Federal funds ($1.26B) intended to stimulate research and development in Canada will be more broadly applicable for companies operating outside the initial six high-tech sectors outlined in prior budget announcements.
The initial industries of focus were: advanced manufacturing, agri-food, clean technology, digital industries, health and bio-sciences and clean resources, as well as infrastructure and transportation.
Widening the scope of the $1.26B fund for innovation support will be beneficial for companies focused in industries excluded from the initial announcement. However, critics may argue that dispersing funds without strategic focus will not achieve the objectives of the Feds’ targeted SuperCluster initiative.
Economic Development Minister Navdeep Bains will provide further details shortly.