professional, a change in planning led to overnight success for Joshua Esnard and The Cut Buddy team. Esnard invented and patented the plastic hair template that he was selling online out of his Fort Lauderdale garage while working a full-time job at Broward College and running a side business. Esnard had hundreds of boxes of Cut Buddies sitting in his home when he changed his marketing plan to enlist companies specializing in making videos go viral. It worked so well that a promotional video for the product garnered 8 million views in hours. The Cut Buddy sold over 4,000 products in a few hours when Esnard only had hundreds remaining. Demand greatly exceeded his supply, so Esnard had to scramble to increase manufacturing and offered customers two-for-one deals to make up for delays. This led to selling 55,000 units, generating $700,000 in sales in 2017. 50 After appearing on Shark Tank and landing a deal with Daymond John that gave the “shark” a 20-percent equity stake in return for $300,000, The Cut Buddy has added new distribution channels to include retail sales along with online commerce. Changing one aspect of a business plan—the marketing plan—yielded success for The Cut Buddy.

Link to Learning

Watch this video of Cut Buddy’s founder, Joshua Esnard, telling his company’s story to learn more.

If you opt for the brief business plan, you will focus primarily on articulating a big-picture overview of your business concept. This version is used to interest potential investors, employees, and other stakeholders, and will include a financial summary “box,” but it must have a disclaimer, and the founder/entrepreneur may need to have the people who receive it sign a nondisclosure agreement (NDA) . The full business plan is aimed at executing the vision concept, providing supporting details, and would be required by financial institutions and others as they formally become stakeholders in the venture. Both are aimed at providing a picture and roadmap to go from conception to creation.

The brief business plan is similar to an extended executive summary from the full business plan. This concise document provides a broad overview of your entrepreneurial concept, your team members, how and why you will execute on your plans, and why you are the ones to do so. You can think of a brief business plan as a scene setter or—since we began this chapter with a film reference—as a trailer to the full movie. The brief business plan is the commercial equivalent to a trailer for Field of Dreams , whereas the full plan is the full-length movie equivalent.

Brief Business Plan or Executive Summary

As the name implies, the brief business plan or executive summary summarizes key elements of the entire business plan, such as the business concept, financial features, and current business position. The executive summary version of the business plan is your opportunity to broadly articulate the overall concept and vision of the company for yourself, for prospective investors, and for current and future employees.

A typical executive summary is generally no longer than a page, but because the brief business plan is essentially an extended executive summary, the executive summary section is vital. This is the “ask” to an investor. You should begin by clearly stating what you are asking for in the summary.

In the business concept phase, you’ll describe the business, its product, and its markets. Describe the customer segment it serves and why your company will hold a competitive advantage. This section may align roughly with the customer segments and value-proposition segments of a canvas.

Next, highlight the important financial features, including sales, profits, cash flows, and return on investment. Like the financial portion of a feasibility analysis, the financial analysis component of a business plan may typically include items like a twelve-month profit and loss projection, a three- or four-year profit and loss projection, a cash-flow projection, a projected balance sheet, and a breakeven calculation. You can explore a feasibility study and financial projections in more depth in the formal business plan. Here, you want to focus on the big picture of your numbers and what they mean.

The current business position section can furnish relevant information about you and your team members and the company at large. This is your opportunity to tell the story of how you formed the company, to describe its legal status (form of operation), and to list the principal players. In one part of the extended executive summary, you can cover your reasons for starting the business: Here is an opportunity to clearly define the needs you think you can meet and perhaps get into the pains and gains of customers. You also can provide a summary of the overall strategic direction in which you intend to take the company. Describe the company’s mission, vision, goals and objectives, overall business model, and value proposition.

Rice University’s Student Business Plan Competition, one of the largest and overall best-regarded graduate school business-plan competitions (see Telling Your Entrepreneurial Story and Pitching the Idea ), requires an executive summary of up to five pages to apply. 51 , 52 Its suggested sections are shown in Table 11.2 .

Are You Ready?

Create a brief business plan.

Fill out a canvas of your choosing for a well-known startup: Uber, Netflix, Dropbox, Etsy, Airbnb, Bird/Lime, Warby Parker, or any of the companies featured throughout this chapter or one of your choice. Then create a brief business plan for that business. See if you can find a version of the company’s actual executive summary, business plan, or canvas. Compare and contrast your vision with what the company has articulated.

These companies are well established but is there a component of what you charted that you would advise the company to change to ensure future viability?
Map out a contingency plan for a “what-if” scenario if one key aspect of the company or the environment it operates in were drastically is altered?

Full Business Plan

Even full business plans can vary in length, scale, and scope. Rice University sets a ten-page cap on business plans submitted for the full competition. The IndUS Entrepreneurs , one of the largest global networks of entrepreneurs, also holds business plan competitions for students through its Tie Young Entrepreneurs program. In contrast, business plans submitted for that competition can usually be up to twenty-five pages. These are just two examples. Some components may differ slightly; common elements are typically found in a formal business plan outline. The next section will provide sample components of a full business plan for a fictional business.

The executive summary should provide an overview of your business with key points and issues. Because the summary is intended to summarize the entire document, it is most helpful to write this section last, even though it comes first in sequence. The writing in this section should be especially concise. Readers should be able to understand your needs and capabilities at first glance. The section should tell the reader what you want and your “ask” should be explicitly stated in the summary.

Describe your business, its product or service, and the intended customers. Explain what will be sold, who it will be sold to, and what competitive advantages the business has. Table 11.3 shows a sample executive summary for the fictional company La Vida Lola.

Business Description

This section describes the industry, your product, and the business and success factors. It should provide a current outlook as well as future trends and developments. You also should address your company’s mission, vision, goals, and objectives. Summarize your overall strategic direction, your reasons for starting the business, a description of your products and services, your business model, and your company’s value proposition. Consider including the Standard Industrial Classification/North American Industry Classification System (SIC/NAICS) code to specify the industry and insure correct identification. The industry extends beyond where the business is located and operates, and should include national and global dynamics. Table 11.4 shows a sample business description for La Vida Lola.

Industry Analysis and Market Strategies

Here you should define your market in terms of size, structure, growth prospects, trends, and sales potential. You’ll want to include your TAM and forecast the SAM . (Both these terms are discussed in Conducting a Feasibility Analysis .) This is a place to address market segmentation strategies by geography, customer attributes, or product orientation. Describe your positioning relative to your competitors’ in terms of pricing, distribution, promotion plan, and sales potential. Table 11.5 shows an example industry analysis and market strategy for La Vida Lola.

The competitive analysis is a statement of the business strategy as it relates to the competition. You want to be able to identify who are your major competitors and assess what are their market shares, markets served, strategies employed, and expected response to entry? You likely want to conduct a classic SWOT analysis (Strengths Weaknesses Opportunities Threats) and complete a competitive-strength grid or competitive matrix. Outline your company’s competitive strengths relative to those of the competition in regard to product, distribution, pricing, promotion, and advertising. What are your company’s competitive advantages and their likely impacts on its success? The key is to construct it properly for the relevant features/benefits (by weight, according to customers) and how the startup compares to incumbents. The competitive matrix should show clearly how and why the startup has a clear (if not currently measurable) competitive advantage. Some common features in the example include price, benefits, quality, type of features, locations, and distribution/sales. Sample templates are shown in Figure 11.17 and Figure 11.18 . A competitive analysis helps you create a marketing strategy that will identify assets or skills that your competitors are lacking so you can plan to fill those gaps, giving you a distinct competitive advantage. When creating a competitor analysis, it is important to focus on the key features and elements that matter to customers, rather than focusing too heavily on the entrepreneur’s idea and desires.

Operations and Management Plan

In this section, outline how you will manage your company. Describe its organizational structure. Here you can address the form of ownership and, if warranted, include an organizational chart/structure. Highlight the backgrounds, experiences, qualifications, areas of expertise, and roles of members of the management team. This is also the place to mention any other stakeholders, such as a board of directors or advisory board(s), and their relevant relationship to the founder, experience and value to help make the venture successful, and professional service firms providing management support, such as accounting services and legal counsel.

Table 11.6 shows a sample operations and management plan for La Vida Lola.

Here you should outline and describe an effective overall marketing strategy for your venture, providing details regarding pricing, promotion, advertising, distribution, media usage, public relations, and a digital presence. Fully describe your sales management plan and the composition of your sales force, along with a comprehensive and detailed budget for the marketing plan. Table 11.7 shows a sample marketing plan for La Vida Lola.

A financial plan seeks to forecast revenue and expenses; project a financial narrative; and estimate project costs, valuations, and cash flow projections. This section should present an accurate, realistic, and achievable financial plan for your venture (see Entrepreneurial Finance and Accounting for detailed discussions about conducting these projections). Include sales forecasts and income projections, pro forma financial statements ( Building the Entrepreneurial Dream Team , a breakeven analysis, and a capital budget. Identify your possible sources of financing (discussed in Conducting a Feasibility Analysis ). Figure 11.19 shows a template of cash-flow needs for La Vida Lola.

Entrepreneur In Action

Laughing man coffee.

Hugh Jackman ( Figure 11.20 ) may best be known for portraying a comic-book superhero who used his mutant abilities to protect the world from villains. But the Wolverine actor is also working to make the planet a better place for real, not through adamantium claws but through social entrepreneurship.

A love of java jolted Jackman into action in 2009, when he traveled to Ethiopia with a Christian humanitarian group to shoot a documentary about the impact of fair-trade certification on coffee growers there. He decided to launch a business and follow in the footsteps of the late Paul Newman, another famous actor turned philanthropist via food ventures.

Jackman launched Laughing Man Coffee two years later; he sold the line to Keurig in 2015. One Laughing Man Coffee café in New York continues to operate independently, investing its proceeds into charitable programs that support better housing, health, and educational initiatives within fair-trade farming communities. 55 Although the New York location is the only café, the coffee brand is still distributed, with Keurig donating an undisclosed portion of Laughing Man proceeds to those causes (whereas Jackman donates all his profits). The company initially donated its profits to World Vision, the Christian humanitarian group Jackman accompanied in 2009. In 2017, it created the Laughing Man Foundation to be more active with its money management and distribution.

You be the entrepreneur. If you were Jackman, would you have sold the company to Keurig? Why or why not?
Would you have started the Laughing Man Foundation?
What else can Jackman do to aid fair-trade practices for coffee growers?

What Can You Do?

Textbooks for change.

Founded in 2014, Textbooks for Change uses a cross-compensation model, in which one customer segment pays for a product or service, and the profit from that revenue is used to provide the same product or service to another, underserved segment. Textbooks for Change partners with student organizations to collect used college textbooks, some of which are re-sold while others are donated to students in need at underserved universities across the globe. The organization has reused or recycled 250,000 textbooks, providing 220,000 students with access through seven campus partners in East Africa. This B-corp social enterprise tackles a problem and offers a solution that is directly relevant to college students like yourself. Have you observed a problem on your college campus or other campuses that is not being served properly? Could it result in a social enterprise?

Work It Out

Franchisee set out.

A franchisee of East Coast Wings, a chain with dozens of restaurants in the United States, has decided to part ways with the chain. The new store will feature the same basic sports-bar-and-restaurant concept and serve the same basic foods: chicken wings, burgers, sandwiches, and the like. The new restaurant can’t rely on the same distributors and suppliers. A new business plan is needed.

What steps should the new restaurant take to create a new business plan?
Should it attempt to serve the same customers? Why or why not?

This New York Times video, “An Unlikely Business Plan,” describes entrepreneurial resurgence in Detroit, Michigan.

48 Chris Guillebeau. The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future . New York: Crown Business/Random House, 2012.
49 Jonathan Chan. “What These 4 Startup Case Studies Can Teach You about Failure.” Foundr.com . July 12, 2015. https://foundr.com/4-startup-case-studies-failure/
50 Amy Feldman. “Inventor of the Cut Buddy Paid YouTubers to Spark Sales. He Wasn’t Ready for a Video to Go Viral.” Forbes. February 15, 2017. https://www.forbes.com/sites/forbestreptalks/2017/02/15/inventor-of-the-cut-buddy-paid-youtubers-to-spark-sales-he-wasnt-ready-for-a-video-to-go-viral/#3eb540ce798a
51 Jennifer Post. “National Business Plan Competitions for Entrepreneurs.” Business News Daily . August 30, 2018. https://www.businessnewsdaily.com/6902-business-plan-competitions-entrepreneurs.html
52 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition . March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf
53 “Rice Business Plan Competition, Eligibility Criteria and How to Apply.” Rice Business Plan Competition. March 2020. https://rbpc.rice.edu/sites/g/files/bxs806/f/2020%20RBPC%20Eligibility%20Criteria%20and%20How%20to%20Apply_23Oct19.pdf; Based on 2019 RBPC Competition Rules and Format April 4–6, 2019. https://rbpc.rice.edu/sites/g/files/bxs806/f/2019-RBPC-Competition-Rules%20-Format.pdf
54 Foodstart. http://foodstart.com
55 “Hugh Jackman Journey to Starting a Social Enterprise Coffee Company.” Giving Compass. April 8, 2018. https://givingcompass.org/article/hugh-jackman-journey-to-starting-a-social-enterprise-coffee-company/

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12 Key Elements of a Business Plan (Top Components Explained)

Starting and running a successful business requires proper planning and execution of effective business tactics and strategies .

You need to prepare many essential business documents when starting a business for maximum success; the business plan is one such document.

When creating a business, you want to achieve business objectives and financial goals like productivity, profitability, and business growth. You need an effective business plan to help you get to your desired business destination.

Even if you are already running a business, the proper understanding and review of the key elements of a business plan help you navigate potential crises and obstacles.

This article will teach you why the business document is at the core of any successful business and its key elements you can not avoid.

Let’s get started.

Why Are Business Plans Important?

Business plans are practical steps or guidelines that usually outline what companies need to do to reach their goals. They are essential documents for any business wanting to grow and thrive in a highly-competitive business environment .

1. Proves Your Business Viability

A business plan gives companies an idea of how viable they are and what actions they need to take to grow and reach their financial targets. With a well-written and clearly defined business plan, your business is better positioned to meet its goals.

2. Guides You Throughout the Business Cycle

A business plan is not just important at the start of a business. As a business owner, you must draw up a business plan to remain relevant throughout the business cycle .

During the starting phase of your business, a business plan helps bring your ideas into reality. A solid business plan can secure funding from lenders and investors.

After successfully setting up your business, the next phase is management. Your business plan still has a role to play in this phase, as it assists in communicating your business vision to employees and external partners.

Essentially, your business plan needs to be flexible enough to adapt to changes in the needs of your business.

3. Helps You Make Better Business Decisions

As a business owner, you are involved in an endless decision-making cycle. Your business plan helps you find answers to your most crucial business decisions.

A robust business plan helps you settle your major business components before you launch your product, such as your marketing and sales strategy and competitive advantage.

4. Eliminates Big Mistakes

Many small businesses fail within their first five years for several reasons: lack of financing, stiff competition, low market need, inadequate teams, and inefficient pricing strategy.

Creating an effective plan helps you eliminate these big mistakes that lead to businesses' decline. Every business plan element is crucial for helping you avoid potential mistakes before they happen.

5. Secures Financing and Attracts Top Talents

Having an effective plan increases your chances of securing business loans. One of the essential requirements many lenders ask for to grant your loan request is your business plan.

A business plan helps investors feel confident that your business can attract a significant return on investments ( ROI ).

You can attract and retain top-quality talents with a clear business plan. It inspires your employees and keeps them aligned to achieve your strategic business goals.

Key Elements of Business Plan

Starting and running a successful business requires well-laid actions and supporting documents that better position a company to achieve its business goals and maximize success.

A business plan is a written document with relevant information detailing business objectives and how it intends to achieve its goals.

With an effective business plan, investors, lenders, and potential partners understand your organizational structure and goals, usually around profitability, productivity, and growth.

Every successful business plan is made up of key components that help solidify the efficacy of the business plan in delivering on what it was created to do.

Here are some of the components of an effective business plan.

1. Executive Summary

One of the key elements of a business plan is the executive summary. Write the executive summary as part of the concluding topics in the business plan. Creating an executive summary with all the facts and information available is easier.

In the overall business plan document, the executive summary should be at the forefront of the business plan. It helps set the tone for readers on what to expect from the business plan.

A well-written executive summary includes all vital information about the organization's operations, making it easy for a reader to understand.

The key points that need to be acted upon are highlighted in the executive summary. They should be well spelled out to make decisions easy for the management team.

A good and compelling executive summary points out a company's mission statement and a brief description of its products and services.

An executive summary summarizes a business's expected value proposition to distinct customer segments. It highlights the other key elements to be discussed during the rest of the business plan.

Including your prior experiences as an entrepreneur is a good idea in drawing up an executive summary for your business. A brief but detailed explanation of why you decided to start the business in the first place is essential.

