A leading international social recognition company based in Calgary, SK, wins $1 million interest-free repayable funding to further its worldwide expansion.
As part of a Canadian federal economic development program, Kudos has received a $1 million funding to help it tap the potentially large opportunities for its social recognition platform.
Says Tom Short, Co-Founder and Chief Customer officer, “The need to connect remote teams and compete for talent has never been more important. Social, peer-to-peer systems are now playing a key tool in the war for talent and driving performance.” Citing new research by Zenefits of more than 600 US businesses with 50 to 500 employees, he reports that 63.3% of companies say retaining employees is actually harder than hiring them. “A Deloitte study reveals that 85% of professionals want to hear 'thank you' in day-to-day interactions,” he adds.
To Short, the large government funding is an affirmation of the company’s role as a tech leader in Western Canada and “as an emerging and innovative social recognition space globally. The recognition feels good. We are extremely pleased that our hard work and success has been validated by being one of 15 companies to receive a Business Scale-up and Productivity funding by Western Economic Diversification Canada."
The fund supports high-growth businesses producing innovative goods, services, or technologies. “Kudos® was selected given the rapid increase in demand for our solution and platform due to the unprecedented changes in the way we all work globally,” Short explains. "This investment will support more aggressive growth plans as Kudos® meets the global demand for our services.”
Earlier this year, Incenta Rewards in Dayton, OH, received funding to enhance its technology platform from the state of Ohio. See: RRN: Incentive Rewards Gets Ohio Grant for Technology Development.
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