VANCOUVER – The federal government has announced a new $1.26 billion business innovation fund that will support “high-growth sectors” including digital industries.
The new Strategic Innovation Fund will first be available to aerospace and automotive firms before expanding to sectors including information and communications technology, clean 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 Feds’ push to create more jobs and grow the middle class by investing in high-growth sectors in which Canada has a globally competitive advantage.
“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”, said National Defence Minister Harjit Sajjan, in the announcement. “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.”
Additional details about the Strategic Innovation Fund will be announced in the coming months.