Adding your company's mission statement in your executive summary cannot be overemphasized. It creates a culture that defines how employees and all individuals associated with your company abide when carrying out its related processes and operations.

Your executive summary should be brief and detailed to catch readers' attention and encourage them to learn more about your company.

Components of an Executive Summary

Here are some of the information that makes up an executive summary:

The name and location of your company
Products and services offered by your company
Mission and vision statements
Success factors of your business plan

2. Business Description

Your business description needs to be exciting and captivating as it is the formal introduction a reader gets about your company.

What your company aims to provide, its products and services, goals and objectives, target audience , and potential customers it plans to serve need to be highlighted in your business description.

A company description helps point out notable qualities that make your company stand out from other businesses in the industry. It details its unique strengths and the competitive advantages that give it an edge to succeed over its direct and indirect competitors.

Spell out how your business aims to deliver on the particular needs and wants of identified customers in your company description, as well as the particular industry and target market of the particular focus of the company.

Include trends and significant competitors within your particular industry in your company description. Your business description should contain what sets your company apart from other businesses and provides it with the needed competitive advantage.

In essence, if there is any area in your business plan where you need to brag about your business, your company description provides that unique opportunity as readers look to get a high-level overview.

Components of a Business Description

Your business description needs to contain these categories of information.

Business location
The legal structure of your business
Summary of your business’s short and long-term goals

3. Market Analysis

The market analysis section should be solely based on analytical research as it details trends particular to the market you want to penetrate.

Graphs, spreadsheets, and histograms are handy data and statistical tools you need to utilize in your market analysis. They make it easy to understand the relationship between your current ideas and the future goals you have for the business.

All details about the target customers you plan to sell products or services should be in the market analysis section. It helps readers with a helpful overview of the market.

In your market analysis, you provide the needed data and statistics about industry and market share, the identified strengths in your company description, and compare them against other businesses in the same industry.

The market analysis section aims to define your target audience and estimate how your product or service would fare with these identified audiences.

Market analysis helps visualize a target market by researching and identifying the primary target audience of your company and detailing steps and plans based on your audience location.

Obtaining this information through market research is essential as it helps shape how your business achieves its short-term and long-term goals.

Market Analysis Factors

Here are some of the factors to be included in your market analysis.

The geographical location of your target market
Needs of your target market and how your products and services can meet those needs
Demographics of your target audience

Components of the Market Analysis Section

Here is some of the information to be included in your market analysis.

Industry description and statistics
Demographics and profile of target customers
Marketing data for your products and services
Detailed evaluation of your competitors

4. Marketing Plan

A marketing plan defines how your business aims to reach its target customers, generate sales leads, and, ultimately, make sales.

Promotion is at the center of any successful marketing plan. It is a series of steps to pitch a product or service to a larger audience to generate engagement. Note that the marketing strategy for a business should not be stagnant and must evolve depending on its outcome.

Include the budgetary requirement for successfully implementing your marketing plan in this section to make it easy for readers to measure your marketing plan's impact in terms of numbers.

The information to include in your marketing plan includes marketing and promotion strategies, pricing plans and strategies , and sales proposals. You need to include how you intend to get customers to return and make repeat purchases in your business plan.

5. Sales Strategy

Sales strategy defines how you intend to get your product or service to your target customers and works hand in hand with your business marketing strategy.

Your sales strategy approach should not be complex. Break it down into simple and understandable steps to promote your product or service to target customers.

Apart from the steps to promote your product or service, define the budget you need to implement your sales strategies and the number of sales reps needed to help the business assist in direct sales.

Your sales strategy should be specific on what you need and how you intend to deliver on your sales targets, where numbers are reflected to make it easier for readers to understand and relate better.

6. Competitive Analysis

Providing transparent and honest information, even with direct and indirect competitors, defines a good business plan. Provide the reader with a clear picture of your rank against major competitors.

Identifying your competitors' weaknesses and strengths is useful in drawing up a market analysis. It is one information investors look out for when assessing business plans.

The competitive analysis section clearly defines the notable differences between your company and your competitors as measured against their strengths and weaknesses.

This section should define the following:

Your competitors' identified advantages in the market
How do you plan to set up your company to challenge your competitors’ advantage and gain grounds from them?
The standout qualities that distinguish you from other companies
Potential bottlenecks you have identified that have plagued competitors in the same industry and how you intend to overcome these bottlenecks

In your business plan, you need to prove your industry knowledge to anyone who reads your business plan. The competitive analysis section is designed for that purpose.

7. Management and Organization

Management and organization are key components of a business plan. They define its structure and how it is positioned to run.

Whether you intend to run a sole proprietorship, general or limited partnership, or corporation, the legal structure of your business needs to be clearly defined in your business plan.

Use an organizational chart that illustrates the hierarchy of operations of your company and spells out separate departments and their roles and functions in this business plan section.

The management and organization section includes profiles of advisors, board of directors, and executive team members and their roles and responsibilities in guaranteeing the company's success.

Apparent factors that influence your company's corporate culture, such as human resources requirements and legal structure, should be well defined in the management and organization section.

Defining the business's chain of command if you are not a sole proprietor is necessary. It leaves room for little or no confusion about who is in charge or responsible during business operations.

This section provides relevant information on how the management team intends to help employees maximize their strengths and address their identified weaknesses to help all quarters improve for the business's success.

8. Products and Services

This business plan section describes what a company has to offer regarding products and services to the maximum benefit and satisfaction of its target market.

Boldly spell out pending patents or copyright products and intellectual property in this section alongside costs, expected sales revenue, research and development, and competitors' advantage as an overview.

At this stage of your business plan, the reader needs to know what your business plans to produce and sell and the benefits these products offer in meeting customers' needs.

The supply network of your business product, production costs, and how you intend to sell the products are crucial components of the products and services section.

Investors are always keen on this information to help them reach a balanced assessment of if investing in your business is risky or offer benefits to them.

You need to create a link in this section on how your products or services are designed to meet the market's needs and how you intend to keep those customers and carve out a market share for your company.

Repeat purchases are the backing that a successful business relies on and measure how much customers are into what your company is offering.

This section is more like an expansion of the executive summary section. You need to analyze each product or service under the business.

9. Operating Plan

An operations plan describes how you plan to carry out your business operations and processes.

The operating plan for your business should include:

Information about how your company plans to carry out its operations.
The base location from which your company intends to operate.
The number of employees to be utilized and other information about your company's operations.
Key business processes.

This section should highlight how your organization is set up to run. You can also introduce your company's management team in this section, alongside their skills, roles, and responsibilities in the company.

The best way to introduce the company team is by drawing up an organizational chart that effectively maps out an organization's rank and chain of command.

What should be spelled out to readers when they come across this business plan section is how the business plans to operate day-in and day-out successfully.

10. Financial Projections and Assumptions

Bringing your great business ideas into reality is why business plans are important. They help create a sustainable and viable business.

The financial section of your business plan offers significant value. A business uses a financial plan to solve all its financial concerns, which usually involves startup costs, labor expenses, financial projections, and funding and investor pitches.

All key assumptions about the business finances need to be listed alongside the business financial projection, and changes to be made on the assumptions side until it balances with the projection for the business.

The financial plan should also include how the business plans to generate income and the capital expenditure budgets that tend to eat into the budget to arrive at an accurate cash flow projection for the business.

Base your financial goals and expectations on extensive market research backed with relevant financial statements for the relevant period.

Examples of financial statements you can include in the financial projections and assumptions section of your business plan include:

Projected income statements
Cash flow statements
Balance sheets
Income statements

Revealing the financial goals and potentials of the business is what the financial projection and assumption section of your business plan is all about. It needs to be purely based on facts that can be measurable and attainable.

11. Request For Funding

The request for funding section focuses on the amount of money needed to set up your business and underlying plans for raising the money required. This section includes plans for utilizing the funds for your business's operational and manufacturing processes.

When seeking funding, a reasonable timeline is required alongside it. If the need arises for additional funding to complete other business-related projects, you are not left scampering and desperate for funds.

If you do not have the funds to start up your business, then you should devote a whole section of your business plan to explaining the amount of money you need and how you plan to utilize every penny of the funds. You need to explain it in detail for a future funding request.

When an investor picks up your business plan to analyze it, with all your plans for the funds well spelled out, they are motivated to invest as they have gotten a backing guarantee from your funding request section.

Include timelines and plans for how you intend to repay the loans received in your funding request section. This addition keeps investors assured that they could recoup their investment in the business.

12. Exhibits and Appendices

Exhibits and appendices comprise the final section of your business plan and contain all supporting documents for other sections of the business plan.

Some of the documents that comprise the exhibits and appendices section includes:

Legal documents
Licenses and permits
Credit histories
Customer lists

The choice of what additional document to include in your business plan to support your statements depends mainly on the intended audience of your business plan. Hence, it is better to play it safe and not leave anything out when drawing up the appendix and exhibit section.

Supporting documentation is particularly helpful when you need funding or support for your business. This section provides investors with a clearer understanding of the research that backs the claims made in your business plan.

There are key points to include in the appendix and exhibits section of your business plan.

The management team and other stakeholders resume
Marketing research
Permits and relevant legal documents
Financial documents

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Martin luenendonk.

Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.

This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.

New to Climate Change?

Scope 1, 2 and 3 emissions.

Scopes 1, 2 and 3 are ways of classifying climate-warming greenhouse gas emissions . When companies and other organizations make plans to control their climate pollution, many start by sorting their activities into these three categories. And because this system is used so widely, understanding it can help all of us read these climate plans clearly and judge how thorough and ambitious they are.

The three scopes and what they cover

Scope 1 emissions are greenhouse gases a company puts into the atmosphere with its own property. For instance, when a company burns oil or gas to heat its buildings , these heating fuels create greenhouse gases. Those emissions belong in scope 1. Scope 2 emissions come from electricity the company buys from the electric grid . These are “indirect” emissions that happen at distant power plants. Still, as with scope 1 emissions, the company is clearly and solely responsible for them: if it used less electricity, there would be less demand for coal, gas and other climate-polluting energy sources. Scope 3 emissions include all other indirect sources of greenhouse gases from the company’s operations. These might be connected with the day-to-day running of the company: for instance, if a company’s employees drive to work, the gasoline they burn falls under scope 3. They might be upstream in the organization’s supply chain, like when a car company buys steel: manufacturing that steel creates some greenhouse gases. Or the emissions might be downstream, like when a car company sells a car, which someone then fills with gas, creating more scope 3 emissions.

Slippery scope 3

Scope 3 emissions sometimes raise knotty questions about who is “really” responsible. For example, a car can create scope 3 emissions for the driver’s employer, and the company that made the car, and the oil company that extracted the oil to be refined into gasoline. Is this a sort of double (or triple) counting? Yes, but the point of counting these emissions is to outline the many ways companies can make a difference on climate change. The driver’s employer can lower emissions by making it easier for its employees to walk or take public transit to work. The car manufacturer can lower emissions by making its cars more energy-efficient, or by making electric vehicles instead. Even the oil company could explore alternative fuels that produce less climate pollution when burned. All of them have power to put fewer greenhouse gases in the air. Another challenge of scope 3 is measurement. Imagine again our car company buying steel. It doesn’t run the steel foundry: how can it be sure how much climate pollution is created for each ton of steel it buys? There are two main ways companies solve this. One is “environmentally extended input-output analysis,” which sounds complicated but simply means that every type of product and service—steel, paper, waste disposal, air travel —is given an average value for the emissions it creates per dollar spent. In the U.S., the Environmental Protection Agency keeps a set of computer models for just this purpose. This is helpful when companies plan to deal with scope 3 emissions by buying less stuff, like an office going paperless. But for our car company, it’s not the right approach: the steel is absolutely needed to build the cars. This company would be better served with “process-based lifecycle assessment,” engaging with suppliers all down the supply chain to learn how the steel is made and how much climate pollution is created at each step, calculated for each ton of steel instead of each dollar. This strategy takes much more work and data, but in the end, the company can choose less polluting steel, and even work with its suppliers to improve their processes.

The savvy climate plan reader

Scopes 1, 2 and 3 were invented as part of the “Greenhouse Gas Protocol,” a joint effort by the World Resources Institute and the World Business Council for Sustainable Development to create worldwide standards for measuring greenhouse gas emissions. This project published its first set of corporate standards in 2001, introducing scope 1, 2 and 3 emissions to the world. Today, many large companies have or are developing targets for reducing their greenhouse gas emissions—often to “ net zero ”—and associated climate mitigation plans. Most of these plans use the Greenhouse Gas Protocol. Once you know about scope 1, 2 and 3 emissions, these targets and climate plans become easier to read and judge. Almost all plans pledge to cut scope 1 and 2 emissions. Does the plan also lay out what those emissions are today? Is it specific about its targets: how much emissions will be cut, and by what date? Is there a plan for how these cuts will be achieved? A smaller but growing number of companies also track their scope 3 emissions. If a plan does not mention scope 3, you might ask: how important is that for this kind of business? For companies high upstream in the supply chain, most emissions probably fall in scopes 1 and 2: think of a mining company producing raw iron ore, whose emissions mostly come from its own mining and processing equipment. But for downstream manufacturers like our car company, scope 3 emissions are by far the most important, and a climate plan that ignores them will not be a very serious one. If a climate plan does mention scope 3, you can also consider how specific it is. Is it mainly concerned with day-to-day operations, like travel and waste? Does it also include the goods and services the company buys? How about the products it sells, and how they are used? And how is it measuring emissions—and will that give it the information it needs to change its practices?

Published March 20, 2024.

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How does Trump stand to make $3bn from Truth Social being listed on the market?

The company – which has only raised $5m since 2021 – benefits from meme stock status, valued not for revenue but for clicks

Trump could net $3bn after investors approve Truth Social to go public

Donald Trump racked up a paper fortune of $3bn on Friday when the Truth Social, the social media platform he created, completed a merger that listed the company on the US stock market.

Shareholders in Digital World Acquisition, the listed vehicle set to turn into Trump Media & Technology, approved the transaction on Friday morning, in a move that could boost Trump’s wealth considerably.

How could Trump add more than $3bn to his wealth?

Trump Media & Technology business, which owns the Truth Social tech platform, has merged with a so-called special purpose acquisition company – or Spac – called Digital World Acquisition. Spacs list on a stock exchange to raise money and then buy or merge with a company, which in this case is Trump’s media firm.

Trump Media has generated sales of less than $5m since its launch in 2021 . But, boosted by Trump supporters, Digital World shares have risen 140% this year and are currently trading at just under $42. Trump will own 78.75m shares in the newly combined business, meaning at that price Trump’s stake would be worth $3.3bn.

Why is Trump’s stake worth so much if Truth Social has made so little?

Digital World is a meme stock, the term for an equity that is boosted by amateur investors on online forums via internet memes (an image, video or piece of text that is copied and passed around, often re-emerging with slight alterations).

The most famous example of meme stock-boosting is GameStop, a US video game retailer that, although it appeared to be trending downwards in terms of its business prospects, suddenly attained a valuation of more than $22bn at the peak of a buying frenzy in 2021 – but is now worth just over $4bn.

In one meme example on the Digital World page on Reddit , a photograph of Trump pointing is emblazoned with the slogan “He’s Right! Get More DWAC [Digital World Acquisition Corp]!” Another shows a bald eagle carrying the US flag in its talons with the letters DWAC above it.

Julian Klymochko, the chief executive of Accelerate Financial Technologies, which has a Spac-focused fund, says Digital World’s soaring valuation has become detached from the fundamental value of Trump Media and its sales of less than $5m.

“The stock’s market capitalisation is completely unhinged from its underlying fundamental business value. The stock price is solely based on being a meme stock,” he says.

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Can Trump cash in his stake?

Trump will not be able to sell his shares immediately: as is standard with Spac deals, major shareholders cannot sell their stock for six months after the transaction.

Does Trump need the money?

Trump has $400m in cash plus properties and other investments, but he needs to find nearly half a billion dollars by Monday. A New York judge has formally ordered him to pay $454m following a civil fraud case that determined he manipulated the value of his properties to obtain advantageous loan and insurance rates. And this week his lawyers said it was “a practical impossibility” for him to obtain the bond he needs to guarantee the payment, after 30 surety companies turned him down.

Donald Trump
Social media
Digital media
Stock markets

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What is pet dental insurance.

Coverage details, choosing the right dental insurance, benefits of pet dental insurance, how to get pet dental insurance, understanding pet dental insurance.

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

Pet insurance with pet dental coverage can be affordable while protecting your pet's health.
The best pet insurance plans include coverage for periodontal disease.
Scheduling regular pet dental cleanings can help you avoid lapses in coverage.

Just as brushing and flossing are essential for people, regular dental care is vital for pets, especially cats and dogs. The American Veterinary Medical Association recommends that pets get proper dental care annually (which can be part of their yearly physical).

