Earlier today, Innovation, Science and Industry Minister Navdeep Bains announced that the federal government is extending the Innovation Assistance Program (IAP) with $155 million in new funding.
In April, the federal government announced IAP as a $250 million fund administered by the National Research Council of Canada to support innovative Canadian businesses hit by COVID-19, especially in cases where a company might not qualify for the federal wage subsidy or other support measures.
In response to the announcement by Minister Bains, CCI executive director Benjamin Bergen issued the following statement:
Today’s extension of the Innovation Assistance Program is good news for Canada’s innovative companies. IAP funding has been essential to help many businesses in the technology sector survive during the pandemic.
CCI advocated for IAP back in the spring when criteria for the federal wage subsidy excluded many of our country’s most promising technology firms, and on behalf of our members, we have been calling on the government to extend this program for several months. We applaud the federal government for listening to innovators and taking this step.
Supporting domestic technology companies through IAP and other programs is essential to ensure that the innovation economy in Canada is able to rebound, and drive our country’s post-pandemic recovery.