Federal Gov't Unveils Fund To Boost Innovation

Posted on Thursday, March 30, 2017 14:01 PM

The federal government wants Canadian businesses to become more innovative which is why a $1.26 billion dollar fund has been set up to support research and development in various sectors.

Federal minister Dominic LeBlanc made the announcement at the Atlantic Cancer Research Institute in Moncton which he says is a prime example of an organization which could access the funding.

"Our hope is that ten years from now, there will be 500 people working in a pharmaceutical and manufacturing facility of the university campus (Universite de Moncton)," he notes.

LeBlanc points out how the Atlantic Canada Research Institute employed just one person 20 years ago and now employs more than 50 people.

The strategic innovation fund is actually a combination of previous programs which were aimed at the aerospace or automobile industries under one new umbrella.

The fund will provide $200 million in new money over the next three years.