Since its launch in 2017, the Strategic Innovation Fund (SIF) has supported collaboration between businesses, research institutions and non-profit organizations to drive growth in key emerging technology sectors. It funds business-led projects in areas where Canada has an economic advantage, such as cleantech, life sciences, agriculture/agri-food, mining and aerospace. Over the years, SIF networks have supported over 750 small and medium-sized enterprises (SME) that have created over 1,200 jobs and attracted over $1.7 billion in investment.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced additional funding to five SIF networks to attract large-scale investments to Canada. This additional funding will give the high-performing networks the opportunity to strengthen their ecosystems and support additional projects, with a particular focus on growing SMEs in Canada:
- The Canadian Food Innovation Network (CFIN) is receiving an additional $8.6 million to accelerate cutting-edge research and development in food processing and production technologies. Since April 2021, CFIN-funded companies have created over 350 new jobs and leveraged $21 million in private sector investment.
- The Canadian Agri-Food Automation and Intelligence Network (CAAIN) is receiving an additional $8 million to help agricultural producers and the agri-food value chain boost productivity through automation and artificial intelligence. Since July 2019, CAAIN has supported the creation and maintenance of over 500 high-quality jobs and leveraged $67.6 million in private-sector investment.