Ottawa launches $1.26 bln Strategic Innovation Fund

Ottawa has launched its Strategic Innovation Fund, a program intended to attract and support innovative business investments across all sectors of the Canadian economy. The fund, capitalized at $1.26 billion, will back a range of activities, including R&D and commercialization of new products and services, growth and scale-up of companies, attraction of non-resident investments to Canada, and public-private collaborations in developing and demonstrating new technologies.

PRESS RELEASE

Government of Canada launches Strategic Innovation Fund

$1.26-billion fund will attract high-quality business investments leading to more jobs, skills and opportunities for Canadians

HAMILTON, ON, July 5, 2017 /CNW/ – Thousands of Canadians will benefit from new jobs, skills and business opportunities as a result of a $1.26-billion investment by the Government of Canada.

Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, launched the Strategic Innovation Fund, a new program to attract and support high-quality business investments across all sectors of the economy.

This fund is open to all industries and will support four types of innovation activities:

research, development and commercialization of new products and services
growth and scale-up of high-potential firms
attraction of new investments to Canada, which will expand business opportunities and create jobs for Canadians
public-private collaborations in developing and demonstrating new technologies

The projects supported by this fund will provide Canadians with the opportunities they need for well-paying jobs now and into the future.

This fund is part of the Government’s Innovation and Skills Plan, a multi-year strategy to create well-paying jobs for the middle class and those working hard to join it.

Quote

“Our government recognizes that innovation happens in every sector of Canada’s economy. The Strategic Innovation Fund is designed to reflect the diversity of innovative sectors that exist in Canada and to encourage cross-sector partnerships. This fund is an investment in jobs and skills training for Canadians. Putting Canada at the forefront of innovation will equip Canadians with the in-demand skills they need for well-paying middle-class jobs now and into the future.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development

Quick facts

The Strategic Innovation Fund is a flexible program that reflects the diversity of innovation in all sectors of the economy.
The fund has a common set of terms and conditions that apply to all sectors, making it easier for companies to access.
Follow Minister Bains on Twitter: @MinisterISED

Associated links

Strategic Innovation Fund

For further information: Karl W. Sasseville, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-2500; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, ic.mediarelations-mediasrelations.ic@canada.ca

Photo courtesy of Reuters/Blair Gable