An exhibitor demonstrates a glove with motion capture technology during the SIGGRAPH 2022 in Vancouver, British Columbia, Canada, on Aug. 9, 2022. (Photo by Liang Sen/Xinhua)
Using best practices established by similar agencies around the world, Canada Innovation Corporation will work with the private sector to provide targeted support to new and established Canadian firms by delivering funding and advisory services.
OTTAWA, Feb. 16 (Xinhua) -- The Canadian federal government on Thursday released a blueprint to guide the operations of an innovation agency to drive Canadian business investment in research and development (R&D).
The new agency, Canada Innovation Corporation (CIC), to be operated with an initial budget of 2.6 billion Canadian dollars (2 billion U.S. dollars) over four years, is expected to begin its operations in near term, according to a news release issued by the Finance Ministry.
The CIC is established as a subsidiary of the Canada Development Investment Corporation (CDEV) to begin the recruitment of senior leadership and establish the CIC's operations, the release said, adding that the National Research Council of Canada's Industrial Research Assistance Program (NRC IRAP) will join the CIC to build a national-scale platform of business R&D support.
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 release said.
According to the release, 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 work with the private sector to provide targeted support to new and established Canadian firms by delivering funding and advisory services.
The CIC will be accountable to Parliament, but will operate independently from government on a day-to-day basis, the release said. ■
