About the program
The Strategic Innovation Fund's objective is to spur innovation for a better Canada. Specifically, it serves to simplify application processes, accelerate processing, and provide assistance that is more responsive and focused on results.
The program has five Streams, each with its own precise objective:
- Stream 1: Encourage R&D that will accelerate technology transfer and commercialization of innovative products, processes and services;
- Stream 2: Facilitate the growth and expansion of firms in Canada;
- Stream 3: Attract and retain large scale investments to Canada;
- Stream 4: Advance industrial research, development and technology demonstration through collaboration between the private sector, researchers and non-profit organizations; and
- Stream 5: Support large-scale, national innovation ecosystems through high impact collaborations across Canada.
In July 2018, the Government of Canada made available up to $250 million in new support through SIF. The objective of the Program is to enable steel and aluminum producers to enhance their production capabilities to better meet the product demand from end-users within Canada.
Why this program is important
Making sure that Canada is a top destination for businesses to invest, grow and create jobs and prosperity for Canadians is one of the Government's top priorities.
The program is part of the Innovation and Skills Plan—our way to create jobs and strengthen the middle class by helping Canada's highly skilled workforce develop the skills they need to evolve and keep up with the demands of a changing workplace.
The Strategic Innovation Fund will attract and support new high-quality business investments. In allocating this funding, we will look to accelerate areas of economic strength, strengthen and expand the role of Canadian firms in regional and global supply chains, support economic strategies, and attract investment that creates new, good, well-paying jobs.
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