HAMILTON, ON – The federal government is broadening its $1.26 billion business innovation fund to include companies from all industrial and technology sectors.
Speaking Wednesday at an event in Hamilton, Innovation, Science and Economic Development Minister Navdeep Bains said that the Strategic Innovation Fund will now “attract and support high-quality business investments across all sectors of the economy”, and not just those named during an announcement earlier this year.
The Strategic Innovation Fund allocates repayable and non-repayable contributions to firms of all sizes 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; and
– public-private collaborations in developing and demonstrating new technologies.
“Our government recognizes that innovation happens in every sector of Canada’s economy”, said Minister Bains, in the announcement. “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.”
More details are available here.
Photo of Minister Bains at CanmetMATERIALS research centre via Twitter
