Government of Canada announces new $1.26-billion fund for business innovation

MONCTON, NEW BRUNSWICK--(Marketwired - March 30, 2017) - Innovation, Science and Economic Development Canada

On March 22, the Government of Canada tabled its 2017 budget, outlining the next steps for the Innovation and Skills Plan. This is a long-term plan to create jobs and strengthen the middle class by helping Canada's highly skilled workforce develop the skills they need to evolve and keep up with the demands of a changing workplace.

Building on the Prime Minister's announcement today of an investment in Ford Motor Company of Canada in Windsor, Ontario, the Honourable Dominic LeBlanc, Minister of Fisheries, Oceans and the Canadian Coast Guard, announced the new $1.26-billion Strategic Innovation Fund, which will ensure that Canada remains a top destination for businesses to invest, grow and create jobs.

This new business innovation fund will be available to aerospace and automotive firms and will be expanded to support high-growth sectors such as clean technology, information and communications technology, and agri-food. To support this program expansion, Budget 2017 proposes to build on the existing funding by providing an additional $200 million over three years, starting in 2017-18.

The fund is part of the Government's Innovation and Skills Plan to create well-paying jobs and grow the middle class by investing in high-growth sectors in which Canada has a globally competitive advantage.

Additional details about the Strategic Innovation Fund will be announced in the coming months.

Quote

"With the new Strategic Innovation Fund, the Government is expanding its capacity to support high-growth sectors across the economy in which Canada has a globally competitive advantage. This new fund will build on our innovative talents, streamline program delivery and help Canadian businesses to continue creating high-quality jobs for the future. That's how innovation builds a better Canada."

The Honourable Dominic LeBlanc, Minister of Fisheries, Oceans and the Canadian Coast Guard

Quick facts

• Each year, Canadian businesses invest more than $15 billion on the research and development of new products and processes.
• In addition to supporting key industries such as automotive, aerospace and defence, the Strategic Innovation Fund will extend support to other high-growth sectors such as digital industries, life sciences and clean technology.
• Budget 2017 announced the Government's goal of doubling the number of high-growth companies in Canada from 14,000 to 28,000 by 2025.
• Budget 2017 also announced the Government's intention to launch six Economic Strategy Tables to identify innovation opportunities and promote the growth of Canadian companies. The sectors that have been identified are advanced manufacturing, agri-food, clean technology, digital industries, health and biosciences, and clean resources.
• The Economic Strategy Tables will guide the Government in its efforts to provide relevant and effective programs for Canada's innovators. This strategy will identify sector-specific challenges and bottlenecks to innovation. It will also lay out specific strategies to help innovators build and expand their companies.