"Dental health is an integral part of a pet's overall health and should be a key part of their preventive care routine," says Dr. Ari Zabell , a veterinarian with Banfield Pet Hospital.

Dental treatments for periodontal disease, broken teeth, or tumors can be costly. So, more pet owners are looking into pet dental insurance. If you shop carefully, pet dental insurance and other pet insurance protections for all your pet's needs can be open to you.

Some of the best pet insurers , like Embrace Pet Insurance offer comprehensive coverage to care for your pet's pearly whites. Read on to learn more about picking a plan and using it when the time comes.

In most cases, pet dental insurance can't be bought as a standalone policy, according to Dr. Brian Evans, clinical director at the online veterinary clinic, Dutch.

Zabell expands on this point, saying, "Dental insurance for pets is almost always part of a larger pet insurance plan." Pet dental is a natural part of the conversation after you answer the question of whether pet insurance is worth it with a yes.

Definition and scope of coverage

Pet insurance provides reimbursement for unforeseen or emergency care. Since dental pet insurance is typically a feature of your pet insurance policy, you'll receive coverage for dental care related to accidents and illnesses. The following are examples of dental conditions and treatments covered under a pet insurance policy:

Periodontal disease
Tooth abscesses
Cancerous oral growths and tumors
Fractured tooth

Your pet insurance coverage is based on a reimbursement model. You pay for services upfront then submit your claim to your insurance company for reimbursement. It might seem like a hassle as we're used to human medical providers taking care of the claims process for us. However, there is a silver lining. You won't need to worry about in-network vs. out-of-network providers for your pet's healthcare.

"Vets do not have a concern about which insurance plan you have as they are not a part of that process," Evans says.

Difference between dental insurance and wellness add-ons

Dental insurance comes with your standard accident and illness policy. Dental insurance is also available through a wellness plan at an additional fee.

Pet wellness plans cover the cost of preventative dental care, such as routine cleanings or checkups. In contrast, pet insurance policies cover medically necessary treatments and procedures like tooth extractions or root canals.

Depending on your insurance policy, pet dental insurance will cover emergency procedures and routine care. However, it excludes coverage for pre-existing conditions and certain types of pets.

Routine dental cleanings

Routine dental cleaning prevents severe dental illnesses in the long run. Wellness plans are typically purchased as add-ons to your regular insurance policy. These plans have their own premiums and coverage limits. Unlike your base policy, they generally don't require deductibles or co-pays.

Emergency dental procedures

Emergency dental procedures are covered under your base pet insurance policy. Some of these procedures and treatments include:

Tooth extractions
Root canals
Prescription medicine

Exclusions and limitations

Most pet insurance plans won't cover pre-existing conditions. Since an astounding 80% of dogs have dental disease by the time they're three years old, getting coverage early is critical.

"The best way to ensure your pet's periodontal disease will not be considered pre-existing is to purchase the pet insurance while they still have their puppy teeth," Evans says.

Another exclusion to be aware of is your pet's breed and age. Insurance companies may deny coverage to certain breeds and older pets because they are more prone to health conditions. If your insurer doesn't restrict a high-risk pet, your insurance premiums will likely increase.

The right dental insurance policy offers coverage that aligns with your pet's needs at a price point comfortable for you. Comparing insurance providers can help you sift through the market and find a policy that meets your criteria.

Factors to consider

When choosing a pet insurance policy, you'll want to consider the following factors:

Coverages: Know your pet's health needs and find a policy that covers them. The best pet dental insurance plans should cover periodontal disease, inflammation of the gums, and tissue around the teeth. This is the most common dental condition in cats and dogs.
Premiums: The average cost of an accident-only pet insurance policy is $10.18 per month for cats and $16.70 for dogs. The average cost for a comprehensive policy is $32.25 per month for cats and $53.34 for dogs. But it varies widely based on your pet's type, breed, age, and where you live
Deductible: The amount you need to pay toward your pet's care before the insurance kicks in. Usually, this is deducted from the first reimbursement.
Reimbursement level: This is the percentage of the vet's invoice your insurer will cover. Usually, reimbursement levels range between 70% and 90% of the procedure costs.
Coverage maximum: This max is the highest dollar amount your pet insurance will pay for a claim.

For the most comprehensive pet medical coverage, look for a pet insurance plan with unlimited coverage and a reimbursement rate of 80 to 90% (you pay 10-20% of your vet bills after the deductible).

"Some pet insurance companies will also say they cover dental cleanings but limit the reimbursement to a small portion of the actual cost," says Evans. "The entire dental cleaning procedure may cost $700, but the pet insurance will only reimburse you $150."

Comparing insurance providers

Shopping around for pet insurance helps you get the lowest price on the coverages you need. To compare insurance policies, get quotes for your pet from a few different insurance companies. Make sure each quote has a similar deductible, coinsurance, and policy limit for the most accurate apples-to-apples comparison.

Dental care insurance for your pet ensures that your pet's teeth are taken care of without the financial burden. Here are a few of its benefits:

Preventing costly dental problems

Preventative care is the best way to avoid complicated and costly dental problems as your pet ages. But routine cleaning isn't cheap. According to Spot, an examination, removal of plaque and tartar, and polishing cost between $150 to $350. Meanwhile, the monthly premium of a basic wellness policy can be as little as $9.95 for hundreds of dollars in coverage.

Enhancing overall pet health

Many pet owners avoid the vet or avoid certain treatments because they can get expensive. Whether you have a sizable emergency fund or wiggle room in your budget, every pet deserves quality healthcare. Pet insurance is a financial tool you can leverage to ensure your furry friend lives a long and healthy life.

Peace of mind for pet owners

Dental procedures come at a hefty price tag. According to Spot, a pet insurance company, a single tooth extraction will run you about $50 to $200. Extractions for multiple teeth can cost $1,000 or more. More complex procedures like a root canal or surgery for a fractured jaw can amount to thousands of dollars. Pet dental insurance allows you to pay only a fraction of that price.

You get pet dental insurance the same way you'd get a pet insurance policy or a wellness add-on.

Step 1: Apply for a policy — After finding a policy that meets your pet's coverage needs and budget, fill out an application with the pet insurance company. The insurer will request personal information such as your location and contact information and your pet's details, such as their name, gender, and breed. This information will be used to assess your premiums.
Step 2: Customize your coverages — Most insurance companies let you choose between an accident-only policy and an accident and illness policy. You may also have the option to add a wellness plan. Adjust factors such as deductibles, reimbursement rates, and coverage limits to your specific needs and financial situation.
Step 3: Read the fine print — Review your policy's terms and conditions to understand any exclusions, limitations, waiting periods, or other important details that may apply.
Step 4: Purchase your policy — At checkout, you'll have the option to pay an annual or monthly premium. Once you've made your decision, proceed by entering your payment details and confirming your payment to secure your coverage.
Step 5: Provide requested documentation— Your insurer may ask for additional documentation, such as your pet's medical record or a physical exam to check for any pre-existing conditions.

How to file a pet dental insurance claim

After your pet has its teeth taken care of, you must pay the invoice from the veterinarian out-of-pocket. Next, submit the invoice and a pet insurance claim form to your insurer. You'll also need to provide your pet's medical records to prove the treatment wasn't for a pre-existing condition. After that, you'll get a check or direct deposit with the reimbursement. Usually, plans have a time limit for claims submissions.

Although pet dental insurance is relatively new, it can be a powerful tool for your pet's oral health.

"Pet dental health is one of the most important indicators of long-term health and should be a priority for your pet," Evans says. "Choose a pet insurance partner that will assist you in keeping your pet's mouth from being a source of chronic pain and inflammation."

Pet dental insurance covers emergency dental procedures like extractions, root canals, prescription medication, and more. Most wellness policies cover routine dental cleanings and checkups.

It depends. The standard pet insurance policy covers emergency dental procedures and treatments. If you want coverage for preventive dental care, you'll need to purchase a wellness policy.

The best way to choose pet dental insurance is to compare policies from multiple companies. Evaluate how each policy stacks up in terms of coverages, coverage limits, deductible amounts, reimbursement rates, and premiums.

Dental insurance helps manage the costs of dental care, which can be expensive, especially for emergency procedures. Additionally, routine dental care, which is covered by a wellness plan, prevents uncomfortable oral diseases like periodontal disease or tooth decay.

Start by researching insurance providers that offer dental coverage, either as part of their standard policies or as an add-on. Then, get a quote from the insurer through their website or by calling them. If you're happy with the price, review the terms carefully and finalize your policy. Your insurer may require updated medical records as well as a physical exam to check for pre-existing conditions, which are excluded from coverage.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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Politics live: Double departure forces Sunak into mini-reshuffle - and one resignation 'is particularly big'

Two ministers have joined the exodus of Tory MPs ahead of the election, forcing Rishi Sunak into a mini-reshuffle. It comes on the day parliament breaks for the Easter recess, meaning the deadline has passed for the prime minister to call a general election for 2 May.

Tuesday 26 March 2024 23:15, UK

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PM forced into mini-reshuffle after resignations
Armed Forces minister quits and will stand down at election
Skills minister also joins Tory exodus - taking total to 63 MPs
Sam Coates: One of these departures is a particularly big moment
PM asked about Truss's 'deep state' claims
Deadline passes for Sunak to call 2 May election
Live reporting by Faith Ridler and (earlier) Ben Bloch , Emily Mee , and Brad Young

But before you go, here are today's headlines:

Education Minister Robert Halfon has resigned from government, confirming he will be the 63rd Conservative MP to stand down at the next election;
His resignation came minutes after that of Armed Forces minister James Heappey , and forced Rishi Sunak into a mini-reshuffle;
There were five appointments, most notably Leo Docherty as the new Armed Forces minister;
The prime minister also faced a lengthy session at the Liaison Committee today, just before MPs broke for a three-week Easter recess;
The UK's approach to China is "more robust" than its allies, Mr Sunak claimed, as he continues to face calls to use more aggressive language to describe Beijing in the wake of two cyberattacks;
And with the end of the day, the deadline passed for Mr Sunak to call a 2 May election .

We'll be back from 6am with all the very latest.

Over a year ago, Rishi Sunak made five pledges for voters to judge him on.

The prime minister met his pledge to halve inflation by the end of 2023.

However, he is faring less well with his other pledges.

With the general election approaching, how is Mr Sunak doing on delivering his other promises?

You can see the progress for yourself below.

Education Minister Robert Halfon today resigned from government, confirming he will be the 63rd Conservative MP to stand down at the next election.

The MP for Harlow, who has been in parliament since 2010, said "political life, while fulfilling, has its ups and downs", and he felt it was "time for me to step down".

He will be replaced in the Department for Education by Luke Hall, the MP for Thornbury and Yate near Bristol.

Quoting the wizard Gandalf from Lord of the Rings in his resignation letter to the prime minister, and having been a Tory candidate for almost 25 years, Mr Halfon said: "My time is over: it is no longer my task to set things to rights, nor to help folk to do so.

The announcement from Mr Halfon - who has also served as deputy chairman of the Conservative Party and chair of the education select committee - came on the same day Armed Forces minister James Heappey officially left his post in government.

You can read more from Sky News below:

As the prime minister tries to shake off rumours of a Tory coup and faces more delays to his Rwanda legislation - Beth Rigby, Ruth Davidson and Jess Phillips discuss where his leadership is at.

What could happen if the local elections on 2 May end badly for Rishi Sunak?

Although he's standing down, they think Irish Prime Minister Leo Varadkar is having a better week – was this a good time for him to go?

And two politicians answer a listener question about why politicians never answer the question.

Email Beth, Ruth, and Jess at [email protected] , post on X to @BethRigby, or send a WhatsApp voice note on 07934 200 444.

Warning: some explicit language.

By Jennifer Scott , political reporter

The Home Office granted 275 certificates of sponsorship for care workers after "forged" documents were used to make an application, a damning report into the department has shown.

The probe, by ex-borders and immigration inspector David Neal, claimed the Home Office had a "limited understanding" of the care sector after it was added to the UK's shortage occupation list in 2022 - allowing more people to come to the country to fill jobs.

And as a result, it created a system that "invited large numbers of low-skilled workers to this country who are at risk from exploitation".

The report was released on Tuesday afternoon as MPs wrapped up business in parliament for the Easter recess, alongside another into Border Force operations at London City Airport.

By Becky Johnson , communities correspondent

Documents revealing why Clapham chemical attacker Abdul Ezedi - a convicted sex offender - was granted asylum have been made public for the first time, while Sky News has obtained pictures of him being baptised.

Ezedi attacked a woman and two children with an alkali on a street in south London in January.

The 35-year-old, from Afghanistan, had twice been refused asylum by the Home Office after arriving in the UK on the back of a lorry in 2016.

The second refusal was overturned by a judge in an appeal hearing in October 2020 because of Ezedi's claim to have converted to Christianity.

A suggestion that he would be at risk of persecution if he returned to Afghanistan was supported by a vicar.

Judge WK O'Hanlon, who granted Ezedi asylum at Newcastle Immigration Court in November 2020, said in his judgment that "the most compelling evidence was that of the former Reverend Merrin".

The details of that hearing were not initially made public but Sky News can now reveal exactly what happened after receiving the court documents in full.

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Innovation, science and economic development canada's 2024–2025 departmental plan, on this page, from the minister, companies, investment and growth.

Science, Technology, Research and Commercialization

People, Skills and Communities

Internal services, future-oriented condensed statement of operations, human resources, corporate information, supplementary information tables, federal tax expenditures, definitions.

It is our pleasure to present the 2024–25 Departmental Plan for Innovation, Science and Economic Development Canada (ISED), which lays out the key priorities the Department is working to advance for the benefit of all Canadians.

In 2024–25, ISED will continue working with the Innovation, Science and Economic Development Portfolio and other federal partners to bolster Canadian innovation by fostering competitive, sustainable and inclusive economic growth.

As Canada transitions to a net-zero economy, ISED has entered into special agreements with industry partners such as NextStar Energy, Volkswagen PowerCo, and Northvolt Batteries North America to increase Canada's production of lithium battery cells and electric vehicles (EVs). To help ensure Canada's economy remains a competitive destination for investment following the introduction of the Inflation Reduction Act in the United States, these unprecedented agreements will advance the country's position as an EV manufacturer. To complement these efforts and support Canada's Critical Minerals Strategy, the Strategic Innovation Fund (SIF) will also invest in projects that will prioritize the manufacturing, processing, and recycling of critical minerals.

Recognizing the growing importance of artificial intelligence (AI), ISED will seek to accelerate the adoption and commercialization of AI by investing in the Pan-Canadian Artificial Intelligence Strategy (PCAIS). In 2024-25, the PCAIS will provide funding of up to $20 million to institutions in across the country to advance AI innovations and research. Further advancing the PCAIS, ISED's Advanced Manufacturing Global Innovation Cluster, led by Next Generation Manufacturing Canada, will provide $19 million in funding for 12 AI projects in Canada's manufacturing sector. These projects are expected to enhance the competitiveness of Canadian manufacturing through the commercialization of Canadian AI innovations, while increasing manufacturing capacity in the country.

The new National Quantum Strategy (NQS), in turn, will continue to ensure Canada's leadership in quantum technology. Under the NQS, the Department, in collaboration with key partners including the regional development agencies, will continue to support the development of Canada's quantum research and the commercialization of quantum-ready technologies through the Quantum Industry Canada program.

The Department's Universal Broadband Fund (UBF) will continue to support the expansion of broadband, connecting underserved rural, remote, and Indigenous communities with access to high-speed Internet. The Government of Canada, in partnership with other orders of government and private sector stakeholders, has leveraged UBF to secure high-speed internet access for 93.5 percent of Canadian households and is on track to exceed its goal of connecting 98 percent of Canadian households by 2026 and 100 percent by 2030.

Supporting fundamental research continues to be a priority for ISED. The Department is working to promote a strong, vibrant science and research community across Canada, anchored by a diverse pool of world-class researchers. Through the Biomanufacturing and Life Sciences Strategy, ISED is looking to grow a strong, competitive domestic life sciences sector, with cutting-edge biomanufacturing capabilities, which will create good jobs for Canadians and ensure Canada is prepared for future pandemics and health emergencies. Specifically, the Department is investing $225 million in AbCellera—the Canadian biotech company that helped develop the first antibody therapy treatment for COVID-19—to fund research and clinical trials projects, and to build a new manufacturing plant that will produce anti-body therapies for clinical trials.

In addition, scientific excellence will be supported through the Strategic Science Fund. Contribution agreements are being finalized with a diverse portfolio of organizations selected for funding by an independent expert panel. The funding will support of the organizations in advancing program objectives to support research, talent, knowledge mobilization and science culture. To help post-secondary institutions maintain and enhance security posture and support them in identifying, assessing, and mitigating risks to research security, ISED will continue to fund the Cybersecurity Initiatives Program.

