March 23, 2017 – The Government of Canada is hedging its bets on an innovation economy. The 2017 Budget, released yesterday, includes measures and investments to redefine Canada’s workforce and hints at a stronger future for Canada’s entrepreneurs.
It promises steps towards an inclusive innovation economy with a commitment to supporting women in business and ensuring all Canadians are equipped to participate in the digital economy. It stands out as one, unlike budgets of the recent past, with a long-term objective to build Canada into an innovation nation.
The legacy of this “innovation budget”, will live in inclusive growth that accounts for all Canadians. Startup Canada is committed to working in partnership with Minister of Small Business Bardish Chagger, Minister of Innovation Navdeep Bains and their colleagues to create a future for Canada wherein all entrepreneurs, and all Canadians, are empowered through the development of the innovation economy, and benefit from its solutions.
Watch reflections on this budget from Startup Canada CEO Victoria Lennox here, and read below for a look at 6 ways the 2017 Federal “Innovation Budget” will impact Canada’s entrepreneurship community.
- Helping Companies grow through strategic procurement
Budget 2017 allocates up to $50 million to launch a new procurement program modelled off of the US Small Business Innovation Research Program. This new program will allocate funding towards early stage R&D, late stage prototyping and more for Canadian innovators and entrepreneurs.
- Digital Skills Building for Canadians
$30 million will be invested, through a competitive process, in digital skills training organizations, to provide coding education for students in kindergarten to grade 12. An additional $29.5 million will be allocated over the next five years to a Digital Literacy Exchange Program to teach basic digital skills to some of Canada’s most vulnerable citizens.
- Access to international talent
Through this budget, the government will invest an additional $7.8 million in the newly announced Global Skills Strategy. This strategy includes a two-week standard processing time for visas and work permits for global talent, and will include a new permit exemption for short-term workers.
- Growing innovation superclusters
The 2017 budget allocates $950 million dollars over the next five years to support business-led innovation “superclusters” like those in the Toronto-Waterloo corridor that spur innovation and attract anchor companies from around the world. According to the Budget, a competitive process will provide support to a limited number of superclusters focused in industries including advanced manufacturing, agri food, cleantech, digital tech, health and infrastructure.
- Growing the venture capital pool
Budget 2017 announced a new Venture Capital Catalyst initiative, which proposes to make $400 million available through the Business Development Bank over the next three years. This initiative aims to increase the availability of late-stage venture capital to Canadian entrepreneurs. This investment is estimated to inject about $1.5 billion into Canada’s innovation capital market.
- Protecting Intellectual Property
The government used the budget to announce it will undertake a new intellectual property strategy this year. The strategy will help ensure that Canada’s intellectual property regime is modern and robust and supports Canadian innovations.
To learn more about the 2017 Federal Budget, visit www.budget.gc.ca.