Canada invests over $25M to fuel innovation and economic growth in Vancouver
by CM staff
Ten local businesses and organizations will receive funding to commercialize new technology, grow their operations, and reach new markets.
Government of Canada invests over $25.7 million to fuel innovation and economic growth in Vancouver (CNW Group/Pacific Economic Development Canada)
VANCOUVER — The Pacific Economic Development Agency of Canada (PacifiCan), will invest over $25.7 million to help 10 Vancouver-based organizations fuel the B.C. economy, create jobs, and develop products. This includes over $16.1 million for eight companies through the Business Scale-Up and Productivity program and over $9.6 million for two organizations through the Jobs and Growth Fund.
Minister Sajjan made the announcement at Aspect Biosystems in Vancouver, where the biotechnology company is receiving over $3.6 million in Business Scale-Up and Productivity funding. This investment will help Aspect Biosystems develop the next generation of medical treatments by broadening the application of its bioprinting technology.
Aspect’s technology platform generates 3D bioprinted human tissues that restore or replace the function of damaged organs. For example, Aspect is using their technology to create insulin-producing pancreatic tissues to treat type 1 diabetes. PacifiCan funding will help the company expand its global network of partners and scale-up its manufacturing systems.
The investments are expected to create over 500 jobs, over $500 million in revenue growth, and over $400 million in new global sales for B.C. businesses.
“British Columbia is fertile ground for companies to innovate and grow,” said Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada. “To position our local talent for success, PacifiCan is investing in the ideas, businesses and people that will be key to the economy of the future. Today’s investments are making innovation work for British Columbians by delivering high-paying jobs, unleashing new ideas, and helping Canadian-made products find global success.”
