In his last days in ISED role, Champagne announced SIF funds for agtech, cleantech organizations.
The Government of Canada is investing a total of $36.6 million in five Strategic Innovation Fund (SIF) networks in hopes of fostering emerging technology sectors and attracting major investments.
This wave of SIF investments is targeted at categories with a high performance record and strong growth potential.
Unveiled last week by then Minister of Innovation, Science and Industry François-Philippe Champagne, who has since moved to finance and had his position filled by Anita Anand, the investments include $10 million for the Clean Resource Innovation Network to help reduce the oil and gas sector’s effect on the environment.
As part of the funding commitments, two agtech networks get further backing. The Canadian Agri-Food Automation and Intelligence Network is receiving another $8 million to bolster the value chain in the sector and improve productivity through automation and AI. The Canadian Food Innovation Network, in turn, will get $8.6 million to speed up food processing and production.
Natural Products Canada will have $5 million to accelerate life science innovations for humans, animals, and plants, while the Mining Innovation Commercialization Accelerator will receive a similar amount to spur industry “modernization,” bolster supply chains, and boost domestic output.
RELATED: Anita Anand named innovation minister, Champagne moved to finance in new Carney cabinet
This latest wave of SIF investments is targeted at categories with a “high performance record and with strong growth potential,” according to Champagne. He claimed the money would secure “high-paying Canadian jobs” and allow industries to grow in a “rapidly evolving technology landscape.”
The investments amount to “investing in good jobs, economic growth, and a more competitive Canada,” said Marc Serré, the Parliamentary Secretary to the Minister of Energy and Natural Resources.
The SIF was launched in 2017 and initially planned to allocate $1.26 billion over five years to fuel investments, support research and development, and scale promising companies. The government claims the fund has so far backed more than 750 small- to medium-sized businesses, adding more than 1,200 jobs and drawing investments worth over $1.7 billion.
Past SIF recipients have been involved in aerospace (the Initiative for Sustainable Aviation Technology), edge computing (Fabrication of Integrated Components for the Internet’s Edge), and telecommunications (the Centre of Excellence in Next Generation Networks).
The announcement comes as the Canadian government and numerous businesses are eager to reduce their dependence on American companies, given US President Donald Trump’s constantly changing tariff plans. That includes support for “buy Canadian” movements as well as product features that encourage local shopping.
Image courtesy of Aleksandr Galenko on Unsplash.
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