Canada sets up C$1.3 billion Strategic Innovation Fund

Illustration (Photo: NS Department of Energy)

The government of Canada has launched a Strategic Innovation Fund to attract and support large-scale business investments across all sectors of the economy.

The goal of the fund is to encourage collaboration between the public and private sectors, accelerate R&D and bring innovations to market faster.

The fund has a budget of C$1.26 billion ($972 million) over five years for the allocation of repayable and non-repayable contributions to firms of all sizes across all of Canada’s industrial and technology sectors.

It will support four types of innovation activities including research, development and commercialization of new products and services, and growth and scale-up of high-potential firms.

Also, the fund will back public-private collaborations in developing and demonstrating new technologies, and support the attraction of new investments to Canada, expected to expand business opportunities and create jobs for Canadians.

Navdeep Bains, Canada’s Minister of Innovation, Science and Economic Development, said: “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 fund has a common set of terms and conditions that apply to all sectors, and is part of fund is part of Canada’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.

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