A new Ontario venture fund to drive innovation and growth, the largest Alliance Grant in Dalhousie U’s history to make electric vehicles more accessible, a $10 million gift to UGuelph’s G360 Institute boosts global groundwater research, and more.
Organization: BDC Capital
Ottawa invests more than $44 million to bolster cleantech R&D innovation, US President Joseph Biden asks for US $13.5 billion increase in federal R&D spending, the University of British Columbia’s COVID-19 rapid testing clinic to be a first in Canada, and more.
BDC Capital is behind the launch of a $200-million Deep Tech Venture Fund that will invest in early stage companies in quantum information science, photonics, electronics, foundational artificial intelligence—all sectors that have been underfunded in Canada.
The 2021 federal budget gives a big boost to the NRC’s Industrial Research Assistance Program, BC budget provides $500 million to new fund for tech startups, US President Joe Biden proposes funding surge for federal research agencies, Canada’s Stem Cell Network to receive $45 million dollars for regenerative medicine therapies, and more.
The Government of Canada seeks to bolster Canada’s biomanufacturing capacity, D-Wave receives $40 million to accelerate Canada’s quantum technology development, the federal government invests in Canada’s longest-ever study on aging, Quebec’s Lion Electric gets ready to break ground on a new battery manufacturing plant, and more.
Michael Sabia is the new deputy minister of Finance; a consortium of food-based businesses will test new applications for pulse flours; British-based Hg Capital will spend $1.1 billion to assume majority control of Calgary-based Benevity; Canada’s top 50 research universities posted a combined research income of $8 billion in fiscal 2019.
In July, BDC Capital announced that it is committing $160 million to finance intellectual property (IP) development in Canada with the hopes to fill the gap in capital financing for scaling companies with intangible assets. We spoke with Patrick Latou about what they plan to achieve and why this type of fund is so overdue.
The federal government is providing $1.2 billion in emergency funding to help startups and rural businesses survive the COVID-19 crisis. Participants in Canada’s innovation sector say government could also help by providing tax incentives, matching funding and loans for angel investment.
The Toronto-based e-publisher Wattpad has chosen to open its second headquarters in Halifax rather than Calgary, due to concerns about Western separatism and the elimination of Alberta tax credits supporting companies in the innovation economy. Five business tax credit programs were cut, including the Investor Tax Credit introduced by the previous NDP government, which provided a 30%…
Canada’s innovation ecosystem needs major cultural and structural changes to adequately support mid-tier firms with the potential to be global champions.