Canada’s entrepreneurs and innovators will benefit from the Government’s Innovation and Skills Plan
Plan will create jobs, skills and new businesses opportunities for middle-class Canadians
July 14, 2017 – Montréal, Quebec – Innovation, Science and Economic Development Canada
Entrepreneurs and innovators in this country will benefit from the Government of Canada’s Innovation and Skills Plan, a comprehensive strategy to turn more promising ideas into market-ready innovations. Putting Canada at the forefront of innovation will create thousands of middle-class jobs, generate new business opportunities and equip Canadians with the in-demand skills they need for the well-paying jobs of today and into the future.
That was the message delivered by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, during Startupfest, an annual conference attended by entrepreneurs, innovators, investors and business mentors from across the country.
Under the Innovation and Skills Plan, the Government is supporting the growth of small and medium-sized businesses by encouraging the public and private sectors to collaborate in bringing more early-stage research to market. Specifically, the Government is investing in:
- Initiatives, such as the $1.2-billion Strategic Innovation Fund and $950-million Innovation Superclusters Initiative, to increase business investment in research and development, which accelerates innovation and creates highly skilled jobs.
- Faster access to top talent from all around the world, under the Global Skills Strategy, which will support the scale up of high-growth Canadian companies and keep the jobs they create in this country.
- A program that supports small businesses interested in having the federal government as a first buyer and early adopter of their innovations.
- Venture capital funding for high-growth firms.
- Simpler, more coordinated access to business innovation programs administered by the federal government.
By providing more direct support for innovation activities, the Government can play a key role in creating industries that never existed before as well as new companies that will be globally competitive. And as these companies grow, they will create more middle-class jobs for Canadians.
“Where innovation happens is where many of the middle-class jobs of today and tomorrow are created. That’s why our government is making the smart and responsible investments to encourage more innovation by Canadians, especially the hard-working entrepreneurs and small business owners who form the backbone of our country’s economy. They create the well-paying jobs that often equip Canadians with the in-demand skills they need for future jobs. That’s how innovation leads to a better Canada.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
Small and medium-sized businesses employ 90 percent of the private-sector workforce and account for about 40 percent of GDP.
The Strategic Innovation Fund is a $1.2-billion investment to attract and support high-quality business investments across all sectors of the economy.
The $950-million Innovation Superclusters Initiative will support up to five dense areas of business activity that accelerate Canada’s global advantage in highly innovative industries such as advanced manufacturing, agri-food, clean technology, digital technology, health/biosciences, clean resources as well as infrastructure and transportation. Superclusters have high concentrations of talent that drive the innovation activities that create middle-class jobs.
The Global Skills Strategy provides high-growth firms facing skills shortages in specific areas with faster access to the highly skilled international talent they need to scale up and grow.
Follow Minister Bains on Twitter: @MinisterISED
Karl W. Sasseville
Office of the Minister of Innovation, Science and Economic Development
Innovation, Science and Economic Development Canada
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