In 2024–25, ISED will continue to support small and medium-sized enterprises (SMEs) —the backbone of the Canadian economy. In addition to the Department's ongoing support for women-owned and Black-owned businesses—through their respective entrepreneurship strategies, ISED will continue to eliminate barriers to access for under-represented entrepreneurs by providing support through the 2SLGBTQI+ Entrepreneurship Program. The program will deliver critical business advice, create resources, provide mentorship, and will collect the data needed to better understand the needs of 2SLGBTQI+ entrepreneurs and the challenges they face. Additionally, the Canada Digital Adoption Program will continue to support SMEs to modernize their operations and adopt e-commerce technologies, bolstering their growth and competitiveness.

Finally, ISED will support tourism in Canada by delivering on the Federal Tourism Growth Strategy, which includes targeted actions to help the Tourism sector recover from the pandemic and grow the Indigenous tourism industry. Specifically, the Department will strengthen economic reconciliation through the $20 million Indigenous Tourism Fund, which will support the scale-up of signature Indigenous tourism experiences and help build the capacity of micro and/or small Indigenous tourism businesses.

Funding from Budget 2023 will support additional tourism programming including $50 million to Destination Canada to attract major international conventions, conferences, and events to Canada; and $108 million to the Regional Development Agencies to support communities, small businesses, and non-profit organizations in developing local projects and events. With the goal of positioning Canada as a premier outdoor, nature-based destination, ISED will also leverage the country's natural landscape and network of trails in developing a new Trails Tourism Strategy.

We invite you to read this report to learn more about how ISED, along with its portfolio partners, is working with Canadians of all backgrounds and in all regions—urban and rural—to position Canada as a leader in the global economy.

The Honourable François-Philippe Champagne Minister of Innovation, Science and Industry

The Honourable Mary Ng Minister of Export Promotion, International Trade and Economic Development

The Honourable Soraya Martinez Ferrada Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec

The Honourable Gudie Hutchings Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency

The Honourable Rechie Valdez Minister of Small Business

Plans to deliver on core responsibilities and internal services

Core responsibilities and internal services, description, quality of life impacts, results and targets, plans to achieve results, snapshot of planned resources in 2024-25, related government priorities, program inventory.

Provide support to help grow small, medium and large Canadian businesses into globally competitive, high-impact firms; ensure a fair and competitive marketplace; promote the conditions that support competitive prices and product choices, including in the telecommunications sector; simplify government programming, promote efforts to reduce red tape for businesses, putting in place the right conditions for market-driven innovation and promoting growth and an economy that works for everyone; reduce barriers to the movement of goods, services, capital and labour; grow Canada's tourism sector.

The Companies, Investment and Growth core responsibility is most closely related to the "Prosperity" domain of Canada's Quality of Life Framework, but it also touches on the "Good Governance" and "Environment" domains.

The "firm growth", "gross-domestic product per capita", and "investment in in-house research and development" indicators under the "Prosperity" domain are directly related to this core responsibility, for which the key outcome is to provide support to small, medium and large Canadian businesses to innovate and grow. To assess this outcome, ISED tracks the revenue growth rate and value of business expenditures on research and development (BERD) of the firms it supports.

Additionally, the "Good Governance" domain measures Canadians' confidence in institutions. Several entities under ISED's Companies, Investment and Growth core responsibility, including Measurement Canada, the Office of the Superintendent of Bankruptcy, Corporations Canada, the Competition Bureau and the Canadian Intellectual Property Office, focus on fostering conditions for market-driven innovation and creating a fair and competitive marketplace for businesses, investors and consumers.

Under the "Environment" domain, the "greenhouse gas emissions" indicator relates to the following departmental results indicator: "annual incremental reductions in GHG emissions attributable to ISED-supported technologies".

The following tables show, for each departmental result related to Companies, Investment and Growth, the indicators, the results from the three most recently reported fiscal years, the targets and target dates approved for 2024–25.

Table 1: Indicators, results, and targets for departmental result: Canada has a clean and sustainable economy.

Table 2: indicators, results and targets for departmental result: canadian businesses and industries are innovative and growing., table 3: indicators, results and targets for departmental result: businesses, investors and consumers are confident in the canadian marketplace, including the digital economy..

The financial, human resources and performance information for ISED's program inventory is available on GC InfoBase Footnote i .

Departmental Result: Canadian businesses and industries are innovative and growing

Innovation and adaptation on the part of Canadian enterprises—from start-up to scale-up—are vital to success in job creation, economic productivity, and trade. To spur creativity in support of Canada's economic recovery, growth, and competitiveness, ISED will continue to work closely with entrepreneurs, businesses and industry sectors to build on areas of traditional Canadian advantage while also capitalizing on emerging opportunities. Innovation and adaptation on the part of Canadian enterprises—from start-up to scale-up—are vital to success in job creation, economic productivity, and trade. To spur creativity in support of Canada's economic recovery, growth, and competitiveness, ISED will continue to work closely with entrepreneurs, businesses and industry sectors to build on areas of traditional Canadian advantage while also capitalizing on emerging opportunities.

Growing Canada's innovation ecosystems

Innovation Canada Footnote ii offers programs and services to help Canadian businesses innovate and grow by accessing client-centered, simplified support to advance research and the development and commercialization of innovative technologies and products. Flagship programs like the Strategic Innovation Fund (SIF), the Global Innovation Clusters (GICs) and Innovative Solutions Canada are instrumental in fostering industrial innovation and growth while advancing other governmental priorities like reducing greenhouse gas emissions (GHG). With renewed funding of $750 million from Budget 2022, the five GIC's will continue their efforts to advance Canada's innovation ecosystems, promote investments in innovation and commercialization, expand their national and global presence, deepen their collaborations, and support the growth and scale-up of Canadian small and medium-sized enterprises (SMEs). In 2024–25, the GIC program will increase industry co-investments by raising the industry match ratio to $1.50 for every dollar committed by non-GIC partners by 2028. In addition, the program is expected to establish new collaborations involving funding partnerships for the Pan-Canadian Artificial Intelligence Strategy (PCAIS) and Canada's National Quantum Strategy. For instance, as part of the PCAIS, the Advanced Manufacturing Cluster Footnote iii launched the AI for Manufacturing funding challenge, calling on companies to submit project proposals focused on commercializing AI or machine learning solutions in manufacturing. As a result, NGen, the organization leading the Advanced Manufacturing Cluster, will provide $19 million in funding for 12 AI projects in Canada's manufacturing sector. These projects are expected to enhance the competitiveness of Canadian manufacturing through the commercialization of Canadian AI innovations while building manufacturing capacity in the country.

In 2024–25, SIF will continue to support industrial transformation and growth, building on its $17 billion in research and development (R&D) investments to ensure the long-term sustainability of Canadian businesses in key industrial sectors including automotive, critical minerals and batteries, life sciences, semiconductors, aerospace, natural resources, and agri-food.

Through the Net Zero Accelerator Initiative, SIF will support Canada's goal of becoming a leader in clean technologies and help advance Canada's commitment to achieving net-zero emissions by 2050. For instance, SIF will advance the development of the battery innovation ecosystem by providing funding for the construction of E-One Moli's new $1 billion battery manufacturing and R&D facility in British Columbia, to support the production of lithium-ion batteries for industrial and consumer applications. SIF will also invest in electric vehicle (EV) battery manufacturing projects such as those by Volkswagen PowerCo, NextStar Energy and Northvolt Batteries North America, which will help reduce GHG emissions, decarbonize the transportation sector and strengthen Canada's domestic manufacturing capacity. ISED's partnership with Northvolt, in particular, will support the construction of its new EV battery manufacturing facility in Quebec—a $7 billion dollar investment—that will produce some of the greenest batteries in the world given its low carbon footprint. These investments in clean technology solutions demonstrate ISED's ongoing work toward meeting Canada's ambitious emissions reductions targets and securing Canada's battery supply chain. Supported by these investments, Canada ranked first in Bloomberg NEF's 2023 Global Lithium-Ion Battery Supply Chain Ranking.

Under Canada's Critical Minerals Strategy, in 2024–25, SIF will use targeted funds to accelerate investments in critical mineral projects, specifically prioritizing advanced manufacturing, processing, and recycling applications. To meet the rising demand for critical minerals and related manufactured products, ISED's investments will increase the supply of responsibly sourced critical minerals, while promoting innovation and sustainable practices across domestic and global critical minerals value chains. Since Canada is a leading global producer of many minerals, including nickel, potash, aluminum and uranium, investments in critical minerals have the potential to spur economic growth and manufacturing capabilities both domestically and internationally. Through ISED's expected $551.3 million contribution to Umicore, a circular materials technology company, the federal government, in partnership with the Government of Ontario, will support Umicore's decision to build a new manufacturing facility in Loyalist Township, Ontario, to produce essential EV battery components using critical minerals such as nickel, lithium, and cobalt. This facility, the first of its kind in North America, will strengthen Canada's domestic EV and battery supply chain.

Supporting the industrial transformation of key sectors

Since March 2020, more than $2.1 billion has been invested in rebuilding Canada's vaccines, therapeutics and biomanufacturing capacity. In alignment with the Biomanufacturing and Life Sciences Strategy, ISED will support a $61 million project by Edesa Biotech—a biopharmaceutical R&D company focused on developing and commercializing novel clinical-stage drugs for autoimmune and inflammatory diseases, such as acute respiratory distress syndrome (ARDS). ISED is also investing through SIF to support a $119.3 million project by Pharmascience Inc. to expand its facility in Candiac, Quebec, by 2,500 square metres, increasing its capacity to produce sterile injectables. Both projects will be instrumental in increasing innovation in the life sciences sector, contributing to Canada's talent pipeline by creating new jobs, and developing world-class expertise and infrastructure to build a competitive biomanufacturing and life sciences industry.

Budget 2022 announced $30 million over four years to expand the CAN Health Network across Canada. By connecting health organizations with Canadian companies from coast-to-coast-to-coast, the Government of Canada's investment in expanding the CAN Health Network will support innovation in the health technology sector, grow businesses, create good well-paying jobs and generate prosperity for Canadians.

SIF will continue to provide targeted support to the aerospace industry—one of the most innovative and export-driven sectors in Canada, contributing close to $27 billion and more than 210,000 jobs to the economy. The SIF investment of $350 million to support the new Initiative for Sustainable Aviation Technology— a pan-Canadian, industry-led aerospace network focused on funding collaborative R&D projects with companies of all sizes across the Canadian supply chain—will help accelerate the green industrial transformation of the aerospace industry, generate high-value jobs, strengthen the sector's supply chains, and position Canada as a global leader in sustainable aviation.

Through the National Shipbuilding Strategy Value Proposition (NSS VP), the department will help ensure the long-term sustainability of the Canadian marine industry by requiring that shipyards with large vessel contracts support investments in three key areas—human resources development, technology investment and industrial development—that are equal to 0.5% of the value of the contracts they receive. For 2024–25, Irving Shipbuilding Inc. and Seaspan's Vancouver Shipyards have forecasted more than $41 million in combined NSS VP investments in Canada's marine industry.

Helping businesses navigate government support

Connecting businesses with government programs and supports at the federal and the provincial, and territorial level to facilitate growth and innovation remains a key priority for ISED. In 2024–25, ISED will liaise with government partners to optimize service provided through the Business Benefits Finder, a platform that uses a client-centred approach to streamline the process of connecting businesses with the services and programs they need to bolster their performance. ISED's Accelerated Growth Service, which helps entrepreneurs and businesses innovate and scale up through its advisory and growth services, will complement the Business Benefits Finder by assisting existing, innovative businesses in accessing government programs and services.

Similarly, the Global Hypergrowth Project (GHP) will support businesses in scaling-up and growing by convening various federal, provincial, and broader ecosystem partners to identify programming gaps and opportunities for Canadian companies. Announced in July 2023, the GHP will help businesses develop into anchor firms, which are responsible for creating business clusters and incubating other businesses, by assisting them in navigating complex regulatory regimes, expanding to new markets, and acquiring the right talent. To achieve these goals, eight Canadian businesses have been selected to receive tailored support through the project, including Clarius Mobile Health Corp. With help from the GHP, Clarius will be able to propel its growth and make its innovative portable hand-held ultrasound imaging device available to more clinicians around the world.

In 2024–25, ISED's national BizPaL office will continue supporting cross-jurisdictional partnerships focused on helping Canadian businesses find and access business licences and reducing the burden of duplication for businesses to meet regulatory, permitting and licensing requirements. The program will help users navigate Canada's regulatory landscape via an interactive artificial intelligence interface, improving access to timely, complete information and analytics through an Open Service Platform and the Service for Regulators project.

Increasing access to capital for Canadian businesses

ISED, through the Canada Small Business Financing Program (CSBFP), will continue increasing the availability of financing for Canadian small businesses looking to start up, expand, modernize, and innovate. In 2024–25, the CSBFP will gather information to support and inform a statutory comprehensive review report assessing the extent to which the program has met its goals over the last five years, including examining the provisions and operations of the Canada Small Business Financing Act . The report will propose recommendations to ensure that the CSBFP continues to adapt to meet the current economic conditions and future needs of small businesses.

As announced in Budget 2021, ISED's Venture Capital Catalyst Initiative (VCCI), managed by the Business Development Bank of Canada, will support innovation and job creation in Canada by increasing the availability of private sector capital for Canadian entrepreneurs with high-growth potential, particularly for those in the life sciences sector and those belonging to under-represented groups. VCCI will accomplish this through three streams: $350 million for funds-of-funds, a $50 million for supporting VC investments in life science technologies, and a $50 million for an inclusive growth stream dedicated to increase access to VC programs for underrepresented groups. In 2024–25, funding recipients for the second intake of the inclusive growth stream and will invest up to $25 million in five Canadian VC funds through this stream. Through VCCI's inclusive growth stream, ISED aims to advance diversity, equity, and inclusion in the Canadian VC ecosystem by providing additional capital to invest in innovative under-represented entrepreneurs.

Supporting a modern telecommunications network

As the demand for spectrum and telecommunications services continues to grow, ISED will continue to advance Canada's position as a global centre for innovation and world-class wireless infrastructure. In 2024–25, the department will launch a new Non-Competitive Local Licensing framework, offering 80 MHz of mid-band spectrum, which will provide users— including wireless Internet service providers, vertical industries, and Indigenous communities—with localized access to shared 5G spectrum.

With a commitment to fostering greater universal connectivity, ISED will implement a new Access Licensing Framework in 2024–25 to facilitate greater access to unused licence spectrum in rural and remote areas, including supporting the expansion of broadband services. Under this framework, ISED will also consult on and implement an Indigenous Priority Window, which will allow Indigenous-led businesses and Indigenous service providers access to spectrum that strengthens their Internet connectivity, improves access to emergency response services, and establishes reliable cell service.

Reinvigorating tourism in Canada

Building on the progress made last year, ISED will continue to implement new strategies to advance the long-term growth of the tourism sector. In 2024–25, under the Federal Tourism Growth Strategy (FTGS), the department will coordinate and promote measures to support the growth of Canada's tourism industry, particularly positioning Indigenous communities as attractive tourist destinations, by continuing to implement the $108 million Tourism Growth Program, through the regional development agencies, to deliver key tourism projects.

As part of the FTGS, ISED will collaborate with its federal, provincial, and territorial partners, industry stakeholders and Indigenous people to ensure that the needs of tourism businesses are being served. The FTGS is based on five strategic priorities: investing in tourism assets, embracing recreation and the great outdoors, partnering to grow Indigenous tourism, attracting more international events, and improving coordination through a Ministerial Tourism Growth Council. ISED will also provide $50 million to Destination Canada, with the expectation of hosting more business events in Canada and invest in maintaining Canada's network of trails and outdoor spaces through the Trails Tourism Strategy.

Indigenous tourism is a key segment of the industry that differentiates Canada as a premier tourist destination. ISED's continued support of this segment through the $20 million Indigenous Tourism Fund (ITF), announced in Budget 2022, will help rejuvenate the Indigenous tourism industry and ensure long-term, sustainable growth for Indigenous businesses and communities. As a component of the ITF, the department is collaborating with the Indigenous Tourism Association of Canada to roll out the first $10 million of the Micro and Small Business Stream, which will provide financial assistance, specifically non-repayable contributions of up to $25,000, to support export-ready micro and small Indigenous tourism businesses.

Developing talent for the digital economy

As Canada's key industrial sectors continue to evolve and digitize, ISED remains committed to equipping youth, students, graduates, and mid-career workers with industry-relevant experience to enhance their professional experience and preparedness.

