The $1.26-billion fund will help Canadian businesses start up, scale up and turn their ideas into reality
ORLÉANS, ON, Nov. 21, 2017 /CNW/ - The Government of Canada's Strategic Innovation Fund will support the growth and scale-up of high-potential firms across all industries, especially small and medium-sized companies that have the potential to grow into large anchor companies.
That was the message delivered by David Lametti, Parliamentary Secretary to the Minister of Innovation, Science and Economic Development, to business leaders at the 2nd Annual Orléans Economic Development Symposium hosted by the Orléans Chamber of Commerce.
Parliamentary Secretary Lametti spoke about how the fund will attract and support high-quality business investments across all sectors of the economy, as well as the four types of innovation activities that it will support:
- 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
- public-private collaborations in developing and demonstrating new technologies
This fund is part of the Government's Innovation and Skills Plan to create well-paying jobs and strengthen the middle class by investing in high-growth sectors where Canada has a globally competitive advantage.
"Our government is making the smart and responsible investments that have resulted in better jobs and opportunities for all Ontarians. We want to ensure that the benefits of growth are shared by everyone. That's why our government is investing in the Strategic Innovation Fund. This fund will transition Canada to a high-value economy that competes globally based on the most innovative solutions developed by Canadians with the skills for the well-paying jobs of today and tomorrow."
– David Lametti, Parliamentary Secretary to the Minister of Innovation, Science and Economic Development
- The Strategic Innovation Fund is a flexible program that reflects the diversity of innovation in all sectors of the economy.
- The fund has a common set of terms and conditions that apply to all sectors, making it easier for companies to access.
- It is expected that projects supported by the Strategic Innovation Fund will add at least 5,000 high-quality middle-class jobs to the innovation economy over the coming years.
Follow the department on Twitter: @ISED_CA
SOURCE Innovation, Science and Economic Development Canada
For further information: Karl W. Sasseville, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-2500; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]