Government of Canada announces consistent funding programs across regions to assist high-potential Canadian businesses
OTTAWA, Dec.3, 2018 /CNW/ - Business innovation and productivity are key to a dynamic economy and to the creation of good jobs for Canadians. That's why the Government of Canada is providing businesses with consistent support across regions to seize new opportunities created by an innovation economy.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Canada's regional development agencies (RDA), announced the Regional Economic Growth Through Innovation (REGI) program?a nationally coordinated, regionally tailored program to support the growth of Canadian businesses, their expansion into new markets and their adoption of new technologies and processes, which will help fuel the economy.
Under REGI, innovation funding programs across all of Canada's six RDAs will focus on two key areas:
While REGI will focus on these two streams, RDAs will continue to support businesses and communities through existing programming to foster economic development opportunities and diversification in their regions.
The national scope of this program will ensure that innovative businesses are provided with consistent service and support across all regions of Canada. The RDAs are implementing REGI in alignment with the Government of Canada's national objectives while ensuring that funding programs are tailored to fit and benefit regional needs.
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"Innovation doesn't happen only in big cities; it happens in all regions of Canada. That's why our regional development agencies play an important role in helping businesses turn innovation into economic growth and good jobs for Canadians. The new REGI program will provide consistent support to regions across the country, ensuring that Canadian businesses can scale up, access global markets and adopt new technologies, no matter where they are in Canada."
? The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
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Regional Economic Growth Through Innovation
Canada's regional development agencies (RDA) are one of the four national innovation platforms identified in Budget 2018 to provide the customized support needed for Canadian businesses to succeed. Along with the Industrial Research Assistance Program, the Strategic Innovation Fund and the Canadian Trade Commissioner Service, the RDAs support high-potential Canadian businesses by providing them with the resources, tools and knowledge they need to scale up and expand into new markets.
With the goals of advancing growth and innovation and of diversifying economies to build stronger and more innovative communities across Canada, the Government of Canada has refocused existing RDA innovation programming to place a greater emphasis on business scale-up and productivity and on regional innovation ecosystems. To this end, the RDAs are implementing the Regional Economic Growth Through Innovation (REGI) program, which aligns with the Government of Canada's national objectives while ensuring that their funding programs are tailored to fit and benefit regional needs. The national scope of this program will ensure that innovative businesses are provided with consistent service and support across all regions.
Under REGI, investments by RDAs will focus on two new program streams:
While REGI will focus on these two streams, RDAs will continue to support businesses and communities through existing programming to foster economic development opportunities and diversification in their regions.
Economic growth and the creation of good jobs for Canadians require innovation and the participation of our businesses and regions in tomorrow's economy. Canada's RDAs are fostering growth and innovation among businesses and entrepreneurs:
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