In 2024–25, ISED will continue to administer programs aimed at increasing digital skills and employment experience among Canadian youth, including the Digital Skills for Youth (DS4Y) program, the Computers for Schools Internship program (CFSI), and the Business + Higher Education Roundtable (BHER). Through DS4Y, which connects post-secondary graduates with internships in small businesses and not-for-profit organizations, nine not-for-profit organizations have been selected to provide 179 internships that will equip youth with the skills and experience needed to transition to career-oriented employment. In 2024–25, the CFSI will provide 148 internships to help young people develop digital skills through paid, on-the-job experience refurbishing digital devices, which will increase their employability and marketability to prospective employers. Likewise, the BHER will seek to help emerging talent develop skills that will prepare them for the labour market and support business innovation and growth. It will aim to create over 7,500 work integrated learning opportunities for post-secondary students in 2024–25.

Launched in 2022–23, the Upskilling for Industry Initiative (UII) has committed $125 million in 2024–25 to support employers and SMEs, in better identifying their skills needs and develop new upskilling programming to meet them. Through Palette Skills Inc., the selected lead delivery participant , Footnote iv UII will continue to support demand-driven short-cycle programs to meet the needs of employers in six high-growth sectors: digital technology, cybersecurity, agriculture technology, advanced manufacturing, clean technology and biomanufacturing. ISED expects to connect 15,000 Canadians, including those from under-represented groups, with new work opportunities by March 31, 2025, creating a responsive pipeline of upskilled workers for Canadian industry.

Departmental Result: Businesses, investors, and consumers are confident in the Canadian marketplace, including in the digital economy.

Creating equitable market conditions is critical to Canada's economic growth on the global stage. Through a focus on modernizing key regulatory frameworks and intellectual property products and services, ISED will continue its progress towards leveling the playing field for businesses, investors, and consumers, creating a robust and fair marketplace that balances economic growth with national security considerations.

Modernizing Canada's marketplace regulatory frameworks

In 2024–25, the Competition Bureau will support the government's efforts to modernize and update the Competition Act Footnote v to promote and strengthen competitive markets. The Affordable Housing and Groceries Act received Royal Assent on December 15, 2023. Among other measures to make life more affordable for Canadians, the Act empowers the Bureau to take action against collaborations that stifle competition and consumer choice, in particular situations where large grocers prevent smaller competitors from establishing operations nearby. It also removed the efficiencies defence, which allowed anti-competitive mergers to survive challenges if corporate efficiencies offset the harm to competition, even when Canadian consumers would pay higher prices and have fewer choices. With a modernized Competition Act, the Bureau will be better able to protect and promote competition in Canada leading to lower prices, while stimulating innovation and economic growth. The Bureau will also continue its work with regulators and policymakers to assess the impact of new or existing policies on competition, championing the essential role of competition in the economy. Through the Canadian Digital Regulators Forum, the Bureau will strengthen information sharing and collaboration on digital markets and artificial intelligence (AI) with the Office of the Privacy Commissioner of Canada and the Canadian Radio-television and Telecommunications Commission. To ensure that anti-competitive behaviour is detected and deterred, the Bureau will continue to implement proactive monitoring and enforcement measures in areas such as deceptive marketing practices, cartels, problematic mergers, and digital services.

To protect the integrity of the Canadian insolvency system, ISED's Office of the Superintendent of Bankruptcy (OSB) will continue to modernize its directives, regulations, and IT systems in 2024–25 to reduce unnecessary burden on those it regulates and support confidence in the Canadian marketplace. Through its newly launched Debtor Compliance Management System, the OSB will leverage AI capabilities to detect and address debtor non-compliance.

In 2024–25, Measurement Canada, which has the legislative mandate to approve and oversee all measuring devices used in Canadian financial transactions, will prioritize modernizing and renewing legislation governing trade measurement, especially the approval and inspection of electric vehicle charging devices.

Through legislative amendments to the Investment Canada Act , ISED will continue to strengthen Canada's reputation as the world's top destination to invest . The amendments propose new regulatory measures for foreign investments that aim to improve compliance and information sharing with international counterparts concerning foreign investment reviews and national security assessments. Additionally, the amendments will grant the Minister of Innovation, Science and Industry the authority to impose interim conditions during a national security review of investments and accept binding undertakings from investors to mitigate any national security risks. These measures will not only foster a stronger investment climate but also grant ISED greater authority in reviewing any national security threats from foreign investments. Through timely processing of foreign investment reviews under the Act, ISED will assess foreign investments in Canada for likely net economic benefits and potential national security injury as well.

Promoting compliance among federally incorporated businesses

In 2024–25, ISED will notify corporations of the new reporting requirements under the Canada Business Corporations Act (CBCA), whereby federally incorporated businesses must proactively submit information on their beneficial owners or individuals with significant control of their business. The publicly accessible beneficial ownership registry, governed under the CBCA, will provide information about the ownership and control of Canadian corporations governed under the CBCA to help reduce the misuse of these corporations and strengthen the detection of tax evasion and fraudulent activities through improved transparency of beneficial ownership.

Promoting and protecting consumer interests

As consumer spending patterns and trends change because of inflation and rising food prices, ISED will continue to ensure that the voice of the consumer is represented through the Contributions Program for Non-Profit Consumer and Voluntary Organizations. In 2024–25, the department will provide $1.7 million to consumer advocacy organizations in Canada to conduct research projects, addressing issues such as digital consumer protection, systemic barriers to vulnerable consumers, affordability, and sustainable consumption. The program will also receive a $3.3 million budget increase to strengthen support for consumer advocacy, with a particular focus on areas where consumers have expressed great concern, including retail practices and rising grocery prices.

Advancing inclusive economic growth through intellectual property

In 2024–25, ISED will work toward making Canada's intellectual property (IP) system more inclusive, with a particular focus on the intersection of IP and the protection of Indigenous knowledge and cultural expressions.

IP protections, services and resources remain widely underutilized by Indigenous businesses and entrepreneurs in Canada as they face barriers to accessing Canada's IP system. As a result, the Canadian marketplace has been flooded with fraudulent imported Indigenous arts and goods, posing a threat to the economic viability of Indigenous communities. To address these barriers and support the protection of Indigenous IP, ISED will provide $150,000 in grants to Indigenous organizations through Indigenous Intellectual Property Program (IIPP) grants. The program will fund both small scale Indigenous-led projects, up to $15,000, and larger, more complex projects up to $50,000. The IIPP grants will also fund representatives from Indigenous organizations, up to $5,000, for their participation in World Intellectual Property Organization events and negotiations related to intellectual property, Indigenous knowledge, and Indigenous cultural expressions policy.

Through the IP Clinics Program—a grant program designed to foster the development of future IP experts by increasing university students' exposure to IP issues—ISED will provide $400,000 to eligible projects with a commitment to improving the understanding of IP and increasing access to IP services, including for women and Indigenous-led businesses. In support of the Government of Canada's Intellectual Property Strategy, the program will continue to deliver low cost or free IP services and resources to promote inclusive access.

In an effort to provide quality, timely IP services and resources to innovators, as well as safeguard IP rights, the Canadian Intellectual Property Office (CIPO), an agency under ISED, will continue optimizing turnaround times and enhancing client services through new technologies. Specifically, CIPO will continue implementing its Trademark Recovery Plan to reduce application backlogs by increasing examination capacity to restore turnaround times to internationally comparable standards by 2026.

As part of the National IP Strategy, CIPO will continue to advance IP awareness among Canadian entrepreneurs and innovators through the IP Awareness and Education Program. In 2024–25, CIPO will offer a number of training opportunities and information resources on IP, developed in partnership with Indigenous organizations, government departments, businesses, academia, and regional offices. For instance, through the IP Village—a collaboration between Canada's leading IP organizations—ISED will deliver a range of targeted educational resources and tools to support SMEs and women, Indigenous and Black entrepreneurs in managing and levering IP assets as part of their business and growth strategies.

Departmental Result: Canada has a clean and sustainable economy.

As Canada transitions to a cleaner, more sustainable economy, ISED remains committed to supporting the development of a globally competitive clean technology sector that addresses environmental challenges and provides high quality jobs for Canadians. Through the provision of key supports to researchers and businesses to develop and adopt clean technologies and products, ISED will contribute to Canada's annual incremental reductions in GHG emissions and the number of clean technology projects underway, helping Canada progress towards its net-zero emissions goal by 2050.

Helping to grow the clean technology sector

In 2024–25, ISED will support project proponents that have the potential to transition the Canadian economy toward a net-zero future and seek to deploy clean technology in economic sectors and technology areas such as carbon capture and storage, agriculture, electricity, and clean fuels, including hydrogen. The department will continue offering services and resources to Canadian companies to facilitate the development and financing of transformative projects in Canada's industrial sectors, while helping Canada achieve its 2030 and 2050 emissions reduction targets and its transition toward a competitive, low-carbon economy. These activities include acting as a central point of contact in the government for project proponents; coordinating and identifying funding opportunities, in partnership with key federal departments and their funding programs; and working with companies to position high-potential project concepts for success.

Leveraging improved data on clean technologies

As the federal focal point for clean technology, ISED's Clean Growth Hub—an inter-departmental initiative co-led by ISED and Natural Resources Canada and in partnership with 16 other departments and agencies—will continue to ensure that clean technology stakeholders are better equipped to make decisions related to clean technology innovation and deployment.

In 2024–25, the Hub will address emerging needs of clean technology stakeholders, including: leveraging government procurement to support clean technology development, facilitating stronger collaborations between clean technology innovators and adopters; strengthening awareness of unique regional clean technology needs, and leveraging new digital resources to improve client experience. It will also play an important role as a focal point in facilitating connections, coordinating leading clean tech companies across Canada, and providing assistance to new or existing clients, ranging from young clean tech innovators with high potential for disruption to large firms in high-emitting industries. Through the implementation of its strategy and action plan to advance reconciliation, equity, diversity and inclusion, which seek to better understand and address the needs of under-represented groups in the clean tech sector, the Hub will proactively leverage existing government efforts to increase inclusion and provide targeted support to these groups.

In parallel, ISED, in collaboration with Statistics Canada and Natural Resources Canada, will publish macroeconomic, industry and administrative data related to Canada's cleantech sector to help support private and public sector decision making. The Clean Growth Hub, which is the only source of authoritative data on Canada's clean tech sector, will conduct an analysis of economic trends and policy impacts on the sector. The Hub will further publish data measuring the contribution of Canada's cleantech sector to the Canadian economy— including data on employment and disaggregated data on the basis of labour force characteristics— and measure various economic, social, environmental and governance indicators. With the aid of the administrative data pillar of the Clean Tech Data Strategy, the Hub will work with federal programs in improving the consistency of data collection on federal cleantech investments and will lead an annual data collection exercise on these investments, which will allow for deeper analysis and understanding of federal programs that support clean technology.

Canada, like many other countries, is dependent on global markets for its supply of critical minerals and lithium batteries. This reliance on external supply chains, combined with a lack of global market share in this industry, creates a risk that Canada will not be able to successfully transition to a low-carbon economy. Additionally, as the battery market is already very competitive, there is a risk that firms receiving funding will not be able to compete in the global market. To mitigate these risks, Canada will continue to strengthen its domestic supply chain through the Government of Canada's recently announced special agreements with industry partners—NextStar Energy, Volkswagen PowerCo, and Northvolt Batteries North America— to anchor the production of lithium batteries in Canada, helping to develop more resilient supply chains. These three major investments will help solidify Canada's position in the global supply chain and attract the business of automotive manufacturers and critical minerals suppliers, thereby creating a sustainable domestic ecosystem.

Additionally, in light of increasing interest rates and inflation combined with budgetary constraints , there is a risk that some programs, such as the Strategic Innovation Fund, the Global Innovation Clusters and the Accelerated Growth Service may be unable to deliver the planned level of activities and projects in 2024–25. In response, ISED has implemented several measures to minimize disruptions to funding and planned activities. For example, ISED is developing strategies to manage potential project cancellations or delays, including project pipelines that can be leveraged to reinvest this funding. The department is also conducting forecasting exercises with funding recipients to ensure that their spending is on track and that potential lapses are identified and addressed as early as possible. Furthermore, ISED will implement quarterly results monitoring and reporting, through committee reviews, and improve strategies for recipient selection to ensure that the expected results of projects are met.

Snapshot of planned resources in 2024–25

Planned spending: $4,279,156,052
Planned full-time resources: 4,352

In 2024–25, ISED will continue to ensure that its programs, policies, and initiatives are responsive, inclusive, and reflective of the diverse experiences and realities of Canadians in order to address inequities and barriers. For example, several Innovation Canada programs now require recipient organizations to develop inclusion, diversity, equity and accessibility strategies outlining how they will ensure fair and equitable access for applicants and highlighting targeted initiatives to address barriers and gaps for under-represented groups. In addition, the ElevateIP program will establish partnerships with organizations representing equity-deserving groups to develop more inclusive programming.

Following ISED's commitment to producing more inclusive outcomes for women and under-represented groups, gender and diversity plans are now mandated for all recipients of Strategic Innovation Fund support. The program requires recipient organizations to develop a comprehensive gender and diversity plan at the start of their projects in an effort to ensure that they are actively cultivating environments that are more equitable, inclusive and accessible. Similarly, under the Industrial and Technological Benefits Policy, firms bidding on applicable defence procurements are required to describe their approach to increasing gender equity and diversity in their corporate structure and broader supply chains in Canada. A key component of developing an effective GBA Plus framework is identifying how initiatives can be tailored to meet the diverse needs of the people most impacted. Programs such as the Global Innovation Clusters will be implementing a series of measures creating opportunities specifically for Indigenous peoples, for example—to provide meaningful work experience for people from equity-deserving groups. The clusters are also offering workshops and formal training in response to the industry's need for members to develop their talent, gain knowledge or learn new skills. Under each Cluster, the program also promotes the 50 – 30 Challenge that strives for gender parity (50% women and/or non-binary people) and significant representation (30%) of members of under-represented groups, on its board of directors.

ISED will continue applying a GBA Plus lens to its intellectual property programming as well. The IP Clinics and Patent Collective programs specifically support recipients from traditionally under-represented groups, such as women and Indigenous entrepreneurs, in need of network development and funding support for IP advice. CIPO, in general, will continue its collaboration with the international IP community to develop a stronger understanding of GBA Plus and address the existing gender gaps in the innovation ecosystem.

In 2024–25, the department will conduct various educational and awareness raising activities aimed at encouraging greater participation of equity deserving groups. For example, ExploreIP will be targeting underrepresented groups, including Indigenous, Black, women, 2SLGBTQI+, disabled and other diverse entrepreneurs, to increase program awareness and will highlight the importance of inclusion, diversity, equity, and accessibility among staff as they pertain to their duties. Corporations Canada at ISED will continue its broad and inclusive digital awareness campaign on how to effectively access information and resources, ensuring program requirements are accessible, reliable and not impeded by technological barriers.

ISED is committed to advancing Canada's efforts toward developing the United Nations 2030 Agenda for Sustainable Development and the UN's Sustainable Development Goals (SDGs). While ISED is a strong proponent for all 17 SDGs, its policies, programs, and initiatives mostly advance actions on SDG 9—Industry, Innovation and Infrastructure to "build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation." The department's key programs, such as the Strategic Innovation Fund, Canada's five Global Innovation Clusters and Innovative Solutions Canada will support work in: research and development, technology adoption, investments in science and research, efforts to attract anchor firms through foreign investment and measures to create innovative ecosystems. ISED will also contribute to this SDG through Canada's Intellectual Property Strategy, as Canadian innovators and businesses will continue to protect and leverage their IP. In terms of promoting green infrastructure as part of the SDG, SIF's Net-Zero Accelerator initiative, Sustainable Development Technology Canada (SDTC) and ISC will be supporting clean technology innovation and Canada's clean growth policies.

ISED is also a key contributor to the following SDGs: SDG 7—Affordable and Clean Energy, SDG 8 —Decent Work and Economic Growth, SDG 12—Responsible Consumption and Production; and SDG 13 —Climate Action. Since the department is a strong advocate for Canada's climate commitments, the SIF's NZA and SDTC provide targeted investments in projects advancing SDG 7 and SDG 13— such as ones focused on developing clean technologies, batteries, critical minerals and electric vehicles— and support for initiatives promoting globally competitive clean technology solutions that will help Canada achieve its net-zero target by 2050. In addition to these flagship ISED programs, the Business Benefits Finder, the Accelerated Growth Service, and the Upskilling for Industry Initiative will be advancing SDG 8 as well. These programs will encourage inclusive and sustainable economic growth by connecting Canadians with relevant government programs, and funding employer driven-approaches to redeploying workers in high-growth sectors.

