Growth and innovation are important to strengthen the Canadian economy and create more jobs. There has been a lot of talk about the potential impact Canadian superclusters will have on business growth and the job market. Back in May, the Canadian government announced they are spending $950 million to fund what they coined the Innovation Superclusters Initiative (ISI).
What Is the Innovation Superclusters Initiative?
According to the Government of Canada:
“The Innovation Superclusters Initiative (ISI) is a new opportunity to strengthen Canada’s most promising clusters and accelerate economic growth in highly innovative industries, while positioning our firms for global leadership.
“The ISI will invite industry-led consortia to lead and to invest in bold and ambitious proposals that will supercharge their regional innovation ecosystems. By pulling in large firms, innovative small and medium-sized enterprises (SMEs) and industry-relevant research institutions, business leaders will come together—with partners and in new ways—to build business-led innovation superclusters at scale.”
The Government received 50 proposals that included more than 1000 firms and 350 participants. The shortlist includes superclusters from across the country and multiple industries. There are two Ontario superclusters that made the list:
- A supercluster seeking to innovate Canada’s mining sector with a focus on clean technology and clean resources
- A supercluster promising to increase the speed of Canada’s competitiveness in manufacturing
Other supercluster proposals include digital technology, artificial intelligence, digital oceans technologies, innovation in aerospace, and the crops and livestock sector.
How Does This Impact Companies
The creation of these superclusters will provide companies with a boost in funding that will allow them to accelerate growth, development, and innovation. The aim of the project is to:
- Develop a shared competitive advantage that will attract research and investment
- Increase spending on research and development
- Create new companies and products
- Create growth-oriented organizations
“Accomplishing the objectives of the program will align Canada’s strengths in new ways to translate industrial, regional and technological advantages into tangible economic outcomes including jobs, firm creation and growth, and Canadian competiveness,” says the Government of Canada.
How Does This Impact Job Candidates
The investment in these superclusters is also good news for professionals in a number of industries. With the Government planning to invest in 5 industries, expect job growth in these areas.
Economic Development Minister Navdeep Bains explains:
“Superclusters are job-creating regions with strong economies, like Silicon Valley, and our government intends to create five of them in Canada.”
The government plans to name the final list of Canadian superclusters by March 2018.
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