Feds to unveil 'supercluster' winners that will get slice of $950M funding pie

Canadian Press DataFile |

OTTAWA — The Trudeau government on Thursday will announce the winners of a competition to form technology "superclusters" — a prize that will guarantee the chosen groups a piece of up to $950 million in federal funding.

The contest is central to the Liberals' so-called innovation agenda and is designed to encourage academia and businesses to work together on strategies to boost fast-growing sectors.

Economic Development Minister Navdeep Bains will unveil the five winning bids at an event at the Canada Science and Technology Museum.

Last fall, the government narrowed a field of about 50 applicants to nine finalists that are made up of groups pitching projects in many different areas, including advanced manufacturing, artificial intelligence and clean technology.

The money will be distributed over five years to the winners, which will have to match the federal funding they receive dollar for dollar.

The government is hoping the leverage from its $950-million commitment will help unlock business investment in research and development as a way to lift the economy.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Comments

Emerging Growth

IMV Inc.

Immunovaccine Inc is clinical stage biopharmaceutical company. The Company develops products based on its proprietary vaccine enhancement platform in T cell activating therapies for cancer.