Canada announces innovation investments, future growth strategy
Canada is targeting innovation to drive economic prosperity through several recently announced investments. These investments are intended to unlock the potential of Canadian universities and entrepreneurs as well as capital for startups. The provincial government of Ontario has also unveiled several tech-based economic development efforts. In addition to these newly announced efforts, the Trudeau administration released a series of economic development-related policy recommendations to support economic growth across the country.
Canadian government launches C$950 million superclusters initiative
In an effort to incentivize large-scale industry partnerships, Innovation, Science and Economic Development (ISED) Canada will invest up to C$950 million (US$708.5 million) between 2017 and 2022 in superclusters as part of the nation’s Innovation and Skills Plan.
Canadian government announces winners of C$950 supercluster initiative
While the United States grapples with yet another proposed budget that drastically reduces investments in innovation, Canada’s federal government has announced that five industry-led organizations will share up to C$950 million as part of the country’s supercluster initiative.
While the United States grapples with yet another proposed budget that drastically reduces investments in innovation, Canada’s federal government has announced that five industry-led organizations will share up to C$950 million as part of the country’s supercluster initiative. The superclusters program, a part of the Trudeau government’s innovation and skills agenda announced last year, seeks to encourage leaders from business, research institutions, and the public sector to support the growth of targeted industry sectors. Other elements of the strategy include investments in venture capital, entrepreneurship, and collaborative R&D projects. Although there were originally nine semi-finalists for the superclusters awards, many of the losing bids ended up joining forces with the five winning initiatives:
Canada transitioning university-industry R&D support
University-based centers to support collaborative research with industry have been a mainstay of federal competitiveness policies for decades. Government commitments of multiyear, multimillion dollar funding are thought to provide lab/institutional stability and industry confidence for engagement in longer-term joint research projects.