More information on ISED's contributions to Canada's Federal Implementation Plan on the 2030 Agenda and the Federal Sustainable Development Strategy can be found in ISED's Departmental Sustainable Development Strategy . Footnote vi

Companies, Investment and Growth is supported by the following programs in the program inventory:

Business Innovation
Spectrum and Telecommunications
Digital Service
Economic Outcomes from Procurement
Support for Small Business
Talent Development
Intellectual Property
Competition Law Enforcement and Promotion
Marketplace Protection and Promotion
Clean Technology and Clean Growth

Supporting information on planned expenditures, human resources, and results related to ISED's program inventory is available on GC InfoBase . Footnote vii

Science, Research, Technology and Commercialization

Support and enable business-led investment and strategic collaborations for leading- edge technology development and commercialization; maintain and strengthen Canada's research excellence, including support for fundamental science, experimentation, and exploration to address global challenges.

The Science, Technology, Research and Commercialization core responsibility aligns with the "Prosperity" domain of the Quality of Life Framework. The program within this core responsibility focuses on maintaining and strengthening Canada's research excellence, including support for fundamental science, experimentation, and exploration to address global challenges.

Under the "Prosperity" domain, the "investment in in-house research and development" indicator aligns with ISED's departmental results indicator, "percentage of Canada's higher education research and development funded by business." Both indicators recognize the importance of investments in research and development to support innovation and the commercialization of new products, services, and technologies. ISED also tracks Canada's rank among OECD nations on the average relative citation (ARC) score of science and research publications. Key initiatives under this core responsibility focus on the transfer of knowledge within the Canadian research ecosystem.

The following tables show, for each departmental result related to Science, Technology, Research and Commercialization, the indicators, the results from the three most recently reported fiscal years, the targets and target dates approved for 2024–25.

Table 4: Indicators, results, and targets for departmental result: Canadian science, technology and innovation (ST&I) research contributes to knowledge transfer.

The financial, human resources and performance information for Innovation, Science and Economic Development Canada's program inventory is available on GC InfoBase . Footnote viii

Departmental Result: Canadian science, technology and innovation (ST&I) research contributes to knowledge transfer.

ISED aims to foster an innovative economy, improve the health and well-being of Canadians, and optimize federal investment in ST&I. To achieve these goals, in 2024–25 ISED will continue working with various third-party organizations (TPOs) to advance federal research priorities and fill ecosystem gaps—primarily through the newly established Strategic Science Fund (SSF). The Department will continue to promote collaboration between domestic and international research organizations, support the development of pan-Canadian science and research-related strategies, and provide the Prime Minister and Cabinet with advice related to key scientific issues through the Office of the Chief Science Advisor. ISED will also provide policy advice on cyber security and research security considerations for international research and development (R&D) investments in academia through the implementation of the Government of Canada's Digital Research Infrastructure Strategy.

Supporting coordinated federal investments

The government allocates funding to TPOs that play an important role in the Canadian science and research ecosystem by seizing unique opportunities, filling gaps in federal programming in areas of priority to the government, providing services nationally, or deriving advantages from ST&I activities being delivered at arms-length from the federal government. TPOs are independent, not-for-profit organizations that have highly diverse mandates and areas of expertise and cover a wide spectrum of ST&I activities.

In response to the need for greater transparency and accountability related to funding decisions, Budget 2019 established the SSF, administered jointly by ISED and Health Canada. This new competitive approach to investing in TPOs affirms the importance of a credible, principles-based merit-review process informed by the advice of independent external experts chosen based on high ethical standards, expertise, and diversity of perspectives. This approach was recommended by an independent advisory panel and external monitoring of this approach will ensure that it is fair and appropriately targeted.This marks a foundational change in how funding is provided to organizations in the science and research ecosystem. Through this coordinated approach, ISED and Health Canada are better equipped to make funding decisions and assess where there may be gaps in the ecosystem.

The SSF will act as a key funding vehicle for the science and research community and will ensure clear alignment with program objectives and expected outcomes. Activities funded under the SSF are expected to enhance internationally competitive, leading-edge research in areas critical to the health, and the economic and social well-being of Canadians; to develop, attract and retain world-class research and innovation talent in scientific areas that are aligned with Canada's priorities; to accelerate the exchange of research results and the translation of this knowledge into action in Canada and abroad; and to strengthen evidence-based decision making, innovation skills development and science culture.

Following a competitive process, 24 successful applicants have been selected Footnote ix to receive funding through the SSF in 2024-25, pending the finalization of contribution agreements. This first year of a five-year cycle of funding under the SSF will allow the government to provide direct financial support for organizations to advance both fundamental and applied research. ISED, in partnership with Health Canada, will work closely with SSF recipient organizations in 2024–25 to ensure their activities are aligned and positioned to meet expected program outcomes.

Accelerating the adoption and commercialization of artificial intelligence

In 2024-25, the Department will continue to support research and development in key emerging sectors such as artificial intelligence (AI) through the ongoing implementation of the Pan-Canadian Artificial Intelligence Strategy (PCAIS).

The PCAIS aims to drive the adoption of AI across Canada's economy and society. Through the three pillars—commercialization, standards, and talent and research, the PCAIS seeks to connect Canada's world-class talent and research capacity with federal programs that facilitate commercialization and technology adoption in order to ensure that Canadian ideas and knowledge are mobilized and commercialized domestically.

In support of the commercialization and talent and research pillars of the PCAIS, the $60 million fund for the national AI institutes —Amii in Edmonton, Mila in Montréal, and the Vector Institute in Toronto— aims to help translate research in AI into commercial applications and increase the capacity of Canadian businesses to adopt these new technologies. These three not-for-profit corporations are each receiving funding of up to $20 million over five years to support the advancement of AI research, training, and innovation. For example, Amii will advance leading-edge research in AI by funding academic research and encouraging industry leaders to invest in Alberta's world-leading talent and expertise. In 2024‒25, contributions to these institute will support capacity-building among business, health, and not-for-profit partners.

In 2024‒25, ISED will continue to monitor and support the ongoing implementation of the Digital Research Infrastructure (DRI) Strategy, to ensure Canadian researchers have the tools they need to conduct leading-edge research. Under the strategy, ISED is providing funding to the Digital Research Alliance of Canada (DRAC) for the planning, procurement, installation, operation and allocation of computing infrastructure to increase computing capacity for AI researchers. In 2024‒25, DRAC will continue to coordinate and deliver national services in advanced research computing, research data management and research software, while also promoting innovation and expanding the network of support and resources that are available to academic and research communities.

CANARIE, the Canadian Network for the Advancement of Research, Industry and Education (CANARIE) will advance the DRI Strategy by funding initiatives such as the expansion and maintenance of the National Research and Education Network (NREN)—which connects more than 750 Canadian universities, colleges, cégeps, research hospitals, government research labs, school boards, business incubators and accelerators. Specifically, through the Digital Accelerator for Innovation and Research (DAIR) program, CANARIE will continue to accelerate innovation and the commercialization of products and services by providing Canadian start-ups with free cloud resources and access to expertise in next generation technologies.

Enhancing Canada's research ecosystem and leading-edge technology development in quantum science

In 2024–25 the National Quantum Strategy (NQS) Secretariat will continue to oversee the coordination and integration of quantum R&D in Canada, guiding investments through the strategy's three pillars: quantum research, talent and commercialization. To do so, the secretariat will continue to work with key partners such as the Quantum Advisory Council, the Natural Sciences and Engineering Research Council of Canada, the National Research Council of Canada, Mitacs, Canada's Global Innovation Clusters, Innovative Solutions Canada (ISC), and ISED's Regional Development Agencies to look for solutions in several quantum technology areas such as computing, software, communications and sensors.

Additionally, under the NQS, ISED will provide another year of funding to Quantum Industry Canada, a consortium of Canadian quantum technology industries, which will increase internal capacity and improve the effectiveness of knowledge transfer between key groups to support the development, scaling and commercialization of innovations.

In 2024–25, work will continue developing of the Pan-Canadian Genomics Strategy in partnership with the NRC, taking into consideration the 'What We Heard' report published in the spring of 2022, which underscored Canada's potential in genomics with existing strengths in genomics research.

Canada has a small number of lab-to-market programs that aim to increase commercialization awareness and skills among early researchers and students. Budget 2022 provided funding for a national lab-to-market platform for students and researchers at post-secondary institutions to explore the commercial potential of their work, with the aim of filling gaps in funding to support post-secondary institutions in creating or expanding lab-to-market programming. In 2024-25, ISED will work with program delivery partners to launch the new national lab-to-market platform whereby successful post-secondary institution applicants will receive funding to develop shared training curriculum, leverage respective areas of sectoral or technology specialization, and engage in cross-promotion and networking as they build and expand their lab-to-market program offerings. A new annual survey, to be launched in fall 2024, will assess how knowledge created at Canada's universities, colleges and research institutes generates commercial outcomes, as well as broader social and economic benefits for Canadians.

Strengthening international scientific collaboration

In 2024–25, in collaboration with Global Affairs Canada, ISED will be joining Horizon Europe, the world's largest collaborative science, research and innovation program. As a result, Canadian researchers and innovators will be able to access a broader range of research opportunities in areas such as health; culture, creativity and inclusive society; civil security for society; digital, industry and space; climate, energy and mobility; and, food, bioeconomy, natural resources, agriculture & environment. The benefits of association to Horizon Europe include the ability to lead projects, receive direct funding and collaborate with European partners and other associated countries in various research and innovation areas.

Investing in Cybersecurity

In 2024–25, the Cyber Security Innovation Network (CSIN) program will seek to enhance R&D, increase commercialization, and further support the development of skilled cyber security talent across Canada. ISED's role is to implement, oversee and monitor the CSIN program, as well as provide funding for the selected successful projects. The CSIN program will help foster a strong national cyber security ecosystem and position Canada as a global leader in cyber security.

As the program's lead, the National Cybersecurity Consortium (NCC) launched an initial call for proposals in April 2023, which led to a partnership between telecommunications company Ericsson, and researchers from Concordia University, the University of Waterloo, and the University of Manitoba for a project to investigate the security of 5G networks. The project will receive $1 million in funding from the NCC over three years and aims to design and implement technologies that can prevent, predict, detect, and mitigate cyber threats in 5G networks using machine learning and AI. In 2024–25, a second national call for proposals will be launched to continue to support the growth of a comprehensive and collaborative Canadian cyber security innovation ecosystem through academia-industry collaboration.

Due to the sensitive nature of cyber security R&D and the innovation activities undertaken by the NCC in leading the CSIN, the network may be targeted for its data and intellectual property. While Canada maintains an open and collaborative research environment, it has increasingly been the target of foreign interference activities that, pose a threat to Canada's research ecosystem, and to as national security.

To mitigate the risk of targeted espionage, in collaboration with national security and intelligence organizations and Canada's granting agencies, ISED will continue with the phased implementation of the National Security Guidelines for Research Partnerships in 2024–25. These guidelines are used to assess whether aspects of a research project pose unacceptable risks to national security and if these risks cannot be mitigated, the project will not be funded. The guidelines already apply to the Alliance Grant program and the Canada Biomedical Research Fund.

Planned spending: $969,539,190
Planned full-time resources: 114

Barriers to access and to participation in science, technology, engineering, and math (STEM) for women and other equity-deserving groups have led to an under-representation in these fields. ISED and its partner organizations work toward reducing and eliminating barriers to participation in several ways, with the goal of creating a diverse talent pool and inclusive industries.

One way to address this issue is by applying a GBA Plus lens when selecting funding recipients and embedding GBA plus requirements into funding agreements. For example, in 2024–25, the NCC will implement an Equity, Diversity, and Inclusion (EDI) Framework with GBA Plus considerations. The framework will outline actions the NCC will adopt to identify and remove barriers regarding the participation of individuals from underrepresented groups in network governance, operations, and activities. This includes developing EDI objectives, actions, data collection methods, and performance metrics to measure progress.

Similarly, contribution agreements with science research organizations require that recipients provide details of their planned activities to advance EDI on an annual basis, including updates on progress in their annual report. These activities can include setting representation or diversity-related targets for the governance and administration of scientific review committees; collecting self-identification data for EDI performance tracking; working towards a better understanding of program impacts on underrepresented groups; and embedding EDI values in hiring and training processes. At the initial phase of selecting funding recipients and negotiating agreements, GBA Plus is also applied.

GBA Plus also means ensuring inclusive outcomes for all Canadians through inclusive program design and implementation. For example, the NQS's broad community-based approach encourages youth from under-represented groups, such as girls, Indigenous youth, disabled youth, at-risk youth, and youth living in rural or remote locations, to develop life-long learning habits and curiosity toward STEM fields such as quantum science and technologies. Additionally, by expanding NREN into Nunavut through an agreement with Nunavut Arctic College, CANARIE will continue to reduce the digital divide for rural and northern communities.

Lastly, Genome Canada maintains a strong commitment to action on inclusion, diversity, equity and accessibility (IDEA) by embedding policies and practices enterprise-wide across its programs. It will continue collaborating with all equity-deserving groups for input on investment prioritization and delivery of challenge-driven initiatives. Specifically, Genome Canada has engaged with a wide range of Indigenous leaders across sectors and supports Indigenous-led programs, such as Silent Genomes and the Summer internship for Indigenous Peoples in Canada (SING Canada). They are working with Indigenous partners to co-develop an Indigenous truth, reconciliation and engagement strategy to elevate Indigenous genomics leadership in Canada. Through continued partnerships in activities such as the Black Excellence in Science, Technology, Engineering, Mathematics and Medicine/Health (BE-STEMM) event, Genome Canada provides research and career opportunities to Black Canadian scholars, with a focus on removing barriers and boosting retention.

For details on ISED's contributions to various UN Sustainable Development Goals please see the United Nations 2030 Agenda for Sustainable Development and the UN Sustainable Development Goals section under the People, Skills and Communities, and Companies, Investments and Growth core responsibilities.

Additionally, more information on ISED's contributions to Canada's Federal Implementation Plan on the 2030 Agenda and the Federal Sustainable Development Strategy can be found in ISED's Departmental Sustainable Development Strategy . Footnote v

Science, Technology, Research and Commercialization is supported by the following program in the program inventory:

Science and Research

Supporting information on planned expenditures, human resources, and results related to ISED's program inventory is available on GC InfoBase . Footnote x

Support the creation, transfer and diffusion of knowledge to ensure that Canadians, including under-represented individuals, are equipped with the skills and tools to participate in an innovative, high-growth economy; advance a culture of innovation where Canadians are driven to address local, regional, national and/or global challenges; benefit from growth of the middle class across communities; have increased access to affordable broadband and mobile Internet, including in rural and remote regions; and are protected and informed consumers.

The People, Skills and Communities core responsibility aligns with the "Prosperity" domain of Canada's Quality of Life Framework, with its focus on improving participation in the Canadian economy for various segments of the population, particularly the emphasis on broadband access. For example, one of the indicators in the "Prosperity" domain is "access to high-speed Internet," measured by the proportion of households that have access to high-speed Internet services, which is also one of ISED's Departmental results indicators.

This core responsibility also aligns with the inclusion lens of the Quality of Life Framework, as several of ISED's programs focus on reducing barriers and enhancing access to financial and non-financial supports for entrepreneurs from various equity-deserving groups, including women, racialized people, and members of the 2SLGBTQI+ communities.

The following table shows, for each departmental result related to People, Skills and Communities, the indicators, the results from the three most recently reported fiscal years, and the targets and target dates approved for 2024–25.

Table 5: Indicators, results, and targets for departmental result: People and communities from all segments of Canadian society participate in the economy.

The financial, human resources and performance information for ISED's program inventory is available on GC InfoBase . Footnote xi

Departmental Result: : People and communities from all segments of Canadian society participate in the economy.

In 2024–25, ISED will continue to provide people from all regions of the country with the necessary access, tools, and skills to participate in the digital economy. In support of Canada's Connectivity Strategy, ISED will continue to advance connectivity and bring reliable high-speed Internet access to households and businesses across Canada through the $3.225 billion Universal Broadband Fund (UBF). For instance, ISED will continue to roll out UBF projects across Canada to further advance connectivity in rural and remote areas of the country, such as in the example of Saskatchewan, where the UBF brought fibre-optic Internet to the communities of Thode and Shields, allowing nearly 350 households and other local businesses (e.g., those in the tourism industry) to benefit from access to remote schooling, work, healthcare and connecting with loved ones. These efforts will support our goal of 98% of Canadian households having access to high-speed internet by 2026, and 100% by 2030.

To provide high-speed Internet service to the hardest to reach households, the Government of Canada has entered into a $600 million agreement with Telesat to secure capacity on its low Earth orbit (LEO) satellite constellation, Telesat Lightspeed. Through Telesat Lightspeed, Internet service providers (ISPs) will be able to offer services to Canadian households at a reduced rate, bringing Canada closer to meeting its 2030 100% connectivity target. ISED will continue to monitor Telesat's progress towards a 2026 launch and 2027 service date, working with Telesat to connect a total of 40,000 rural , remote and Indigenous households in satellite-dependent communities, including in the Far North.

