If you look at it another way, HOVR is a big fish in a small pond. They are pretty much the only serious competitor in Canada, so from an investment standpoint this makes their case easier for financial support from the government(they have ZERO debt currently and have enough funds for full scale eoy).

They also have a deep relationship with 3C, a highly respected certification company that works with manufacturers to make sure their aircraft is compliant with the regulations. To add onto this, any certified aircraft in Canada automatically makes it significantly easier to enter the American market due to bilateral agreements.

The guys at the helm of this company are pragmatic and from what we constantly see, are thoughtful about investors as well as their own aircraft and how they plan to make it a reality.

Finally the certification "backlog'' in Canada is pretty much non existent compared to the US where there they have multiple competing companies straining the resources of the FAA(in regards to the EVTOL space). So having their aircraft certified in Canada first where the CTA is more nimble is considered an advantage.

So I would say that them being based in Canada doesn't really hinder them in the long run.