Boast (Company)

Boast (company)
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Industry	Research and development (R&D); Scientific research Experimental development (SR&ED); Tax credit provider;
Founded	2011; 13 years ago
Founder	Alex Popa
Headquarters	North America, United Kingdom
Area served	Australia; New Zealand; South America;
Key people	Lloyed Lobo; Ray Walia;
Website	boast.io/home

Boast^[1] is a research and development^[2]^[3] (Research and development) and scientific research and experimental development^[4] (Scientific Research and Experimental Development Tax Credit Program) tax credit provider doing business in North America, the United Kingdom, parts of the Pacific (Australia, New Zealand) region, and South America.

Background[edit]

Boast was founded by Alex Popa in 2011 after he left KPMG as the manager of their Research and development credit^[5] practice. Prior to becoming an R&D tax expert, Alex co-founded an e-commerce startup specializing in online recruitment resources to high turnover industries, and was a Business Intelligence Engineer at Johnson & Johnson. In the first few years, Boast was known as Boast Capital, but in 2015 began using Boast.AI as it transitioned to a technology-led approach to R&D tax credits. In January 2022 the company rebranded to become known as Boast. The company has over one thousand clients, mostly in the technology (Software engineering, Hardware description language, Gaming computer) industries, but some clients are in manufacturing, life science, biomedical, Energy development and utilities.

Funding[edit]

In December 2020 the company announced it raised $30 million^[6] CAD in funding to accelerate company growth and shortly after it announced it raised $100 million^[7] CAD in a credit facility for Canadian clients to gain early access to the cash coming from their SR&ED tax credit claim returns. Boast used the new capital to hire key executives and expand its software-as-a-service (SaaS)^[8] technology offerings. It has since been recognized and awarded (Acquisition International, BC Tech, Startup Canada) for its use of technology and approach to SR&ED and R&D tax credit claims process, including its stance on startup R&D tax. Boast updates it artificial intelligence (AI) engine and algorithms regular to maintain accurate claim processes and rules, according to government entities like the Canada Revenue Agency (CRA) and the U.S. Internal Revenue Service (IRS), as well as staying informed from prominent associations like the U.S. Tax Foundation and Certified General Accountants Association of Canada.

Community[edit]

Boast CEO, Alex Popa, along with Lloyed Lobo, and Ray Walia founded a community for start ups, called Traction, to help inform and support startups with information, networking, and other opportunities to help fuel the growth of new companies.

References[edit]

↑ "Boast.ai secures $100 million to help startups claim R&D tax credits". VentureBeat. Retrieved February 17, 2021.
↑ Wei-Chuan, Kao (August 19, 2017). "Innovation quality of firms with the research and development tax credit". SpringerLink. 51: 43–78. doi:10.1007/s11156-017-0661-x.
↑ Yair, Holtzman (October 2017). "U.S. Research and Development Tax Credit". CPA Journal.
↑ Perreault, Lucille (2020). "Scientific Research and Experimental Development (SR&ED) Engagement and Management by Small Canadian-Controlled Private Corporations (CCPCs)" (PDF). Carleton University is a Public Research University in Ottawa, Ontario, Canada.
↑ Dirk, Czarnitzki (March 2011). "Evaluating the impact of R&D tax credits on innovation: A micro-econometric study on Canadian firms". Research Policy. 40 (2): 227–229. doi:10.1016/j.respol.2010.09.017.
↑ "Boast.ai raises $23M to help businesses get their R&D tax credits". TechCrunch. Retrieved 2022-03-22.
↑ "Why two startups are betting on debt instead of equity". TechCrunch. Retrieved 2022-03-22.
↑ Fariba, Safari (April 13, 2015). "The adoption of software-as-a-service (SaaS): ranking the determinants". EmeraldInsight. 28 (3): 400–422. doi:10.1108/JEIM-02-2014-0017.

External links[edit]

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[1] "Boast.ai secures $100 million to help startups claim R&D tax credits". VentureBeat. Retrieved February 17, 2021.

[2] Wei-Chuan, Kao (August 19, 2017). "Innovation quality of firms with the research and development tax credit". SpringerLink. 51: 43–78. doi:10.1007/s11156-017-0661-x.

[3] Yair, Holtzman (October 2017). "U.S. Research and Development Tax Credit". CPA Journal.

[4] Perreault, Lucille (2020). "Scientific Research and Experimental Development (SR&ED) Engagement and Management by Small Canadian-Controlled Private Corporations (CCPCs)" (PDF). Carleton University is a Public Research University in Ottawa, Ontario, Canada.

[5] Dirk, Czarnitzki (March 2011). "Evaluating the impact of R&D tax credits on innovation: A micro-econometric study on Canadian firms". Research Policy. 40 (2): 227–229. doi:10.1016/j.respol.2010.09.017.

[6] "Boast.ai raises $23M to help businesses get their R&D tax credits". TechCrunch. Retrieved 2022-03-22.

[7] "Why two startups are betting on debt instead of equity". TechCrunch. Retrieved 2022-03-22.

[8] Fariba, Safari (April 13, 2015). "The adoption of software-as-a-service (SaaS): ranking the determinants". EmeraldInsight. 28 (3): 400–422. doi:10.1108/JEIM-02-2014-0017.

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