Through the Connecting Families Initiative (CFI), ISED will continue to promote affordable Internet access for low-income families and seniors who face affordability barriers. In partnership with ISPs, ISED will continue to facilitate access to affordable Internet plans for the hundreds of thousands of households that need it most. Specifically, in 2024–25, ISPs will provide the newest service package of 50/10 Mbps Internet speeds for $20 per month, along with the previous package (10/1 Mbps) at $10 per month.

To enhance awareness and access among those who are eligible , the CFI will be promoted through mailouts to eligible individuals and households, inviting them to register through the program's web portal. Working with the Canada Revenue Agency and Employment and Social Development Canada, ISED will explore additional means beyond mailouts to reach the target population, potentially through emails. A social media campaign, coupled with other social media engagement strategies and webinars with community-based partner organizations, will also help broaden awareness of the CFI. These efforts will serve to provide more information about the program and support organizations in helping those who have language barriers or digital literacy challenges to register and to participate in the CFI.

In addition to improving Internet access, ISED, through the Digital Literacy Exchange Program (DLEP), will continue to support not-for-profit organizations in developing and delivering digital literacy skills training for those who face barriers to participating in the digital economy. The program's second phase, DLEP 2.0, aims to provide digital literacy training to 100,000 individuals, including persons with disabilities, Indigenous people, individuals who do not speak English or French at home, seniors, individuals who have not completed high school, individuals with low-income, residents in rural and remote areas, newcomers to Canada, and individuals from official language minority communities.

Through these collective efforts and their focus on tackling systemic barriers to economic participation, the Department will help foster an increasingly accessible, and inclusive digital economy by providing everyone in Canada with the access, tools, skills, and affordable services they need.

Diversifying Canada's entrepreneurial ecosystem

As Canada's entrepreneurial landscape continues to evolve, various groups, including women, Indigenous people, and other racialized minorities, remain under-represented in the entrepreneurial ecosystem. In 2024–25, ISED's programs will continue to dismantle the barriers faced by these groups by providing access to financing, business tools and support services so that all equity-deserving groups have equal access to the resources needed to start and grow their businesses. By investing in diverse entrepreneurs, ISED will unlock new and existing potential in the business community, making Canada's entrepreneurial ecosystem more accessible by providing opportunities and support for individuals from equity-deserving groups to start, scale, grow, and maintain their businesses.

Through the Women Entrepreneurship Strategy (WES), the Black Entrepreneurship Program, and the newly established 2SLGBTQI+ Entrepreneurship Program, ISED will continue to facilitate access to financing, networks, mentorship, and business supports, such as financial planning services and training, for under-represented entrepreneurs across Canada.

In 2024-25, the WES Ecosystem Fund will continue to strengthen capacity within the entrepreneurship ecosystem and offer business supports to diverse women entrepreneurs, as well as those in rural and remote areas. An investment of $65 million will fund 24 projects led by not-for-profit organizations to offer supports such as training, mentorship and financial literacy. Furthermore, the WES Ecosystem Fund will continue to strive to serve at least 12,000 women entrepreneurs across Canada annually. The WES Ecosystem Fund will support the École des entrepreneurs du Québec FAIR.E project, which will deliver three transformational learning programs—free-of-charge—to help women entrepreneurs launch, boost and grow their businesses. The project will serve up to 1,800 women in six provinces: Quebec, Ontario, Prince Edward Island, New Brunswick, Nova Scotia, and Newfoundland and Labrador. Finally, financing and access to capital will be offered to women entrepreneurs through the $55 million Women Entrepreneurship Loan Fund, which provides individual loans of up to $50,000.

To bolster the representation of under-represented groups in Canada's entrepreneurial ecosystem, the $160 million Black Entrepreneurship Loan Fund (BELF)—made up of $30 million from the Government of Canada and $130 million from the Business Development Bank of Canada (BDC)—will continue to provide individual loans of up to $250,000 for Black business owners and entrepreneurs. The BELF administrator, the Federation of African Canadian Economics (FACE), in partnership with BDC, has approved over 500 applications, representing more than $46 million in loans. In 2024-25, the Black Entrepreneurship Ecosystem Fund will continue to support 43 not-for-profit organizations across the country, in providing training, mentorship, networking and financial literacy services to Black entrepreneurs and business owners. Entrepreneurs who identify as 2SLGBTQI+ (Two-Spirit, lesbian, gay, bisexual, transgender, queer, intersex, or other sexually or gender diverse people) make sizable contributions to the Canadian economy, yet they continue to face systemic barriers to starting and growing their businesses. Through the 2SLGBTQI+ Business Scale-Up program, totalling $13.5 million in funding, and in partnership with Canada's 2SLGBTQI+ Chamber of Commerce (CGLCC), ISED will help 2SLGBTQI+ entrepreneurs across Canada grow their businesses by implementing a national mentorship program, improving access to corporate procurement opportunities, and helping 2SLGBTQI+ entrepreneurs and businesses become export ready. The Business Scale-Up program plans to support 250 small and medium-sized enterprises (SMEs) by March 31, 2025, including 55 SMEs owned and managed by 2SLGBTQI+ individuals who also identify as members of another equity-deserving group.

Within the venture capital (VC) ecosystem, women entrepreneurs continue to face systemic barriers to accessing venture capital funding. To address these barriers and build a more inclusive risk and venture capital environment for women in Canada, the Venture Capital Catalyst Initiative (VCCI) will continue to increase women entrepreneurs' access to VC funding, contribute to increasing the representation of women in the VC industry, and help ensure that the VC industry is sensitive to gender and potential unconscious bias. VCCI's projects seek to facilitate capacity building and skills development opportunities as they relate to training and education, mentorship and coaching, and advisory services.

Additionally, the Small Business and Entrepreneurship Development Program (SBEDP) General Fund received $101.4 million, as announced in Budget 2021, to support national/pan-Canadian not-for-profit organizations into assisting SMEs across Canada, including those led or owned by members of equity-deserving groups, to develop and grow. The SBEDP General Fund has been used to support several entrepreneurship initiatives, including the $25 million 2SLGBTQI+ Entrepreneurship Program and the renewal of the Trade Accelerator Program

The Department will also continue to build knowledge and collect data on under-represented entrepreneurs to create a more inclusive and supportive business environment through the Women Entrepreneurship Knowledge Hub (WEKH), the Black Entrepreneurship Knowledge Hub (BEKH), and the 2SLGBTQI+ Knowledge Hub, which conduct research on the state of the entrepreneurial ecosystem for each group. To provide evidence-based research to inform the design and delivery of targeted supports for women entrepreneurs, the WEKH, led by Toronto Metropolitan University, will continue to publish the State of Women's Entrepreneurship annual report, as well as reports and articles on women entrepreneurs across a variety of sectors, such as cleantech, agriculture, arts and culture, and procurement. To further dismantle the barriers experienced by women entrepreneurs, the WEKH will continue to add more women entrepreneurs to its See It. Be It. database of over 1,800 diverse Canadian women entrepreneurs.

The BEHK, administered by Carleton University's Sprott School of Business and the Dream Legacy Foundation, will continue to work with community partners to advance research on the state of Black entrepreneurship in Canada and help identify barriers to success, as well as opportunities for growth, for Black entrepreneurs. To support this work, the BEKH will conduct a range of research activities. BEKH will also continue to convene Black Entrepreneurship Program stakeholders, building on the successes and lessons learned from its annual symposiums in 2022 and 2023. Similarly, the 2SLGBTQI+ Knowledge Hub will conduct research and collect data to create a clearer picture of the entrepreneurship landscape for the 2SLGBTQI+ community and the challenges 2SLGBTQI+ entrepreneurs face.

In 2024–25, ISED will continue to challenge Canadian organizations to increase the representation and inclusion of diverse groups in senior leadership positions through the 50 – 30 Challenge, which aims to achieve gender parity (50% women and/or non-binary people) and significant representation (30%) of members of other equity-deserving groups on Canadian boards and/or in senior management. The five Ecosystem Partners — Colleges and Institutes Canada, UN Global Compact Network Canada, the Ted Rogers School of Management's Diversity Institute, the Women's Economic Council and Egale Canada— will continue to support challenge participants by delivering tools, services and resources to help them meet the 50 – 30 Challenge objectives.

Bolstering the digital presence of Canadian businesses

ISED is committed to helping Canadian businesses, especially SMEs and businesses owned by under-represented entrepreneurs, take advantage of digital technologies. Through the Canada Digital Adoption Program (CDAP), ISED will provide funding opportunities and expert advice to help SMEs digitalize their operations. In 2024–25, the Department will continue to help SMEs establish a digital presence and to provide job opportunities to youth—by hiring and training them as e-commerce advisors—through CDAP.

Through its Grow Your Business Online component, CDAP will continue to provide eligible businesses with micro-grants of up to $2,400 for costs associated with the adoption of digital technologies and with assistance and e-commerce advisory services. By focusing on awareness-building activities and user-centric enhancements, CDAP will continue to increase its uptake to maximize the value and impact of the program for participating businesses.

Through CDAP's Boost Your Business Technology component, additional incentives will be offered in the form of interest-free loans through BDC and individual wage subsidies of up to $7,300 for youth employment placements, to support SMEs in implementing their digital adoption plans to improve their productivity and competitiveness.

ISED, through the Trade Accelerator Program (TAP), will continue to help SMEs take advantage of international market opportunities by increasing their exporting capabilities. TAP is delivered by six regional chambers of commerce across Canada and will support these organizations in guiding participating SMEs to achieve an increase in the value of their exports over the course of their participation in the program through access to networks, training and advice from Canada's top export advisors.

Due to ongoing procurement and supply chain challenges, labour shortages, and inflation, combined with unexpected events such as extreme weather and wildfires, there is a risk of delays and cost overruns for some projects under the UBF and Telesat's LEO satellite constellation. ISED will continue to monitor the progress of these projects and to work closely with funding recipients to mitigate risks on a case-by-case basis to ensure that the programs remain on track to meet the government's connectivity targets.

Given the systemic barriers that people from under-represented groups continue to face in accessing financial and non-financial support services, there is a risk of insufficient program uptake or use by eligible recipients. In addition, there is a risk that ISED's programs may not sufficiently address the needs of their target populations because of the changing economic climate, the evolving needs of SMEs and entrepreneurs, and the limited availability of data on the specific entrepreneurship barriers that some equity-deserving groups face. To mitigate these risks, ISED will undertake targeted outreach and engagement activities to ensure that programs reach their audience and that eligible individuals benefit from key services. ISED will also continue to leverage research and data from the various knowledge hubs and work closely with community-based organizations to co-develop services and supports, such as training, to ensure that programming is relevant, useful and culturally appropriate for the target audience.

Planned spending: $703,840,962
Planned full-time resources: 178

ISED will continue to foster an inclusive and representative modern digital economy by focusing on closing gaps in connectivity and Internet access for Canadian households, improving digital literacy skills, and providing financial and business supports to under-represented entrepreneurs.

Certain groups may face barriers to accessing DLEP and CFI services—for instance, those with limited access to technology due to financial constraints, lack of access to the Internet to register for the program, language barriers, lack of transportation or lack of awareness of the program. To address these limitations, the programs will continue to target low-income families, seniors, and official language minority communities. DLEP will continue to offer services free of charge, support multilingual training and translation, offer training in various facilities, and provide transportation to individuals in need. In partnership with the YWCA, the CFI will continue to offer services in multiple languages and to train staff in non-profit organizations that support low-income families and seniors on how to assist eligible participants with program registration.

Programs committed to closing the connectivity gap such as the UBF, will continue to work towards providing households in rural and remote and Indigenous communities with access to high-speed Internet. The UBF will continue to target under-served communities, including Indigenous communities.in order to bridge the digital divide by bringing reliable Internet access to these regions and groups.

Barriers to accessing financial and non-financial support services are further amplified for entrepreneurs with multiple intersecting identities (i.e., those who identify as belonging to more than one under-represented group). With a reduced awareness of these programs or a lack of knowledge in navigating government resources, these entrepreneurs may not benefit from federal supports. Entrepreneurs from equity-deserving groups and/or those in rural, remote, and northern communities may also face additional barriers to growth due to small local markets, remoteness, and infrastructure challenges. Furthermore, individuals who do not wish to identify as a member of an equity-deserving group may not benefit from ISED's programs and services.

To dismantle these barriers, ISED will ensure that the self-identification process in applications is secure and confidential and will enhance its outreach and communication activities —through platforms like the Business Benefits Finder, for example—to build awareness of all entrepreneurship programs. Furthermore, disaggregated data collected on diverse groups will be used to fuel research on Canada's entrepreneurial ecosystem and to improve programming for under-represented groups. The Department will also encourage recipient organizations to refer clients and to share information with eligible applicants to bolster the reach of their programs. In addition, ISED will continue to assess recipient organizations' projects to ensure that those benefitting individuals with intersecting identities and living in rural and remote communities are prioritized.

ISED is a strong supporter of Canada's efforts to develop and implement the United Nations 2030 Agenda for Sustainable Development and Sustainable Development Goals (SDGs). While ISED supports multiple SDGs, its programs and initiatives under the People, Skills, and Communities core responsibility primarily advance action on SDG 9—Industry, Innovation and Infrastructure to "build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation." ISED's programs and initiatives in support of this SDG include Canada's Connectivity Strategy, the Universal Broadband Fund, Connect to Innovate), and the Canada Digital Adoption Program.

ISED's People, Skills, and Communities programs also advance other SDGs, such as:

ensuring inclusive and equitable quality education and promoting lifelong learning opportunities for all; and
promoting inclusive and sustainable economic growth, full and productive employment, and decent work for all.

More information on ISED's contributions to Canada's Federal Implementation Plan for the 2030 Agenda and the Federal Sustainable Development Strategy can be found in ISED's Departmental Sustainable Development Strategy . Footnote v

People, Skills, and Communities is supported by the following programs in the program inventory:

Support for Under-represented Entrepreneurs
Bridging Digital Divides

Supporting information on planned expenditures, human resources, and results related to ISED's program inventory is available on GC InfoBase . Footnote xii

Internal services are the services that are provided within a department so that it can meet its corporate obligations and deliver its programs. There are 10 categories of internal services:

management and oversight services
communications services
legal services
human resources management services
financial management services
information management services
information technology services
real property management services
materiel management services
acquisition management services

Our Workplace

In 2024–25, ISED will continue to ensure that its workspace, tools, and technology are accessible, and that they continue to evolve to meet changing needs of employees in the hybrid work environment. The Department will continue to modernize the built environment to meet GC Workplace standards, and to remove barriers identified in ISED's 2023-2025 Accessibility Plan. In 2024‒25, employees will see the creation of a variety of accessible spaces within the workplace including community boardrooms, multi-faith prayer rooms and reflection rooms. ISED will also continue to increase the number of all-access and gender-neutral washrooms that are available to employees. Finally, ISED will continue to equip its boardrooms with hybrid meeting technology and will continue to ensure Wi-Fi access in regional offices.

In many cases, the delivery of projects in the built environment are dependent on external partners such as building management companies, Public Services and Procurement Canada, Shared Services Canada, among others. As such, there is a risk that projects could be delayed if project stakeholders are unable to align with ISED's timelines. To mitigate this risk, ISED will continue to monitor its progress and reprioritize investments as required to responsibly manage its funds and continue to deliver on its requirements.

ISED's Future of Work Office (FOWO) has been critical to the Department's successful transition to the hybrid work environment. FOWO will continue to ensure that all employees have signed telework agreements and will monitor ISED's compliance with the Direction on Prescribed Presence in the Workplace to meet the reporting requirements set out by Treasury Board of Canada Secretariat (TBS).

Our Workforce

ISED is committed to being a leader in anti-racism, diversity, equity, inclusion and accessibility, and fostering organizational well-being. ISED's 2023-2025 Employment Diversity and Inclusion (EDI) strategy emphasizes equity by providing fair opportunities and access, while also highlighting accountability and reporting mechanisms to ensure effective behaviors and tangible results across the organization. As an integral part of the strategy, ISED is piloting a new corporate onboarding program designed to develop a greater sense of belonging within the organization. This program will offer new employees personalized resources, tailored onboarding as well as the opportunity to engage in specialized networking events with ISED's various employee networks.

Through the 2023-2025 Accessibility Plan, ISED is working to identify, remove and prevent barriers not only in the built environment, but also in the areas of culture, employment, accessibility, and communication, with the aim to combat ableist attitudes, enhance inclusive hiring practices, and improve accessibility. To improve the accommodations process, ISED will empower managers to autonomously handle accommodation issues, when possible, provide support when needed and continue to foster awareness, and encourage the pursuit of innovative, inclusive solutions. ISED will continue to implement its 2023-2026 Official Languages (OL) Strategy, incorporating OL policy into departmental strategies, promoting collective leadership, and integrating planned OL improvements to foster linguistic duality within ISED.

