Canadian gov’t officially launches $1.26 billion strategic innovation fund

navdeep bains

The Canadian gov’t officially launched its $1.26 billion Strategic Innovation Fund, first revealed during the official budget announcement in March 2017.

The Fund will allocate the money over five years to support research and development, the scale-up of high-potential companies, and efforts to attract investment to Canada.

The fund will no longer be restricted to specific sectors — such as cleantech and life sciences — and will now include innovation investments in industrial companies.

“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,” said Navdeep Bains, Minister of Innovation, Science and Economic Development. “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 four innovation activities that will be supported by the government include:

  • 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 Fund will be run by the Innovation, Science and Economic Development Office. The application process includes a statement of interest, which the government will review and provide feedback on at a later date.

    Jessica Galang

    Jessica Galang

    Freelance tech writer. Former BetaKit News Editor.

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