Spotlight on the upcoming Strategic
Innovation Fund
Posted
on April 10, 2017
Many executives and
entrepreneurs across Canada are seeking more information about the upcoming
launch of a new $1.26B Strategic Innovation Fund, first announced by the
federal government in its 2017 Budget. Keep reading to learn more about which
industry sectors will be eligible and the types of projects it will support.
Quick Facts.
- The new fund is set to invest
$1.26B over a five-year period.
- The fund will consolidate and
simplify four existing business innovation programs: the Strategic
Aerospace and Defence Initiative (SADI), the Technology Demonstration
Program, the Automotive Innovation Fund and the Automotive Supplier
Innovation Program.
- Rather than solely being open
to businesses in the advanced manufacturer sector, the fund will also be
available to companies in other dynamic and emerging innovative sectors,
such as cleantech and agri-food value-added processors.
- According to the Budget, the
new streamlined fund will feature a simpler application process, faster
processing, and more responsive assistance from program administrators.
- Funding will flow to projects
that accelerate areas of economic strength, expand the role of Canadian
businesses in regional and global supply chains, support economic
strategies, attract new investments and create high-quality jobs for
Canadians.
- Budget 2017 also provided an
additional $200M to support the fund’s expansion over its first three
years: $50M will be invested in 2017-18; $100M in 2018-19; and $50M in
2019-20.
- Of the $200M amount, half is
new funding and the other half will be drawn from the $1B envelope for
cleantech investments announced in Budget 2016.
- More information about the fund
will be released in the coming months.
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