Last week, the Government of Canada launched the Strategic Innovation Fund, a new $1.26-billion business investment program that is designed to strengthen and expand the role of Canadian firms, support economic strategies, and attract investments that promote job creation. It consolidates and simplifies the Strategic Aerospace and Defence Initiative, Technology Demonstration Program, Automotive Innovation Fund and Automotive Supplier Innovation Program.
This fund is designed to support four different streams/objectives:
- Research, development and commercialization of new products, processes and services
- Facilitate the growth and expansion of high-potential firms in Canada
- Attract large scale investments to Canada
- Encourage public-private collaborations in developing and demonstrating new research and technologies
The Strategic Innovation Fund’s objective is to spur innovation for a better Canada. Specifically, it serves to simplify application processes, accelerate processing, and provide assistance that is more responsive and focused on results.
Why this program is important
Making sure that Canada is a top destination for businesses to invest, grow and create jobs and prosperity for Canadians is one of the Government’s top priorities.
The program is part of the Innovation and Skills Plan—our way 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.
The Strategic Innovation Fund will attract and support new high-quality business investments. In allocating this funding, we will look to accelerate areas of economic strength, strengthen and expand the role of Canadian firms in regional and global supply chains, support economic strategies, and attract investment that creates new, good, well-paying jobs.
Source: Government of Canada