Get to know Terry Trotic, Partner, SR&ED

Terry leads MNP’s Western Canada Scientific Research and Experimental Development (SR&ED) practice. Drawing on more than two decades of experience — in industry, leading a national SR&ED consulting firm and as an advisor at an international advisory firm.

Did you always want to get into government funding?

Growing up my father was a carpenter and a commercial fishermen. He would buy, renovate, and flip real estate. He did these all at the same time, like many new immigrants to Canada would. He taught me that working hard, taking risks, being a little uncomfortable, and having a vision of where you want to be in the future is the key to success in life. A 9-5 job would never get you ahead financially, and I never forgot that.

At 15, I have had a part-time maintenance job at a sausage factory during the school year and fished commercially all summer as a cook for a crew of 6. By the time I was 17, I knew how to weld, rebuild pumps, and repair electrical and plumbing. I had bought my first car, amassed a small portfolio of stocks that I would trade and had contributed to my RRSP account to minimize my taxes.

I always say, “l know a little about a lot of things, but a master of none”. I consider myself a generalist that loves to learn and at the same time I love to see people build their businesses through innovation, technology and guts.

After initial interests in becoming a chef, a stockbroker, and an accountant, I ended up taking a general business degree as I couldn’t decide. I worked a few years in the aerospace and manufacturing sectors implementing systems and started to get very comfortable.

At the age of 27, I had the opportunity to start up the western Canadian division of a consulting firm that assisted companies with accessing government funding to grow their businesses — something I knew nothing about. I drew on my dad’s advice and took it upon myself to take the chance and do everything in my power to make it a success.

The rest was history. I eventually took over the national firm and navigating it through an international acquisition. After a technology start-up of my own, I was drawn back into helping businesses grow their businesses with the access of government funding.

How do you help your clients succeed given the diverse experience that you have had in your career?

Being their advisors and then being told how impactful we have been in them achieving their success or getting through tough times is the ultimate reward and satisfaction for me.

I have an entrepreneurial mindset and think like a business owner. I love to meet new businesses or entrepreneurs as well as help my clients through their journey of growing their businesses.

In SR&ED, our service provides funding for our clients to allow them to continue to innovate. It’s very exciting to see what new and innovative technologies they’ve developed year-over-year.

Thinking like a business owner, I’m honest and pragmatic, considering what’s in the best interest of their business. They appreciate the honesty, the experience, and manner in which I provide advice based on 25 years of experience.

Beyond helping with government funding, we identify expertise clients need as they grow. And clients will ask about a range of areas they need help with: complex and international taxes, how to start exporting, what it takes to start up operations in the US, navigating a purchase or sale or selling a business, or how to approach retirement plans. It’s great to know that we have the expertise at MNP and can meet their needs.

Does your job get boring or repetitive?

Not at all. Our client based is vast. From software, Internet of Things (internet of things), life science, cannabis, food science, advanced manufacturing and beyond, technology is changing and advancing at a faster pace than ever before.

Every day, I’m impressed by our clients’ entrepreneurial spirit, willingness to take risks, and their accomplishments through science. It’s so rewarding to be a small part of their journey.

What advice would you give to business owners that are starting out, particularly if they’re developing something new?

You don’t have to do it alone. There are so many government programs and start-up associations that are available to coach or guide you along the away. Take the free advice —good or bad. It will force you to continue to evaluate, think, and possibly allow for the business to pivot and always be thinking into the future so key decisions, like financing, can be made before it’s too late.

What are you passionate about outside of your career?

Outside of work, I am a family man that loves the outdoors, sports, and coaching kids. I coached little league baseball and soccer for many years. I continue to coach metro boys soccer at the U14 level. Myself, I still play on organized soccer and hockey teams. I love to hike, ski, and spend time in the mountains or on the water with my family and friends.

Contact Terry

Terry helps organizations unlock their potential and drive innovation by accessing SR&ED funding. To learn more about the opportunities available to your business, contact Terry at 778.309.4744 or [email protected].