It’s no secret that the Government of Canada is searching for and economic growth, especially in the innovation sector. On February 13, François-Philippe Champagne, Minister of Innovation, Science and Industry, announced a $700 million investment, counting on a value of $125-177 million to each one of the five clusters, to help and support the expand their national presence and impact in the country and beyond.
Initially were promised an additional funding for the clusters in 2022, announced with $750 million over the next 6 years, until 2028. Therefore, the new value diminished in $50 million the original.
Unt December 2022, since the program’s beginning in 2017, the government says that the clusters have supported more than 500 projects, generating over 850 patent applications, trademarks and more, and involved more than 2,400 partners. As the Minister said, the good results government plans to continue investing in the clusters program.
What Is a Cluster?
Innovation Clusters are, basic, geographic concentrations of interconnected companies and institutions in a particular field, areas of intense business activity where new technologies are developed. Also, clusters are initiatives to encourage and help large, small and medium-sized companies and post-secondary institutions to collaborate in several projects on digital technologies, advanced manufacturing, Artificial Intelligence and more.
They’re usually made up of:
- Large and small companies.
- Researchers and academics.
- Not-for-profit organizations.
- Accelerators and incubators.
And they boost Canada’s economy by creating jobs, attracting investments and talents to the country, connecting hundreds of partners and collaborators, innovating the global marketplace, growing more productive industries and help small and medium-sized companies to grow faster and create new jobs and opportunities.
Over the next 10 years, Canada’s cluster success will be measured by Innovation, Science and Economic Development Canada (ISED). This monitoring will help to ensure that clusters reach thei goal of creating 50 thousand jobs and $50 billion in Gross Domestic Product (GDP).
How FI Group Can Help Your Company Grow
The FI Group is a worldwide lead consulting firm, whose target is the Management of Public Tax Credits for Research, Development & Innovation (RD&I). Thanks to our 22 years of experience – which comes from working with different industries and fields of knowledge –, we can assist our clients with how to optimize their investments in RD&I activities.
Through global support, FI Group can give you all the answers and opportunities. Contact us for a virtual or in-person meeting to optimize your company journey.