Global fintech and funding innovation ecosystem

Finance Canada Publishes the Canada Innovation Corporation Blueprint for $2.6 Billion Over 4 Years

Department of Finance Canada | Release | Feb 16, 2023

Canada Innovation Corporation blueprint - Finance Canada Publishes the Canada Innovation Corporation Blueprint for $2.6 Billion Over 4 YearsToday, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, released a blueprint that will guide the operations of the new Canada Innovation Corporation (CIC).

  • In creating the CIC, the government is following through on its Budget 2022 commitment to establish an innovation agency to drive Canadian business investment in research and development (R&D) and foster economic growth. The CIC will operate with an initial budget of $2.6 billion over four years, and is expected to begin its operations in 2023.

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  • Canadian businesses do not invest in R&D to the same degree as their global peers, which weakens Canada’s economic competitiveness and reduces opportunities for Canadian workers. Canadian businesses—including those operating in established commodity-based and manufacturing industries—need enhanced support to make R&D investments that will generate new and improved globally competitive products, processes, and services.
  • The CIC will help Canadian businesses across all sectors and regions to innovate, commercialize, grow, and create good jobs in a changing global economy.
    • Using best practices established by similar agencies around the world, the CIC will be an operationally independent, outcome-driven organization, that will work with the private sector to provide targeted support to new and established Canadian firms by delivering funding and advisory services.

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The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance:

“The global economy is changing, and with smart investments today, we can help create more good jobs for Canadian workers. By supporting Canadians and Canadian businesses in turning their new ideas and technologies into new products, services, and growing businesses, the Canada Innovation Corporation will help build a stronger and more innovative Canadian economy.”

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NCFA Jan 2018 resize - Finance Canada Publishes the Canada Innovation Corporation Blueprint for $2.6 Billion Over 4 YearsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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