Executive Briefings

Canada Launches $100M Procurement Scheme to Back Start-Ups

The Canadian federal government has launched a C$100m scheme dedicated to increasing purchases from start-ups.

Innovative Solutions Canada was first announced in the government’s 2017 budget in March.

The programme is modelled on a similar scheme in the U.S., which sees federal agencies allocate 3.2 percent of their research and development budgets to supporting small businesses with their R&D.

In Canada the scheme will require 20 federal departments to set aside 1 percent of R&D budgets, amounting to $100m annually, for Canadian start-ups.

Navdeep Bains, minister of innovation, science and economic development, said the programme would fuel innovation and create middle-class jobs.

“Our government’s new Innovative Solutions Canada programme is a big winner on several fronts,” he said. “We’re being proactive and transforming our challenges into opportunities; opportunities for innovation, economic growth and small business success that will result in a vibrant innovation economy and more middle-class jobs for Canadians.”

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Innovative Solutions Canada was first announced in the government’s 2017 budget in March.

The programme is modelled on a similar scheme in the U.S., which sees federal agencies allocate 3.2 percent of their research and development budgets to supporting small businesses with their R&D.

In Canada the scheme will require 20 federal departments to set aside 1 percent of R&D budgets, amounting to $100m annually, for Canadian start-ups.

Navdeep Bains, minister of innovation, science and economic development, said the programme would fuel innovation and create middle-class jobs.

“Our government’s new Innovative Solutions Canada programme is a big winner on several fronts,” he said. “We’re being proactive and transforming our challenges into opportunities; opportunities for innovation, economic growth and small business success that will result in a vibrant innovation economy and more middle-class jobs for Canadians.”

Read Full Article