In 2024‒25, ISED will implement its updated 2023-2026 Mental Health Strategy which aims to improve psychological health and safety in the workplace; prioritize employee well-being, leading to a healthier and more productive workforce. The strategy also seeks to integrate diversity, equity, and inclusion principles, emphasizing their critical role in creating a supportive work environment where every individual is acknowledged, respected, and valued.

To further support employee mental health and well-being, the Canadian Innovation Centre for Mental Health in the Workplace will continue to offer mental health workshops to ensure managers and employees are aware of the tools and services available to support mental health in the workplace, including but not limited to the Employee Assistance Program (EAP).

In addition to EAP, ISED also offers Ombuds Services and Information Conflict Management Services (ICMS). This year, ISED will work to ensure that its services are accessible and inclusive, and that members of underrepresented groups feel safe and secure in accessing them. Specifically, the Office of the Ombud will reach out to all internal EDI networks to answer questions, address concerns, identify any potential barriers to access, and establish ways to overcome them. The goal of this work is to ensure that employees can discuss any issue—including racism, inclusion, equity, discrimination, or accessibility—in complete confidence and without fear of reprisal.

This year, ISED will undertake a three-year review of the Harassment and Violence prevention program, with a focus on preventative measures and program improvements and to assess program effectiveness. At the same time, the Department will continue to offer employee support regarding harassment, violence, and discrimination issues, including sessions on addressing microaggression while preserving positive working relationships. Additionally, ISED will facilitate safe space discussions with executives, so that they are equipped to facilitate conversations on EDI, harassment, and discrimination with their own teams.

Over the past two years, ISED has implemented phases I and II of its Financial Management Modernization Initiative, to improve financial stewardship and optimize financial management practices as well as to improve access to timely and effective financial management information to support decision making and risk management. To date, ISED has also reinforced accountabilities within the Department and centralized key functions to ensure better alignment under the Chief Financial Officer model. In 2024‒25, ISED will focus on optimizing the model to ensure maximum benefit for the organization. This will be especially important as the Department moves to a risk-based approach to better manage the variety and scope of its Grants and Contributions programs.

ISED will also transition to multi-year budget planning to ensure the Department is well positioned to achieve the Government of Canada saving targets announced in Budget 2023. ISED's finance and human resources teams will work together closely to maximize savings from attrition and realign resources to ensure ongoing program delivery.

To support the advancement of departmental and government priorities across Canada, ISED's regional offices will continue to serve as ISED's ambassadors across the country, providing substantial support to the Department's five ministers by organizing and executing ministerial visits. Regional offices will also continue to gather critical regional intelligence, facilitate relations with ISED's key regional partners, and conduct policy analysis to support the delivery of ISED's programs and services across the country.

In 2024‒25, ISED will continue to modernize and improve its Information Management and Information Technology (IM/IT) infrastructure, tools and services to improve users' digital experience, while maintaining a secure technical environment. In alignment with ISED's recently developed Service & Digital Strategy and Service Improvement Road Map, the Department will continue to monitor service criteria such as online end-to-end access, real-time performance measures, accessibility, service improvement based on client feedback and performance against service standards.

ISED will continue monitoring its cloud-based landscape to ensure that all internal and external services, databases and platforms remain available to users and function without interruption. To enhance its security posture, ISED will continue to advance its detection and response capability, ensuring that the organization is able to respond to cyber threats, and minimize any related impacts.

There is a strong demand within the organization to build a data pipeline and create tools for ISED's programs to enable evidence-based program delivery. Building on the successful development of Power BI dashboards for CDAP, ISED will continue to develop data visualization tools that put real-time program information in the hands of ISED's decision makers. To further support the management and utilization of organizational data, ISED will continue to implement data standards and data integrity measures to ensure the reliability of its data, improve digital information management practices, and manage information sprawl across the organization.

Planned spending: $182,467,251
Planned full-time resources: 1,651

Planning for contracts awarded to Indigenous businesses

To achieve and exceed the 5% Indigenous procurement targets and meet our economic reconciliation obligations, ISED continues to take the following actions:

Communicate ISED's Indigenous Procurement Policy and related processes to advocate and encourage procurement with Indigenous businesses;
Impose mandatory training for Procurement Functional Specialists, Acquisition Cardholders, and staff with low-dollar procurement delegations;
Conduct ISED's Annual Procurement Planning exercise to enable early client engagement with key department officials to maximize opportunity with Indigenous businesses;
Publish Requests for Information to determine if Indigenous capacity exists, as needed;
Apply Procurement Strategy for Indigenous Business (PSIB) and include evaluation criteria in solicitation documents to maximize opportunity for Indigenous businesses to the greatest extent possible;
Award sole source contracts under $40K to Indigenous businesses where capacity and market presence exists and above $40K direction to Indigenous businesses is encouraged.
Unbundle larger contracts when Indigenous capacity exists;
Attend Indigenous job expos to better understand the market and help Indigenous businesses navigate procurement within the federal government; and
Utilize corporate controls and reporting to monitor compliance and achieve the targets.

ISED's targets were determined by analyzing past contracting data. Using this information, procurement opportunities were identified, and ambitious targets were established.

ISED reviews purchasing activity and compares it with the Indigenous Business Directory (IBD). Where no capacity exists, ISED established exempted commodities, for Deputy Minister (DM) approval. ISED annually reviews the Indigenous Business Directory IBD to determine if updates to the exemptions apply.

The potential challenges in meeting the minimum 5% target for ISED's commonly purchased commodities include lack of competitive pricing, limited capacity and gaps in expertise.

In 2024–25, ISED plans to establish a means to report acquisition card purchases with Indigenous businesses with the goal of increasing ISED's procurement results.

Planned spending and human resources

This section provides an overview of ISED's planned spending and human resources for the next three fiscal years and compares planned spending for 2024–25 with actual spending from previous years.

Table 6: Actual spending summary for core responsibilities and internal services ($ dollars)

The following table shows information on spending for each of ISED's core responsibilities and for its internal services for the previous three fiscal years. Amounts for the current fiscal year are forecasted based on spending to date.

Table 6 Notes

The variance primarily reflects actual spending under the Universal Broadband Fund, which was lower in 2022–23 as a result of the proposal assessment process and contribution agreement negotiations.

Also reflected is the funding profile for the Canada Digital Adoption Program: Stream 1.

Return to table 6 note 1 referrer

The increase reflects the actual spending related to the implementation of the Strategic Science Fund and the National Quantum Strategy.

Return to table 6 note 2 referrer

The increase in actual spending primarily reflects the funding profiles of the Strategic Innovation Fund, the Canada Digital Adoption Program: Stream 2 and the Canada Foundation for Sustainable Development Technology.

Return to table 6 note 3 referrer

The variance in actual spending primarily reflects spending to support various departmental initiatives such as Diversity & Inclusion, Workload Migration and Future of Work.

Return to table 6 note 4 referrer

Table 7: Budgetary planning summary for core responsibilities and internal services (dollars)

The following table shows information on spending for each of ISED's core responsibilities and for its internal services for the upcoming three fiscal years.

Table 7 Notes

The variance in planned spending reflects a fluctuation in the approved funding profile of the Universal Broadband Fund, offset by the end of funding for several programs such as the Canada Digital Adoption Program: Stream 1, the Small Business and Entrepreneurship Development Program and the Women's Entrepreneurship Program.

Return to table 7 note 1 referrer

The variance in planned spending primarily reflects a decrease in the approved funding profile of the Digital Research Infrastructure Strategy. Also reflected is the winding down of several programs such as Genome Canada, adMare Bioinnovations, Stem Cell Network.

Return to table 7 note 2 referrer

Planned spending primarily reflects new funding announced in Budget 2023 for the Strategic Innovation Fund to support battery manufacturing in Canada. Also reflected is the end of temporary funding for several programs such as the Canada Digital Adoption Program: Stream 2, Upskilling for Industry Initiative, New Generation Wireless Technology Initiative, Zero Emissions Vehicles and Fuels Regulatory.

Return to table 7 note 3 referrer

The budget reduction related to the Refocusing Government Spending is reflected among all core responsibilities, to reach $191.6 million by 2026–27.

Return to table 7 note 4 referrer

Table 8: 2024–25 budgetary gross and net planned spending summary (dollars)

The following table reconciles gross planned spending with net planned spending for 2024–25.

ISED's 2024-25 Budgetary Planned Gross Spending is $6.5 billion, which includes $374.4 million in vote netted revenues, accounting for total planned net spending of $6.1 billion.

The ISED vote netted revenue authorities are those referred to in paragraph 29.1(2)(a) of the Financial Administration Act (i.e. revenue received by the department in a fiscal year through the conduct of its operations, which the department is authorized to expend in order to offset expenditures incurred in that fiscal year) from the following sources:

the provision of internal support services under section 29.2 of that Act, and the provision of internal support services to the Canadian Intellectual Property Office;
activities and operations related to communications research at the Communication Research Centre;
services and insolvency processes under the Bankruptcy and Insolvency Act at the Office of the Superintendent of Bankruptcy;
activities and operations carried out by Corporations Canada under the Canada Business Corporations Act, the Boards of Trade Act, the Canada Cooperatives Act and the Canada Not-for-profit Corporations Act; and
services and regulatory processes for mergers and merger-related matters, including pre-merger notifications, advance ruling certificates and written opinions, under the Competition Act at the Competition Bureau.

The following graph presents planned spending (voted and statutory expenditures) over time.

Departmental spending 2021–22 to 2026–27. Text version below:

The variance in future years is primarily related to the fluctuations in the cashflow profiles of transfer payment programs.

Estimates by vote

Information on ISED's organizational appropriations is available in the 2024–25 Main Estimates . Footnote xiii

The future-oriented condensed statement of operations provides an overview of ISED's operations for 2023–24 to 2024–25.

The forecast and planned amounts in this statement of operations were prepared on an accrual basis. The forecast and planned amounts presented in other sections of the Departmental Plan were prepared on an expenditure basis. Amounts may therefore differ.

A more detailed future-oriented statement of operations and associated notes, including a reconciliation of the net cost of operations with the requested authorities, are available at ISED's website . Footnote xiv

Table 9: Future-oriented condensed statement of operations for the year ending March 31, 2025 (dollars)

The expected variance in total expenses year-over-year is mainly attributable to increases in transfer payments, particularly in the Strategic Innovation Fund, the Canada Foundation for Innovation, the Digital Research Infrastructure Strategy and the Universal Broadband Fund. Given the complexity of some of ISED's programming, and the requirement to align the funding profile with the recipients forecasted spending, further changes to the 2024–25 planned results could occur during the fiscal year.

Total revenues (net of those earned on behalf of government) are projected to increase year-over-year, mainly as the Canadian Intellectual Property Office (CIPO)'s revolving fund expects to collect higher revenues due to fee increases and increased examination capacity.

Table 10: Actual human resources for core responsibilities and internal services

The following table shows a summary of human resources, in full-time equivalents (FTEs), for ISED's core responsibilities and for its internal services for the previous three fiscal years. Human resources for the current fiscal year are forecasted based on year to date.

Table 10 Notes

The increase in actual and forecast FTEs is due to new temporary employees in support of the implementation of the Canada Digital Adoption Program: Stream 1 and the Universal Broadband Fund.

Return to table 10 note 1 referrer

The increase in actual and forecast FTEs is due to the implementation of the Strategic Science Fund Program and the launch of the National Quantum Strategy.

Return to table 10 note 2 referrer

Table 11: Human resources planning summary for core responsibilities and internal services

The following table shows information on human resources, in full-time equivalents (FTEs), for each of ISED's core responsibilities and for its internal services planned for 2024–25 and future years.

Table 11 Notes

The decrease is due to the winding down of funding for the Canada Digital Adoption Program: Stream 1 and the Universal Broadband Fund.

Return to table 11 note 1 referrer

The decrease is due to the winding down of funding for the Canada Digital Adoption Program: Stream 2 and the funding for the Budget 2021 measures entitled Charging and Fueling Zero Emission Vehicles; and Supporting the Production and Use of Clean Fuels.

Return to table 11 note 2 referrer

FTE totals may not add due to rounding.

Return to table 11 note 3 referrer

The reduction in Full Time Equivalent related to the Refocusing Government Spending, which will be achieved by not backfilling certain positions as they vacate through attrition, is reflected among all core responsibilities, to reach 94 FTE by 2026–27.

Return to table 11 note 4 referrer

Return to table 11 note 5 referrer

Appropriate minister(s):

Minister of innovation, science and industry.

The Honourable François-Philippe Champagne, P.C., M.P.

Minister of Export Promotion, International Trade and Economic Development

The Honourable Mary Ng, P.C., M.P.

Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec

The Honourable Soraya Martinez Ferrada, P.C., M.P.

Opportunities Agency

Minister of small business.

The Honourable Rechie Valdez, P.C., M.P.

Deputy ministers:

Simon Kennedy

Francis Bilodeau

Ministerial portfolio:

Innovation, Science and Economic Development Footnote xv

Enabling instrument(s):

Innovation, Science and Economic Development Canada's founding legislation is the Department of Industry Act , S.C. 1995, c.1. Footnote xvi

Year of incorporation / commencement:

Mailing address:.

Corporate Management Sector Innovation, Science and Economic Development Canada 235 Queen Street 2nd Floor, East Tower Ottawa, ON K1A 0H5

613-954-5031

1-866-694-8389

613-954-2340

ic.info–info.ic@ised–isde.gc.ca

Website(s):

https://ised-isde.canada.ca/site/ised/en

The following supplementary information tables are available on ISED's website:

Details on transfer payment programs
Gender-based analysis plus
Horizontal initiatives
Up front multiyear funding

Information on ISED's departmental sustainable development strategy can be found on ISED's website . Footnote x

ISED's Departmental Plan does not include information on tax expenditures.

Tax expenditures are the responsibility of the Minister of Finance. The Department of Finance Canada publishes cost estimates and projections for government‑wide tax expenditures each year in the Report on Federal Tax Expenditures . Footnote xvii

This report provides detailed information on tax expenditures, including objectives, historical background and references to related federal spending programs, as well as evaluations, research papers and gender-based analysis plus.

For the purpose of the 2024–25 Departmental Plan, government-wide priorities are the high-level themes outlining the government's agenda in the 2021 Speech from the Throne: building a healthier today and tomorrow; growing a more resilient economy; bolder climate action; fighter harder for safer communities; standing up for diversity and inclusion; moving faster on the path to reconciliation and fighting for a secure, just, and equitable world.

An initiative in which two or more federal organizations are given funding to pursue a shared outcome, often linked to a government priority.

Net outlays and receipts related to loans, investments and advances, which change the composition of the financial assets of the Government of Canada.

What an organization did with its resources to achieve its results, how well those results compare to what the organization intended to achieve, and how well lessons learned have been identified.

The articulation of strategic choices, which provides information on how an organization intends to achieve its priorities and associated results. Generally, a plan will explain the logic behind the strategies chosen and tend to focus on actions that lead up to the expected result.

For Departmental Plans and Departmental Results Reports, planned spending refers to those amounts presented in the Main Estimates.

A department is expected to be aware of the authorities that it has sought and received. The determination of planned spending is a departmental responsibility, and departments must be able to defend the expenditure and accrual numbers presented in their Departmental Plans and Departmental Results Reports.

Individual or groups of services, activities or combinations thereof that are managed together within a department and that focus on a specific set of outputs, outcomes or service levels.

An inventory of a department's programs that describes how resources are organized to carry out the department's core responsibilities and achieve its planned results.

An external consequence attributed, in part, to an organization, policy, program or initiative. Results are not within the control of a single organization, policy, program or initiative; instead, they are within the area of the organization's influence.

Expenditures that Parliament has approved through legislation other than appropriation acts. The legislation sets out the purpose of the expenditures and the terms and conditions under which they may be made.

A measurable performance or success level that an organization, program or initiative plans to achieve within a specified time period. Targets can be either quantitative or qualitative.

Expenditures that Parliament approves annually through an Appropriation Act. The vote wording becomes the governing conditions under which these expenditures may be made.

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Riva, the new jewel. The world of yachting is ready to welcome the first 50-METER M/Y RIVA

THE NEW RIVA RANGE IN STEEL IS BORN. THE FUTURE IS LARGER THAN EVER.

50-METER M/Y RIVA

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The first 50m superyacht of the Riva Superyachts Division in Ancona

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Riva – 50 Metre Race

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Riva launch 50m luxury motor yacht ...

MOSAIQUE | From US$ 200,000/wk

FIFTY Specifications

Amenities and Extras

FIFTY Disclaimer:

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BARENTS | From EUR€ 155,000/wk

ELENI | From EUR€ 195,000/wk

MARIU | From EUR€ 150,000/wk Special

RACE yacht NOT for charter*

Guest Accommodation

Onboard Comfort & Entertainment

Range & Performance

*Charter Race Motor Yacht

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Alessandra III