Canada Innovation Corporation (CIC) will be an agency to improving Canadian businesses for new ideas, increasing their capacity to invest in R&D projects and also intellectual property rights. Moreover, is being briefing as a new focused approach to Canada’s innovation ecosystem, and an “outcome-driven organization” focused on high-tech companies, commodity-based and manufacturing industries.
Announced in February 16 by the Deputy Prime Minister and Minister of Finance Chrystia Freeland and François-Philippe Champagne, Minister of Innovation, Science and Industry, the blueprint include an initial budget of $2.6 billion over four years and is expected to start its operations in 2023-2024.
According to the document, the creation of the program is meant to be a complement to other federal innovation programs, as another incentive to investment in R&D, which is not so strong in Canada as in other countries, causing weakens of economic competitiveness and reducing opportunities for Canadian workers.
With the new resource, the goal seems to be build a stronger and innovative economy by creating and establishing a large ecosystem between start-ups and traditional sectors companies and, about this, François-Philippe Champagne says: “The key to growing Canada’s economy and creating good jobs is increasing investment in research and development and supporting new technologies that will help drive growth. (…) The new Canada Innovation Corporation will help increase the productivity and competitiveness of Canadian businesses all across Canada, positioning them for commercial success and cementing Canada’s position them for commercial success and cementing Canada’s position as a global leader”.
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