The funding to B.C. companies is part of the federal government's national innovation strategy; the province of B.C. is providing matching funds for some initiatives
Vancouver—The federal government is making a big bet on B.C. innovation.
The federal Innovation Minister, Navdeep Bains, was in Vancouver from Mar. 13 to 15 to observe and promote the province’s growing tech economy.
The Minister also made a series of announcements on major federal investments, including a $14.8 million investment in 12 B.C. SMEs
This funding is part the Western Innovation Initiative (WINN), a program that provides $100 million in repayable contributions to SMEs in Western Canada, and is expected to create 240 jobs.
The following companies are receiving funds from WINN:
As part of Canada’s national innovation strategy, an additional $20 million has been earmarked to support pre-commercial clean energy projects in B.C. The province will provide matching funds, for a total of $40 million.
$17.6 million in federal funds has also been committed to Urthecast, a space technologies company, to aid in the development of next-generation space and ground processing systems. This funding is a part of the Strategic Aerospace and Defence Initiative.
“This is Canada’s time. And this is British Columbia’s time. We have a tremendous opportunity in front of us to cement Canada’s place as a global centre for innovation,” said Baines.
Earlier this week, federal funds were also announced for two B.C. cleantech projects: