The second budget handed down by Canada’s Minister of Finance, Bill Morneau, focuses on innovation and new technology development, particularly in manufacturing.
Thus, the federal government proposes to invest up to $950 million over five years, starting in 2017–2018, to support innovation superclusters and foster job creation. The sectors the government is targeting include autonomous vehicles, artificial intelligence, genomics, quantum computing, mobile payments and the sharing economy.
The budget also proposes to create a Strategic Innovation Fund, which will have an envelope of $1.26 billion over five years, representing an additional $200 million over three years. The aim is to consolidate and simplify existing business innovation programming. With this Fund, businesses “will have access to a simpler application process, more timely processing, and assistance that is more responsive and focused on results.”