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View Full Version : Ottawa announces $1.2 billion Strategic Innovation Fund



RangeBob
07-06-2017, 10:32 AM
July 5, 2017
Ontario

Ottawa is launching a new $1.26 billion Strategic Innovation Fund that’s available across all sectors, Innovation, Science and Economic Development Minister Navdeep Bains announced today in Hamilton, Ont.

The fund is intended to support four types of innovation activities, according to a government news release. Those are organized into four different streams:

- research, development, and commercialization of new products and services
- growth and scale-up of high potential firms
- attraction of new investments to Canada that will expand business opportunities and create jobs
- public-private partnerships to develop and demonstrate new technologies

The first three streams require applicants to be from a for-profit, private corporation. The fourth could be an academic institution, network, research institute, or a private company.

The fund is part of the wider Innovation and Skills Plan, a multi-year plan that the government created after conducting a nationwide consultation process. The $1.26 billion for the Strategic Innovation Fund will be spent over five years.

“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,” states the funds’ website.

The announcement was made at Hamilton’s CAN-med Healthcare lab, itself the result of a public-private partnership. It shows that combining government money with industry money can lead to solving problems and creating real value, says David Carter, the executive director of the Hamilton-based Innovation Factory.

“Hamilton is on fire right now and it’s a good place to serve as a backdrop to drive the economy,” he says. “Buckets of money is exactly what we’re looking for. Anything to get something out of the lab and into production is great.”

The funding could help some companies stay local instead of turning to the U.S. for funding, he added.

Applicants for funding are asked to submit a high-level overview of their project first. They’ll be provided feedback on whether that there’s potential to advance to the next step, a full application that will involve a due diligence and benefits assessment.

hxxp://www.itbusiness.ca/news/ottawa-announces-1-2-billion-strategic-innovation-fund

sltoronto
07-06-2017, 11:32 AM
So,

politicians and bureaucrats will be choosing winners (and get some money flowing back to their pockets) instead of competitive markets ...

blacksmithden
07-06-2017, 11:40 AM
Paying you to stay in business now so we can tax you into bankruptcy after youve but a few more years into it. Yeah....business is getting wise to the liberal way of doing things.

RangeBob
07-06-2017, 12:16 PM
The federal government has done assorted Research Grants to businesses for more than a decade.
Such as Revenue Canada's "Scientific Research and Experimental Development Tax Incentive Program" (SR&ED).
There was a while it was pretty easy to get grants for those, as long as whatever you worked on was innovative and increased Canada's export competitiveness -- i.e. the intent of the bill that funded the initiative.
A few years ago it was severely restricted by one bureaucrat to Research only; if it didn't look like science you didn't get a penny. The side effect being that companies engaged in never profitable research, and failed research (i.e. "we tried this experiment, but got no data and no conclusions"), got the grants easier than ones that resulted in a competitive edge and trade secrets.
A side industry of consultants, who would re-write SR&ED applications to make them more likely to be approved, cropped up -- on commission (a % of the grant; no grant no commission $).

So, the concern isn't that this program exists,
but if it's in addition to the existing SR&ED, how it will be used, what rules bureaucrats will apply to it, and if Ministerial oversight will have any kind of political corruption -- none of which are detailed in the article.

R&R Rancher
07-06-2017, 01:02 PM
I see RangeBob has had exposure to SRED too

Canada_Phil
07-06-2017, 02:04 PM
Gee... Another Liberal Slush Fund... Surprise.

Somehow, you can guarantee that Bombardier will also be getting a piece of this.

Canada_Phil
07-06-2017, 05:16 PM
...and speaking of SLUSH funds, the LGR was nothing more than a Liberal Slush fund concocted under the ruse of "public safety" which resulted in the excuse to build a call centre in a Maritime Liberal Stronghold and provide lots of "overtime" hours for RCMP members in Miramichi for ummmm.... reviewing the files of those who had already held firearms licenses for years!

Ontario has millions of licenced DRIVERS... Does anyone believe it would cost over $1 Billion to administer the MTO DATABASE !??

Seriously, who in the right would believe that? At the time there were not even 1.5 Million Firearms License holders and rough estimates in the end had the LGR cost pegged at over $1 Billion!!??... That would be like saying the Government spent something like $750 per EACH one of us!! to set up and administer the LGR. And it was apparently only growing!?

Where did all that money disappear to? How was that never investigated by anyone?

shortandlong
07-06-2017, 06:32 PM
https://markystar.files.wordpress.com/2010/06/bullshit.jpg