Industrial Research Assistance Program will be moved from National Research Council to new CIC, with a combined budget of $2.6-billion over four years
Promising that it “will not be just another funding agency,” the federal government is launching a new Canada Innovation Corp. that promises to help businesses commercialize their research and protect intellectual property.
The new corporation is one of two new government bodies promised in the 2022 budget to encourage Canadian companies to scale up their operations. The other entity is the Canada Growth Fund, a $15-billion plan focused on commercializing and deploying technologies that reduce greenhouse gas emissions. “Too often, this means new opportunities for growth move elsewhere, and it has led, for decades, to economic productivity that lags many of our global peers. This is Canada’s longstanding Achilles’ heel,” the ministers say.“The CIC will not be just another funding agency. It will be an outcome-driven organization with a clear and focused mandate to help Canadian businesses across all sectors and regions become more innovative and productive.
For instance, the 2017 budget announcement of a “supercluster” strategy targeting key sectors of the economy has fallen short of expectations. That same year, the government created a Canada Infrastructure Bank that promised to attract major private capital from large institutional investors. The bank struggled with start-up delays and leadership changes in its initial years and has only recently started to deliver results in terms of project approvals.
Former BlackBerry co-chief executive Jim Balsillie, who has long urged Ottawa to improve its approach to commercializing and protecting intellectual property , said it appears the new corporation will repeat past government mistakes. Dan Breznitz, co-director of the Innovation Policy Lab with the University of Toronto’s Munk School of Global Affairs and Public Policy, said the corporation can make a positive contribution if it is led by the right people.
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