Ottawa – Since its launch in 2017, the Strategic Innovation Fund (SIF) has supported collaboration between businesses, research institutions between businesses, research institutions and non-profit organizations to drive growth in key emerging technology sectors. It funds business-led projects in areas where Canada has an economic advantage, such as cleantech, life sciences, agriculture/agri-food, mining and aerospace. Over the years, SIF networks have supported over 750 small and medium-sized enterprises (SME) that have created over 1,200 jobs and attracted over $1.7 billion in investment.
This additional funding will give the high-performing networks the opportunity to strengthen their ecosystems and support additional projects, with a particular focus on growing SMEs in Canada:
- The Canadian Food Innovation Network (CFIN) is receiving an additional $8.6 million to accelerate cutting-edge research and development in food processing and production technologies. Since April 2021, CFIN-funded companies have created over 350 new jobs and leveraged $21 million in private sector investment.
- The Canadian Agri-Food Automation and Intelligence Network (CAAIN) is receiving an additional $8 million to help agricultural producers and the agri-food value chain boost productivity through automation and artificial intelligence. Since July 2019, CAAIN has supported the creation and maintenance of over 500 high-quality jobs and leveraged $67.6 million in private-sector investment.
- The Clean Resource Innovation Network (CRIN) is receiving a $10 million investment to accelerate the development and adoption of innovative technologies and processes that aim to lower the oil and gas industry’s environmental impacts. Since July 2020, CRIN has supported the creation of over 200 jobs and leveraged $150 million in private sector investment.
- Natural Products Canada (NPC) is receiving an additional $5 million to accelerate the innovation and commercialization of products in the bioeconomy that support human, animal and plant well-being. Since August 2021, NPC has supported the creation of over 130 new jobs and leveraged nearly $15 million in private sector investment in its projects.
- The Mining Innovation Commercialization Accelerator (MICA) is receiving a $5 million investment to contribute to innovation and modernization efforts in mining, strengthen industry supply chains, and increase the domestic and export sales of new products. Since January 2021, MICA has created and maintained over 435 jobs and mobilized investments of approximately $170 million from the private sector.