Canada boosts Business Innovation Fund to $994m

Sectors such as digital industries, life sciences and cleantech are set to benefit from an additional $447m allocated to the Business Innovation Fund.

The government of Canada has outlined the next steps for its Innovation and Skills Plan, including an additional C$200m ($149m) for the Strategic Innovation Fund over a three year period, bringing it to C$1.26bn.

The fund is aimed at creating well-paying skilled jobs for the country’s middle class in aerospace and automotive firms, and will be expanded to manufacturing, agriculture, clean technology, digital industries, health and biosciences, and clean resources over a three year period.

The additional capital was announced in the government’s budget for 2017, which also unveiled a focus on artificial intelligence and the creation of superclusters.

Harjit Sajjan, minister of national defence, said: “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.”

 

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