The Strategic Innovation Fund’s objective is to spur innovation for a better Canada. In July 2018, the Government of Canada made available up to $250 million in new support through SIF. The objective of the Program is to enable steel and aluminum producers to enhance their production capabilities to better meet the product demand from end-users within Canada.
The program has five Streams, each with its own precise objective:
- Stream 1: Encourage R&D that will accelerate technology transfer and commercialization of innovative products, processes and services;
- Stream 2: Facilitate the growth and expansion of firms in Canada;
- Stream 3: Attract and retain large scale investments to Canada; and
- Stream 4: Advance industrial research, development and technology demonstration through collaboration between the private sector, researchers and non-profit organizations.
- Stream 5: Support large-scale, national innovation ecosystems through high impact collaborations across Canada.
What are the contribution amounts?
SIF will now focus its support on projects requesting at least $10 million in contributions. Experience shows that the government’s share of funding for a given project usually varies from 10% of project costs up to 50% in exceptional cases. For projects submitted under Streams 1 to 3, contributions are repayable with the possibility of non-repayable only in exceptional cases. All Stream 4 contributions are non-repayable.
The combined level of assistance from all governments (federal, provincial, territorial, and municipal), shall not normally exceed 75% of eligible costs.