ACOA’s enhanced and streamlined innovation programming to invest $450 million over the next five years in projects throughout the region
July 16, 2014 – Dieppe, NB – Atlantic Canada Opportunities Agency
At an event today in the presence of business and research and development (R&D) leaders from throughout Atlantic Canada, the Honourable Rob Moore, Minister of State (Atlantic Canada Opportunities Agency), announced strengthened innovation programming to help businesses become more innovative, productive and competitive.
ACOA’s innovation programming – which includes the flagship Atlantic Innovation Fund, as well as the Business Development Program – has been enhanced to respond better to the evolving needs of businesses and researchers, helping them to develop and bring to market new products, technologies and services that meet market demands and global quality standards. The programs will also support SMEs in acquiring or adapting innovative technologies that can improve their productivity and competitiveness, and enable them to build the skills they need to innovate and compete in today’s economy.
Among the enhancements are a streamlined project application and evaluation process that cuts red tape while maintaining ACOA’s high standards for excellence, rigorous review and due diligence. In addition, by offering more funding flexibility for smaller-scale projects, the programs will be accessible to a wider range of businesses throughout Atlantic Canada, including those in rural areas.
Quick Facts:
- As announced in Economic Action Plan 2014, the Government of Canada, through ACOA, will contribute $450 million over the next five years to innovation projects in Atlantic Canada.
- The AIF will continue to target R&D projects that lead to strong commercial outcomes, but with more flexibility to target smaller-scale projects through a lowered minimum funding amount of $500,000.
- The enhanced AIF will also accept applications on a continuous, year-round basis rather than in annual funding rounds, and will place a stronger emphasis on getting products to market faster.
- The AIF continues to recognize the critical role that universities and other research institutions play in working with businesses to develop and commercialize new products and in helping new and traditional industry sectors pursue opportunities, solve challenges, stay competitive and grow.
- ACOA’s Business Development Program will have an enhanced focus on smaller-scale commercial projects involving product development and commercialization, technology acquisition and adaptation, and business and commercialization skills.
Quotes:
“Our Government is committed to encouraging innovation that will increase productivity, growth and competitiveness. That’s why I’m pleased today to unveil ACOA’s newly-enhanced innovation programming, which represents a strengthened, streamlined and business-friendly approach to innovation and commercialization. Through the Atlantic Innovation Fund and Business Development Program, Atlantic Canadians will now have improved access to funding that will help them transform their ideas into marketable products, improve their productivity and competitiveness through technology, and build the management skills they need to compete in today’s economy.”
- The Honourable Rob Moore, Regional Minister for New Brunswick and Minister of State (Atlantic Canada Opportunities Agency)
Related Products:
Contacts:
Kelsie Corey
Director of Communications
Office of the Honourable Rob Moore, Minister of State (ACOA)
Atlantic Canada Opportunities Agency
613-941-7241
Greg Rogers
Acting Manager, Corporate Communications
Atlantic Canada Opportunities Agency
506-227-1729
