Innovators and entrepreneurs often have the greatest ideas in science and technology, but they all share a crucial need: funding. Without the right amount of capital, many of these cutting-edge ideas may never see the light of day!
This is where programs like the Government of Canada-sponsored Strategic Innovation Fund (SIF) come into play.
Created in 2017, the Strategic Innovation Fund (SIF) consolidates several legacy programs administered by Innovation, Science and Economic Development Canada (ISED). Its primary objective is to provide funding opportunities for innovation projects that will help grow Canada’s economy. Whether your company is for-profit or not-for-profit, you may be eligible for funding (conditions apply.)
Two Key Funding Categories
The SIF offers two categories of funding to explore if you think you might be eligible.
- Business Innovation and Growth
The Business Innovation and Growth category supports for-profit businesses looking to invest, grow, and create jobs for the prosperity of all Canadians. In short, this category provides the opportunity for your business to safely expand, engage in research and development and commercialization opportunities, and attract potential investors.
- Collaborations and Networks
The Collaborations and Networks category supports large for-profit and not-for-profit companies that have collaborative business-led projects and innovation networks. It includes two types of initiatives:
- National Innovation Networks: Projects related to the development of national networks and can support multiple projects.
- Collaborative Technology Development and Demonstration: Projects that support the development and demonstration of pre-commercial technologies. These involve a high degree of collaboration, enhancing the supply chain and ties between academia and research bodies.
Funding Potential
The amount of funding you could receive depends on a number of factors, including the overall cost of your project and the total level of government assistance you get for your project. This is an invaluable opportunity for innovators to secure the necessary resources to turn their visions into reality, so don’t hesitate to explore the Strategic Innovation Fund and other available programs to ensure your innovation thrives.